BNP Paribas saw 2007 revenues grow by 11% and net income group share by 7%, against a backdrop of very difficult economic and market conditions over the second half of the year.
In 2007, all business lines achieved many notable sales and marketing successes. The group continued to expand both organically and through acquisitions, in particular in retail banking in Europe and in emerging markets.
Despite the deepening crisis, in the fourth quarter of 2007 BNP Paribas recorded an estimated gross operating income of 2.2 billion and an estimated net income group share of 1 billion.
All of the group’s core businesses, including Corporate and Investment Banking (CIB), have positively contributed to this result. CIB has generated an estimated fourth quarter revenue of 1.4 billion, after deduction of 589 million relating to the direct impact of the crisis, mainly as a result of the rise in counterparty risk on monoline insurers.
The impact of the crisis on the evolution of the Group’s cost of risk amounts to 309 million in the fourth quarter.
Thanks to the group’s 2007 results, the Tier 1 capital increases by approximately 4.7 billion, after payment of a proposed 3.35 dividend per share, up 8% compared to the previous year.
“Despite the severity of this crisis, BNP Paribas is pursuing its development drive and confirming its leading positions. Our very satisfying performance in 2007 can be explained by our stringent risk policy and our strong growth dynamic at the service of our clients and the wider economy,” says Baudouin Prot, CEO, BNP Paribas.