BNP Paribas misses forecast after AXA charge

first_img whatsapp whatsapp Show Comments ▼ Thursday 17 February 2011 3:34 am Share Tags: NULLcenter_img BNP Paribas misses forecast after AXA charge by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com John Dunne BNP Paribas, France’s biggest listed bank, missed forecasts for fourth-quarter profit after it booked a 534 million euro (£444.8m) charge on the value of its stake in insurer AXA.BNP blamed the surprise one-off charge on “highly volatile” post-crisis stock markets that had taken AXA shares below their book value. BNP owns 5.2 per cent of AXA, Reuters data showed.Overall 2010 results for BNP saw revenues and profits rise on the back of the bank’s strong retail bank and integration of Belgium-focused crisis acquisition Fortis. The group raised its Fortis synergy target to 1.2bn euros, from 900mFor 2011, BNP expects a “slight decline” in loan-loss provisions in key Europe markets like France, Belgium and Italy as the risk environment improves, Chief Executive Baudouin Prot told Reuters television, adding acquisitions were not a focus.“I’ll be very blunt; at the moment, we are not very acquisitive,” Baudouin Prot said in an interview. “This year we will concentrate on organic growth.”BNP reported fourth-quarter net income of 1.55 billion euros, up 13.6 per cent. Consensus forecasts had been expecting 1.73 billion, according to a Reuters poll of 11 analysts.Group revenues rose 2.6 percent in the quarter, to 10.3 billion euros, missing forecasts of 10.5 billion.Shares of BNP hit an 11-month high on Wednesday after smaller rival Societe Generale (SOGN.PA) whipped up investor enthusiasm with its own results. SocGen met forecasts with a near-quadrupling of net profit.Like SocGen, BNP said it would raise its dividend, to 2.1 euros per share, from 1.5 euros in 2009. Read This Next’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap4 ideal Zion Williamson trade scenarios from the New Orleans PelicansSportsnautRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapRick Leventhal to Exit Fox News Just as His Wife Kelly Leaves ‘RealThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’In the Heights’ Underwhelms at Box Office With $11.4 Million DebutThe WrapJason Whitlock, Former ESPN and Fox Sports Reporter, Resurfaces at BlazeThe WrapFox News’ Mark Levin Says Capitol Riot Suspects ‘Would Be Treated Better’The Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wraplast_img

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