PARIS: French bank BNP Paribas posted Tuesday a record profit of 10.2 billion euros, the latest in a series of European banks to ride the swell in interest rates to higher earnings.

Equivalent to $10.9 billion, profits at the largest EU bank nearly matched the $11 billion in 2022 profits posted by the world’s top bank, JPMorgan Chase, which has five times the market capitalisation.

BNP Paribas’ net profit, an increase of 7.5 percent from 2021, was in line with the analyst consensus established by Bloomberg. The gain was 19 percent excluding exceptional items.

Net banking income — what a bank earns from interest on loans minus interest paid depositors — rose nine percent to 50.4 billion euros. Operating costs rose by a more modest 8.3 percent, to 33.7 billion euros.