• Corporate
• Markets
• Info-Tech
• Marketing
• Money & Banking
• Agri-Biz & Commodities
• Industry & Economy
• Logistics
• Government
• Opinion
• Variety
• Corporate Results
• Columns
• States
• Web Extras
• Index

• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• BL Club
• Smartbuy

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

• Rates

• Ports

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Subscription

• Business Line

Group Sites

• The Hindu
• Business Line
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

LONDON: Suffering from the financial crisis, France's largest bank BNP Paribas SA said on Tuesday said its net income has declined by 55.55 per cent at €901 million in the third quarter of this year.

The bank had a net income of €2,027 million in the same quarter last year, BNP Paribas SA said in a statement. “Direct impact of the financial crisis was significantly greater than in previous quarters. The impact on revenues was a loss of €507 million c ompared to negative €203 million in the third quarter a year earlier,” it said.

Revenues declined to €7,614 million for the quarter under review, from €7,690 million for the same quarter previous year. For the nine-month ended September 30, BNP Paribas SA posted a net income of €4,387 million, 35.63 per cent down from €6,816 million in the same period last year.

“The deepening of the financial crisis weighed heavily on profitability of the financial services industry during the third quarter. Thanks to BNP Paribas' commercial drive and greater attractiveness across all its business units, the group posted profit s in each division,” BNP Paribas' Chief Executive Officer Baudouin Prot said.

Earlier in October, French financial services major BNP Paribas had proposed to acquire Fortis' Indian operations by January that includes Dutch Bank ABN Amro's India asset-management business. This followed BNP Paribas agreeing to acquire Fortis' busine ss in certain geographies globally.

Further, BNP Paribas had agreed to acquire Fortis' Belgium and Luxembourg operations as well as international franchises for an estimated €14.5 billion after the latter failed to survive the global financial turmoil. - PTI

Prev: Biden wins 7th Senate term which he'll give up for VP post
Next: Mahatma Gandhi inspires Obama

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line