BNP Paribas Greece exposure to 5 billion euros .

Keywords: Bank, FRANCE, Baudouin Prot, BNP Paribas.

The second bank in the euro area recorded a net profit well beyond expectations. BNP Paribas believes to be exposed to the Greek debt to five billion euros. The actions appear soaring stock market.

Following the publication by Societe Generale of a net profit of a little over one billion eurosBNP Paribas reported on Thursday morning before the opening of trading of Net Income up 39.1% * to 2.28 billion euros for the first quarter 2010, when consensus tentatively planned an increase of 5% to 1.64 billion after a profit of 1.56 billion euros over the first three months of 2009.
This leap was possible due to a reduction greater than expected cost of risk recorded by the first French banking group. Provisions for credit losses have indeed declined by 45.1% * to 1.337 million. They had reached its highest end of last year.
BNP Paribas, Europe's second largest bank by market capitalization of 56.6 billion euros - after Spain's Banco Santander - also reveals a net banking income to 11.53 billion euros between January and March, jumping 21 7% (+0.1% at constant scope and exchange rates) a year ago.
"After a year marked by the 2009 recession, especially in the first quarter, the first quarter 2010 shows the beginnings of economic recovery," said BNP Paribas. Its chief executive, Baudouin Prot, speaking on the radio BFM, said his group was well positioned for the current year. It Rest "confident in the medium term".

Exposure of 5 billion euros to Greece:
The last of three major French banks listed to quantify its exposure to Greece, BNP Paribas said to be exposed to the tune of five billion euros to the Greek sovereign debt. His rival Societe Generale and Credit Agricole announced respective exposures of 3 billion euros and 850 million euros.
According to BNP Paribas, the exposure to Greek banking system is "negligible" and "not significant on the local economy of the country." Trade commitments of BNP Paribas represent about 3 billion euros, or 0.2% of the commitments of the group, "and involve companies, mainly international in character and in the field of shipping business with loans secured by assets and risks are not correlated to the economy of Greece, "says the green bank.
The owner believes that the fears of contagion from problems encountered by Greece to other countries like Portugal and Spain are "unfounded".

The shares recover losses of the day:
Since the beginning of the year BNP Paribas shares lost 14.5% against a gain of 90% in 2009. It underperformed the sector index Stoxx 600 European banks down 8.37% since 1 January.
It closed Wednesday at 47.78 euros, a decline of 2.69% in a market of great nervousness due contagion of financial difficulties from Greece to other countries like Spain, Portugal or Ireland.
On Thursday, the BNP Paribas shown up sharply from 2.93%, to 49.2 euros while the CAC 40 was down 0.4% to 3621 points by 9:45.

* At constant exchange rates.