BNP Paribas Discloses “Crucial Recovery’ For Trade Finance Business

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• Added on October 12, 2021
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As per the latest reports, a “distinct rise” has been recently reported by French Bank BNP Paribas in its trade finance operations for Q2 this year, following the revelation made by its Swiss unit about immense losses due to the closure of its commodity finance company. In its latest quarterly outcomes, a rise is highlighted by the Paris-headquartered lender in its transactional banking operations, which deals with cash management & trade finance - including a 14% expansion in transaction numbers among its corporate customers compared to the first half of 2020. The bank has additionally surpassed investigator assumptions in its equities and prime administration unit, and though the corporate banking revenue decreased to 1.6% year-on-year, it stays up over 13% from Q2, 2019. According to the Chief executive Jean-Laurent Bonnafé, “the outcomes are quite satisfying and highlight the bounce back in movement in operation and our development scope.” The outcomes contrast huge losses revealed by BNP Paribas’Swiss unit in its yearly report for 2020, announced in June. The net losses of around US$400mn were declared by the Geneva-based unit, a crucial fall from over US$15mn profit the previous year, which is credited to “the crucial impact of withdrawing from the commodities financing company. ”