09/05/2019 16:38:00

Natixis 2019 first quarter results

Paris, May 9, 2019

1Q19 results

Development and transformation at the core of New Dimension

Reported net income at €764m in 1Q19 vs. €260m in 1Q18 (restated), up +194%,

notably driven by the disposal of the retail banking activities

Financial strength with a Basel 3 fully-loaded CET1 ratio at 11.3% pro forma, well above our 2020 target (11%)

RESILIENCE OF THE BUSINESS MODEL IN A CHALLENGING ENVIRONMENT FOR

GLOBAL MARKET REVENUES - NATIXIS’ 1Q19 UNDERLYING NET REVENUES1 AT €2.1BN

AWM: Strong AuM increase and flows back to positive territory

Strength of our active asset management model with underlying net revenues1 slightly down YoY, in part due to

the 4Q18 market effect. Excluding performance fees, underlying net revenues1 are up +1% YoY

Strong AuM growth of +6% over the quarter to reach €855bn

Flows turning positive again (+€1bn) driven by Europe. Positive net inflows, notably at Harris, in March

The average fee rate remains in line with the New Dimension target at ~30bps

Creation of Thematics Asset Management and partnership announced with Fiera Capital

CIB: Underlying RoE1

~

10% despite challenging market conditions, thanks to our diversified expertise

Underlying net revenues1 lower than 1Q18 amidst challenging market conditions and with a high base effect in Global markets, partially offset by the resilience of Global finance and the good performance of Investment banking/M&A

Underlying RoE1 ~10% in 1Q19 despite this context with sustained pipeline for Global finance and IB/M&A

Expansion of our M&A multi-boutiques model: acquisition of Azure Capital

Insurance: High profitability and with a key milestone towards New Dimension targets

Underlying net revenues1 up +7% YoY in 1Q19 with a positive jaw effect and an underlying RoE1 >30%

Gross inflows on unit-linked products remain above the French market, with the gap widening

Key step for Natixis Assurances towards becoming a fully-fledged insurer (see Groupe BPCE/Covéa announcement)

Payments: Continuous growth dynamic

Underlying net revenues1 up +11% YoY in 1Q19 with a positive jaw effect

Increase in business volumes from PayPlug & Dalenys, up +26% YoY in 1Q19. Historical processing activity +9% YoY

SUSTAINABLE VALUE CREATION AND FINANCIAL STRENGTH

Disposal of the retail banking activities (€586m capital gain) supplemented by +37bps of organic capital creation in 1Q19. Basel 3 FL CET1 ratio2 at 11.3% pro forma as at March 31, 2019, well above our 2020 target (11%)

Transformation & Business Efficiency: ~€50m of annual additional costs savings identified by end-2020, raising the total to €300m over New Dimension

Underlying net income1 at €192m in 1Q19, impacted by IFRIC 21

Underlying RoTE1 at 10.2% in 1Q19 and 13.2% over New Dimension3 as at March 31, 2019

Cash dividend of 0.78€ per share4: €0.30 ordinary, €0.48 special

FOCUS ON THE IMPLEMENTATION OF OUR 2020 AMBITIONS

François Riahi, Natixis Chief Executive Officer, said: “The first quarter of 2019 was marked by a number of important developments in the implementation of our New Dimension strategic plan. Our partnership with Covéa is perfectly aligned with the growth ambitions of our bancassurance model for Groupe BPCE, while the addition of a new M&A boutique in Australia is fully consistent with our CIB roadmap to expand in Investment banking with a sectorial approach. In a challenging environment, especially for market activities during the first two months of the year, and despite a high basis for comparison due to our very strong first quarter in 2018, the diversification and the uniqueness of our business model enabled us to further strengthen our capital position while confirming the payment of a €0.78 dividend per share following the disposal of our retail banking activities.”

1Q19

RESULTS

5

On May 9, 2019, the Board of Directors examined Natixis’ first quarter 2019 results.

€m

 

1Q19

restated

1Q18

restated

 

1Q19

o/w underlying

1Q18

o/w underlying

 

1Q19 vs. 1Q18

restated

1Q19 vs. 1Q18 underlying

1Q19 vs. 1Q18 underlying

constant FX

Net revenues

 

2,132

2,193

 

2,113

2,221

 

(3)%

(5)%

(8)%

o/w businesses

 

1,901

2,040

 

1,901

2,040

 

(7)%

(7)%

(10)%

Expenses (1,720)(1,675) (1,703)(1,660) 

3%

3%

0%

o/w expenses excluding SRF

 

(1,550)

(1,515)

 

(1,533)

(1,500)

 

2%

2%

(1)%

Gross operating income

 

412

518

 

410

561

 

(20)%

(27)%

(30)%

  o/w GOI excluding SRF

 

582

678

 

580

721

 

(14)%

(19)%

(22)%

Provision for credit losses (31)(36) (31)(36)    

Net operating income

 

381

482

 

379

526

 

(21)%

(28)%

 

Associates and other items 68513 313    

Pre-tax profit

 

1,066

495

 

382

539

 

115%

(29)%

 

Income tax (215)(175) (137)(190)    
Minority interests (86)(60) (53)(61)    

Net income - group share

 

764

260

 

192

288

 

194%

(33)%

 

Natixis’ underlying net revenues are higher or stable vs. 1Q18 for the vast majority of the businesses with Payments up +11% YoY, Insurance up +7% YoY, Investment banking/M&A up +6% YoY and strong resilience for Global finance as well as AWM. Such results are partially offsetting Global markets evolution set against a high 1Q18 and challenging market conditions.

Underlying expenses are flat at constant exchange rate despite investments being made to prepare the future levers of growth. Excluding the SRF contribution of €170m (+7%YoY) fully booked in 1Q due to IFRIC 21, expenses are well under control and down -1% YoY at constant exchange rate. The underlying cost/income ratio2 is at 73.0%, up +550bps vs. 1Q18.

The underlying cost of risk is slightly down YoY, remaining at low levels. Expressed in basis points of loans outstanding (excluding credit institutions), the businesses’ underlying cost of risk worked out to 18bps in 1Q19.

The underlying tax rate is at ~36% in 1Q19 due to the non-deductibility of the SRF contribution. The guidance is maintained at <30% for="">

Net income (group share), adjusted for IFRIC 21 and excluding exceptional items reached €334m in 1Q19. Accounting for exceptional items (+€572m net of tax in 1Q19) and IFRIC 21 impact (-€142m in 1Q19), the reported net income (group share) in 1Q19 is at €764m.

