BNP Paribas says revenue resilient despite equity trading hit

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PARIS (Reuters) – BNP Paribas’ profit fell by a third in the first quarter, as the coronavirus crisis hit equity trading and prompted the euro zone’s biggest bank to set aside more than half a billion euros in loan provisions.

FILE PHOTO: The BNP Paribas logo is seen at a branch in Paris, France, February 4, 2020. REUTERS/Benoit Tessier

The bank said it would accelerate cuts to its operating expenses and warned that its 2020 net income could be about 15% to 20% lower than in 2019.

As with French lender Societe Generale (SOGN.PA), revenue from equity derivatives

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BNP Paribas profit falls 33% on expected loan losses, equity trading hit

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PARIS (Reuters) – Profit at BNP Paribas (BNPP.PA) fell by 33.1% in the first-quarter as the coronavirus crisis hit equity trading and prompted the eurozone’s biggest bank to set aside more than half a billion euros in loan provisions.

FILE PHOTO: The BNP Paribas logo is seen at a branch in Paris, France, February 4, 2020. REUTERS/Benoit Tessier

Like fellow French lender Societe Generale (SOGN.PA) last week, BNP suffered a revenue wipeout from trading equity derivatives, specialist financial instruments which have traditionally been a source of pride for the French financial services industry.

BNP’s results underperformed

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