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BNPP profits fall 40% in investment bank

BNP Paribas this week posted an 8% decline in revenues in the second quarter compared to the same period in 2011, with pre-tax profits falling 9% to just under €3bn. But the bank hailed the result as evidence of its resilience, with CEO Jean-Laurent Bonnafé attributing this to what he called the bank’s "balanced and diversified business model".

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