French bank BNP Paribas has reported that it net profit last year doubled from 2008 to €5.83 billion, helped by strong capital market activity. The results were better than analysts' forecasts.
In the fourth quarter of 2009, the net outcome showed a profit of €1.37 billion, a rise of 4.6% from the figure for the third quarter.
This was a sharp turnaround from the fourth quarter of 2008, a severely damaging quarter for many banks, when BNP Paribas had reported a net loss of €1.37 billion.
Net banking income for the year, a key measure of core banking business, rose by 47% to €40.2 billion.
The financing and investment arm of the bank tripled the volume of business by comparison with activity in 2008 to €12.2 billion.
This division made a big contribution to the overall results for the year which had been marked by 'a return of clients to the capital markets' after the serious crisis of confidence in 2008, the bank said.
