NATIXIS :FIRST-QUARTER 2015 RESULTS
(Thomson Reuters ONE) -
Paris, May 6, 2015
First-Quarter 2015 Results
GOOD PERFORMANCES FROM CORE BUSINESSES
AND STRONG RISE IN NET INCOME: + 25% to ?331m((1))
Core businesses: 15% growth in net revenues to ?1.9bn and profitability
increased, +170bps in ROE to 11.6%
+------------------------------------------------------------------------------+
|Wholesale Banking: |
| |
| * Development of the main franchises, primarily fueled by ?5.7bn of new loan|
| production in Structured financing and a strong performance from Capital |
| markets, both in Fixed-income and Equity derivatives businesses |
| * Solid increase in the contribution of the Americas platform to net |
| revenues |
| |
|Record quarter for Asset Management: ?820bn of assets under management, up|
|?84bn since the start of the year, including ?19bn of net inflows in 1Q15 |
| |
|Sustained growth in Insurance: revenues up 6% vs. 1Q14 |
| |
|Rollout of SFS solutions in the networks: further momentum in Consumer Finance|
|(outstanding +9%), Employee Savings Schemes (AuM +13%) and Payments|
|(electronic banking transactions +6%) |
+------------------------------------------------------------------------------+
Strong earnings growth((1))
+------------------------------------------------------------------------------+
|Core-business net revenues up 15% to ?1.9bn vs. 1Q14 and Natixis net revenues|
|up 18% in the same period (+10% at constant exchange rates) |
| |
|Gross operating income up 40% to ?679m vs. 1Q14 (+25% at constant exchange|
|rates) |
| |
|Net income (group share) up 25% to ?331m vs. 1Q14, and 23% to ?373m restated|
|for the application of IFRIC 21 |
| |
|Core-business ROE up 170bps to 11.6% vs. 1Q14, with capital allocation based|
|on 10% of RWA |
| |
+------------------------------------------------------------------------------+
Financial structure
+------------------------------------------------------------------------------+
|CET1 ratio((2)) of 10.6% at March 31, 2015 pro forma of the estimated impact|
|of the DNCA acquisition and after DTA phase-in for 2015 |
|22bps increase in CET1 ratio from 1Q15 results (29bps excluding IFRIC 21) |
| |
|3,6% leverage ratio((1)) as of end-March 2015 (+30bps vs. end-2014) notably|
|with a 3% decrease in the total B-sheet vs. end-2014, despite the FX effect |
| |
| |
+------------------------------------------------------------------------------+
(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 tax loss carry-forwards
The Board of Directors examined Natixis's first-quarter 2015 accounts on May
6, 2015.
For Natixis, the main features of first-quarter 2015 were( (1)):
* strong revenue growth in core businesses and for Natixis as a whole, up 15%
and 18%, respectively, relative to 1Q14. Wholesale Banking recorded fine
performances on capital markets and in terms of new loan production in the
Structured Financing segment. Asset Management enjoyed a record quarter for
both inflow and assets under management, while Insurance reported solid
revenue growth. In Specialized Financial Services, the continued rollout of
solutions in the networks drove fine performances in several segments,
* a 4pp-improvement in the cost-income ratio to 66.6%, excluding the IFRIC 21
impact,
* recurring provision for credit loss generally improving in all our business,
except for energy and commodities sector
* a strong improvement in net income to ?373m (+23% vs. 1Q14), excluding the
IFRIC 21 impact,
* a 170bp-advance in core-business ROE to 11.6% vs. 1Q14,
* 3,6% leverage ratio((1)) as of end-March 2015 (+30bps vs. end-2014) notably
with a 3% decrease in the total asset vs. end-2014, despite the FX effect,
* a CET1 ratio((2)) of 10.6% at March 31, 2015.
Laurent Mignon, Natixis Chief Executive Officer, said: « Our three core
businesses performed very solidly in first-quarter 2015, posting sharp increases
in both revenues and profitability. Our key franchises continued to expand,
driven particularly by record net inflow in Asset management and robust momentum
in Capital markets within Wholesale Banking, and by the continued rollout of our
insurance and SFS offerings to the Groupe BPCE networks. This progress was
achieved without any let-up in our control on the consumption of scarce
resources: with risk-weighted assets holding steady, our balance-sheet
contracted markedly during the quarter. These performances confirmed Natixis's
solid financial structure and reasserted the Bank's payout policy.»
