Arab Today, arab today despite us fine bnp paribas turns 2014 profit
Last Updated : GMT 21:17:01
Arab Today, arab today
Arab Today, arab today

Despite US fine, BNP Paribas turns 2014 profit

Arab Today, arab today

Arab Today, arab today Despite US fine, BNP Paribas turns 2014 profit

BNP Paribas
Paris - AFP

BNP Paribas surmounted the 6.6 billion euro ($8.9 billion) fine imposed by US authorities to post profits in 2014, the French bank said Thursday, but warned tightening business conditions could undermine future results.
BNP Paribas said it turned a 157 million euro profit ($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.
The bank said in a statement that 2014 revenues rose to 39.2 billion euros, up 2 percent on the year, which also exceeded average analyst expectations of 38.8 billion.
Excluding one-off items, pre-tax profit increased 8.9 percent 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.
"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.
But even in closing out that painful American episode with a profit, Bonnafe warned that some of the bank's targets heading towards 2016 would be difficult to fullfil, due to the slowing international economic environment, and application of post-financial-crisis regulations.
"The circumstances we find ourselves in are difficult, so we have to be better to attain our objectives," Bonnafe told a press conference Thursday. "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.
Those are expected to cost BNP Paribas 500 million euros annually, and slice 0.7 percent off the bank's return on equity performance, which would complicate its target of reaching at least 10 percent ROE in 2016.
That news -- in addition to the European Central Bank's decision restricting funding to Greek banks, and signs BNP Paribas' Italian affiliate continues to struggle -- sent the bank's stock price falling on the Paris Bourse, where it had slid by 4.30 percent to 46.70 euros Thursday afternoon.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today despite us fine bnp paribas turns 2014 profit Arab Today, arab today despite us fine bnp paribas turns 2014 profit

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today despite us fine bnp paribas turns 2014 profit Arab Today, arab today despite us fine bnp paribas turns 2014 profit

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Malaysia Airlines picks new CEO

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Residents get glimpse of Raqa in ruins

GMT 07:10 2017 Saturday ,21 October

Residents get glimpse of Raqa in ruins
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 09:56 2017 Friday ,20 October

Privacy Groups Warn of Perils

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday