BNP Paribas sees profits rise 15%

4 May 2011

The largest bank in Europe has witnessed a 15 per cent profits rise in the first quarter of this year, it has been confirmed.

BNP Paribas experienced the increase with the help of its French and US consumer-banking businesses, it noted in an emailed statement.

Baudouin Prot, the organisation's chief executive officer, said: "All the business units contributed to this good performance."

Net income rose to €2.62 billion ($3.9 billion) from the €2.28 billion recorded 12 months earlier.

It meant that the lender beat the €2.22 billion average estimated by a team of ten analysts surveyed by Bloomberg.

The news agency noted that the bank was able to bolster its balance sheet by making a number of takeovers during the economic downturn.

German lender Deutsche Bank recently posted a 17 per cent increase in earnings for the first quarter of 2011 - again beating the predictions of experts polled by Bloomberg.

By Claire Archer

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