French bank BNP Paribas said yesterday that after doubling its net profit for 2009 it would pay out €500 million in bonuses to 4,000 traders and the same sum again if it hits its goals for 2010.

"We have made provisions of one billion euros, of which half is in cash and the other half held over for the following business periods and dependant on results," managing director Baudouin Prot told reporters.

Earlier yesterday, BNP Paribas reported doubled net profit to €5.832 billion last year on strong capital market activity.

The bank sparked outrage last August when it announced that it planned to pay out over €1 billion in bonus payments to traders, executives and some 17,000 staff in its investment banking divisions.

After political pressure and public indignation BNP Paribas backed down, saying it would cut the package by half.

Chief operating officer Georges Chodron de Courcel said yesterday that BNP was "the only bank in the world to publish this figure and we wish that the other banks would do the same."

BNP was bailed out by the French state during the financial crisis in March 2008 but late last year paid back the €5.1 billion it received in government loans.

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