Open

Coming up

Don't miss

Replay


LATEST SHOWS

MIDDLE EAST MATTERS

Gaza conflict: Palestinians mark sombre Eid

Read more

WEB NEWS

Celebrities in the Israel-Gaza crossfire

Read more

IN THE PAPERS

Israeli strike takes out Gaza power station

Read more

IN THE PAPERS

French newspaper apologises for Sarkozy story

Read more

BUSINESS DAILY

Last-ditch talks aim to avert Argentina default

Read more

DEBATE

Europe's Plan for Putin: Will Russian Leader Bend After New Sanctions? (part 2)

Read more

DEBATE

Europe's Plan for Putin: Will Russian Leader Bend After New Sanctions?

Read more

FOCUS

Pakistan's Ahmadis living in fear of extremist attacks

Read more

WEB NEWS

Web users show solidarity with Iraqi Christians

Read more

  • Deadly shelling strikes Gaza UN school

    Read more

  • Video: Coping with rocket attacks in Israel’s Sderot

    Read more

  • Rats on the rampage at Louvre museum gardens

    Read more

  • France evacuates nationals, closes embassy in Libya

    Read more

  • Scores trapped as landslide hits Indian village

    Read more

  • Dozens killed in stampede at Guinea rap concert

    Read more

  • US and EU slap Russia with fresh sanctions over Ukraine

    Read more

  • 'Compelling' signs Kosovo leaders trafficked organs, prosecutor says

    Read more

  • Europe launches last resupply ship to space station

    Read more

  • Graphic: Ebola spreads across West Africa

    Read more

  • Video: How tourism is helping Rwanda’s gorillas, ex-poachers

    Read more

  • Islamists seize key Benghazi army base as fire rages on

    Read more

  • In pictures: ن - a sign of support for Iraq’s persecuted Christians

    Read more

  • Calls mount to ban France’s ‘violent’ Jewish Defence League

    Read more

Business

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

COMMENT(S)