Natixis delivered a 10.2% underlying RoTE6 excluding IFRIC 21 impact and an average 13.2% over New Dimension7. The businesses’ underlying RoE2 reached 12.3% and an average 14.6%over New Dimension3.

Following Natixis’ change of perimeter after the disposal of the retail banking activities, ~€50m of additional cost savings have been identified on top of the ~€250m existing target, raising the 2020 cost savings target to ~€300m. These savings will be fully captured by the end of 2020 (~€15m by end-2019 and ~€50m by end-2020) and will impact all the business lines. The cost savings initiative notably includes Natixis’ real estate/location strategy, further internalization of IT staff and reduction of other running costs. By the end of 2018, ~€180m of cost savings had been fully captured of which ~€145m were prorata temporis, i.e. ~€35m of cost savings are to be crystallized through the 2019 P&L thanks to 2018 initiatives, on top of ongoing projects. Additional ~€30m of one-off investment expenses to be booked in 2019 in exceptional items.

1Q19 RESULTS

Exceptional items

€m

 

1Q19

1Q18

Exchange rate fluctuations on DSN in currencies (Net revenues)

Corporate center

19(28)
Transformation & Business Efficiency Investment costs (Expenses)

Business lines & Corporate center

(17)(13)
Fit to Win investments & restructuring expenses (Expenses)

Corporate center

0(2)
Disposal of subsidiary in Brazil (Gain or loss on other assets)

CIB

(15) 
Capital gain - Disposal of retail activities (Gain or loss on other assets)

Corporate center

697 
Total impact on income tax

 

(79)15
Total impact on minority interests

 

(33)1

Total impact on net income (gs)

 

572

(27)

€586m positive net impact from the disposal of the retail banking activities: €697m capital gain minus €78m income tax

minus €33m minority interests

TRANSFORMATION & BUSINESS EFFICIENCY

Investment costs by reporting line

€m

1Q19

1Q18

AWM(5)(1)
CIB(3)(2)
Insurance00
Payments00
Financial Investments00
Corporate center(9)(10)

Impact on expenses

(17)

(13)

Unless specified otherwise, the following comments and data refer to underlying results, i.e. excluding exceptional items (see detail p3)

Asset & Wealth Management

€m

 

1Q19

1Q18

1Q19

vs. 1Q18

1Q19

vs. 1Q18

constant FX

Net revenues

 

773

799

(3)%

(7)%

  o/w Asset management

8

 

742

762

(3)%

(7)%

  o/w Wealth management

 

31

37

(16)%

(16)%

Expenses (553)(548)

1%

(4)%

Gross operating income

 

220

252

(12)%

(16)%

Provision for credit losses 10

 

 

Associates and other items (2)0

 

 

Pre-tax profit

 

219

251

(13)%

 

 

Cost/income ratio2

 

71.0%

68.0%

+3.0pp

 

RoE after tax2

 

12.1%

14.0%

(1.9)pp

 

Underlying net revenues from Asset & Wealth Management (AWM) are up +1% YoY in 1Q19 excluding AM performance fees (-4% YoY at constant exchange rate), illustrating the resilience of our model. Asset management underlying net revenues down -6% YoY in North America (€372m) and up +14% in Europe (€171m) over 1Q19. Wealth management underlying revenues are down -16% YoY in 1Q19, due to the perimeter effect from the disposal of Selection 1818.

The Asset management fee rate excluding performance fees (€32m in 1Q19; ~5% of 1Q19 AM revenues vs. €65m in 1Q18; ~9% of 1Q18 AM revenues) stood at ~30bps in 1Q19, in line with New Dimension target, the 4Q18 market effect impacting the weight of average AuM from North America in the mix. In Europe, the fee rate stood at 16bps (27bps excl. Life insurance General Accounts) in 1Q19, the increase being primarily driven by the higher share of alternative strategies (liquid and illiquid). In North America, the fee rate stood at 38bps with a lower share of average AuM from Harris following the 4Q18 market effect.

Asset management net inflows positive at +€1bn in 1Q19 with net inflows on LT products of a similar amount in March. As anticipated in New Dimension, the momentum for alternative strategies (liquid and illiquid) remains strong with close to €2bn net inflows in 1Q19 as opposed to strategies such as Core Fixed Income. In Europe (including Dynamic Solutions), net inflows reached +€4bn in 1Q19 and are positive across a vast majority of our European affiliates. In North America, 1Q19 saw net outflows of -€3bn with a recovery post 4Q18 and flows coming back to positive territory, notably for Harris, in March.

Asset management AuM reached €855bn as at March 31, 2019 and are up +6% QoQ, starting 2Q19 above their 2Q18 average level. The +€38bn positive market effect is largely driven by North America while AuM also benefited from a +€7bn FX/perimeter effect. Wealth management AuM reached €27.0bn as at March 31, 2019 with positive net inflows in 1Q19.

Expenses are down -4% YoY at constant exchange rate in 1Q19 with AM variable costs adjusting to the revenue environment and investments being made to prepare the next levers of growth.

The underlying RoE2 reached 12.1% in 1Q19 vs. 14.0% in 1Q18 and 11.5% in 1Q17. The underlying cost/income ratio2 reached 71.0% in 1Q19 vs. 68.0% in 1Q18.

Fiera Capital Corporation and Natixis Investment Managers today announced they have entered into a long-term strategic partnership that will establish Fiera Capital as Natixis’ preferred Canadian distribution platform, giving Fiera Capital’s clients access to Natixis’ wide range of highly active investment strategies. As part of the agreement, Natixis has strengthened its commitment to the Canadian market through the acquisition of an 11.0% stake in Fiera Capital (limited impact on Natixis’ CET1 ratio), and Natixis Investments Managers’ CEO, Jean Raby, will join Fiera Capital’s board of directors (see ad-hoc press release).

Unless specified otherwise, the following comments and data refer to underlying results, i.e. excluding exceptional items (see detail p3)

Corporate & Investment Banking

€m

 

1Q19

1Q18

1Q19

vs. 1Q18

1Q19

vs. 1Q18

constant FX

Net revenues

 

807

944

(15)%

(17)%

Net revenues excl. CVA/DVA

 

816

943

(13)%

(16)%

Expenses (579)(565)

3%

0%

Gross operating income

 

228

379

(40)%

(42)%

Provision for credit losses (30)(31) 

 

Associates and other items 26

 

 

Pre-tax profit

 

201

355

(44)%

 

 

Cost/income ratio9

 

68.7%

57.5%

+11.2pp

 

RoE after tax1

 

9.6%

17.1%

(7.5)pp

 

Underlying net revenues are down -15% YoY in 1Q19 (-17% YoY at constant exchange rate) with contrasted performances. Up in Investment banking/M&A, stable in Global finance, both businesses featuring sustained pipeline beyond 1Q19. Such performances are partially offsetting Global markets evolution set against a high 1Q1, especially for FICT and with a slow start to the year followed by improving market conditions towards quarter-end.

