BNP Paribas Profit Steady as Trading Booms
03 Noviembre 2020 - 1:39AM
Noticias Dow Jones
By Simon Clark
BNP Paribas SA's net profit held steady in the third quarter as
income from trading securities offset a decline in retail banking
earnings.
The Paris-based bank said net profit for the three months to
Sept. 30 was EUR1.89 billion, the equivalent of $2.2 billion,
slightly down from the same period in 2019. Pretax profit from the
bank's global markets unit soared 67% to EUR648 million.
European banks have reported better-than-expected results for
the third quarter as the coronavirus pandemic hit the economy. It's
unclear if the progress can continue as France, Germany and other
nations lock down their populations to stem soaring infection
rates.
BNP Paribas Chief Executive Jean-Laurent Bonnafé said in a
statement the bank was demonstrating high resilience in
extraordinary times.
France and Germany announced new lockdowns last week and the
U.K. government said England is set to follow this week under the
pressure of mounting cases and deaths. French President Emmanuel
Macron has announced tough restrictions requiring people to remain
inside their homes while restaurants, bars and shops deemed
nonessential close.
BNP Paribas said provisions for bad loans rose 47% to EUR1.25
billion in the third quarter from the same period last year. The
provisions declined from the previous quarter, in which EUR1.45
billion was set aside.
The French bank joined London-based Barclays PLC and
Frankfurt-based Deutsche Bank AG in reporting strong results from
trading and investment banking during the third quarter.
Write to Simon Clark at simon.clark@wsj.com
(END) Dow Jones Newswires
November 03, 2020 02:24 ET (07:24 GMT)
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