As at 31 December 2002 net banking income (NBI) for Factorem, part of the Natexis Banques Populaires group, came to Ђ91.4m, a fall of 8% (Ђ8.1m) compared with 2001. Some Ђ4.9m of the fall in NBI can be attributed to a slump in financial products stemming, for the most part, from particularly low short-term interest rates.
The increase in the relative proportion of large companies in the client portfolio led to a drop in net factoring commissions of Ђ3.2m, on a like-for-like basis in terms of turnover.
The company’s anticipation of a fall in NBI brought with it a stringent cost control plan. These actions helped Fatorem to restrict general operating costs to a rise of 1% for 2002 compared with a rise of 22% in 2001 and restricted the deterioration of the cost/income ratio from 52.8% in 2001 to 58.1% in 2002.
The cost of risk in 2002 rose by Ђ3m to Ђ11.3m, attributable to client losses, while debtor risks were particularly well contained throughout the year...
