  We study the one-loop corrections to the effective on-shell action of N=2
supergravity in the background of the Reissner-Nordstrom black hole. In the
extreme case the contributions from graviton, gravitino and photon to the
one-loop corrections to the entropy are shown to cancel. This gives the first
explicit example of the supersymmetric non-renormalization theorem for the
on-shell action (entropy) for BPS configurations which admit Killing spinors.
We display the residual supersymmetry of the perturbations of a general
supersymmetric theory in a bosonic BPS background.
