Top French banking group BNP Paribas Friday reported annual profits slumped 13.5 percent as economic turbulence caused by the pandemic hit the sector globally.
But the net profit of 7.07 billion euros ($8.46 billion) for 2020 was more than anticipated by the group, which had expected a drop of 15 to 20 percent.
Net banking income — a broad measure of profit — of 44.28 billion euros, was off 0.7 percent from 2019, the group said in a statement.
Besides the battering of the global economy by the coronavirus crisis, BNP suffered from the appreciation of the euro against other major currencies.
At constant exchange rates, net banking income grew by 1.3 percent.
“The world is now experiencing a health crisis that is unprecedented in its extent and duration. It has tested us, as it has tested all components of our societies,” BNP head Jean-Laurent Bonnafe said in the statement.
“BNP Paribas has been highly resilient, thanks to its diversified and integrated model, its financial solidity, its digital and industrial transformation, and its platforms’ execution capabilities.”
“On the strength of these advantages, we are well positioned to enter a new phase in the development of our activities.”
