The squirrel has reduced its dependence on a booklet on the first six months of the year. The distribution of this regulated savings product which he shared exclusivity with La Banque Postale, represented 5.7 of its revenues in the first half. It generated 7.3 a year earlier. Of course, this reduction is partly suffered. It is explained by the funds registered in the first half on this product, which the compensation was then limited to 2.25 raising this rate to 2.75 in the 1 August should instead boost the collection on the rest of the year. It also comes from the loss of profits due to the recent decline in the Commission perceived to the title of the collection by the Caisses d'Epargne, that Bercy was reduced from 1.2 to 1 within a year. But it is also the result of a voluntarist policy of "desensitization" of income of the squirrel with a product with the duopoly of distribution is in the sights of Brussels.
"Improving our productivity."
The European Commission has indeed opened an infringement procedure against the France to generalize its distribution across the banking networks (see below). "". We continue our policy of diversification of our offer and increase in the number of products per customer, explains Pierre Servant, Member of the Executive Board of the National Fund of the crates of d'Epargne (CNCE) in charge of finance. 7 To 8 million customers that have an account to view to Caisses d'Epargne are, on average, equipped with five products each. "Pending the decision of Brussels, the squirrel continues to earn profits. First half-yearly accounts of the co-operative group in IFRS standards, published Friday, show a net increase of 37 over the first six months of 2005, to 1.2 billion.
Banking net product rose by 15, 5.7 billion, in a context of controlled charges ( 5), which allows the gross operating income of leap of 49 to 1.7 billion. The coefficient of exploitation, which improved by 6.9 points, is still at a high level (70.1). "The improvement of productivity is our main concern now, said Pierre Servant. In the future we must continue to improve our productivity.
"Low risk management".
The activities of commercial bank, with 846 million euros, generating 70 of the net, have seen their income grow by 9 to 3.85 billion, of which 3.2 billion for the only network of Caisses d'Epargne ( 6). "We have a very low risk management", said Pierre Servant, which anticipates no increase of loss experience on the second half of the year.
From their side, the activities of wholesale Bank, which will be consolidated in mid-November with the Banques Populaires in the future holding NatIxis, identified a net income of 447 million ( 58) for revenue increased by 36 to EUR 1.8 billion, including 663 million euros ( 25) to single asset management and 1 billion for the financing and investment Ixis CIB Bank ( 43 an activity continued on the "fixed income" and the) (credit, coupled with an increase of 56 of the shares derivatives). "It should not extrapolate these performance by simply multiply these numbers by two for the whole of the year," warns Pierre Servant. The second half, in these trades, is traditionally less favourable.
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