* Before fair value adjustments under IFRS, revenues from operating divisions increased 8.6% compared with 2007 to 1.5 billion euros

Net Banking Income down but Operational Net Banking Income up 9% vs. 2007

Due to the downturn in financial markets, in application of IFRS standards BNP Paribas Assurance booked impairments corresponding to part of its equity portfolio, carried on a mark to market basis. The impact of these asset impairments was 215 million euros.
Thus, NBI declined 8% compared with 2007 to 1.3 billion euros. Without the impact of IFRS standards BI would have grown 9% to 1.5 billion euros.