By Cristina Roca 
 

BNP Paribas SA on Friday posted higher-than-expected net profit and revenue for the third quarter, and announced a new share-buyback program.

The Paris-based lender will buy back 900 million euros ($1.05 billion) worth of its shares starting Nov. 1. The program will run no later than Feb. 8, when the bank will present its new strategy along with its 2021 results.

Third-quarter net profit came in at EUR2.5 billion, up from EUR1.89 billion a year earlier and ahead of analysts' expectations of EUR2.29 billion, according to a FactSet consensus estimate.

The bank's bottom line was helped by lower loan-loss provisions, which came in at EUR706 million, down from EUR1.25 billion in the same period a year ago when banks were still preparing for potentially huge losses on loans to consumers and businesses due to the pandemic.

Revenue rose to EUR11.4 billion from EUR10.89 billion a year earlier. It had been expected at EUR11.25 billion, according to FactSet.

BNP's common equity Tier 1 ratio--a key measure of capital strength--stood at 13% as of Sept. 30, compared with 12.9% at the end of June.

 

Write to Cristina Roca at cristina.roca@wsj.com

 

(END) Dow Jones Newswires

October 29, 2021 01:25 ET (05:25 GMT)

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