Global markets net revenues excl. CVA/DVA are up QoQ in 1Q19 both for FICT and Equity and down -28% YoY at constant scope vs. a high 1Q18. FICT net revenues are down -34% YoY in 1Q19 on the back of less favorable market conditions across Rates and FX offsetting a positive momentum on Credit and with a solid performance from the Americas platform. We remain highly selective on profitable deals while 1Q18 FICT revenues were close to historic highs creating a high base effect. Equity net revenues are down -13% YoY in 1Q19 excluding cash equity with a solid recovery post 4Q18. The hedging program on the Asian derivatives book designed to protect this book from negative market impacts has been fully completed with no additional negative P&L impact. Global finance net revenues are largely flat YoY with a strong performance from Energy & Natural Resources (ENR) as well as Infrastructure and Aviation within Real Assets (RA), offsetting lower revenues in Real Estate on a historically high 1Q18 that was mainly driven by the Americas platform performance. New loan production remains robust with ENR up +32% YoY and RA up +50% YoY with a strong momentum for Infrastructure (more that x2 YoY). The distribution rate on Real Assets is close to 70% in 1Q19 (~65% in 1Q18). Investment banking and M&A net revenues are up +6% YoY including a good performance in ECM, sustained ASF activity and double-digit growth in M&A thanks to the successful integration of Fenchurch and Vermillion. The proportion of revenues generated from service fees10 is up at 41% in 1Q19 vs. 38% 1Q18.

The underlying expenses are flat YoY at constant exchange rate despite investments being made to develop our sectorial expertise as well as the expansion of our high-expertise, asset-light M&A boutique model. The underlying cost/income ratio1 reached 68.7% in 1Q19 vs. 57.5% in 1Q18.

The underlying cost of risk is stable YoY.

The underlying RoE1 of CIB reached 9.6% in 1Q19 vs. 17.1% in 1Q18. RWA are under control (up <1% qoq,="" in="" part="" due="" to="" ifrs="">

Strengthening of our multi-boutique model in M&A with the acquisition of a majority stake in Azure Capital Limited, an Australia-based M&A boutique reinforcing our presence in APAC in an attractive market for domestic and offshore investors with a strong focus on Energy & Natural Resources as well as Infrastructure to leverage on our sectorial approach with Australia being a strategic country for most of our sectors of expertise (see ad-hoc press release).

Unless specified otherwise, the following comments and data refer to underlying results, i.e. excluding exceptional items (see detail p3)

Insurance

€m

 

1Q19

1Q18

1Q19

vs. 1Q18

Net revenues

 

218

204

7%

Expenses (125)(118)

6%

Gross operating income

 

93

86

8%

Provision for credit losses 00

 

Associates and other items 03

 

Pre-tax profit

 

93

89

5%

 

Cost/income ratio

11

 

51.7%

50.9%

+0.8pp

RoE after tax1

 

33.4%

33.1%

+0.3pp

Underlying net revenues are up +7% YoY in 1Q19 driven by both Life and P&C.

Underlying expenses are up +6% YoY in 1Q19, translating into a positive jaws effect and an underlying cost/income ratio1 below the ~54% 2020 target at 51.7% (50.9% in 1Q18).

The underlying gross operating income is up +8% YoY in 1Q19.

The underlying RoE

1

continues to improve at 33.4% in 1Q19 (33.1% in 1Q18), above the ~30% target set for New Dimension by 2020.

The Global turnover

12 reached €3.3bn in 1Q19, down -6% YoY (Life and Personal protection €3.0bn, down -7% YoY and P&C €0.4bn, up +4% YoY). Net inflows2 in Life insurance reached €1.7bn in 1Q19 of which 36% in the form of unit-linked products (29% of gross inflows with the gap widening vs. the French market13). Assets under management in Life insurance reached €63.0bn as at end-March 2019 (+5% QoQ) of which 24% in the form of unit-linked products (€15.2bn, up +8% QoQ).The P&C combined ratio worked out to 92.5% in 1Q19, up +0.2pp YoY. The equipment rate for the Banques Populaires moved up +0.6pp QoQ at 26.0% and +0.5pp QoQ for the Caisses d’Epargne at 29.1%.

Natixis to take over P&C new business for the Banques Populaires’ private customers as of 2020, as part of Groupe BPCE’s renewed partnership with Covéa announced today. Natixis Assurances is becoming a fully-fledged insurer for Groupe BPCE networks through the deployment of a single industrial model for the Banques Populaires and Caisses d’Epargne. BPCE Assurances, subsidiary 100% owned by Natixis Assurances since 2017, will take over the Auto and Household new business for the Banques Populaires’ private customers from BPCE IARD, entity co-owned (50%/50%) by Natixis Assurances and Groupe Covéa (through MAAF). Progressive roll-out starting in 2020 with revenue accretion as soon as year 1, paving the way for future growth beyond 2020 (see ad-hoc press release).

Unless specified otherwise, the following comments and data refer to underlying results, i.e. excluding exceptional items (see detail p3)

Payments

€m

 

1Q19

1Q18

1Q19

vs. 1Q18

Net revenues

 

103

93

11%

Expenses (88)(79)

10%

Gross operating income

 

16

14

14%

Provision for credit losses 00

 

Associates and other items 00

 

Pre-tax profit

 

16

14

14%

 

Cost/income ratio14

 

84.1%

84.5%

-0.4pp

RoE after tax1

 

12.5%

13.4%

-0.9pp

Underlying net revenues are up +11% YoY in 1Q19 and 41% of 1Q19 revenues have been with direct clients.

  • Payment Processing & Services: Steady +6% YoY revenue growth in Natixis Payments’ historical activities in 1Q19. Number of card transactions processed up +9% YoY in 1Q19 and progressive ramp-up of Instant Payment

  • Merchant Solutions: Solid business volumes generated by Dalenys (medium/large corp.) and PayPlug (SME), up +26% YoY in 1Q19. Synergies ongoing between entities and within Groupe BPCE with the deployment of PayPlug and Android POS platform within the Caisses d’Epargne network. Partnership with Retailtech Wynd to offer unique omnichannel solution.

