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TOTAL REVENUES -16% Y/Y BUT +8.4% IN COMMERCIAL BANKING,<br />
WITH DOUBLE DIGIT INCREASE OF NET INTEREST INCOME<br />
NET INTEREST INCOME (1)<br />
(mln)<br />
+13.5%<br />
+2.1%<br />
NET COMMISSIONS<br />
(mln)<br />
-9.3%<br />
-8.4%<br />
TRADING INCOME<br />
(mln)<br />
-1,559 mln<br />
3,933<br />
4,372<br />
4,462<br />
2,712<br />
2,687<br />
2,460<br />
876<br />
-362 mln<br />
1Q07 4Q07 1Q08<br />
1Q07 4Q07 1Q08<br />
1Q07 4Q07 1Q08<br />
-321<br />
-683<br />
• Net interest income +13.5% y/y, mainly driven by good volume expansion and higher deposit spread<br />
• Net commissions -9.3% y/y driven by commissions from investment services (-16% y/y), impacted<br />
by market weakness but also by :<br />
higher sales of own rather than third party bonds (with different accounting rules)<br />
outflows in AuM compensated with sales of other financial assets<br />
• Trading income down, mainly due to the valuation of credit related activities in MIB Markets<br />
6<br />
(1)<br />
Excluding dividends
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