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Quarterly net income fell by nearly Boursorama 65%

Boursorama reported net earnings were down 64.65% to 8.2 million euros in first quarter 2010, marked by higher marketing expenses and the lack of appreciation of assignment.

Specialist banking and online brokerage subsidiary to 56% of Societe Generale, said that the decline in net profit is 11% excluding special items, that is to say, outside the capital gain 14 million euros on the sale of Bank in Spain Self recorded in 2009.

Of the top three in the year, revenues Boursorama expand 5.5% to 48 million euros, while operating expenses rose by almost 15% to 35.7 million because of strong higher marketing expenses.

In February, Hugues Le Bret, the new CEO of the company, had expressed a wish to accelerate the development of Boursorama in online banking with the aim of increasing the number of openings bank accounts.

In the first quarter, new accounts have been multiplied by 2.4 over the first three months of 2009, with 15,810 new bank accounts.

The company intends to further consolidate its market share in online banking with the launch this month of an advertising campaign throughout France.

"While maintaining our fixed costs under control, we decided from the beginning of the year to enhance our strategy of winning through, inter alia, to increase our marketing spend," advised Hugues Le Bret, cited in the statement.

As it grows more in the online bank's new management wants Boursorama balancing company revenue by decreasing the share of income from trading.

The Socgen, parent Boursorama, has also indicated in late April that the results of its subsidiary since January 1 are recorded in its retail banking division in France and not in the asset management business, banking private and investor services as before.

General The Company publishes Wednesday its first quarter results. The consensus reached by the editor of Reuters expects a net profit of 614 million euros against a loss of 278 million a year earlier.

The action Boursorama closed Monday at 9.23 euros, giving the company a market capitalization of nearly 806 million euros.