  • Prepaid & Issuing Solutions: Robust growth in 1Q19 driven by meal vouchers and the contribution of our Benefits & Rewards activity (Titres Cadeaux and Comitéo). Set up of a Payment in a Box solution around the S-Money platform and Natixis’ partnership with Visa. Number of mobile payments more than x2.4 vs. 1Q18

      

Underlying expenses are up +10% YoY in 1Q19, translating into a positive jaws effect and an underlying gross operating income growth of +14% YoY in 1Q19 despite investments still being made. The underlying cost/income ratio1 reached 84.1% in 1Q19 vs. 84.5% in 1Q18.

The underlying RoE1 of Payments reached 12.5% in 1Q19 vs. 13.4% in 1Q18.

Unless specified otherwise, the following comments and data refer to underlying results, i.e. excluding exceptional items (see detail p3)

Financial investments

€m

 

1Q19

1Q18

1Q19

vs. 1Q18

Net revenues

 

193

190

2%

Coface

 

175

177

(1)%

Other

 

18

13

40%

Expenses (133)(128)

4%

Gross operating income

 

60

62

(3)%

Provision for credit losses (2)(6)

 

Associates and other items 02

 

Pre-tax profit

 

58

58

(1)%

The net combined ratio15 of Coface reached 74.5% in 1Q19 vs. 72.5% in 1Q18 with a cost ratio moving from 32.7% to 31.9% and a loss ratio moving from 39.8% to 42.6%.

Corporate Center

€m

 

1Q19

1Q18

1Q19

vs. 1Q18

Net revenues

 

19

(9)

 

Expenses (225)(222)

2%

SRF

 

(170)

(160)

7%

Other

 

(55)

(62)

(11)%

Gross operating income

 

(207)

(231)

(10)%

Provision for credit losses 01

 

Associates and other items 21

 

Pre-tax profit

 

(204)

(229)

(11)%

Underlying net revenues from the Corporate Center are up +€28m YoY in 1Q19 due to positive FVA (Funding Value Adjustment) impacts.

Underlying expenses excluding the SRF contribution are down -11% YoY. SRF final contribution for 2019 up €10m YoY.

The P&L drag at the pre-tax profit level has been reduced by €35m YoY in 1Q19 excluding SRF.

FINANCIAL STRUCTURE

Basel 3 fully-loaded ratios

16

Natixis’ Basel 3 fully-loaded CET1 ratio worked out to 11.6% as at March 31, 2019.

  • Basel 3 fully-loaded CET1 capital amounted to €11.1bn

  • Basel 3 fully-loaded RWA amounted to €96.4bn

Based on a Basel 3 fully-loaded CET1 ratio of 10.8% as at December 31, 2018, the respective 1Q19 impacts were as follows:

  • IFRS 16 FTA impact: -11bps
  • Effect of allocating net income (group share) to retained earnings in 1Q19: +16bps (o/w -13bps from IFRIC 21)
  • 1Q19 ordinary dividends: -8bps
  • Disposal of retail banking activities: +70bps (+226bps minus -156bps of special dividend)
  • RWA and other effects: +8bps

Pro forma for strategic operations announced today (Fiera Capital Corporation, Azure Capital Limited: ~5bps CET1 ratio impact combined) and already announced (WCM Investment Managers and Massena Partners: ~15bps CET1 ratio impact combined), as well as the Irrevocable Payment Commitment deduction from capital (IPC), Natixis Basel 3 fully-loaded CET1 ratio pro forma would be 11.3% (vs. a pro forma ratio of 11.1% at the end of December 2018).

Basel 3 regulatory ratios

1

As at March 31, 2019, Natixis’ Basel 3 regulatory capital ratios stood at 10.9% for the CET1, 13.1% for the Tier 1 and 15.5% for the total capital ratio.

  • Core Tier 1 capital stood at €10.5bn and Tier 1 capital at €12.6bn

  • Natixis’ RWA totaled €96.4bn, breakdown as follows:
    • Credit risk: €65.2bn
    • Counterparty risk: 6.5bn
    • CVA risk: €1.5bn
    • Market risk: €9.9bn
    • Operational risk: €13.3bn

Book value per share

Equity capital (group share) totaled €20.8bn as at March 31, 2019, of which €2.0bn in the form of hybrid securities (DSNs) recognized in equity capital at fair value (excluding capital gain following reclassification of hybrids).

Natixis’ book value per share stood at €5.16 as at March 31, 2019 based on 3,150,673,938 shares excluding treasury shares (the total number of shares being 3,153,078,482). The tangible book value per share (after deducting goodwill and intangible assets) was €3.90.

Leverage ratio

1

The leverage ratio worked out to 4.1% as at March 31, 2019.

Overall capital adequacy ratio

As at March 31, 2019, the financial conglomerate’s excess capital was estimated at around €3.8bn (based on own funds including current financial year’s earnings).

APPENDICES

Note on methodology:

The results at 31/03/2019 were examined by the board of directors at their meeting on 09/05/2019.

Figures at 31/03/2019 are presented in accordance with IAS/IFRS accounting standards and IFRS Interpretation Committee (IFRIC) rulings as adopted in the European Union and applicable at this date

Changes in Natixis’ account presentation following the disposal of the retail banking activities to BPCE S.A.

  • Employee savings plan is reallocated to Asset & Wealth Management
  • Film industry financing is reallocated to Corporate & Investment Banking
  • Insurance is not impacted
  • Payments becomes a standalone business line
  • Financial Investments are isolated and include Coface, Natixis Algeria and the private equity runoff activities. The Corporate Center is refocused on Natixis’ holding and ALM functions and carries the Single Resolution Fund contribution within its expenses

Additional impacts on the quarterly series from the disposal of the retail banking activities to BPCE S.A.

