Bnp Paribas In Red, Posts Rs 35 Cr Loss

BNP Paribas (BNPP) has plunged into the red with a loss of Rs 34.9 crore for the year ended March 31, 2002, on the back of a Rs 67.4 crore write off of its retail banking operations. The bank had posted a net profit of Rs 8.9 crore in the fiscal ended March 31,2001.

The BNPP management had in February decided to revamp the entire retail banking model in light of the changing market environment and regulations and exit from the retail banking operations in the country. It will concentrate on the corporate and private banking business.

The bank had decided to write off its retail expenses and major investments directly attributable to the retail restructuring, the bank said in a statement.

The net profit before the retail costs and exceptional charges were at Rs 32.5 crore for the fiscal ended 2002 compared to Rs 8.9 crore the previous year, an increase of 265 per cent.

The total income of the bank was at Rs 319.8 crore for the fiscal ended 2002 compared to Rs 302.4 crore. The interest income was at Rs 278.6 crore in the period compared with Rs 260.4 crore compared to Rs 260.4 crore the previous year. The other income of the bank was at Rs 41.2 crore as against Rs 42 crore the previous year.

The advances of the bank rose by 43.2 per cent to Rs 1521 crore compared with Rs 1,062 crore. The deposits of the bank dipped to Rs 1634 crore compared with Rs 1,706 crore the previous year. BNPP