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
1 - Natixis 1Q15 results
1.1 Exceptional items((1))
+------------------------------------------------------+-----------------+
| Single Resolution Fund contribution((2)) - in ?m | 1Q15 1Q14 |
| Corporate center (Expenses) | |
| ---------------------------------------------------+-------------- |
| Impact in pre-tax profit | (48) 0 |
| | |
| Impact in net income | (48) 0 |
+------------------------------------------------------+-----------------+
+------------------------------------------------------+-----------------+
| FV adjustment on own senior debt - in ?m | 1Q15 1Q14 |
| Corporate Center (net revenues) | |
| ---------------------------------------------------+-------------- |
| Impact in pre-tax profit | 5 10 |
| | |
| Impact in net income | 3 6 |
+------------------------------------------------------+-----------------+
+------------------------------------------------------+-----------------+
| Total impact in net income - in ?m | (44) 6 |
+------------------------------------------------------+-----------------+
1. See note on methodology
2. Estimated impact
1.2 1Q15 results
+------------------------------------------------------------------------------+
| Pro forma and excluding exceptional 1Q15 1Q14 1Q15 vs. 1Q14 |
| items((1)) - in ?m |
| ------------------------------------------ ----------------- --------------- |
| Net revenues 2,185 1,855 18% |
| |
| of which core businesses 1,953 1,693 15% |
| |
| Expenses (1,506) (1,370) 10% |
| ------------------------------------------ ----------------- --------------- |
| Gross operating income 679 485 40% |
| ------------------------------------------ ----------------- --------------- |
| Provision for credit losses (78) (80) (3)% |
| ------------------------------------------ ----------------- --------------- |
| Pre-tax profit 611 416 47% |
| ------------------------------------------ ----------------- --------------- |
| Income tax (238) (144) 65% |
| |
| Minority interest (42) (7) |
| ------------------------------------------ ----------------- --------------- |
| Net income (gs) 331 264 25% |
+------------------------------------------------------------------------------+
+------------------------------------------------------------------------------+
| in ?m 1Q15 1Q14 1Q15 vs. 1Q14 |
| ------------------------------------------ ----------------- --------------- |
| Restatement of IFRIC 21 impact 42 39 6% |
| ------------------------------------------ ----------------- --------------- |
| Net income (gs) - excluding IFRIC 21 373 304 23% |
| impact |
| ---------------------------------------------------------------------------- |
| ROTE excluding IFRIC 21 impact 10.8% 9.2% |
+------------------------------------------------------------------------------+
+------------------------------------------------------------------------------+
| in ?m 1Q15 1Q14 1Q15 vs. 1Q14 |
| ------------------------------------------ ----------------- --------------- |
| Exceptional items (44) 6 |
| |
| Reinstatement of IFRIC 21 impact (42) (39) |
| ------------------------------------------ ----------------- --------------- |
| Net income (gs) - reported 287 270 6% |
+------------------------------------------------------------------------------+
1. See note on methodology
Unless stated otherwise, the commentary that follows refers to pro forma results
excluding exceptional items (see detail p3).
NET REVENUES
Natixis's net revenues rose 18% in 1Q15 vs. 1Q14 (+10% at constant exchange
rates) including a 15% increase in core-business revenues (+7% on constant
exchange rates).
The breakdown by core business was as follows:
* Wholesale Banking revenues progressed by 10%, notably buoyed by Capital
Markets,
* Investment Solutions revenues advanced 27% (+14% at constant exchange
rates), fuelled by sustained growth in both Asset Management and Insurance,
* Revenues from Specialized Financial Services rose 4%, including 7% growth in
Specialized financing,
* Financial Investments lifted revenues 6%, thanks to a good showing from
Coface.
EXPENSES
Tight control of expenses drove a significant improvement in the cost-income
ratio, which fell by 4pps to 66.6%, excluding the IFRIC 21 impact. This helped
drive a 40% jump in gross operating income to ?679m.
PROVISION FOR CREDIT LOSS
The provision for credit loss declined 3% to ?78m.
PRE-TAX PROFIT
Pre-tax profit climbed 47% to ?611m.
NET INCOME
Net income (group share) amounted to ?331m and advanced 25% vs. 1Q14. Restated
for the IFRIC 21 impact (-?42m in 1Q15), it progressed by 23% to ?373m.
After reincorporating the contribution to the Single Resolution Fund (-?48m) and
the effect of the revaluation of own senior debt (+?3m net of tax), reported net
income (group share) rose 6% to ?287m in 1Q15 compared to the ?270m reported in
1Q14
2 - Financial Structure
Natixis's Basel 3 CET1 ratio((1) )worked out to 10.6% at March 31, 2015, after
factoring in the estimated impact of the DNCA acquisition.