  • New support function services provided by Natixis to the activities sold (TSA / SLA), as well as the cancellation of services or analytical items that have been made obsolete following such a disposal are factored in
  • The reclassification as Net revenues of the residual IT and logistic services that continue to be provided to the activities sold. Such services now being provided to entities that do not fall under Natixis’ scope of consolidation anymore, they have been reclassified as Net revenues instead of expense deductions
  • The implementation of introductory fees between the Natixis CIB Coverage and the entities sold

In order to ensure comparability between the 2018 and 2019 quarterly series, these impacts have been simulated retroactively as of January 1st, 2018, even though they only impact the published financial statements as of their implementation date in 2019. These items essentially impact the Corporate Center and more marginally the CIB. The others business lines are unimpacted

Business line performances using Basel 3 standards:

  • The performances of Natixis business lines are presented using Basel 3 standards. Basel 3 risk-weighted assets are based on CRR-CRD4 rules as published on June 26th, 2013 (including the Danish compromise treatment for qualified entities).
  • Natixis’ RoTE is calculated by taking as the numerator net income (group share) excluding DSN interest expenses on preferred shares after tax. Equity capital is average shareholders’ equity group share as defined by IFRS, after payout of dividends, excluding average hybrid debt, average intangible assets and average goodwill.

-            Natixis’ RoE: Results used for calculations are net income (group share), deducting DSN interest expenses on preferred shares after tax. Equity capital is average shareholders’ equity group share as defined by IFRS, after payout of dividends, excluding average hybrid debt, and excluding unrealized or deferred gains and losses recognized in equity (OCI).

-            RoE for business lines is calculated based on normative capital to which are added goodwill and intangible assets for the business line. Normative capital allocation to Natixis’ business lines is carried out based on 10.5% of their average Basel 3 risk-weighted assets. Business lines benefit from remuneration of normative capital allocated to them. By convention, the remuneration rate on normative capital is maintained at 2%.

Note on Natixis’ RoE and RoTE calculation in 1Q19: Calculations based on quarter-end balance sheet to reflect the disposal of the retail banking activities. The €586m net capital gain is not annualized

Net book value: calculated by taking shareholders’ equity group share (minus distribution of dividends proposed by the Board of Directors and submitted to the approval of the General Shareholders' Meeting on May 28, 2019), restated for hybrids and capital gains on reclassification of hybrids as equity instruments. Net tangible book value is adjusted for goodwill relating to equity affiliates, restated goodwill and intangible assets as follows:

€m

31/03/2019

Goodwill3,839
Restatement for Coface minority interests(162)
Restatement for AWM deferred tax liability & others(339)

Restated goodwill

3,338

€m

31/03/2019

Intangible assets679
Restatement for Coface minority interest & others(49)

Restated intangible assets

630

Own senior debt fair-value adjustment: calculated using a discounted cash-flow model, contract by contract, including parameters such as swap curves and revaluation spread (based on the BPCE reoffer curve). Adoption of IFRS 9 standards, on November 22, 2016, authorizing the early application of provisions relating to own credit risk as of FY2016 closing. All impacts since the beginning of the financial year 2016 are recognized in equity, even those that had impacted the income statement in the interim financial statements for March, June and September 2016

Regulatory (phased-in) capital and ratios: based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise - phased in. Presentation excluding current financial year’s earnings and accrued dividend (based on a 60% pay-out

17

)

Fully-loaded capital and ratios: based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise - without phase-in. Presentation including current financial year’s earnings and accrued dividend (based on a 60% pay-out1)

Leverage ratio: based on delegated act rules, without phase-in (presentation including 1Q19 earnings and accrued dividend1) and with the hypothesis of a roll-out for non-eligible subordinated notes under Basel 3 by eligible notes. Repo transactions with central counterparties are offset in accordance with IAS 32 rules without maturity or currency criteria. Leverage ratio disclosed including the effect of intragroup cancelation - pending ECB authorization

Exceptional items: figures and comments on this press release are based on Natixis and its businesses’ income statements excluding non-operating and/or exceptional items detailed page 5. Figures and comments that are referred to as ‘underlying’ exclude such exceptional items. Natixis and its businesses’ income statements including these items are available in the appendix of this press release

Restatement for IFRIC 21 impact: the cost/income ratio, the RoE and the RoTE excluding IFRIC 21 impact calculation takes into account ¼ of the annual duties and levies concerned by this accounting rule

Earnings capacity: net income (group share) restated for exceptional items and the IFRIC 21 impact

Expenses: sum of operating expenses and depreciation, amortization and impairment on property, plant and equipment and intangible assets

Natixis - Consolidated P&L (restated)

€m

1Q18

2Q18

3Q18

4Q18

1Q19

 

1Q19

vs. 1Q18

Net revenues

2,193

2,360

2,156

2,040

2,132

 

(3)%

Expenses(1,675)(1,528)(1,499)(1,656)(1,720) 3%

Gross operating income

518

832

658

383

412

 

(20)%

Provision for credit losses(36)(41)(93)(23)(31)  
Associates736133  
Gain or loss on other assets64044682  
Change in value of goodwill00000  

Pre-tax profit

495

798

570

418

1,066

 

115%

Tax(175)(234)(154)(110)(215)  
Minority interests(60)(57)(59)(127)(86)  

Net income (group share)

260

507

358

181

764

 

194%

Figures restated as communicated on April 11, 2019 following the disposal of the retail banking activities. See below for the reconciliation of the restated figures with the accounting view

Natixis - Reconciliation between management and accounting figures

1Q19

€m

1Q19

underlying

 

Exceptional items

 

1Q19

restated

Residual

contribution from perimeter sold

 

1Q19

reported

Net revenues

2,113

 

19

 

2,132

22

 

2,154

Expenses(1,703)  (17) (1,720)(23) (1,742)

Gross operating income

410

 

2

 

412

0

 

412

Provision for credit losses(31)   (31)0 (31)
Associates3 

 

 30 3
Gain or loss on other assets0  682 6820 682

Pre-tax profit

382

 

684

 

1,066

0

 

1,066

Tax(137) (78) (215)0 (215)
Minority interests(53)  (34) (86)0 (86)

Net income (group share)

192

 

572

 

764

0

 

764

1Q18

€m

1Q18

underlying

 

Exceptional items

 

1Q18

restated

Contribution from perimeter sold

 

1Q18

reported

Net revenues

2,221

 

(28)

 

2,193

220

 

2,412

Expenses(1,660) (15) (1,675)(120) (1,795)

Gross operating income

561

 

(43)

 

518

100

 

618

Provision for credit losses(36)   (36)(8) (43)
Associates13   130 13
Gain or loss on other assets0   00 0

Pre-tax profit

539

 

(43)

 

495

92

 

587

Tax(190) 15 (175)(29) (204)
Minority interests(61) 1 (60)0 (60)

Net income (group share)

288

 

(27)

 

260

63

 

323

Natixis - IFRS 9 Balance sheet

Assets (in €bn)

