BNP Paribas profits soar

17th February 2011, Comments 0 comments

French banking giant BNP Paris said Thursday its 2010 net profit jumped 34 percent to 7.8 billion euros ($10.53 billion), helped by its Fortis acquisition.

The group said its 2010 net banking income -- gross earnings -- rose 9.2 percent to 43.8 billion euros, with retail arm posting a strong rebound and its specialised and business services also doing well.

It said the Fortis acquisition had already produced cost savings and the bank was benefitting from its now more diversified business base which would allow it to meet new regulatory requirements coming into force after the global financial crisis of 2008.

For the fourth quarter alone, BNP Paribas said its net profit rose 13.6 percent from a year earlier to 1.5 billion euros and would have been higher if it had not had to write-down its holding in French insurer Axa by 534 million euros.

The bank said its business model had proved robust and demonstrated its resiliency in the face of major market shocks generated by the European debt crisis over the year.

© 2011 AFP

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