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The bank of France, the largest in terms of assets, increased its profits in October-December by 1.1% to 1,442 billion euros from 1,426 billion euros in 2017. Over the same period, the bank's revenue fell by 3.5% to 10.16 billion euros, BNP Paribas reports in a press release. The management of the bank updated the targets until 2020. The revenue forecast now stands at 1.5% against 2.5%, the profitability forecast was reduced to 9.5% from 10%. At the same time, economists have increased the planned spending cuts to 3.3 billion euros from 2.7 billion euros. The bank increased its operating expenses from 7.62 billion euros to 7.68 billion euros. The Corporate & Institutional Banking (CIB) division of the bank reduced revenue by 9.4%, and the international division - by 3.1%. Operating profit fell 15% to 1.37 billion euros. At the end of 2018, BNP Paribas reduced its net profit by 3% to 7.526 billion euros, revenue - by 1.5%, and operating profit - by 11%.
On Friday, Caterpillar Inc (CAT.N) announced a lower second-quarter profit because of the recession caused by the coronavirus outbreak. The decline was due to lower sales volume and changes in dealer inventories. During the second quarter ...
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
European stocks traded slightly higher on Tuesday ahead of a U.S. decision to roll out additional stimulus plans despite the underwhelming quarterly earnings reports from the luxury goods market. The pan-European STOXX index inched higher ...
On Tuesday, Snap Inc.’s (SNAP.N) stock price declined by more than 11% in after-hours trading as investors digested the company’s user and revenue growth after its second-quarter earnings report. The social media company reported ...
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