This week, BNP Paribas, one of the largest French banks posted a net quarterly loss of over 4 billion euros, as a record fine for violating US economic sanctions sent it into the red for the first time since 2008.
BNP Paribas agreed an out of court settlement in June of 6.6 billion euros, as a penalty for moving billions of dollars on behalf of Cuba and Iran, who are under economic sanctions, to avoid the case going to trial. It had already set aside nearly 800 million euros to cover costs in the sanctions dispute.
Excluding the cost of the fine, The French bank said it had generated net quarterly profits of nearly 2 billion euros, up over 20 percent on the same period last year, with a strong performance by its corporate and investment banking branch.
The bank last posted a quarterly loss at the end of 2008, as its corporate and investment division was caught up in the fallout from the collapse of Lehman Brothers.