法国巴黎银行（BNP Paribas SA）报告称，其股票交易收入激增，并宣布了一项新的股票回购计划，因为这家法国贷款机构持续受益于其投资银行业务的扩张。
Paribas SA reported a surge in revenue from equities trading and announced a new share buyback, as the French lender continues to benefit from the build-out of its investment bank.
股票及相关证券交易收入较上年同期增长50%，在该业务表现强劲的一个季度里，超过了大多数华尔街竞争对手。这一表现帮助净利润增长了14%，增幅为分析师预期的三倍。
Income from trading stocks and related securities rose 50% from a year earlier, beating most Wall Street rivals in a strong quarter for the business. The performance helped lift net income by 14%, three times as much as analysts had expected.
巴黎银行还宣布将于下月实施13亿欧元（约合14.5亿美元）的股票回购，这符合其现有的分红政策。
BNP Paribas also announced a €1.3 billion ($1.45 billion) share buyback for next month, in line with its existing distribution policy.
这些业绩为首席执行官Jean-Laurent Bonnafe（让-洛朗·博纳费）提供了助力，因为他正面临投资者对债券收益率上升和法国政治动荡的担忧。他在该职位上已任职十年半，在竞争对手撤退时大力建设股票交易业务，并通过收购法国巴黎银行（Axa SA）的投资部门来改造资产管理部门，以进一步实现多元化发展。
The results give a boost to Chief Executive Officer Jean-Laurent Bonnafe as he confronts investor concerns about rising bond yields and political turmoil in France. In the role for a decade and a half, he built out equities trading when rivals retreated and transformed the asset management arm with the acquisition of Axa SA’s investment unit to diversify further.
股票交易业务的强劲表现继第二季度43%的类似大幅增长之后。巴黎银行受益于全球市场的波动性，以及服务于对冲基金的主经纪业务活动的繁荣。几年前，当德意志银行（Deutsche Bank AG）和瑞士信贷（Credit Suisse）退出该细分市场时，博纳费接手了大量客户。
The equities performance comes after a similarly strong 43% gain in the second quarter. BNP Paribas benefited from volatility in global markets and booming activity in the prime-brokerage business that serves hedge funds. Bonnafe took over a large number of clients in that segment several years ago when Deutsche Bank AG and Credit Suisse exited.
第三季度，固定收益证券和货币买卖收入略有下降。由于信贷市场受利率上升冲击，大多数大型投资银行在固定收益交易方面都表现吃力。
Revenue from buying and selling fixed income securities and currencies declined slightly in the third quarter. Most large investment banks struggled in fixed income trading as credit markets were hit by rising interest rates.
在该国的政治和财政不稳定蔓延并引发暴力抗议活动后，巴黎银行是首家发布财报的大型法国银行。这场动荡距离总统大选还有六个月，已将投资者持有法国债务而非德国债券所要求的额外收益率推高至欧洲主权债务危机期间的水平。
BNP Paribas is the first of the large French banks to report earnings after the political and fiscal instability in the country spilled over into violent protests. The turbulence, six months before presidential elections, has pushed the extra yield investors demand to own French debt over German bonds to levels seen during Europe’s sovereign debt crisis.
这反过来拖累了法国银行股，使其成为今年下半年以来欧洲同行中表现最差的板块之一。法国巴黎银行股价自6月底以来已下跌15%。
That in turned has weighed on stocks of French banks, making them some of the worst performers among European peers in the second half so far. Shares of BNP Paribas have declined 15% since the end of June.
该贷款机构周三表示，其“对法国的敞口有限”，持有约190亿欧元法国主权债券，其中160亿欧元按摊余成本计量。大多数分析师认为，法国银行主权敞口带来的直接风险有限，但二轮效应，如再融资成本上升和经济放缓，可能会产生影响。
The lender said on Wednesday that it has a “limited exposure to France,” with about €19 billion in the country’s sovereign bonds, of which €16 billion are held at amortized cost. Most analysts agree the direct risk from French banks’ sovereign exposure is limited, though second-round effects such as higher refinancing costs and an economic slowdown could have an impact.
在法国巴黎银行，法国本土业务目前表现稳健。该国商业与个人银行业务本季度收入增长8.2%。该行在一份演示文稿中表示，总体而言，法国业务去年贡献的税前利润不足10%，低于2016年的约20%。
At BNP Paribas, the French business so far is holding up. Revenue from commercial and personal banking in the country gained 8.2% in the quarter. Overall, France accounted for less than 10% of BNP Paribas’ pretax profit last year, down from around 20% in 2016, the lender said in a presentation.
虽然资产管理业务今年前九个月录得310亿欧元净流入，但因“出售韩国股份”遭受约390亿欧元的负面影响，法国巴黎银行表示，未透露细节。凭借去年收购安盛投资管理公司——这是Bonnafe任内最大规模的收购——该投资部门已跻身欧洲头部玩家行列。
While the asset management business recorded net inflows of €31 billion in the first nine months of the year, it suffered a negative impact of around €39 billion from the “disposal of a stake in South Korea,” BNP said, without giving details. The investment arm has become a top European player with last year’s acquisition of Axa Investment Managers, the biggest takeover under Bonnafe.
首席执行官定于2月发布下一份战略规划。他已表示，预计效率将进一步提升，为增加投资者回报铺平道路。
The CEO is set to unveil his next strategic plan in February. He has indicated that he expects further improvements in efficiency to pave the way for more investor payouts.