BNP Paribas sees profits slip 73% in Q3

3 November 2011

BNP Paribas experienced a decline in profits of 72 per cent throughout the third quarter (Q3) of 2011, new figures have shown.

According to data published by the financier today (3 November), its net income fell from €1.91 billion ($2.6 billion) in the second three-month timeframe of the year to €541 million more recently.

In a statement issued along with these results, Baudouin Prot - chief executive officer of BNP Paribas, which has more than 200,000 employees worldwide - described Q3 as a "very challenging" period.

Mr Prot explained that its profits had been impacted greatly by the ongoing issues regarding the Greek sovereign debt and the fact it decided to sell large amounts of its government bonds.

He went on to say that this strategy means the company managed to minimise the effects of various financial issues across the continent and is "well positioned to take on the challenges of a new environment".

By Asim Shah

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