BNP Paribas reports Q4 profit
BNP Paribas SA reported that its net income _1.36 billion for the fourth-quarter of 2009 as compared with a loss of _1.37 billion recorded in the corresponding quarter previous year. France's largest bank reported net banking income for the latest quarter more than doubled to _10.06 billion from _4.85 billion in the fourth quarter of 2008. The bank purchased the Fortis's banking units in Belgium and Luxembourg for 10.4 billion-euro last year which made it the largest bank by deposits in the whole euro region. BNP Paribas recorded a fourth straight quarterly profit which was significantly affected by acquisition of Fortis as the Fortis assets contributed _708 million to BNP Paribas's annual profit. The Fortis contributed _170 million to bank's fourth-quarter net income. "Since the start of the crisis" BNP Paribas has been "one of the few actors in Europe capable of enlarging its domestic market while considerably reinforcing its level of solvency," CEO Prot said in the statement. The bank expects _900 million by way of cost savings and revenue gains from the Fortis assets by year 2012, bank said in a statement in December.