Based on a Basel 3 CET1 ratio((1)) of 10.6% at December 31, 2014, after the
estimated impact of the DNCA acquisition, the respective impacts in the first
quarter of 2015 were as follows:
* deduction of 10% of DTAs for 2015((2)): -18bps.
* effect of allocating net income (group share) to retained earnings in 1Q15,
excluding the dividend: +22bps,
* scheduled 1Q15 dividend: -12bps,
* RWA, forex and other effects: +4bps,
Basel 3 capital and risk-weighted assets((1)) amounted to ?13.4bn and ?118.7bn,
respectively, at March 31, 2015.
EQUITY CAPITAL - TIER ONE CAPITAL - BOOK VALUE PER SHARE
Equity capital (group share) amounted to ?19.65bn at March 31, 2015, of which
?1.1bn was in the form of hybrid securities (DSNs and preferred shares)
recognized in equity capital at fair value.
Core tier 1 capital (Basel 3 - phase-in) amounted to ?13.16bn, and tier 1
capital (Basel 3 - phase-in) to ?14.13bn.
Natixis's risk-weighted assets totaled ?118.8bn at March 31, 2015 (Basel 3 -
phase-in), breakdown as following:
* Credit risk : ?83.3bn
* CVA : ?5.6bn
* Market risk : ?17.9bn
* Operational risk : ?12.0bn
Under Basel 3 (phase-in), the CET1 ratio stood at 11.1% at March 31, 2015 the
Tier 1 ratio was 11.9% and the total ratio 13.6%.
Book value per share was ?5.47 at March 31, 2015, after factoring anticipated
dividends and based on 3,118,888,280 shares excluding treasury stock (the total
number of shares stands at 3,119,622,141). Net tangible book value per share
(after deducting goodwill and intangible fixed assets) was ?4.34.
LEVERAGE RATIO( (3))
At March 31, leverage ratio stood at 3.6%.
OVERALL CAPITAL ADEQUACY RATIO
As at March 31, 2015, the financial conglomerate's capital exceeded the
regulatory minimum was estimated to around ?7bn.
1. Based on CRR-CRD4 rules published on June 26, 2013, including the Danish
compromise - no phase-in except for DTAs on loss carry-forwards
2. Deduction of 10% of the stock of DTAs on loss carry-forwards at January
1(st), 2015 in line with the phase-in measures
3. See note on methodology
3 - Results by business line
Wholesale Banking
+----------------------------------------------------------------+
| in ?m 1Q15 1Q14 1Q15 |
| vs. 1Q14 |
| ---------------------------------------------------------- |
| Net revenues 806 732 10% |
| |
| o/w Commercial banking 89 102 (13)% |
| |
| o/w Structured financing 284 290 (2)% |
| |
| o/w Capital markets 468 349 34% |
| |
| Expenses (492) (455) 8% |
| ---------------------------------------------------------- |
| Gross operating income 314 277 13% |
| ---------------------------------------------------------- |
| Provision for credit losses (65) (52) 25% |
| ---------------------------------------------------------- |
| Pre-tax profit 253 231 9% |
+----------------------------------------------------------------+
+----------------------------------------------------------------+
| Cost/income ratio((1)) 57.0% 57.4% (0.4)pp |
| ---------------------------------------------------------- |
| ROE after tax((1)) 10.4% 9.3% +1.1pp |
+----------------------------------------------------------------+
1. See note on methodology and excluding the impact of applying IFRIC 21
Wholesale Banking increased revenues by 10%, fuelled by strong momentum in the
Capital markets segment.
Expenses amounted to ?492m, while the cost-income ratio improved by 0.4pps to
57.0%, excluding the application of IFRIC 21.
These two effects combined to lift gross operating income to ?314m in 1Q15, a
13% increase relative to 1Q14.
The provision for credit loss worked out to ?65m vs. ?52m in 1Q14, including
provisions for Energy and Commodities business.
Pre-tax profit advanced 9% to ?253m.
After-tax ROE, based on Basel 3 capital allocation and excluding the IFRIC 21
impact, climbed 110bps to 10.4%.
In Structured Financing, new production progressed to ?5.7bn, fueled by the
Aircraft and Export & Infrastructure segments and the Americas platform. Net
revenues worked out to ?284m vs. ?290m in 1Q14, bearing in mind that the
previous year's figure included non-recurring transactions. After restating for
this impact, net revenues rose by 13% or by 1% at constant exchange-rate basis
relative to 1Q14. The proportion of fees in the net revenues continued to
increase and represented 37% of net revenues vs. 25% in 1Q14.
