a sign on the side of the street: ANGELA WEISS/AFP via Getty Images © ANGELA WEISS/AFP via Getty Images ANGELA WEISS/AFP via Getty Images

France's BNP Paribas on Friday reported a 13.9% drop in fourth-quarter net income as the lender set aside more charges for loans that may turn sour due to the COVID-19 pandemic rattling economies worldwide.

The eurozone's biggest listed lender struck a more upbeat note for 2021, however, saying it expected its cost of risk, which reflects provisions for bad loans, to drop compared to 2020, as economic activity gradually picks up in the second half.

BNP Paribas' cost of risk rose by 65.5% to 1.59 billion euros in the final three months of 2020 versus a year earlier.


Video: Vodafone foresees post-crisis growth surge (Reuters)

UP NEXT
UP NEXT

Net income fell to 1.59 billion euros - though this was higher than the average profit forecast by a poll of four analysts - while revenue fell by 4.5% to 10.83 billion euros, broadly in line with expectations.

The lender also expects costs to be flat this year while revenue should slightly increase. (Reporting by Matthieu Protard and Marc Angrand; Editing by Sarah White)

Read More: A fund manager who's beaten 97% of his peers over the past 5 years shares 6 of the stocks he's most bullish on as Biden takes a friendlier stance toward cannabis, electric vehicles, and more

Read the original article on Business Insider
Continue Reading
Microsoft and partners may be compensated if you purchase something through recommended links in this article.
TOPICS FOR YOU
Feedback

Found the story interesting?

Like us on Facebook to see similar stories


Send MSN Feedback

We appreciate your input!

Please give an overall site rating:

公交车上啊好深高潮了_在公车上拨开内裤进入毛片_车上做好紧我太爽了再快点