BANKING

7.8 billion euro profit for BNP

Wednesday, January 30, 2008

French bank BNP Paribas, tipped as a potential suitor for the Société Générale, announced 7.8 billion euros in estimated net profits for 2007, representing a 42% drop in fourth-quarter profits from the same period last year amidst the turmoil in global credit markets.

French bank BNP Paribas, tipped as a potential suitor for scandal-hit Societe Generale, declared Wednesday a record 7.8 billion euros (11.5 billion dollars) in estimated net profits for 2007.
  
In a statement, the bank -- the country's largest in terms of market capitalisation -- said it achieved its seven percent year-on-year increase despite the subprime lending crisis in the United States.
  
Fourth-quarter profits were put at around one billion euros, down 42 percent from the same period a year earlier amidst the turmoil in global credit markets.
  

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