PARIS, (Reuters) – France’s most listed lender BNP Paribas (OTC) reported a stronger-than-expected third quarter profit Friday due to lower provisions for pandemic related loan losses as well as a sharp increase in equity trading.

BNP Paribas enjoyed the same economic rebound as its European and American counterparts. This allowed them to access cash they had saved up for potential pandemic losses.

BNP Paribas recorded a 32.2% increase in net income from one year ago to 2.50 Billion Euros ($2.92 Billion), surpassing a median forecast of 2.23 Billion euros, compiled by Refinitiv.

While revenue rose 4.7% to 11,40 billion euro, higher than analysts had expected, cost of risk (comprising provisions for bad loans) fell 43.3%.

BNP Paribas, which overtook British bank HSBC last year to become Europe’s largest bank by assets, also said it will launch a 900 million euro share buyback program on Nov. 1.

The lender saw strong equity trading activity growth, with revenue increasing by 79.3%.

However, revenue from fixed income, currency and commodities trading fell 28% after a 43% decrease in the previous quarter.

BNP Paribas released a statement saying that customer activity in the forex and rates markets was less than usual, but was still strong in the commodities market.

According to BNP Paribas, the revenue from international financial services, including asset and wealth management and international retail banking, fell by 3.3% due to a lower contribution from its insurance company.

BNP Paribas shares increased by 33% this year compared with a 36.53% increase in the Banks index.

($1 = 0.8570 euros)