France’s largest retail bank by
branches, La Banque Postale, has posted first quarter 2009 net
banking income of €2.49 billion ($3.68 billion), up 3.2 percent
year-on-year. Operating profit was up 30 percent to €307
million.
The postal bank, which has 11,900 outlets and
5,191 ATMs, said that despite the deregulation of the French market
which saw it lose its hold on the Livret A mass market savings
account, its ‘customer first’ business model has meant it has
continued to attract customers. The total number of ‘active’
customers increased to 9.75 million as of 30 June, in line with its
goal of 10 million customers by the end of 2010.
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Outstanding savings and deposits grew at an
annual rate of 8.1 percent to €275.5 billion. The bank also said it
has benefited from a ‘record’ period for mortgage sales: while the
wider French market had contracted by 30 percent, its mortgage
sales had risen by 7.9 percent to €30 billion in outstanding
mortgages.
Looking ahead, La Banque Postale said new
ventures in non-life insurance, health insurance, brokerage and
asset management were being pushed through from now into 2010.
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