BNP Paribas reported third-quarter net profit of 3.46 billion euros, up 13.5 percent from a year earlier, beating an average analyst expectation of 3.23 billion euros. The bank, France’s largest, said the result was driven by a 50 percent rise in income from equities trading. Total revenue rose 9.5 percent to 13.76 billion euros.
Chief Executive Jean-Laurent Bonnafé said the group had a very strong third quarter, supported by operational performance across all three business units. Corporate and investment banking revenue rose 16.6 percent to 5.2 billion euros. Within it, Global Markets revenue climbed 21.9 percent to 2.67 billion euros.
Divisions diverge
Equities and Prime Services revenue reached 1.46 billion euros, up 50 percent. Fixed income, currency and commodities revenue was flat at 1.22 billion euros. Retail and commercial banking revenue grew 3.6 percent.
Revenue at Arval and Leasing Solutions fell 29.1 percent.
Capital and buyback
The bank booked 964 million euros in cost of credit risk, equal to 39 basis points of customer loans. It kept its 2026 forecast at 40 basis points. The common equity tier 1 ratio stood at 12.9 percent at the end of September, and the bank expects to exceed 13 percent at year-end.
A share buyback of 1.3 billion euros will start in November, before 2026 profit distribution. The European Central Bank has approved it. Bonnafé’s group targets a return on tangible equity of 12 percent this year.
France exposure in focus
The bank holds 19 billion euros of French government bonds, of which 16 billion are recorded at amortised cost. It estimates that a 0.5 percentage point widening of the French-German spread would cut its CET1 ratio by 0.02 percentage points. The bank said France accounted for less than 10 percent of parent company pre-tax income in 2025, about half its 2016 level.
The 10-year government bond yield exceeded 5 percent last week for the first time since 2002. Moody’s kept its negative outlook on France’s rating on Friday without changing the grade. BNP Paribas shares fell about 1.5 percent at the open in Paris on Wednesday.
Source: BNP Paribas
