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Jean-Laurent Bonnafé: "The crisis is not the end of globalization, but we will have to learn from it"


INTERVIEW - The boss BNP Paribas anticipates a return of the global economy to its level of 2019 in 2022. He explains his vision of the return to growth.

As the leading European bank, BNP Paribas is at the forefront of observing the consequences of the pandemic. Its managing director, Jean-Laurent Bonnafé, explains why he anticipates a return of the world economy to its level of 2019 only in 2022 and delivers his vision of the stimulus plans. BNP Paribas is also affected by the crisis. In the first quarter, its net profit dropped by a third, reaching, all the same, 1.28 billion euros. Excluding the pandemic, it would have exceeded 2 billion euros.

The bank suffered from the fall in its market activities and increased provisions by 502 million to enable it to cope with a surge in credit delinquencies. In total, it has set aside 1.4 billion euros since the start of the year. Despite good resistance from commercial activity (-2.3%) between January and the end of March, BNP Paribas remains cautious for the rest of the year.

LE FIGARO. - The rise in bankruptcies will drive up the cost of risk for banks. The

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Source: lefigaro

All business articles on 2020-05-05

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