Effects of Euro attack on France banks: BNP Paribas profit hit by Greece

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BNP Paribas

French bank BNP Paribas SA reported a sharp drop in fourth-quarter net profit, hit by write-downs on its Greek bonds and restructuring costs that it said will impact earnings further in 2012.

The Paris-based lender, France’s largest bank by market value, reported a 51% drop in fourth-quarter net profit to €765 million ($1 billion) from €1.55 billion a year earlier.

BNP Paribas took a €567 million write-down on its Greek sovereign bonds and booked a €148 million charge as part of its plan to limit the impact of the European debt crisis by slashing its balance sheet

WSJ by Noemie Bisserbe