BNP Paribas has posted revenues of €10.9 billion in the third quarter of 2020, stable compared to the same quarter last year.

Revenues of the operating divisions were up by 1.7%, despite a negative performance for the domestic markets and international financial services division. However, corporate and institutional banking (CIB) revenues, at €3.4 billion (US$3.9 billion), were up 17.4% in continuation of the bank’s strong first half 2020 performance, with revenues up in all business lines and regions.

The bank’s CIB business achieved ‘very good’ performances this quarter in all client segments. Market activities normalised after the ‘exceptional’ environment of the first half of 2020, reflecting a solid level of client activity in rates and forex and a good performance in equity derivatives.


In Europe, the bank led by chief executive officer Jean-Laurent Bonnafé (pictured), issued some 45,478 tranche products in the third quarter of 2020, an increase of 3.95% from the 43,746 structures launched in the prior year quarter. More than 99% of the bank’s issuance were listed certificates targeted at retail investors in Germany.

In France, BNPP collected approximately €250m from 66 structured products between 1 July and 30 September 2020, significantly down compared to €572m (from 122 products) in the same period last year.

The French products were available via 10 different distribution channels including Privalto, Nexo Capital, Kepler Cheuvreux, Crystal Finance, Vital Epargne and Hedios Vie.

The best-selling product in the quarter was Apollo Infrastructure 2027, which was distributed via the asset management channel. The seven-year structured fund, which struck on 1 September and was linked to the S&P Global Infrastructure EUR PR Index, sold €35.3m during its subscription period.

Other European markets were the bank was active during Q3 included Italy (€83m from eight products), Belgium (€47m from seven products), and Finland (€35m from 11 products).

In Asia, the bank was the manufacturing company behind 1,113 products during the quarter (Q3 2019: 668 products).

Hong Kong SAR, with 791 products (673 callable bull bear certificates and 118 warrants), was an active market for BNPP, while in Taiwan 298 registered notes targeted at private banking clients and worth an estimated US$1 billion were issued.

In Japan, the bank collaborated with local securities companies for the launch of 24 structured products with combined sales of US$428m in the quarter (Q3 2019: US$114m from seven products).

The group’s 2020 medium to long-term wholesale funding programme of €35 billion can be broken down into €13 billion non preferred senior debt (€13.2 billion already issued); €4 billion capital instruments (€4.5 billion already issued); and €18 billion other senior debt. The latter includes approximately €15 billion worth of structured products and €3 billion worth of secured funding.

BNPP’s immediately available liquidity reserves totalled €472 billion, which is equivalent to more than one year of ‘room to manoeuvre’ in terms of wholesale funding, according to the bank.

As at 30 September 2020, assets under management reached €1,110 billion (1.2% lower than at end-December) which could be broken down as follows: asset management (€474 billion), wealth management (€380 billion), and insurance (€256 billion).

Click the link to read the third quarter 2020 results and the presentation.