BNP Plans $1 Billion Buyback as Equities, Domestic Unit Beat
- CEO Bonnafe has signaled he may boost shareholder returns
- Costs rise, fixed-income trading slumps more than at peers
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BNP Paribas SA will start a 900 million-euro ($1 billion) stock buyback after posting a 79% jump in equities trading and adding twice as much revenue as expected at its domestic markets unit.
Strength in the two businesses helped offset a slump in fixed income trading that was twice as steep as the average decline at the biggest Wall Street banks. Net income beat analysts’ estimates, in part because BNP set aside less money than expected for bad loans.