French bank BNP Paribas reported sharply lower fourth-quarter net profit on February 5, hit by a hefty write down on its Italian bank, BNL, and said it planned to trim its corporate and investment bank to meet stricter financial regulation in Europe.

The Paris-based lender, France's largest listed bank by assets, said net profit fell 52% to €665 million ($745 million) in the three months ended December 31, from €1.38 billion a year ago. Revenue increased 3% to €10.45 billion from €10.15 billion in the same quarter last year.