Major European bank expects 15 to 20 percent net profit loss
BNP Paribas, the largest bank in France, expects net profit to fall by 15 to 20 percent this year due to the corona crisis. In the first quarter, the French bank was already suffering from the consequences of the virus outbreak.
In the recent period, profit decreased by a third to almost 1.3 billion euros compared to a year earlier. Among other things, BNP Paribas had to set aside extra money for losses on loans as a result of the crisis, while write-downs of certain assets also took place. Income fell by more than 2 percent to EUR 10.9 billion.
BNP Paribas expects the economy to not return to pre-corona virus levels before 2022. The financial group is cutting costs to withstand the negative impact of the crisis.