BNP Paribas closed 2012 with a net profit of 6,55 billion euros, up 8,3% on an annual basis. However, the figure is lower than analysts' expectations, mainly due to the extraordinary write-downs that occurred in the fourth quarter, which reached 345 million euros.
The first French bank explains that these are write-downs linked to investment banking and financing activities and to extraordinary items for consumer credit.
In the fourth quarter alone, Bnp achieved revenues of 9,395 billion euros, down 3% on an annual basis, and a profit of 514 million (-32,8%). The bank's board of directors has proposed a dividend of 1,5 euros per share (against 1,2 last year), equal to a distribution rate of 29,7%. The group aims to achieve cost reductions of up to 2 billion euros a year from 2015.
