Dexia announces 251-million-euro net profit

13th May 2009, Comments 0 comments

Franco-Belgian bank Dexia has turned the corner, posting a large net profit as shares surge surged.

PARIS - Franco-Belgian bank Dexia, the target of a major bailout late last year, announced a 251-million-euro net profit for the first quarter on Wednesday after losses of 3.3 billion euros for 2008.

The price of shares in the bank shot up by 11.40 percent to 4.70 euros in initial trading.

While the result was 13.1 percent lower than net profits over the same period last year, it followed a 2.6-billion-euro (3.6-billion-dollar) loss posted for the fourth quarter of 2008.


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