THE global banking industry has moved beyond recovery and regained overall profit for the first time since the financial crisis, although European lenders are still lagging far behind rivals, an industry study showed.

    “Banks in North America are again growing and showing sizable economic profit, while those in Europe show little sign of recovery,” Boston Consulting Group (BCG) said in its Global Risk 2014/15 report, released Tuesday.

    Banks generated an economic profit (EP) of 18 billion euros (US$22.5 billion) in 2013, or 3 basis points of total assets, compared with negative EP of between 6 and 23 basis points in the previous four years, BCG said. Its latest study was based on more than 300 banks, representing over 80 percent of global bank assets.

    Banks in North America produced an economic profit of 25 billion euros, and profitability also improved in the Middle East and Africa. The study said banks in Asia-Pacific produced the biggest EP of 112 billion euros, near flat from 2012.

    Banks in Europe delivered negative EP of 136 billion euros last year, from negative 161 billion in 2012, to take their losses since 2009 to 600 billion euros, the study said.(SD-Agencies)