SUMMARY
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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
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