BNP Paribas 2008 profits more than halve
Thursday, 19 February 2009 12:42BNP Paribas today reported profits of €3 billion for 2008, less than half its record €7.8 billion 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.
BNP said it lost €1.366 billion in the three months to December 31, plus another €2 billion as its financing and investment arm was buffetted by the collapse of US merchant bank Lehman Brothers in September.
Revenues during 2008 totalled €27.376 billion - a drop of 11.8% 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 being challenged by Fortis shareholders. This has led the French bank to warn that it might abandon the move.
Rival French bank Société Générale yesterday reported a net profit of €2 billion for 2008 despite the financial crisis, with net earnings in the third quarter at €87m.
