LONDON — BNP Paribas reported Friday a 26% annual jump in net profit for the second quarter of this year, beating market expectations.

The French bank said that net income reached 2.9 billion euros ($3.44 billion) over the three-month period ending June. In comparison, analysts had pointed to a 2.24 billion euro net income, according to Refinitiv.

BNP Paribas said that the latest results benefited from a rebound in business activity, as economies relaxed some Covid-19 lockdown measures.

As a result, the domestic markets division saw revenues rising by almost 10% from a year ago. On the other hand, the investment banking unit reported almost a 10% fall in revenues.

Shares of BNP Paribas are up 21% year-to-date.