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BBC News - BNP Paribas profits hit by Greek debt writedowns

BNP Paribas, France's biggest listed bank, has reported a 50% fall in profit for the final three months of 2011, after taking further losses on its Greek debt holdings.

It reported net income of 765m euros ($1bn; £641m) for the quarter, after writing down its Greek assets by a further 567m euros.

The bank said it had now written down the value of its Greek debt by 75%.

For 2011 as a whole, net income was down 22.9% to 6bn euros.

Despite the sharp fall in fourth quarter profits, BNP's results were better than analysts' expectations and quarterly revenues of 9.69bn euros were also stronger than forecast.

by afew (afew(a in a circle)eurotrib_dot_com) on Wed Feb 15th, 2012 at 11:02:47 AM EST
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