France's state controlled Credit Lyonnais bank, which is being bailed out by the government after a loss of 12.1 billion francs (£1.5 billion) in 1994, has said it made a small profit last year.

Credit Lyonnais, which owns 53 per cent of Woodchester Bank, said it made a net attributable profit of 13 million francs (£1.6 million) in 1995. The previous year's loss shocked the markets and spurred the government into cobbling together a hugely expensive rescue package. The bank said in a statement that provisions for 1995 were 5.8 billion francs in 1995 versus a restated 13.9 billion francs for 1994.