The biggest market sell-off in more than six years isn’t denting BNP Paribas SA’s confidence, with the French bank saying that it may exceed its 2020 profitability target as Europe’s economic expansion takes hold.
An improving interest-rate environment is likely to support growth, France’s largest lender said Tuesday as it reported fourth-quarter profit and trading results mostly in line with analysts’ estimates, though corporate banking did less well than expected because of higher one-off loan loss provisions. While BNP didn’t provide details, banks such as UBS Group AG reported similar losses because of their exposure to Steinhoff International Holdings NV.