2020 Universal registration document and annual financial report - BNP PARIBAS122
3 2020 review of oPerations
3
BNP Paribas consolidated results
3.1 BNP Paribas consolidated results
In millions of euros 2020 2019 2020/2019
Revenues 44,275 44,597 -0.7%
Operating Expenses and Dep. (30,194) (31,337) -3.6%
Gross Operating Income 14,081 13,260 +6.2%
Cost of Risk (5,717) (3,203) +78.5%
Operating Income 8,364 10,057 -16.8%
Share of Earnings of Equity-Method Entities 423 586 -27.8%
Other Non Operating Items 1,035 751 +37.8%
Non Operating Items 1,458 1,337 +9.0%
Pre-Tax Income 9,822 11,394 -13.8%
Corporate Income Tax (2,407) (2,811) -14.4%
Net Income Attributable to Minority Interests (348) (410) -15.1%
Net Income Attributable to Equity Holders 7,067 8,173 -13.5%
Cost/income 68.2% 70.3% -2.1 pt
MOBILISATION AT THE SERVICE OF THE ECONOMY
In response to the Covid-19 pandemic, many countries worldwide took public health measures in 2020 to protect their citizens and slow the spread of the virus. The health crisis has had considerable economic and social repercussions.
Against this backdrop, BNP Paribas has taken steps to safeguard its employees health and to provide all services that are essential to keeping the economy functioning.
Moreover, BNP Paribas is mobilising all its resources and expertise to support its individual, corporate and institutional customers during these challenging times and to respond to the economy s specific needs during the various phases of this health crisis.
Loans outstanding rose by 4.4% compared to 2019, an increase of 33 billion euros. The Group granted more than 120,000 state-guaranteed loans in 2020 in the Group s Retail Banking networks, and raised more than 396 billion euros in financing for its clients on the syndicated loan, bond and equity markets(1).
(1) Source: Dealogic, as at 31 December 2020, bookrunner, apportioned amounts.
(2) 2020 revenues included a -104 million euro exceptional accounting impact of a swap set up for the transfer of an activity.
(3) Including 100% of Private Banks in the domestic networks (excluding PEL/CEL effects).
(4) -4.6% at constant scope and exchange rates.
(5) +16.2% at constant scope and exchange rates.
RESILIENT RESULTS IN A CONTEXT MARKED BY THE HEALTH CRISIS POSITIVE JAWS EFFECT
All in all, revenues, at 44,275 million euros, were almost stable (-0.7%) compared to 2019 at historical scope and exchange rates and rose by 1.3% at constant scope and exchange rates(2).
In the operating divisions, revenues were up slightly at historical scope and exchange rates (+0.2%) and increased more significantly (+2.0%) at constant scope and exchange rates. They were down by 2.1% in Domestic
Markets(3), as the very good performance of the specialised businesses (in particular Personal Investors) only partially offset the impact on the networks of the persistently low-interest-rate environment and the health crisis. Revenues at International Financial Services were down by 7.2%(4), due to the effects of the health crisis and despite BancWest s good performance. CIB achieved strong growth (+13.9%(5)) with revenues up in all business lines.
