BNP Paribas today declared net income of €1.3 billion for the three months to the end of December, up markedly on the €110 million declared for the same period in 2013.
The difference was due to a large regulatory bill from US authorities for making US dollar transactions for parties subject to US sanctions.
Today’s results were announced along with further details of the group’s action plan to create a new Global Markets division comprised of the current Securities Services and Corporate & Investment Banking units.
In a statement, the bank said: “The [new Corporate & Institutional Banking] division will adapt its organisation by strengthening the debt platforms and by simplifying the commercial setup….in Europe.”
“CIB will continue to improve operating efficiency through a structural reduction of costs, industrialisation and sharing of platforms and the development of the digital offering.”
In the fourth quarter, the bank’s Advisory and Capital Markets division saw revenues dip by €41 million compared to the same quarter of 2013, while Corporate & Investment Banking dipped by €24 million.
The Investment Solutions group saw a slight rise in revenues from €1.64 billion in the fourth quarter of 2013 to €1.67 billion in the same quarter 2014.
Within the group, the Securities Services business unit saw revenues rise from €341 million in 2013 to €381 million in the fourth quarter of 2014.