Covid hikes BNP Paribas’ cost of risk to decade high
BNP Paribas set aside €1.6 billion ($1.9 billion) to cover credit losses over the fourth quarter in response to the coronavirus crisis, a high for 2020 which pushed its full-year provisions to €5.7 billion, the most taken in a single year since 2011. The charge dented net income, which for the year came in at €7.1 billion, down almost 14% on 2019.
Reserves set aside to cover ailing loans over the last three months of 2020 were up 28% on Q3’s €1.2 billion, and a whopping 65% on Q4 2019. The bank
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