Summary Box: BNP Paribas 4Q profit falls by 50 pct

AP News
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Posted: Feb 15, 2012 12:20 PM
Summary Box: BNP Paribas 4Q profit falls by 50 pct

PROFIT DROPS: Paris-based bank BNP Paribas posted a 50 percent drop in its fourth-quarter profit, weighed by the European financial crisis.

GREEK BOND VALUE SLASHED: The bank recorded a 567 million euro ($747 million) hit after accounting for expected losses on its Greek government bonds.

SOVEREIGN DEBT REDUCED: BNP Paribas said it has reduced its holdings of sovereign debt by more than a quarter in an effort to offset the effects of the ongoing problems in Europe.