Efiposte (La Poste) Financials

Efiposte, the subsidiary of the French national post office (La Poste) which manages the funds collected by the group, including those in postal current accounts, has announced consolidated net profit of nearly 27.9m euros for 2001, compared with 6.3m in 2000, the company’s first financial year which lasted only nine months. The postal current accounts will be under the company’s complete control in the longer term. They are worth more than 30bn euros. At the end of last year, Efiposte was managing 17.7bn, and it currently manages 20bn. The company has also established itself on the bond and money markets, carrying out operations on its own behalf and on behalf of other companies in the group worth a cumulative 22.8bn in 2001. Its activities on the overnight market also amount to more than 300bn. Now the company aims to boost profit by about 20 per cent in 2002, and increase net banking product by 15 per cent (63.3m in 2001).