Commercial Banking had to deal with pressure on plain vanilla financing spreads
and recorded ?89m of revenues in 1Q15 vs. ?102m in the year-earlier period. New
production amounted to ?3.8bn and originated both from France and international
markets.
The Interest Rate, Foreign Exchange, Commodities and Treasury (FIC-T) segment
recorded particularly robust levels of business in 1Q15: Fixed-Income and the
Debt Platform boosted revenues by 39% and 23%, respectively, relative to 1Q14.
All in all, FIC-T grew net revenues by 42% to ?331m.
Within the Equities segment, all businesses contributed to the 19% increase in
net revenues vs. 1Q14. This progress included a fine performance from Equity
Derivatives, which advanced 24% vs. 1Q14.
Investment Solutions
+------------------------------------------------------------------------------+
| 1Q15 |
| in ?m 1Q15 1Q14 1Q15 vs. 1Q14 |
| vs. 1Q14 constant exchange |
| rates |
| ---------------------------------------- ---------- ------------------------ |
| Net revenues 823 648 27% 14% |
| |
| o/w Asset management 639 489 31% 14% |
| |
| o/w Insurance 140 126 11% |
| |
| o/w Private banking 34 31 8% |
| |
| Expenses (583) (486) 20% 8% |
| ---------------------------------------- ---------- ------------------------ |
| Gross operating income 240 163 48% 32% |
| ---------------------------------------- ---------- ------------------------ |
| Provision for credit (1) 2 |
| losses |
| ---------------------------------------- ---------- ------------------------ |
| Pre-tax profit 242 167 45% 30% |
+------------------------------------------------------------------------------+
+------------------------------------------------------------------------------+
| Cost/income ratio((1)) 69.6% 73.3% (3.7)pp |
| ---------------------------------------- ---------- ------------------------ |
| ROE after tax((1)) 15.8% 13.5% +2.3pp |
+------------------------------------------------------------------------------+
(1) See note on methodology and excluding the impact of applying IFRIC 21
Investment Solutions posted solid momentum in 1Q15. Revenues climbed 27% or 14%
on a constant exchange-rate basis vs. 1Q14, while the cost-income ratio improved
to 69.6%. These two factors drove sharp progress in gross operating income,
which rose 48% or 32% on a constant exchange-rate basis.
Pre-tax profit advanced 30% on a constant exchange-rate basis to ?242m.
After-tax ROE, based on Basel 3 capital allocation and excluding the IFRIC 21
impact, climbed 230bps relative to 1Q14 and reached 15.8%.
Asset management booked record net inflow of ?19bn (?17bn excluding money market
funds), of which ?8bn in Europe and ?11bn in the US. Revenues amounted to ?639m,
an increase of 31% or 14% on a constant exchange-rate basis vs. 1Q14.
Assets under management expanded to ?820bn from ?736bn at end-December 2014. The
increase stemmed from high inflows, ?18bn positive market effect and ?47bn of
positive currency and perimeter effects.
Insurance revenues grew 11%, driven notably by a 6% increase in overall turnover
to ?1.5bn vs. 1Q14. The Life-insurance segment recorded a ?0.4bn net inflow in
1Q15. Assets under management amounted to ?43.2bn at end-March 2015, up 7% from
a year earlier. Gross operating income improved 19% vs. 1Q14.
Private banking recorded a ?0.7bn net inflow in 1Q15 vs. ?0.4bn a year earlier.
Assets under management reached ?26.7bn at end-March 2015, up 8% vs. end-2014
and 15% YoY.
Specialized Financial Services
+--------------------------------------------------------------------+
| in ?m 1Q15 1Q14 1Q15 |
| vs. 1Q14 |
| ----------------------------------------------- ---------------+
| Net revenues 324 313 4% |
| |
| Specialized financing 193 179 7% |
| |
| Financial services 131 133 (2)% |
| |
| Expenses (217) (214) 1% |
| ----------------------------------------------- ------------ |
| Gross operating income 107 99 8% |
| ----------------------------------------------- ------------ |
| Provision for credit losses (14) (19) (26)% |
| ----------------------------------------------- ------------ |
| Pre-tax profit 93 80 17% |
+--------------------------------------------------------------------+
+--------------------------------------------------------------------+
| Cost/income ratio((1)) 64.2% 65.6% (1.4)pp |
| ----------------------------------------------- ------------ |
| ROE after tax((1)) 15.5% 13.4% +2.1pp |
+--------------------------------------------------------------------+
(1) See note on methodology and excluding the impact of applying IFRIC 21
Specialized Financial Services increased revenues 4% vs. 1Q14, buoyed by robust
growth in Specialised financing.
