BNP Paribas Profit Falls 13% in Second Quarter
PARIS — Europe’s deepening debt crisis curbed trading revenue at the French bank BNP Paribas, pushing its net profit down by 13 percent in the second quarter compared with the same period last year.
Net income in the three months through June 30 fell to 1.85 billion euros, or $2.27 billion, from 2.13 billion euros a year ago, BNP Paribas, France’s largest bank, said on Thursday.
Revenue from its advisory and capital markets operations, a mainstay of its business, slumped 33 percent to 1.2 million euros. “Against a general background of crisis in the capital markets and strong volatility, there was less demand from clients and the businesses were managed cautiously,” the bank said.
Source: Dealbook - NYtimes