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French bank BNP Paribas warns profits are down |
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Thursday, 31 January 2008 |
French bank BNP Paribas warns profits are downMajor French and European bank, BNP Paribas, has given out a warning and admitted that because of the "deepening crisis" in the financial arena it meant that profits for the last three months of 2007 would be lower than they were a year ago.
BNP Paribas said that their estimates showed that net profits dropped 41.8% from a year ago down to 1bn euros (£740m; $1.48bn), and that its operating profits were also down 7% to 2.2bn euros.
 BNP Paribas gave their estimates following the ongoing crisis at Societe Generale, with speculation going on that BNP Paribas might bid to take over its rival bank. BNP Paribas chief executive, Baudouin Prot, maintained that although there was a drop in profits, his bank was nevertheless going ahead with its development plans. BNP Paribas has made no comment on the rumours about the bank bidding to take over Societe Generale.
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Last Updated ( Friday, 01 February 2008 )
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