Operating expenses were virtually unchanged from 1Q14 at ?217m. The cost-income
ratio improved by 140bps to 64.2% excluding the IFRIC 21 impact.
These two factors combined to push gross operating income up to ?107m, an 8%
increase vs. 1Q14.
The provision for credit loss fell 26% to ?14m.
After-tax ROE, based on Basel 3 capital allocation and excluding the IFRIC 21
impact, advanced 210bps vs. 1Q14 to reach 15.5%.
Specialized Financing improved revenues by 7% to ?193m, thanks notably to good
activity levels in Consumer Finance (outstanding up 9% and new production up
4%) and in Sureties and Guarantees which recorded a 8% increase in written
premiums vs. 1Q14.
Financial services recorded ?131m in net revenues in 1Q15. Assets managed in the
Employee Savings Schemes segment rose 13% to ?25bn at end-March 2015, while the
number of companies served increased 6%. In the Payments activity, electronic
banking transactions grew 6%.
Financial Investments
+------------------------------------------------------------------+
| |
| |
| in ?m 1Q15 1Q14 1Q15 vs. 1Q14 |
| |
| |
+------------------------------------------------------------------+
| Net Revenues 227 213 6% |
| |
| Coface 187 178 4% |
| |
| Corporate Data Solutions 20 21 (6)% |
| |
| Other 20 14 48% |
| |
| Expenses (178) (176) 1% |
+------------------------------------------------------------------+
| Gross Operating Income 48 37 29% |
+------------------------------------------------------------------+
| Provision for credit losses (3) (2) 51% |
+------------------------------------------------------------------+
| Pre-tax profit 46 36 28% |
+------------------------------------------------------------------+
Since July 2014, Coface has been 41.2%-owned and fully consolidated in Natixis's
books.
Coface's net revenues((1) )rose 2.5% to ?178m in 1Q15. Turnover((2)) increased
2.3% to ?377m during the same period.
The combined ratio net of reinsurance slightly improved compared to 1Q14 to
77.5%, with a tight grip on losses showing up in a 2.5pp-improvement in the loss
ratio to 49.8% and a cost ratio of 27.7%.
Revenues from Financial Investments rose 6% vs. 1Q14. They reflected a fine
performance from Coface and a 6% reduction in revenues from Corporate Data
Solutions, which is being run off.
Gross operating income advanced 29% to ?48m and pre-tax profit climbed 28% to
?46m.
1. On constant perimeter and exchange rates, and excluding exceptional items
2. On constant perimeter and exchange rates
Appendices
Comments on methodology:
/> 2014 figures are pro forma:
(1) of the new capital allocation to our businesses, 10% of the average Basel 3
risk weighted assets versus 9% previously. 2014 quarterly series have been
restated on this new basis;
(2) as of January 1(st), 2015, application of the IFRIC 21 interpretation
«Levies» regarding the accounting for tax except the income tax. This
implementation leads to register taxes concerned at the date of their event and
not necessarily throughout the year. These taxes are charged to our businesses;
(3) and in accordance with the application of the IFRIC 21 interpretation, the
accounting of the estimated contribution to the Single Resolution Fund is
registered in the first quarter of 2015 in the expenses of the Corporate Center.
This item is not be charged to the business lines and is treated as an
exceptional item in the financial communication disclosure.
/> Business line performance 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
in June 26th, 2013 (including Danish compromise treatment for qualified
entities.
/> Annualized ROTE is computed as follows: net income (group share) - DSN net
interest/average net assets after dividend - hybrid notes - intangible assets -
average goodwill. This ratio include goodwill and intangible assets by business
lines to determinate the ROE ratio of businesses.
/> The remuneration rate on normative capital is 3%.
/> Own senior debt fair-value adjustment calculated using a discounted cash-flow
model, contract by contract, including parameters such as swaps curve, and
revaluation spread (based on the BPCE reoffer curve).
/> Exceptional items: figures and comments on this presentation are based on
Natixis and its businesses income statements excluding exceptional items
detailed page 3. Natixis and its businesses income statements including
exceptional items (reported data) are available in the appendix of this
presentation.
