BNP Paribas records 7.8% revenue slump for 2012

14 February 2013

BNP Paribas experienced a marked decline in revenue last year due to the impact of the ongoing eurozone debt crisis.

The major French bank published its 2012 annual results this morning (14 February), which revealed that a combination of the fact the single currency area slipped back into recession and difficulties in capital markets led to its revenues totalling €39.07 billion ($49.3 billion) for the year.

This represents a decline of 7.8 per cent when compared to 2011 and, on top of the ongoing issues in the eurozone, the financier also attributed the fall to the impact of "four significant exceptional items".

Firstly, the bank incurred losses of €232 million and €91 million respectively from the sale of sovereign bonds and loans, while its own credit adjustment and the one-off amortization of a part of its Fortis PPA division resulted in a total loss of around €1.2 billion.

Jean-Laurent Bonnafe, chief executive officer of BNP Paribas, insisted the group had achieved a "solid" level of performance in 2012.

By Claire Archer

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