PARIS, Feb 8 — French banking giant BNP Paribas said today it booked record net profit in 2021, buoyed by the strong performances of its retail banking, financing and investment arms.

BNP Paribas said in its earnings report that net income surged by 34 per cent to €9.5 billion (RM45 billion) last year. 

"We are probably at the level we would have reached without the (coronavirus) pandemic,” chief executive Jean-Laurent Bonnafe told a news conference, and warned that "remnants from that shock have not disappeared”.

Full-year revenues grew by 4.4 per cent higher to €46.2 billion.

The bank’s profit growth slowed at the end of the year, with net income in the fourth quarter slightly lower than in the two previous three-month periods.

BNP’s retail banking in France and the eurozone performed well as the Covid crisis prompted clients to put more money in savings, said the head of the division, Thierry Laborde.

The financing and investment arms recorded sustained growth thanks to strong activity in the bond and equity markets. 

BNP said it would return half of profit to shareholders through dividends. — AFP