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BNP Paribas Third-Quarter Net Slides 72% on Greek Writedown

BNP Paribas SA, France’s largest bank, said third-quarter profit fell 72 percent because of a 2.26 billion-euro ($3.1 billion) writedown on Greek sovereign debt and losses from selling European government bonds.

Net income declined to 541 million euros from 1.91 billion euros a year earlier, the Paris-based company said in a statement today. That missed the 1.24 billion-euro average estimate of 13 analysts surveyed by Bloomberg. The shares rose after the bank accelerated the reduction of its balance sheet by selling Italian and Spanish government debt.