BNP Paribas says revenue resilient despite equity trading hit

But while revenue fell, the bank’s balance sheet mushroomed as it rolled out emergency loans to help businesses weather lockdowns to stem the spread of the virus.

PARIS: 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 €500mil in loan provisions.

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.