BNP Paribas announces 1.1% profit rise

2 August 2011

Major European bank BNP Paribas experienced increased profits throughout the second quarter of 2011, it has emerged.

According to Bloomberg, the financier - the continent's largest lender by assets - revealed today (2 August) that its profits rose by 1.1 per cent during this timeframe, while its net income increased to €2.13 billion ($3.04 billion) in comparison to one year earlier.

In an interview with the news source, chief executive officer of the institution Baudouin Prot explained this trend was primarily due to the fact that increased consumer banking incomes offset the damage caused by the ongoing financial crisis in Greece.

Mr Prot noted that his company - which has an AA credit rating and operates in more than 80 countries worldwide - accepted a writedown on its Greek debt to the tune of €534 million.

"This is exactly the conservative and sound provisioning you would expect BNP Paribas to provide for," he added.

By Asim Shah

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