/> The leverage ratio is based on delegated act rules, without phase-in except
for DTAs on tax loss carry forward and with the hypothesis of a roll-out for
non-eligible subordinated notes under Basel 3 by eligible notes. Repos
transactions with central counterparties are offset in accordance with IAS 32
rules without maturity or currency criteria.
/> The cost-income ratio and the ROE excluding IFRIC 21 impact calculation takes
into account one fourth of the annual duties and levies concerned by this new
accounting rules
1Q15 results: from data excluding exceptional items((1) )to reported data
2/2
+---------------+
| |
---------------- ------------------------------- | ------------- |
1Q15 excl. FV Adjustment Single | 1Q15 |
in ?m exceptional on own senior Resolution Fund | reported |
items debt contribution | |
----------------------------- ------------------------------- | ------------- |
Net revenues 2,185 5 | 2,190 |
| |
Expenses (1,506) (48) | (1,553) |
----------------------------- ------------------------------- | ------------- |
Gross | |
operating 679 5 (48) | 637 |
income | |
----------------------------- ------------------------------- | ------------- |
Provision for (78) | (78) |
credit losses | |
| |
Associates 9 | 9 |
| |
Gain or loss | |
on other | |
assets / 0 | 0 |
Change in | |
value of | |
goodwill | |
----------------------------- ------------------------------- | ------------- |
Pre-tax 611 5 (48) | 568 |
profit | |
----------------------------- ------------------------------- | ------------- |
Tax (238) (2) | (239) |
| |
Minority (42) | (42) |
interest | |
----------------------------- ------------------------------- | ------------- |
Net income 331 3 (48) | 287 |
(group share) | |
----------------------------- ------------------------------- | ------------- |
| |
+---------------+
1. See note on methodology
Natixis - Consolidated((1))
----------------------------------------- ----------
in ?m 1Q14 2Q14 3Q14 4Q14 1Q15 1Q15
vs. 1Q14
-------------------------------------------------------------------- ----------
Net revenues 1,879 2,032 1,715 1,886 2,190 17%
Expenses (1,386) (1,352) (1,283) (1,422) (1,553) 12%
-------------------------------------------------------------------- ----------
Gross operating income 492 681 433 464 637 29%
-------------------------------------------------------------------- ----------
Provision for credit losses (78) (85) (61) (78) (78) (1)%
Associates 11 9 11 9 9 (16)%
Gain or loss on other 0 (23) 88 13 0 (82)%
assets
Change in value of goodwill 0 (38) 0 (12) 0
-------------------------------------------------------------------- ----------
Pre-tax profit 425 543 471 396 568 34%
-------------------------------------------------------------------- ----------
Tax (148) (183) (151) (140) (239) 62%
Minority interest (7) (14) (27) (28) (42)
-------------------------------------------------------------------- ----------
Net income (group share) 270 345 293 228 287 6%
-------------------------------------------------------------------- ----------
1. See note on methodology
Natixis - Breakdown by Business division in 1Q15
--------------------------------------------------- -------------
in ?m Wholesale Invest. SFS Fin. Corp. Natixis
Banking Solutions Invests. Center reported
------------------------------------------------------------------ -------------
Net revenues 806 823 324 227 10 2,190
Expenses (492) (583) (217) (178) (83) (1,553)
------------------------------------------------------------------ -------------
Gross operating 314 240 107 48 (73) 637
income
------------------------------------------------------------------ -------------
Provision for (65) (1) (14) (3) 5 (78)
credit losses
------------------------------------------------------------------ -------------
Net operating 249 239 93 46 (68) 559
income
------------------------------------------------------------------ -------------
Associates 4 5 0 0 0 9
Other items 0 (2) 0 0 2 0
------------------------------------------------------------------ -------------
Pre-tax profit 253 242 93 46 (66) 568
------------------------------------------------------------------ -------------
Tax (239)
Minority (42)
interest
----------------- -------------
Net income (gs) 287
----------------- -------------
Wholesale Banking((1))