31/03/2019

31/12/2018

Cash and balances with central banks20.324.3
Financial assets at fair value through profit and loss18219.3214.1
Financial assets at fair value through Equity11.110.8
Loans and receivables1119.296.6
Debt instruments at amortized cost1.51.2
Insurance assets104.3100.5
Non-current assets held for sale0.025.6
Accruals and other assets15.916.8
Investments in associates0.70.7
Tangible and intangible assets2.31.1
Goodwill3.83.8

Total

498.4

495.5

Liabilities and equity (in €bn)

31/03/2019

31/12/2018

Due to central banks0.00.0
Financial liabilities at fair value through profit and loss1211.9208.2
Customer deposits and deposits from financial institutions1 101.8109.2
Debt securities45.735.0
Liabilities associated with non-current assets held for sale0.09.7
Accruals and other liabilities17.817.0
Insurance liabilities93.489.5
Contingency reserves1.71.7
Subordinated debt4.04.0
Equity attributable to equity holders of the parent20.819.9
Minority interests1.41.3

Total

498.4

495.5

Natixis - 1Q19 P&L by business line

€m

AWM

CIB

Insurance

Payments

Financial investments

Corporate Center

 

1Q19

 

restated

Net revenues

773

807

218

103

193

37

 

2,132

Expenses(558)(582)(125)(88)(133)(234)

 

(1,720)

Gross operating income

216

225

93

16

60

(196)

 

412

Provision for credit losses1(30)00(2)0 (31)

Net operating income

216

195

93

16

58

(196)

 

381

Associates and other items(2)(12)000699 685

Pre-tax profit

214

183

93

16

58

503

 

1,066

    Tax (215)
     Minority interests (86)

 

 

 

 

 

Net income (gs)

 

764

Figures restated as communicated on April 11, 2019 following the disposal of the retail banking activities. See page 12 for the reconciliation of the restated figures with the accounting view

Asset & Wealth Management

€m

1Q18

2Q18

3Q18

4Q18

1Q19

 

1Q19

vs. 1Q18

Net revenues

799

842

841

1,032

773

 

(3)%

Asset Management19

762

805

805

998

742

 

(3)%

Wealth management

37

37

36

34

31

 

(16)%

Expenses(548)(569)(584)(642)(558) 

 2%

Gross operating income

251

273

257

389

216

 

(14)%

Provision for credit losses0(1)(1)01 

 

Net operating income

251

272

256

390

216

 

(14)%

Associates00020 

 

Other items0(3)(2)41(2) 

 

Pre-tax profit

251

269

255

433

214

 

(15)%

Cost/Income ratio68.6%67.6%69.4%62.3%72.1% 

 

Cost/Income ratio excl. IFRIC 2168.1%67.7%69.6%62.4%71.6% 

 

RWA (Basel 3 - in €bn)11.711.812.512.312.5 

 6%

Normative capital allocation (Basel 3)4,1434,0654,1504,3634,364 

 5%

RoE after tax (Basel 3)2013.7%15.2%13.9%19.6%11.5% 

 

RoE after tax (Basel 3) excl. IFRIC 21214.0%15.1%13.8%19.5%11.8% 

 

Corporate & Investment Banking

€m

1Q18

2Q18

3Q18

4Q18

1Q19

 

1Q19

vs. 1Q18

Net revenues

944

976

828

518

807

 

(15)%

Global markets

527

457

334

14

366

 

(31)%

  FIC-T

378

299

252

231

251

 

 

  Equity

148

145

97

(219)

125

 

 

Equity excl. cash14314097(219)125 

 

Cash equity54000 

 

  CVA/DVA desk

1

13

(15)

2

(9)

 

 

Global finance21

341

394

341

362

337

 

(1)%

Investment banking22

82

85

78

126

87

 

 6%

Other

(7)

41

74

16

16

 

 

Expenses(566)(551)(525)(559)(582) 

 3%

Gross operating income

378

425

302

(41)

225

 

(41)%

Provision for credit losses(31)(37)(98)(9)(30) 

 

Net operating income

347

388

204

(50)

195

 

(44)%

Associates43332 

 

Other items3000(15) 

 

Pre-tax profit

353

391

207

(47)

183

 

(48)%

Cost/Income ratio60.0%56.4%63.5%107.9%72.2% 

 

Cost/Income ratio excl. IFRIC 2157.7%57.2%64.4%109.4%69.1% 

 

RWA (Basel 3 - in €bn)59.761.761.261.161.8 

 4%

Normative capital allocation (Basel 3)6,4356,4166,6766,6316,634 

 3%

RoE after tax (Basel 3)2316.0%17.6%9.0%NR7.6% 

 

RoE after tax (Basel 3) excl. IFRIC 21317.0%17.2%8.7%NR8.6% 

 

Insurance

€m

1Q18

2Q18

3Q18

4Q18

1Q19

 

1Q19

vs. 1Q18

Net revenues

204

193

192

201

218

 

 7%

Expenses(118)(108)(103)(118)(125) 

 6%

Gross operating income

86

85

89

83

93

 

 8%

Provision for credit losses00000 

 

Net operating income

86

85

89

83

93

 

 8%

Associates30390

 

 

Other items00000 

 

Pre-tax profit

89

85

92

91

93

 

 5%

Cost/Income ratio58.0%56.1%53.8%58.9%57.5% 

 

Cost/Income ratio excl. IFRIC 2151.1%58.5%56.2%61.2%51.7% 

 

RWA (Basel 3 - in €bn)7.37.07.17.38.0 

 10%

Normative capital allocation (Basel 3)853868828841858 

 1%

RoE after tax (Basel 3)2428.6%26.4%30.3%30.7%29.4% 

 

RoE after tax (Basel 3) excl. IFRIC 21133.0%24.9%28.8%29.2%33.3% 

 

Payments

€m

1Q18

2Q18

3Q18

4Q18

1Q19

 

1Q19

vs. 1Q18

Net revenues

93

95

96

105

103

 

 11%

Expenses(79)(88)(84)(90)(88) 

 10%

Gross operating income

14

7

12

15

16

 

 14%

Provision for credit losses000(2)0 

 

Net operating income

14

7

12

13

16

 

 13%

Associates00000

 

 

Other items01000 

 

Pre-tax profit

14

8

12

13

16

 

 14%

Cost/Income ratio85.2%92.2%87.6%85.7%84.8% 

 

Cost/Income ratio excl. IFRIC 2184.5%92.4%87.9%85.9%84.1% 

 

