Third-Quarter and Nine-Month 2015 Results
REVENUES up 10% to €6,316m and
NET INCOME up 13% to €1,028m in 9M15
IMPROVEMENTS IN CORE-BUSINESS PROFITABILITY and
DIVIDEND-PAYING CAPACITY
further upward momentum in investment solutions and good resistance in cib
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revenue growth(1) and reduced provision for credit loss over 9m15
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strengthening of our capital generation capacity
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(1) See note on methodology
(2) Based on CRR-CRD4 rules published on June 26, 2013, including the Danish compromise - no phase-in except for DTAs on loss carry-forwards
The Board of Directors examined Natixis’s third-quarter 2015 accounts on November 4, 2015.
For Natixis, the main features of 3Q15 were (1):
- 5% growth in revenues to €1,956m, buoyed by strong momentum in core businesses where revenues advanced 9% during the period.
In Corporate & Investment Banking, the Structured Financing segment maintained new loan production at a high level, while Equity Derivatives again grew strongly and Fixed Income was adversely affected by tough market conditions.
In Asset Management, a broad product range and geographic diversification combined to sustain high revenue growth and kept net new money positive during the quarter.
Insurance businesses continued to expand, with non-life revenues making progress and weight of unit-linked life insurance policies increasing.
In Specialized Financial Services, the rollout of solutions in the networks is benefiting all Specialized Financing businesses, particularly the Leasing and Consumer Finance segments which posted strong growth in new loan production,
- a 9% year-on-year rise in operating costs to €1,393m. This increase primarily stemmed mainly from Asset Management (profit sharing and currency effects) and from CIB’s international platforms investments,
- a marked reduction in the provision for credit loss to €54m, down 11% vs. 3Q14,
- net income (group share) of €291m, stable vs. 3Q14,
- leverage ratio(1)of 3.9% at end-September 2015, chiefly thanks to the tight gripe exerted on the balance sheet,
- CET1 ratio(2)of 11.6% at end-September 2015 without factoring in distribution (11.2% including distribution).
Laurent Mignon, Natixis Chief Executive Officer, said: « Despite difficult conditions during the summer, our core businesses increased revenues and profitability in line with our strategic plan, thanks to the efforts of our various teams and strong commercial momentum. We continue to develop our businesses by serving our clients in France and abroad and particularly by reaping the benefits of diversification, both in terms of products and distribution in Asset Management, and by furthering the rollout of our large franchises within CIB. The combination of earnings growth, the implementation of our Asset-Light model and tight control of our RWA has driven a 100bps-improvement in our CET1 ratio since the start of the year to 11.6%, before distribution ».
- See note on methodology
- Based on CRR-CRD4 rules published on June 26, 2013, including the Danish compromise - no phase-in except for DTAs on loss carry-forwards
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 assurance 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. The figures in this media release are unaudited.
The conference call to discuss the results, scheduled for Thursday November 5th, 2015 at 9:00 a.m. CET, will be webcast live on www.natixis.com (on the “Investor Relations” page).
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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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