Axa drags down BNP Paribas numbers

Despite modest gains in CIB, BNP Paribas’s Eu7.8bn net income and Eu13.02bn pre-tax income for 2010 missed analyst expectations, with a Eu534m loss on its 5% holding in Axa. This was partly unfortunate timing: Axa’s share price has recovered 28% since the end of December, meaning that BNP Paribas has clawed back Eu364m to the end of January.