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BNP Paribas looks profitable for 2009

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BNP Paribas looks profitable for 2009

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BNP Paribas has slashed its dividend by 70 percent as it reported a fourth-quarter net loss of 1.37 billion euros.

France’s biggest bank in terms of market capitalisation said market conditions would remain tough in 2009, but it should be largely profitable this year. BNP was hit by losses at its investment banking arm, exposure to the alleged fraud by US financier Bernard Madoff, and by a slump in the economy of Ukraine, where it now plans to lay off staff.