French banking group BNP Paribas has reported
a profit of €5.8 billion for 2009, up 93 percent on the previous
year.
BNP’s results have exceeded international
expectations, but still fall short of 2007’s profit total of nearly
€8 billion.
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At €40 billion, turnover in 2009 was up 47
percent year-on-year, while per-share earnings rose 74 percent.
The bank put profits down to recovery in its
Corporate and Investment Banking division – which includes
structured and big ticket leasing – where turnover doubled to reach
€12.2 billion.
BNP Paribas head Baudouin Prot commented: “In
this challenging environment, the group was one of the only players
in Europe capable of expanding its domestic market while
considerably reinforcing its solvency.”
Nevertheless, the group has lost ground in
some markets, notably in Ukraine. There, subsidiary Ukrsibbank
reported loan loss provisions up 10 percent from the previous
quarter to reach €108 million, a worrying diversion from
three months of falling provisions.
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By GlobalDataFred Crawley
