FRENCH bank BNP Paribas made a 1.37bn euros (£1.2bn) profit in the three months to December last year.
The lender recorded a loss of almost the amount in the equivalent period the year before.
BNP Paribas made total profits of 5.83bn euros for the whole of 2009 – up by 93 per cent from 2008.
It emphasized its “willingness to exercise restraint” in the light of the global financial crisis and the furore over bankers’ bonuses.
The bank said in a statement: “In this new environment, the group intends to promote the need for consistency between the actions of the employees in question and the company's long-term objectives, in particular with regard to risks.”
It is deferring some bonuses and giving them as shares in an attempt to curtail excessive risk-taking.
Its investment banking bonus pool last year as a percentage of its revenues was 27.7 per cent.
In other years it has been at a level of 40 per cent.
The bank was thrown a lifeline by the French government at the height of the financial crisis in March 2008.
It has since paid back paid back its 5.1bn euros in state loans.
City A.M. Reporter