French banks face battering on exposure to Greek debt

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France's second and third-largest banks, Société Générale and Crédit Agricole, are expected to follow suit when they report this week and next.

All three banks took a 60% haircut when they reported their third-quarter profits last year.

The French banks are the biggest holders of Greek government bonds and private-sector debt in the eurozone. At the last count the Bank of International Settlement said French banks had $47.9 billion (£30.5 billion) exposure to Greece.

BNP's net profit fell 23% to 6 billion (£5 billion) last year after it took Greek provisions of 3.4 billion. Jean-Laurent Bonaffé, who became chief executive in December, said bonuses at the investment arm were halved.