Bank of France posts record profit, boosts risk provisions
Published on Mar 28, 2013 9:51 PM
PARIS (REUTERS) - The Bank of France nearly doubled its net profit last year to a record 3.146 billion euros (S$5 billion), it said on Thursday, boosted by European Central Bank measures to stabilise the euro zone's debt crisis.
It put aside a further 1.850 billion euros into a fund to provision for general risks, bringing the cushion to a total 5.66 billion euros.
"The Eurosystem's non-conventional monetary policy measures... largely explain the increase in the operating result," the central bank said in a statement.
The bank's pre-tax operating profit surged 43 per cent to 8.104 billion euros.
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