BNP Reports Profit in Q4

Reserving lesser money for bad loans, BNP Paribas, has reported a remarkable profit in its fourth- quarter of 2009.

The bank's net income was reported to be 1.37b Euros, in the fourth quarter.

Reporting this profit, BNP Paribas, not only moved out of the huge financial crisis, but also, emerged as the largest French bank; buying Fortis's banking units in Belgium and Luxembourg for 10.4b Euros, last year.

"You're getting a pretty stable earnings basis and you've got synergies from the Fortis takeover. There is a safe but predictable story there", said Simon Maughan, an Analyst at MF Global Securities Ltd.

BNP's revenue for the fourth quarter was reported to be 2.21 billion Euros. It had then reserved 28% of the revenue, to compensate employees at the unit, unlike the previous year, where it set aside 40% of the revenue for the purpose.