------------------------------------ ---------
in ?m 1Q14 2Q14 3Q14 4Q14 1Q15 1Q15
vs. 1Q14
---------------------------------------------------------------------- ---------
Net revenues 732 763 680 629 806 10%
Commercial Banking 102 100 101 114 89 (13)%
Structured Financing 290 262 271 273 284 (2)%
Capital Markets 349 384 314 249 468 34%
Fixed Income & Treasury 233 249 224 164 331 42%
Equity 116 135 89 85 138 19%
Other (8) 16 (6) (7) (35)
Expenses (455) (422) (403) (435) (492) 8%
---------------------------------------------------------------------- ---------
Gross operating income 277 340 277 194 314 13%
---------------------------------------------------------------------- ---------
Provision for credit losses (52) (61) (24) (48) (65) 25%
---------------------------------------------------------------------- ---------
Net operating income 225 279 253 146 249 11%
---------------------------------------------------------------------- ---------
Associates 6 4 6 5 4 (34)%
Other items 0 0 0 0 0
---------------------------------------------------------------------- ---------
Pre-tax profit 231 283 260 151 253 9%
---------------------------------------------------------------------- ---------
Cost/Income ratio 62.1 % 55.4 % 59.2 % 69.1 % 61.0 %
Cost/Income ratio excluding IFRIC 57.4 % 56.8 % 61.0 % 70.5 % 57.0 %
21 effect
RWA (Basel 3 - in ?bn) 76.0 77.8 74.7 72.2 76.1 stable
Normative capital allocation 7,549 7,704 7,879 7,568 7,318 (3)%
(Basel 3)
ROE after tax (Basel 3)((2) ) 8.1 % 9.6 % 8.7 % 5.3 % 9.2 %
ROE after tax (Basel 3) excluding 9.3 % 9.2 % 8.3 % 5.0 % 10.4 %
IFRIC 21 effect((2) )
Investment Solutions((1))
------------------------------------ ---------
in ?m 1Q14 2Q14 3Q14 4Q14 1Q15 1Q15
vs. 1Q14
---------------------------------------------------------------------- ---------
Net revenues 648 711 690 773 823 27%
Asset Management 489 527 523 599 639 31%
Private Banking 31 33 31 33 34 8%
Insurance 126 139 130 134 140 11%
Expenses (486) (489) (480) (549) (583) 20%
---------------------------------------------------------------------- ---------
Gross operating income 163 222 210 223 240 48%
---------------------------------------------------------------------- ---------
Provision for credit losses 2 0 0 2 (1)
---------------------------------------------------------------------- ---------
Net operating income 165 222 211 225 239 45%
---------------------------------------------------------------------- ---------
Associates 4 5 4 4 5 12%
Other items (2) (10) (6) (3) (2)
---------------------------------------------------------------------- ---------
Pre-tax profit 167 217 209 227 242 45%
---------------------------------------------------------------------- ---------
Cost/Income ratio 74.9 % 68.8 % 69.5 % 71.1 % 70.8 %
Cost/Income ratio excluding IFRIC 73.3 % 69.3 % 70.0 % 71.5 % 69.6 %
21 effect
RWA (Basel 3 - in ?bn) 12.8 13.0 13.0 13.8 14.7 15%
Normative capital allocation 3,578 3,616 3,647 3,762 3,899 9%
(Basel 3)
ROE after tax (Basel 3)((2)) 12.7 % 15.6 % 15.7 % 15.9 % 15.1 %
ROE after tax (Basel 3) excluding 13.5 % 15.3 % 15.4 % 15.7 % 15.8 %
IFRIC 21 effect((2))
1. See note on methodology
2. Normative capital allocation methodology based on 10% of the average RWA-
including goodwill and intangibles
Specialized Financial Services( (1))
----------------------------------------------- ----------
in ?m 1Q14 2Q14 3Q14 4Q14 1Q15 1Q15
vs. 1Q14
------------------------------------------------------------------- ----------
Net revenues 313 320 307 327 324 4%
Specialized 179 186 183 195 193 7%
Financing
Factoring 37 36 23 37 35 (6)%
Sureties &
Financial 32 37 31 34 40 26%
Guarantees
Leasing 43 44 60 54 48 11%
Consumer 63 65 65 66 65 3%
Financing
Film Industry 4 5 4 4 4 (2)%
Financing
Financial Services 133 133 124 132 131 (2)%
Employee Savings 30 34 27 33 32 7%
Scheme
Payments 77 74 74 73 72 (6)%
Securities 27 26 24 26 27 stable
Services
Expenses (214) (206) (200) (212) (217) 1%
------------------------------------------------------------------- ----------
Gross operating 99 113 107 115 107 8%
income
------------------------------------------------------------------- ----------
Provision for credit (19) (16) (20) (22) (14) (26)%
losses
------------------------------------------------------------------- ----------
Net operating income 80 98 88 94 93 17%
