BNP Paribas posts record €12.2bn profit

French banking group BNP Paribas has reported a record annual profit of €12.2 billion, up nearly 5 per cent on the previous year.

Revenues rose to €51.2 billion, helped by strong trading activity, a rebound in retail banking and early gains from the takeover of asset manager AXA IM. The bank also cut costs more than planned and says it will make further savings this year.

The Belgian state, which owns about 5.6 per cent of BNP Paribas, will benefit from a higher dividend of €5.16 per share, bringing around €320-350 million into public coffers.

BNP Paribas warned that it still faces legal uncertainty in the United States after being ordered to pay more than $20 million to victims of Sudan’s genocide. Chief executive Jean-Laurent Bonnafe said the bank will appeal the ruling.

The group has slightly raised its long-term targets and expects stronger returns for shareholders in the years ahead.
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​^{© BELGA PHOTO THIERRY ROGE}