Paris real estate - Full-year profit today was fully in line with the group's guidance last month, when it disclosed 1.22 bln eur in writedowns due to its exposure to the subprime loan and monoline insurer crises.
However Jean-Pierre Lambert of Keefe Bruyette & Woods said excluding writedowns, fourth-quarter figures showed the corporate and investment banking model is under pressure.
Lambert also highlighted a potential risk of further writedowns, given that the bank seems active in commercial real estate and no disclosure has been given on CDO or monoline exposure.
