Solid third-quarter and nine-month 2011 results
Q3-11: strong resilience in a very challenging environment, low exposure to GIIPS sovereign debt
- Net income (Group share): €344m, up 13% vs Q3-10
- Net revenues:1 €1,586m, up 11% vs Q3-10
- Impact of the impairment of Greek sovereign debt: €40m before tax
9M-11: solid performances, with net income (Group share) of €1,260m, down 2% vs 9M-10
- Net revenues:1 €4,989m, up 4% vs 9M-10
- Pre-tax profit of the core businesses2 and the networks: €1,680m, up 1% vs 9M-103
- Contribution of the commercial banking networks: €435m, up 35% vs 9M-10
Significant reinforcement of the financial structure
Basel 2.5 Core Tier 1 ratio above 10% as of September 30, 20114
- Improvement of the Core Tier 1 ratio at end of 3Q11: 20bp quarter-on-quarter and 140bp year-on-year
- P3CI transaction: 200bp increase in the Core Tier 1 ratio without a dilutive impact on EPS
Anticipation of a Basel III Core Tier 1 ratio above 9% as of Jan. 1, 2013
- Anticipation of a Basel III Core Tier 1 ratio above 9% as of January 1, 2013, fully loaded excepting DTAs5
Strategy: confirmation of the New Deal strategic direction, suited to the new challenges facing the banking sector
- Additional €10bn reduction in risk-weighted assets by 2013, on top of the €62bn reduction achieved since the start of 2009
- Reduction in overall market refinancing needs: €15bn-20bn
Natixis’ consolidated results were examined by the Board of Directors on November 9, 2011.
1 Excluding GAPC, income from discontinued operations and not pro forma. 2 Corporate and Investment Banking, Investment Solutions, Specialized Financial Services. 3 Pro forma mainly the consolidation of GCE Paiements, Cicobail and Oceor Lease. 4 Pro forma the implementation of the P3CI optimization transaction. 5 Without any deleveraging or mitigation effects.
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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).
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