BNP Paribas reported its financial results for 2020 today. The overall revenues remained stable at €44.2 billion as operating expenses dropped 3.6% compared to 2019. Net income dropped to €7 billion, which is down 13.5% compared to 2019.

According to the official numbers, the bank faced several challenges due to the COVID-19 pandemic. Loans outstanding jumped by €33 billion, a rise of 4.4% compared to 2019. International financial services revenues were down 7.2% amid the global health crisis.

In Q4 of 2020, revenues stood at €10.82 billion a 4.5% drop, compared to the same period in 2019. The Group’s operating expenses were down 5.9% in the last quarter of 2020, compared to Q4 of 2019.

Commenting on the recent financial results, Jean-Laurent Bonnafé, Chief Executive Officer of BNP Paribas, said: “In 2020 and still today, our main concerns are helping our clients cope with the effects of the health crisis and safeguarding our employees’ health. I would like to thank our teams for having adjusted nimbly throughout the year. The bank has mobilized all its resources to help our clients weather this crisis and lay the foundation for a solid and sustainable economic recovery. 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.”

Challenging 2020

The bank saw challenges last year due to the crisis created by the coronavirus pandemic. A net income drop of more than 13% and a jump in loans outstanding shows that the Group has taken a serious hit from the ongoing health crisis.

“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. And, it has reminded us of the importance of values such as solidarity and inclusion” Bonnafé added.