1Q21 results: Laying the foundations of the upcoming 2024 strategic plan
Reported net income at +€225m in 1Q21 (€(204)m in 1Q20) and underlying net income1 at +€239m (€(81)m in 1Q20)
Underlying RoTE1 at 10.4% in 1Q21
Basel 3 FL CET1 ratio2 at 11.6% +330bps above regulatory requirements
BUSINESS ACTIVITY
BUSINESSES’ UNDERLYING REVENUES1 AT €2.1BN IN 1Q21, UP +21% YOY
AWM: Business growth and continued AuM increase
Underlying net revenues1 excl. H2O AM up +11% YoY (flat YoY including H2O AM) mainly driven by higher management fees and financial revenues
Natixis Investment Managers’ AuM up +3% QoQ. AuM at €1,153bn3 as at end-March 2021
Positive asset management net inflows on long-term products of ~€6bn3 in 1Q21 mainly driven by North American affiliates with net inflows notably turning positive at Harris. More than €20bn3 positive net inflows on long-term products over the past 12 months
CIB: Continued development and cost of risk improvement
Underlying net revenues1 up +38% YoY (+9% excluding dividend mark-downs and XvA impacts in 1Q20). Net revenue growth mainly driven by Global markets and Global finance
Underlying cost income ratio1 improving to 58.6% in 1Q21 (78.0% in 1Q20) thanks to a positive jaw effect
Cost of risk benefiting from a favorable environment in 1Q21 although still at elevated levels at 52bps of outstandings
Underlying RoE1 at 12.3% in 1Q21
Insurance: Solid commercial activity and financials
Underlying net revenues1 up +5% YoY in 1Q21 with a positive jaw effect
Underlying RoE1 at ~30% in 1Q21
Life Insurance4: AuM growth of +4% QoQ to reach €75.7bn (of which 27% of unit-linked products)
Payments: Net revenue growth and investments
Underlying net revenues1 up +4% YoY in 1Q21 despite COVID-19 lockdown measures in France
Underlying RoE1 at 10.6% in 1Q21 while maintaining investment in order to ensure a sustainable development
FINANCIAL STRENGTH
Underlying net income1 at +€239m in 1Q21 (+€225m reported) vs. €(81)m in 1Q20 (€(204)m reported). Underlying RoTE1 at 10.4% in 1Q21
Basel 3 FL CET1 ratio2 at 11.6% as at March 31, 2021 (flat vs. 4Q20), +330bps above regulatory requirements
“Natixis’ results for the first quarter of 2021 continue the positive momentum underway since the second half of 2020. Our business lines are on a sustainable growth path, underpinned by the transformation measures undertaken over recent months.
These results represent a solid base for the kick-off of the 2021-2024 strategic plan and for the ongoing growth of Natixis’ four businesses under the simplification and development project presented by Groupe BPCE in February.
I would like to pay tribute to the exceptional commitment of our teams who have remained fully mobilized throughout this unprecedented crisis to support our clients and contribute to a sustainable economic recovery.”
Nicolas Namias, Natixis Chief Executive Officer
2020 figures restated for the evolution of the standards applied as well as the evolution of the Asset and wealth management organization as of January 1st, 2021 (see note on methodology) (1) Excluding exceptional items. Excluding exceptional items and excluding IFRIC 21 in 4Q for cost/income, RoE and RoTE (2) See note on methodology (3) Excluding H2O AM (~€18bn AuM as at March 31, 2021) (4) Excluding reinsurance agreement with CNP
Related links
About Groupe BPCE
Groupe BPCE is the second-largest banking group in France. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset & wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The Group's financial strength is recognized by four credit rating agencies with the following senior preferred LT ratings: Moody's (A1, stable outlook), Standard & Poor's (A, stable outlook), Fitch (AA-, negative outlook) and R&I (A+, stable outlook).
The press area was created by BPCE in order to make it easier for professionals to access Groupe BPCE press releases, images, videos, computer graphics, etc. (hereafter referred to collectively as the “Content”). This Content can be used to illustrate all publications, reports, articles or, more generally, any document or medium designed to inform the public of Groupe BPCE’s activity. You are not allowed to use the Content for commercial or publicity purposes. You are not allowed to modify the Content (except for changes of format). The Content is regularly updated by BPCE, therefore you should frequently access the press area in order to ensure you use the latest version of the Content. Your attention is also drawn to the fact that the Content contains elements considered to be intellectual works protected by copyright law and notably by France’s intellectual property code. Consequently, the photo credit (shown at the bottom right of the photo) and the mention [source BPCE] must be displayed in all publications (printed or electronic). Any user who fails to respect these conditions shall be liable vis-à-vis BPCE, the author of the Content or his/her beneficiaries and, where applicable, the persons whose image is reproduced in the Content. By downloading and, more generally, using all or part of the Content you agree to these terms.