RWA (Basel 3 - in €bn)1.01.21.01.11.1 

 13%

Normative capital allocation (Basel 3)295300352332356 

 21%

RoE after tax (Basel 3)2512.8%7.4%9.6%10.1%12.0% 

 

RoE after tax (Basel 3) excl. IFRIC 21113.4%7.2%9.4%9.9%12.5% 

 

Financial investments

€m

1Q18

2Q18

3Q18

4Q18

1Q19

 

1Q19

vs. 1Q18

Net revenues

 190

 174

 197

 181

 193

 

 2%

Coface

 177

 156

 180

 165

 175

 

 

Others

 13

 18

 17

 16

 18

 

 

Expenses(130)(125)(131)(140)(133) 

 2%

Gross operating income

 59

 49

 66

 41

 60

 

 1%

Provision for credit losses(6)113(2) 

 

Net operating income

 54

 50

 67

 44

 58

 

 8%

Associates 0 0 0 0 0 

 

Other items 2 3 0 0 0 

 

Pre-tax profit

56

53

67

44

58

 

 3%

RWA (Basel 3 - in €bn)5.35.65.55.65.7 

 6%

Corporate Center

€m

1Q18

2Q18

3Q18

4Q18

1Q19

 

1Q19

vs. 1Q18

Net revenues

(37)

79

3

3

37

 

 

Expenses(232)(87)(71)(107)(234) 

 1%

SRF

(160)

0

0

0

(170)

 

 7%

Others

(73)

(86)

(71)

(107)

(64)

 

(12)% 

Gross operating income

(269)

(7)

(68)

(104)

(196)

 

(27)%

Provision for credit losses1(4)4(15)0 

 

Net operating income

(269)

(11)

(63)

(118)

(196)

 

(27)%

Associates00000 

 

Other items122369926 

 

Pre-tax profit

(268)

(9)

(62)

(115)

503

 

 

1Q19 results: from data excluding non-operating items to restated data

€m

1Q19

underlying

 

Exchange rate fluctuations on DSN in currencies

Transformation & Business Efficiency investment costs

Disposal of subsidiary in Brazil

Capital gain - Disposal of retail banking activities

 

1Q19

restated

Net revenues

2,113

 

19

 

 

 

 

2,132

Expenses(1,703)  (17)   (1,720)

Gross operating income

410

 

19

(17)

 

 

 

412

Provision for credit losses(31)      (31)
Associates3 

 

 

 

 

 3
Gain or loss on other assets0   (15)697 682

Pre-tax profit

382

 

19

(17)

(15)

697

 

1,066

Tax(137) (6)5 (78) (215)
Minority interests(53) 

 

 

 

(33) (86)

Net income (group share)

192

 

13

(12)

(15)

586

 

764

Figures restated as communicated on April 11, 2019 following the disposal of the retail banking activities. See page 12 for the reconciliation of the restated figures with the accounting view

Natixis - 1Q19 capital & Basel 3 financial structure

See note on methodology

Fully-loaded

                      

                                                          

€bn

31/03/2019

Shareholder’s Equity

20.8

Hybrid securities (Including capital gain following reclassification of hybrids as equity instruments)(2.1)
Goodwill & intangibles(3.8)
Deferred tax assets(0.7)
Dividend provision(2.5)
Other deductions(0.5)

CET1 capital

11.1

CET1 ratio

11.6%

Additional Tier 1 capital1.8

Tier 1 capital

12.9

Tier 1 ratio

13.4%

Tier 2 capital2.3

Total capital

15.2

Total capital ratio

15.8%

Risk-weighted assets

96.4

Regulatory

€bn

31/03/2019

Fully-loaded CET1 capital

11.1

Current financial year’s earnings(0.8)
Current financial year’s accrued dividend0.1

CET1 capital

10.5

CET1 ratio

10.9%

Additional Tier 1 capital2.1

Tier 1 capital

12.6

Tier 1 ratio

13.1%

Tier 2 capital2.4

Total capital

15.0

Total capital ratio

15.5%

Risk-weighted assets

96.4

IFRIC 21 effects by business line

Effect in expenses

€m

1Q18

2Q18

3Q18

4Q18

1Q19

AWM(4)111(4)
CIB(22)777(24)
Insurance(14)555(13)
Payments(1)000(1)
Financial investments00000
Corporate center(119)404040(119)

Total Natixis

(160)

53

53

53

(161)

Historical figures restated for the disposal of the retail banking activities

Normative capital allocation and RWA breakdown - 31/03/2019

€bn

RWA

EoP

% of

 total

Goodwill & intangibles

1Q19

Capital allocation 1Q19

RoE

 after tax

1Q19

AWM12.515%3.14.411.5%
CIB62.074%0.26.67.6%
Insurance8.010%0.10.929.4%
Payments1.11%0.20.412.0%

Total (excl. Corporate center and Financial investments)

83.7

100%

3.6

12.2

 

RWA breakdown (€bn)

31/03/2019

Credit risk

65.2

Internal approach

54.5

Standard approach

10.7

Counterparty risk

6.5

Internal approach

5.6

Standard approach

0.9

Market risk

9.9

Internal approach

4.4

Standard approach

5.5

CVA

1.5

Operational risk

- Standard approach

13.3

Total RWA

96.4

Fully-loaded leverage ratio

27

According to the rules of the Delegated Act published by the European Commission on October 10, 2014, including the effect of intragroup cancelation - pending ECB authorization

€bn

31/03/2019

Tier 1 capital

1

13.2

Total prudential balance sheet396.0
Adjustment on derivatives(38.0)
Adjustment on repos28(26.2)
Other exposures to affiliates(41.2)
Off balance sheet commitments36.1
Regulatory adjustments(5.1)

Total leverage exposures

321.6

Leverage ratio

4.1%

Net book value as at March 31, 2019

€bn

31/03/2019

Shareholders’ equity (group share)

20.8

Deduction of hybrid capital instruments(2.0)
Deduction of gain on hybrid instruments(0.1)
Distribution(2.5)

Net book value

16.3

Restated intangible assets290.6
Restated goodwill13.3

Net tangible book value

30

12.3

 

Net book value per share

5.16

Net tangible book value per share

3.90

1Q19 Earnings per share

€m

31/03/2019

Net income (gs)764
DSN interest expenses on preferred shares after tax(24)

Net income attributable to shareholders

741

Earnings per share (€)

0.24

Number of shares as at March 31, 2019

 

