French Postal Bank reports higher 2007 results
France’s Banque Postale, the state-owned post office bank launched in 2006, reported a rise in earnings in 2007, despite strong competition, and said it would start offering consumer loans in 2009 or 2010.
The bank said its net attributable income grew 9.4 percent to 539.6 million euros (USD 843.2 million).
Last week it reported net banking income was 4.745 billion euros, up 2.2 percent or 5 percent when stripping out provisions and a gain on the sale of shares in Euronext.
Banque Postale, which is a subsidiary of the postal service with branches in post offices, said the year had seen heightened competition.
But it won 830,000 new accounts and now has 11 million postal accounts and 9.3 million active clients.
Other French banks such as BNP Paribas, Societe Generale SocGen or Credit Agricole lobbied against the creation of the post office bank because it was the only entity able to offer so-called Livret A savings accounts.
But since 2007 all banks can offer this account which offers tax benefits.
Chairman Patrick Werner said in a statement that 2008 would see a new boost for the group with a refreshed Internet site. Consumer credit sales were due to start in 2009 or 2010.
The bank also has several partnerships and can offer mortgages through the branch network of the MatMut mutual insurance group from CNP Assurances, in which it has an indirect stake of some 17.5 percent.
France’s Banque Postale, the state-owned post office bank launched in 2006, reported a rise in earnings in 2007, despite strong competition, and said it would start offering consumer loans in 2009 or 2010.
The bank said its net attributable income grew 9.4 percent to 539.6 million euros (USD 843.2 million).
Last week it reported net banking income was 4.745 billion euros, up 2.2 percent or 5 percent when stripping out provisions and a gain on the sale of shares in Euronext.
Banque Postale, which is a subsidiary of the postal service with branches in post offices, said the year had seen heightened competition.
But it won 830,000 new accounts and now has 11 million postal accounts and 9.3 million active clients.
Other French banks such as BNP Paribas, Societe Generale SocGen or Credit Agricole lobbied against the creation of the post office bank because it was the only entity able to offer so-called Livret A savings accounts.
But since 2007 all banks can offer this account which offers tax benefits.
Chairman Patrick Werner said in a statement that 2008 would see a new boost for the group with a refreshed Internet site. Consumer credit sales were due to start in 2009 or 2010.
The bank also has several partnerships and can offer mortgages through the branch network of the MatMut mutual insurance group from CNP Assurances, in which it has an indirect stake of some 17.5 percent.
