Don't miss

Replay


LATEST SHOWS

FRANCE IN FOCUS

A certified 'palace': How hotels strive for excellence

Read more

IN THE PAPERS

Leave campaign is suffering from 'Bregret'

Read more

BUSINESS DAILY

Osborne: UK public finances will need adjustment after Brexit

Read more

IN THE PAPERS

'A Europe of the people' (minus the UK)

Read more

EYE ON AFRICA

Seven African countries' economies at risk over Brexit

Read more

THE DEBATE

Britain votes out: What next?

Read more

#TECH 24

The 'fintech' revolution

Read more

#THE 51%

In her own image: Women in Art

Read more

REPORTERS

World War I: When northern France was on German time

Read more

Business

BNP profits drop 22% on exposure to Greek debt

Text by News Wires

Latest update : 2012-02-15

France's largest bank, BNP Paribas, said Wednesday that its 2011 net profit fell 22% to €6.05 billion after it factored in €3.2 billion to cover its exposure to Greek debt. BNP said results were also affected by the larger eurozone debt crisis.

AFP - France's biggest bank, BNP Paribas, said Wednesday its 2011 net profit tumbled 22 percent to 6.05 billion euros after setting aside 3.20 billion euros to cover its exposure to debt-stricken Greece.

BNP said its performance was also affected by financial market volatility towards the close of the year driven by concerns the eurozone debt crisis could lead to recession.

The lender said it would pay shareholders a dividend of 1.20 euros per share, unlike its peers Societe Generale and Credit Agricole which decided against any payout.

The bank said it was still able to meet the new core capital requirement of 9.0 percent set by regulators in the fallout from the global financial crisis, putting its level at 9.2 percent.

BNP added that in order to meet new banking sector regulations coming into force from the end of this year, it has reduced the size of its balance sheet which in turn improves its capital adequacy ratios.
 

Date created : 2012-02-15

  • BANKING

    BNP sees 72% drop in Q3 profit after Greek haircut deal

    Read more

  • BANKING

    Moody's downgrades France's 'big three' banks

    Read more

COMMENT(S)