4 related in part to the change in taxation of housing savings

Third and last major publicly traded French Bank to publish its results, BNP Paribas struck a great blow Friday. In announcing a net result (Group share) up 17 in the first quarter and by crossing the bar of EUR 2 billion for the first time, it has exceeded almost 400 million analysts forecasts.

All the major poles of activities of the group identified results before taxes increased by at least 30. "BNP Paribas is clearly a successful globalization company, welcomes Baudouin Prot, CEO of BNP Paribas. The situation has been exceptionally favourable but these results are also associated with high organic development policy, in many trades, selective acquisitions and a high level of human and technological investment.

Although quarterly accounts took advantage of the integration of past acquisitions (including the American Commercial Federal and Laser-Cofinoga), organic growth of the Bank, perimeter and constant exchange rates and excluding BNP Paribas Capital (1), exceeded 20. As for its major competitors, the dynamism of financial markets is for many. Pole AMS (management of assets etc.) revenues increased 27 as a result of a very high net collection (10.9 billion) and those of the Finance Bank and investment (BFI) of 46, to EUR 2.28 billion, is "the growth of the BFI this quarter behind Goldman Sachs", says Baudouin Prot.

Highly dynamic

On the trades Council and capital markets, the increase in net banking product reached even 65 (EUR 1.6 billion). In the result before taxes, it is almost multiplied by two (EUR 657 million). As Société Générale, derivatives actions played a role in this performance but, in contrast to the Bank of the defence, penalized by a negative impact on the development of credit derivatives and hedging, BNP Paribas has well fared in the activities of rates.

"BNP Paribas is no longer the defensive Bank, it has long described, somewhat heavy ship instead is for the big time." "With its platform of products, its teams and its international presence, it is now also able to identify the best performance of the market, even in a very favourable conditions", said Jacques of Estais, the pattern of the BFI.

Another is marking the quarter, the specialized financial services pole and (Cetelem, BancWest etc.) international retail bank now stands clearly as the second contributor to the group with a growth of 31 of its revenues (EUR 1.76 billion). "It's really in this Center works to full the combination of organic growth and acquisitions", says Baudouin Prot.

So, the France network do not demerit. It also evidence a highly dynamic with a growth of the banking net proceeds to two digits (11.4) related in part to the change in taxation of housing savings. But BNP Paribas has also recruited new 40,000 customers in the first quarter, against 36,000 a year earlier and seen its stock of credit to individuals grow faster than the market ( 17.1, compared with 13.9). The Bank was able to meet its growth forecast of revenues from its network for 2006, compared to 5 to 6.

The title rose by 3.97

As to the burden of risk, it remains low: indeed it was reduced by 4 in the retail bank France and led once again to a net resumption of supplies to the funding and investment bank. "We are in an extremely favourable credit environment and we do not reverse signal for the moment," affirmed Jacques of Estais. Is it possible to renew such performance "Developments in the various trades will remain positive, but it will be probably difficult to record exceptional growth over the year," said Baudouin Prot. In the meantime, the title took 3.97 to 74,70 EUR, Friday in Paris.