earnings reports

France’s BNP profits steady in Q3 2020 despite coronavirus

Agence France-Presse
France’s BNP profits steady in Q3 2020 despite coronavirus

People walk past BNP Paribas in New York City on October 13, 2020. - The life of a Wall Street trader was once one of business trips and work dinners, but now it is anything but. The culprit, as with so many of the economic and financial disruptions the United States has faced over the past months, is the coronavirus pandemic, which has rendered life for the brokers, bankers and businessmen fueling the world's largest economy much more lonely. (Photo by Angela Weiss / AFP)

AFP

BNP's finance and investment arm sees revenues jump 17.4%, but its international financial services unit falls 7.2% in July-September 2020

Top French banking group BNP Paribas reported Tuesday, November 3, a 3rd quarter net profit of 1.89 billion euros, down 2.3% from a year earlier despite the economic upheaval caused by the pandemic.

After getting through the 2nd quarter relatively unscathed, the bank said the 3 months to September saw a sharp rebound in the economy, although those gains may now be in jeopardy due to a resurgence in coronavirus cases and new restrictions.

Third quarter net banking income – a broad measure of profit – came in at 10.89 billion euros, little changed from a year earlier and was up 2.1% on a constant exchange rate basis.

The bank said it increased bad loan provisions by nearly 50% to 1.2 billion euros, but this was still some 200 million euros less than in the 2nd quarter.

BNP’s finance and investment arm saw revenues jump 17.4%, but its international financial services unit – which groups consumer credit, insurance, and retail banking – fell 7.2%.

For the 9 months to September, BNP Paribas said net profit was down 13.4% from a year earlier at 5.48 billion euros, in line with its forecast for a 15% to 20% drop in the full-year 2020. – Rappler.com

Add a comment

Sort by

There are no comments yet. Add your comment to start the conversation.