Its results are helped for a second consecutive quarter by a record jump in equity and prime services revenue.

BNP Paribas posted a forecast-beating rise in third-quarter profit on Wednesday (Oct 28), aided by its investment bankers, as the lender announced a 1.3 billion euro share buyback and played down the impact of soaring government bond yields.

France’s BNP said quarterly net income climbed 14 per cent to 3.5 billion euros, which beat the 3.2 billion euro average forecasts of analysts polled by the bank.

Revenue at the eurozone’s biggest bank by assets rose year on year to 13.8 billion euros, slightly above expectations.

French banks face further challenges, with soaring eurozone sovereign bond yields – especially in France amid concerns about the country’s fiscal position – reviving worries about lenders’ exposure to government debt.

BNP said its exposure to French sovereign bonds was limited, roughly at 19 billion euros at end-September and that France accounted for under 10 per cent of its pre-tax income last year.

The French lender’s results were helped for a second consecutive quarter by a record jump in equity and prime services revenue.

The 50 per cent year-on-year rise surpassed the average 37 per cent gain in equities trading across.

Overall sales at BNP’s corporate and institutional banking unit, which long-time CEO Jean-Laurent Bonnafe has made critical to its success, rose by 17 per cent year on year.

Fixed-income, currencies and commodities trading revenue was flat, reflecting an industry-wide weak quarter for fixed income.

BNP’s retail business income rose by 4 per cent, boosted by higher interest rates.