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BNP's profits plunge by over half

Latest update : 2009-02-19

French bank BNP Paribas has announced a drop in profits from a record 7.8 billion euros in 2007 to 3 billion last year. The bank said much of the setback had come in the last quarter of 2008 as a direct result of the financial crisis.

AFP - BNP Paribas reported Thursday profit of three billion euros (3.78 billion dollars) for 2008, less than half its record 7.8 billion euros a year earlier.
   
The results -- which come amid uncertainty over BNP's bid to take over the Belgian assets of Fortis bank -- were in line with expectations, with much of the setback coming in the fourth quarter, as the financial crisis bit.
   
In a statement, BNP said it lost 1.366 billion euros in the three months to December 31, plus another two billion euros as its financing and investment arm was buffetted by the collapse of US merchant bank Lehman Brothers in September.
   
Revenues throughout 2008 totalled 27.376 billion euros -- a drop of 11.8 percent that was cushioned by retail banking and asset management operations.
   
BNP is poised to take over the Belgian operations of Fortis bank from the Belgian state, but the plan is challenged by Fortis shareholders -- leaving the French bank to warn that it might abandon the move.
   
On Wednesday, rival French bank Societe Generale reported a net profit of 2.0 billion euros for 2008 despite the financial crisis, with net earnings in the third quarter at 87 million euros.
  

Date created : 2009-02-19

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