BNP Paribas beats Q3 expectations thanks to surge in trading

BNP Paribas has reported a surge in trading revenues, helping France’s biggest bank to beat Q3 expectations.

For the three months to September, the lender revealed a 2.3% drop in net income to €1.9bn (£1.7bn), which beat expectations of €1.5bn.

Pretax profit from the global markets unit surged 67% to €648m whilst overall revenues at the group remained relatively flat at €10.89bn.

Chief Executive Officer Jean-Laurent Bonnafé commented: “In an economic context featuring different dynamics across regions and sectors, BNP Paribas demonstrates its high resilience thanks to its financial solidity, its diversification, and the power of execution of its platforms.

“I would like to salute the tireless efforts of all our teams who have supported our clients since the beginning of the crisis, while helping the economy and the acceleration of its ecological transition.

“The Group continues to pursue its actions, commitments to solidarity and its contribution to mitigating the impact of this crisis as much as possible. In these extraordinary times, as an essential service, BNP Paribas continues to adapt to its environment and organises its activities to support clients whilst protecting its employees and remains focused on the success of a solid and sustainable economy, across all geographies.”

BNP Paribas shares (FRA: BNP) climbed 5.35% in morning trading.