BNP Paribas reveals 55.6% dive in Q3 profits
6 November 2008
The first nine months of 2008 saw a 55.6 per cent dive in third-quarter net income group share profits for BNP Paribas.
The group estimated that as a direct impact of the current financial crisis, it has suffered an estimated loss of 1.1 billion euros.
Bloomberg reported that the collapse of Lehman Brothers and other uncertainties brought about by the financial crisis had a negative impact on third-quarter profit.
However, the bank asserted that all of BNP Paribas' operating divisions have "held up well" in spite of the "deepening" financial crisis.
The group claimed that all its divisions have positively contributed to its pre-tax income. This year, pre-tax income for the first nine months totaled 1,143 million euros, compared with 2,727 million euros during the same period in 2007.
BNP Paribas has a staff of 171,000 employees worldwide and has a presence in more than 85 countries.
Forbes has previously reported that the firm is the largest company in France and fifth in the banking industry worldwide.