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BNP Paribas Q4 net plunges 42%

BNP Paribas Q4 net plunges 42%
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First Published: Wed, Feb 20 2008. 05 56 PM IST
Updated: Wed, Feb 20 2008. 05 56 PM IST
Paris: BNP Paribas SA confirmed on 20 February 2008 that fourth-quarter net profit plunged 42% due to the write-downs of securities affected by the financial markets crisis.
Looking forward, CEO Baudoin Prot said the environment in 2008 “remains challenging and the markets exceptionally volatile, but I am confident in BNP Paribas’ capacity to again produce very good operating performance relative to the banking industry.”
France’s largest bank by market value announced preliminary full-year results at the end of January because of the exceptional concern about the subprime mortgage crisis disrupting the markets and in the wake of a trading scandal at its cross-town rival Societe Generale.
BNP has said it is considering a takeover bid for its scandal-tainted competitor.
The bank said that fourth-quarter net profit fell to €1 billion (Rs5,886 crore) from €1.7 billion in the year-earlier period.
The results include write-downs of €589 million and €309 million in provisions from the credit crisis.
“The fourth quarter 2007 was marked by extremely erratic markets along with rising counterparty risks” in particular with respect to single-service insurers, the bank said in a statement.
Revenue fell 1.9% to €6.9 billion. BNP’s corporate and investment bank posted a 29% fall in fourth-quarter revenue to €1.41 billion.
Over the full year, net income rose 7% to €7.8 billion.
The bank said it plans to double its revenue share from emerging markets in the next three years to 15% of total revenues. BNP Paribas will open an additional 600 branches outside France in the next three years.
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First Published: Wed, Feb 20 2008. 05 56 PM IST