La banque d'un monde qui change 2004 - BNP Paribas

2004 Review of OperationsBALANCE SHEETASSETSGeneral. At 31 December 2004, consolidated assets ofthe BNP Paribas Group amounted to EUR 905.9 billion,up 15.7% from the previous year. The main componentsof Group assets were interbank and money-market items,customer items, insurance company investments andsecurities (including bonds and other fixed incomeinstruments, equities and other variable income instruments,investments in non-consolidated undertakings and otherparticipating interests, equity securities held for long-terminvestment and investments in companies carried underthe equity method). Together, these items represented 87.2%of total assets at 31 December 2004, compared with 86.2%at end-2003. Almost all asset categories contributed tothe year-on-year rise, led by the securities portfolio,up 26.9%, customer items, up 16.3% and interbankand money-market items, up 14.8%. The main explanationfor the growth in total assets was the increase in capitalmarkets trading volumes.Interbank and money-market items. Interbank and moneymarketitems (net of provisions) totalled EUR 315.7 billionat 31 December 2004, up 14.8% over the year-earlier figure.The increase was mainly attributable to the 20.4% risein treasury bills and money-market instruments toEUR 128.4 billion. Amounts due from credit institutionsrose 10.7% to EUR 180.4 billion, reflecting higher repoactivity.Customer items. Total customer items (net of provisions)increased by 16.3% to EUR 258.1 billion. Growth was drivenprimarily by higher short-term loans and mortgage loans,which fuelled an 18.8% increase in other customer loans toEUR 182.8 billion. Securities and bills purchased under resaleagreements were up 19.8% at EUR 23.1 billion.Insurance company investments. At 31 December 2004,the BNP Paribas Group insurance companies held investmentsof EUR 69.5 billion, an increase of 11.6% over theyear-earlier figure. The portfolio of bonds and otherfixed income securities rose 8.0% in value and unit-linkedportfolios grew 6.8%.Securities portfolio. At 31 December 2004, the Groupheld bonds and other fixed income instruments, equitiesand other variable income instruments, investmentsin non-consolidated undertakings and other participatinginterests, equity securities held for long-term investment,and investments in companies carried under the equitymethod, for a total value of EUR 147.0 billion, representingan increase of 26.8% compared with the 31 December 2003figure. This strong growth was attributable to favourableconditions in the financial markets, which helped to drive upthe value of the trading portfolio to EUR 206.5 billion fromEUR 158.6 billion. The value of equities and other variableincome instruments rose 37.6% to EUR 72.3 billion, whilebonds and other fixed income instruments climbed 21.6%to EUR 66.9 billion. The aggregate value of investmentsin non-consolidated undertakings, other participatinginterests and equity securities held for long-term investmentcontracted by 9.6% to EUR 6.1 billion.Net unrealised gains on the total portfolio of investmentsin non-consolidated undertakings, other participatinginterests and equity securities held for long-term investment– calculated by reference to year-end stock market pricesfor listed securities – advanced significantly, to EUR 2.5 billionfrom EUR 2.3 billion, driven by the stock market recovery.Accrued income and other assets. Accrued income andother assets increased 6.8% to EUR 99.8 billion. Decreasesof 10.8% in accrued income and other adjustmentaccounts and of 7.1% in premiums on purchased optionsto EUR 25.7 billion and EUR 39.2 billion respectivelywere offset by a sharp rise in other assets to EUR 24.3 billionfrom EUR 11.6 billion, primarily reflecting higher cash depositson securities lending and borrowing transactions.LIABILITIES (other than shareholders’ equityand provisions)General. At 31 December 2004, consolidated liabilitiesof the BNP Paribas Group – excluding shareholders’ equityand provisions – amounted to EUR 866.4 billion, an increaseof 16.3% compared with the previous year’s figure.The total includes interbank and money market items,customer items, debt securities, insurance companytechnical reserves and accrued expenses and other liabilities.Interbank and money-market items rose 28.1% year-onyear,customer items 12.9% and accrued expenses and otherliabilities 7.2%.167BNP PARIBAS - ANNUAL REPORT 2004