1Q21 results: Laying the foundations of the upcoming 2024 strategic plan

Paris, France, May 6, 2021

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

djlmcuns1q-phpanveg4  BUSINESS ACTIVITY


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

7uq2guzat6-phponztay  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