Thanks to its central bankers, the bond market has been one of the few sectors in Europe that has thrived under Covid-19. This has helped no continental European bank more than BNP Paribas.
Earnings in its corporate and institutional bank rose 14% in the first nine months of 2020. By contrast, its retail divisions suffered steep falls in earnings due to rising credit losses, leading the bank to pencil in a drop of pre-tax profit of between 15% and 20% in 2020.
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