BNP Paribas said it turned a 157 million euro profit (USD 179.2 million) in 2014 despite the record fine imposed by the US Justice Department for violating international sanctions by doing business with Iran, Cuba, Sudan and other regimes targeted by embargoes.
According to an average of analysts' forecasts by financial data company FactSet, the bank's 2014 profit more than tripled the 50 million euros BNP Paribas-watchers had been expecting.
Excluding one-off items, pre-tax profit increased 8.9 per cent in 2014 to 1.3 billion euros. The bank's net profit for the fourth quarter alone stood at 1.3 billion euros.
The results not only surpassed analysts' anticipations, but took many market observers by surprise, given the controversial American fine that some feared would sink the bank into the red.
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"Revenues increased in all operational sectors, (and) the positive business dynamic testifies to the confidence of institutional clients, companies, and individuals," said BNP Paribas general director Jean-Laurent Bonnafe.
"The circumstances we find ourselves in are difficult, so we have to be better to attain our objectives," Bonnafe told a press conference today. "There are head winds, and side winds."
Among those, Bonnafe noted, are new taxes, regulations, and increased capital reserve levels being applied across the banking sector in Europe, and the tightening of operating rules for foreign banks in the US.