Natexis Banques Populaires, the French investment bank, saw net banking income from private equity grow fivefold to €78m ($95m) in the first six months of 2004 following the group's recent reorganisation of its investment banking activities.

Banque Populaire, the parent company of Natexis, said: "The steep rise in net banking income of the private equity and private banking business is attributable to profit-taking by the private equity division. Despite these transactions, the stock of unrealised gains remains high, totaling €197m at June 30, versus €203m at the end of 2003."