The retail banking arm of BNP Paribas has reported pre-tax income of EUR1.33bn for the fourth quarter of 2014, a surge of 17.7% compared with the corresponding quarter of 2013.

For the quarter ended 31 December 2014, the division’s revenues were EUR6.18bn, up 9.1% compared with year the ago quarter.

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The division’s operating income during the quarter rose by 16.8% to EUR1.29bn.

The bank’s French Retail Banking (FRB) unit revenues were down 1.8% compared to the fourth quarter of 2013 with a 2.8% decrease in net interest income as a result of the persistently low interest rate environment and a slight 0.1% decline in fees due to the a decrease in processing fees.

Overall, BNP Paribas group’s fourth quarter net profit rose to EUR1.3bn, compared with EUR110m a year ago even as it set aside EUR798m to cover potential US penalties.

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