BNP Paribas 3Q profit down sharply
French bank BNP Paribas says its net profit sank by more than half in the third quarter on a 1.1 billion euro ($1.41 billion) loss linked to the financial crisis.
Europe’s largest banking group reports net profit of 901 million euros, ($1.15 billion) down from 2.03 billion euros a year earlier.
BNP says that its earnings for the July-September quarter were affected by “numerous critical situations in the financial services industry and unprecedented turbulence in the markets” since September.
In a statement Wednesday, the bank blamed a surge in the cost of risk on downgrades to bond insurers as well as the collapse of U.S. investment bank Lehman Brothers and of Icelandic banks.
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