Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

'Macron-economy' pun already worn out

Read more

DEBATE

What Next for Gaza? Lasting Ceasefire Agreed After 50 Days of War (part 2)

Read more

DEBATE

What Next for Gaza? Lasting Ceasefire Agreed After 50 Days of War

Read more

FOCUS

Video: Milan is starting point for Syrian refugees’ European odyssey

Read more

MIDDLE EAST MATTERS

Terrorist ransoms: Should governments pay up for hostages?

Read more

ENCORE!

Kristen Stewart and Juliette Binoche star in 'Clouds of Sils Maria'

Read more

WEB NEWS

India: journalist launches "Rice Bucket Challenge"

Read more

WEB NEWS

Russian aid convoy: Mission accomplished?

Read more

WEB NEWS

Actor Orlando Jones lauches 'Bullet Bucket Challenge'

Read more

  • Mother of American journalist asks IS leader for his release

    Read more

  • UN probe accuses Syrian regime, Islamists of ‘crimes against humanity’

    Read more

  • French unemployment rises 0.8% in July to record high

    Read more

  • Missouri governor appoints black public safety director

    Read more

  • France’s Hollande puts young ex-banker in top economy post

    Read more

  • Video: Iraq’s Yazidis flee to spiritual capital of Lalish

    Read more

  • Video: Milan is starting point for Syrian refugees’ European odyssey

    Read more

  • Airstrikes and Assad - Obama’s military conundrum in Syria

    Read more

  • IMF’s Lagarde investigated in French corruption case

    Read more

  • American journalist held captive in Syria arrives in US

    Read more

  • In pictures: The ministers in France's new government

    Read more

  • 'Lasting' ceasefire agreed for Gaza, Abbas says

    Read more

  • Far-right ‘Russian Jihad’ fighters cross into Ukraine

    Read more

  • Rebels 'shoot down' UN helicopter in South Sudan

    Read more

  • Air France pilots threaten September strike

    Read more

  • WHO seeks stricter regulation for e-cigarettes

    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)