BNP Paribas full-year earnings set to take a Covid-19 pounding
The French lender says net 2020 income could be 15% to 20% lower than in 2019, with the bank taking more than $1bn in charges and writedowns
05 May 2020 - 18:42
Zurich — BNP Paribas has warned that full-year earnings will take a pounding from the coronavirus outbreak after the bank followed Société Générale in setting aside more cash to cover problem loans and posted a $200m hit at its trading unit.
The French lender said net income this year could be 15% to 20% lower than in 2019 because of the effect of the coronavirus lockdown measures, according to a statement on Tuesday. While first-quarter profit and revenue met analyst estimates, the bank took more than $1bn in charges and writedowns, including €502m for future bad credit...
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