Dexia returns to the black with ?1bn profit

Franco-Belgian financial group Dexia made a
net profit of €1 billion ($1.35 billion) in 2009, rebounding from
the previous year’s loss of €3.32 billion. 

The bank’s retail net profits were also strong
with €608 million for fiscal 2009 compared to €184 million in
2008.    

Retail deposits across the group rose 11
percent to €81 billion in 2009, compared to a year before, while
customer loans grew 3 percent to €51 billion. 

“After a loss of €3.3 billion in 2008, the
group demonstrates the profitability of its core businesses.
Refocused on its commercial franchises, in its historic markets,
Dexia will deploy [its strategy] in a still challenging
environment,” said Pierre Mariani, Dexia chief executive. 

The bank said it would continue to focus
generating 60 percent of revenues from retail banking after a
restructuring deal agreed with the European Commission.

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