BNP’s bad debt buoyancy upends market pessimism

BNP Paribas reported on July 31 a 19% year-on-year drop in pre-tax income for the first half of 2020 to 4.9 billion euros. Revenue rose by 1% to 22.6 billion euros.

The decline was mainly attributable to an increase in the French bank’s cost of risk, which broadly doubled year-on-year to 2.8 billion euros, equivalent to 0.66% of its total lending on an annualised basis. Strong revenue from second-quarter debt trading helped the investment banking division report a 16% year-on-year increase in first-half revenue, offsetting a steep decline in equities. The division’s pre-tax income of 1.8 billion euros was 14% higher than in the same period last year.

BNP said its common equity Tier 1 ratio rose by 40 basis points to 12.4% since the end of March. It reported an annualised return on tangible equity of 8.7% for the half, compared to 11% a year earlier.

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