French banking major BNP Paribas reported a 32% YoY jump in net income to €2.5bn ($2.9bn). Profits were helped by a release in provisions for pandemic-related loan losses seen by its cost of risk falling 43% to €706mn ($823). Revenues came at €11.4bn ($13.3bn), up 4.7% YoY thanks to “good performances at Domestic Markets and Wealth & Asset Management and strong revenues at CIB, including growth in all three of its businesses”. Particularly, Domestic Markets revenues sharply, by 6.3% YoY. Besides, it also witnessed strong growth in equity trading revenues, up 79% while FICC revenues were down 28%. Its CET1 ratio stood at 13.0%, up 10bp QoQ. BNP also will launch a share €900mn ($1.05mn) share buyback on November 1, 2021.

BNP Paribas’ dollar bonds were flat with its 4.5% Perp at 98.96, yielding 4.65%

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Spanish bank BBVA reported net profits of €1.4bn ($1.6bn), up 23% YoY. Lower loan loss provisions and strong operating performance by Mexico, its main market helped boost results. Lending in Mexico increased 3.4%, driven mainly by growth in retail segments. Its cost of risk improved 76bp YoY from 1.68% to 0.92% thanks to a reduction in provisions to €242mn ($282mn) vs. €430mn ($501) a year ago. The  board had agreed to carry out a share buy-back program of up to 10% of its capital for a maximum amount of  €3.5bn ($4.1bn), one of the largest share buyback plans in Europe to date. Its CET1 ratio stood at 14.48% vs. 11.52% in 3Q2020.

BBVA’s dollar bonds were stable with its 6.5% Perp at 107.75, yielding 4%.

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