31/03/2019

Average number of shares over the period, excluding treasury shares3,148,288,020
Number of shares, excluding treasury shares, EoP3,150,673,938
Number of treasury shares, EoP2,404,544

Net income attributable to shareholders

€m

1Q19

 Net income (gs)764
 DSN interest expenses on preferred shares after tax(24)

 RoE & RoTE numerator

741

Natixis RoTE

31

€m

31/03/2019

 
Shareholders’ equity (group share)20,849 
DSN deduction(2,122) 
Dividend provision(2,551) 
Intangible assets(630) 
Goodwill(3,338) 
RoTE Equity end of period12,208 
Average RoTE equity (1Q19)12,208 

1Q19 RoTE annualized with no IFRIC 21 adjustment

9.9%

 
IFRIC 21 impact142 

1Q19 RoTE annualized excl. IFRIC 21

14.5%

 

 

 

Natixis RoE

1

€m

31/03/2019

 
Shareholders’ equity (group share)20,849 
DSN deduction(2,122) 
Dividend provision(2,551) 
Exclusion of unrealized or deferred gains and losses recognized in equity (OCI)(429) 
RoE Equity end of period15,748 
Average RoE equity (1Q19)15,748 

1Q19 RoE annualized with no IFRIC 21 adjustment

7.7%

 
IFRIC 21 impact142 

1Q19 RoE annualized excl. IFRIC 21

11.3%

 

Doubtful loans

32

€bn

31/12/2018

Pro forma excl. IFRS 5

31/03/2019

Under

 IFRS 9

Provisionable commitments331.71.7
Provisionable commitments / Gross debt1.8%1.5%
Stock of provisions341.31.3
Stock of provisions / Provisionable commitments76%76%

Disclaimer

This media release may contain objectives and comments relating to the objectives and strategy of Natixis. Any such objectives inherently depend on assumptions, project considerations, objectives and expectations linked to future and uncertain events, transactions, products and services as well as suppositions regarding future performances and synergies.

No Insurance can be given that such objectives will be realized. They are subject to inherent risks and uncertainties, and are based on assumptions relating to Natixis, its subsidiaries and associates, and the business development thereof; trends in the sector; future acquisitions and investments; macroeconomic conditions and conditions in Natixis' principal local markets; competition and regulation. Occurrence of such events is not certain, and outcomes may prove different from current expectations, significantly affecting expected results. Actual results may differ significantly from those implied by such objectives.

Information in this media release relating to parties other than Natixis or taken from external sources has not been subject to independent verification, and Natixis makes no warranty as to the accuracy, fairness, precision or completeness of the information or opinions herein. Neither Natixis nor its representatives shall be liable for any errors or omissions, or for any prejudice resulting from the use of this media release, its contents or any document or information referred to herein.

Included data in this press release have not been audited.

NATIXIS financial disclosures for the first quarter 2019 are contained in this press release and in the presentation attached herewith, available online at www.natixis.com in the “Investors & shareholders” section.

The conference call to discuss the results, scheduled for May 10th, 2019 at 9:00 a.m. CET, will be webcast live on www.natixis.com (on the “Investors & shareholders” page).

Contacts:

Investor Relations:investorelations@natixis.com Press Relations:relationspresse@natixis.com 
     
Damien SouchetT + 33 1 58 55 41 10 Daniel WilsonT + 33 1 58 19 10 40
Noemie LouvelT + 33 1 78 40 37 87 Sonia Dilouya

Vanessa Stephan

T + 33 1 58 32 01 03

T + 33 1 58 19 34 16

     

www.natixis.com

Figures restated as communicated on April 11, 2019 following the disposal of the retail banking activities. See page 12 for the reconciliation of the restated figures with the accounting view 

1

Excluding exceptional items. Excluding exceptional items and excluding IFRIC 21 for cost/income, RoE and RoTE (see note on methodology)

2

See note on methodology

3

Adjusting for the non-recurring impact on 4Q18 revenues from Asian equity derivatives, net of tax

4

Proposal subject to the approval of the General Shareholders’ meeting on May 28, 2019

1

Figures restated as communicated on April 11, 2019 following the disposal of the retail banking activities. See page 12 for the reconciliation of the restated figures with the accounting view

6

See note on methodology. Excluding exceptional items and excluding IFRIC 21

7

Adjusting for the non-recurring impact on 4Q18 revenues from Asian equity derivatives, net of tax

8

Asset management including Private equity and Employee savings plan

2

See note on methodology.

Excluding exceptional items and excluding IFRIC 21

9

See note on methodology.

Excluding exceptional items and excluding IFRIC 21

10

ENR, Real Assets, ASF

11

See note on methodology.

Excluding exceptional items and excluding IFRIC 21

12

Excluding reinsurance agreement with CNP

13

Source: FFA

14

See note on methodology.

Excluding exceptional items and excluding IFRIC 21

15

Reported ratios, net of reinsurance

16

See

note

on methodology

17

Pay-out ratio based on reported net income group share minus DSN interest expenses on preferred shares after tax and excluding the €586m net capital gain from the disposal of the retail banking activities

18

Including deposit and margin call

19

Asset management including Private equity and Employee savings plan

20

Normative capital allocation methodology based on 10.5% of the average RWA-including goodwill and intangibles

21

Including Film industry financing

22

Including M&A

23

Normative capital allocation methodology based on 10.5% of the average RWA-including goodwill and intangibles

24

Normative capital allocation methodology based on 10.5% of the average RWA-including goodwill and intangibles

25

Normative capital allocation methodology based on 10.5% of the average RWA-including goodwill and intangibles

26

Including €697m capital gain from the disposal of the retail banking activities

27

See note on methodology. Without phase-in - supposing replacement of existing subordinated issuances when they become ineligible

28

Repos with clearing houses cleared according to IAS32 standard, without maturity or currency criteria

29

See note on methodology

30

Net tangible book value = Book value – goodwill - intangible assets

31

See note on methodology. Returns based on quarter-end balance sheet to reflect the disposal of the retail banking activities. The €586m net capital gain is not annualized

32

On-balance sheet, excluding repos, net of collateral

33

Net commitments

34

Specific and portfolio-based

provisions

Attachment

Logo natixis_beyond_banking_cmjn_10_cm.jpg

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26 August 2019 09:12:25
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Version: LiveBranchBuild_20190819.1 - EUROWEB4 - 2019-08-26 10:12:25 - 2019-08-26 09:12:25 - 1000 - Website: OKAY