If BNP stock can strongly rebound from the current support level, it will be a new bull run capable of ATH breakout.French international banking group BNP Paribas SA (EPA: BNP) stock has jumped over 6% on Tuesday after the company reported mixed results for the third quarter. At the time of writing, BNP stock was trading at around €33.06. Being the largest bank in France, BNP Paribas earnings report shows a lot of things about coronavirus and the market in general.At the height of the coronavirus pandemic, BNP Paribas stock dropped considerably but began to show recovery in the past few weeks. According to its past performance analysis, BNP stocks have dropped approximately 37.90% year to date, dropped around 0.70% in the past month and are now around 5% in the last five days.If BNP stock
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If BNP stock can strongly rebound from the current support level, it will be a new bull run capable of ATH breakout.
French international banking group BNP Paribas SA (EPA: BNP) stock has jumped over 6% on Tuesday after the company reported mixed results for the third quarter. At the time of writing, BNP stock was trading at around €33.06. Being the largest bank in France, BNP Paribas earnings report shows a lot of things about coronavirus and the market in general.
At the height of the coronavirus pandemic, BNP Paribas stock dropped considerably but began to show recovery in the past few weeks. According to its past performance analysis, BNP stocks have dropped approximately 37.90% year to date, dropped around 0.70% in the past month and are now around 5% in the last five days.
If BNP stock can strongly rebound from the current support level, it will be a new bull run capable of ATH breakout. Notably, the current support level acted as a support level almost a decade ago and never retested it till this year. BNP Paribas earnings report coincided with a possible new wave of coronavirus infection in Europe. This may put the company’s future earnings in jeopardy as seen during the past few months.
However, Lars Machenil, the chief financial officer of BNP Paribas, thinks the company is capable of pulling through the future crisis, thanks to the lessons from the past. “The lockdowns are of a different nature than what we saw in the past. So that’s why we feel comfortable to reiterate our guidance for the full year,” he told media outlet CNBC.
BNP Paribas Market Report
Notably, with a market valuation of approximately €37.25 billion, BNP Paribas is capable of delivering better results despite a possible spike in coronavirus infection rates. Previously, the company has received an average rating of Over from 20 Wall Street analysts.
According to the earnings report, BNP Paribas reported a net profit of €1.89 billion in the quarter that ended on September 30. Additionally, its pretax profits from the global market units popped around 67% to €648 million in the past three months.
In a statement with the press, BNP Paribas CEO Jean-Laurent Bonnafé stated the bank has demonstrated high resilience during extraordinary times.
During the third quarter, BNP Paribas said that provisions for bad loans soared by 47% to €1.25 billion in relation to the same quarter of the prior year. The company indicated that it has €472 billion available in its liquidity reserves. During the third quarter, BNP Paribas operating expenses dropped by 3.8% in relation to last year.
Having reported revenue growth in all its three divisions during the past three months, the company is confident to deliver positive results in the coming quarters.
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