------------------------------------------------------------------- ----------
Associates 0 0 0 0 0
Other items 0 0 17 (2) 0
------------------------------------------------------------------- ----------
Pre-tax profit 80 98 105 92 93 17%
------------------------------------------------------------------- ----------
Cost/Income ratio 68.4 % 64.5 % 65.1 % 64.8 % 67.0 %
Cost/Income ratio excluding 65.6 % 65.2 % 65.9 % 66.1 % 64.2 %
IFRIC 21 effect
RWA (Basel 3 - in ?bn) 13.9 14.1 13.5 14.4 14.4 3%
Normative capital allocation 1,698 1,639 1,661 1,600 1,692 stable
(Basel 3)
ROE after tax (Basel 3)((2) ) 12.0 % 15.3 % 16.2 % 14.5 % 14.0 %
ROE after tax (Basel 3)
excluding IFRIC 21 effect((2) 13.4 % 14.9 % 15.8 % 13.8 % 15.5 %
)
1. See note on methodology
2. Normative capital allocation methodology based on 10% of the average RWA-
including goodwill and intangibles
Financial Investments((1))
------------------------------- ----------
in ?m 1Q14 2Q14 3Q14 4Q14 1Q15 1Q15
vs. 1Q14
---------------------------------------------------------- ----------
Net revenues 213 212 209 196 227 6%
Coface 178 171 171 168 187 4%
Corporate data solutions 21 21 20 21 20 (6)%
Others 14 20 18 6 20 48%
Expenses (176) (170) (167) (180) (178) 1%
---------------------------------------------------------- ----------
Gross operating income 37 42 43 16 48 29%
---------------------------------------------------------- ----------
Provision for credit losses (2) (3) (2) (4) (3) 51%
---------------------------------------------------------- ----------
Net operating income 36 38 41 12 46 28%
---------------------------------------------------------- ----------
Associates 0 1 1 0 0 (14)%
Other items 0 (38) 0 (12) 0
---------------------------------------------------------- ----------
Pre-tax profit 36 1 41 0 46 28%
---------------------------------------------------------- ----------
Corporate Center((1))
--------------------------- ----------
in ?m 1Q14 2Q14 3Q14 4Q14 1Q15 1Q15
vs. 1Q14
------------------------------------------------------ ----------
Net revenues (42) 35 (171) (39) 10
Expenses (40) (32) (33) (46) (83)
------------------------------------------------------ ----------
Gross operating income (82) 3 (204) (85) (73) (11)%
------------------------------------------------------ ----------
Provision for credit losses (8) (3) (16) (7) 5
------------------------------------------------------ ----------
Net operating income (90) 0 (220) (92) (68) (25)%
------------------------------------------------------ ----------
Associates 0 0 0 0 0 21%
Other items 1 (14) 77 17 2
------------------------------------------------------ ----------
Pre-tax profit (89) (13) (143) (74) (66) (25)%
------------------------------------------------------ ----------
GAPC
------------------------------------
in ?m 1Q14 2Q14 3Q14 4Q14 1Q15
-----------------------------------------------------------------
Net revenues 14 (7) 0 0 0
Expenses (16) (32) 0 0 0
-----------------------------------------------------------------
Gross operating income (2) (39) 0 0 0
-----------------------------------------------------------------
Provision for credit losses 1 (3) 0 0 0
-----------------------------------------------------------------
Pre-tax profit (1) (42) 0 0 0
-----------------------------------------------------------------
Net income 0 (27) 0 0 0
-----------------------------------------------------------------
1. See note on methodology
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 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 May
7(th), 2015 at 9:00 a.m. CET, will be webcast live on www.natixis.com (on the
"Investor Relations" page).
Contacts:
Investor investorelations(at)natixis.com Press relationspresse(at)natixis.com
Relations: Relations:
Pierre- T + 33 1 58 19 57 36 Elisabeth T + 33 1 58 19 28 09
Alexandre de Gaulle
Pechmeze
François T + 33 1 58 19 36 06 Olivier T + 33 1 58 55 04 47
Courtois Delahousse
Souad Ed T + 33 1 58 32 68 11 Sonia T + 33 1 58 32 01 03
Diaz T + 33 1 58 55 59 21 Dilouya
Brigitte
Poussard
First-Quarter 2015 results pdf version:
http://hugin.info/143507/R/1919400/687201.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: NATIXIS via GlobeNewswire
[HUG#1919400]
Unternehmensinformation / Kurzprofil:
Datum: 06.05.2015 - 17:36 Uhr
Sprache: Deutsch
News-ID 391481
Anzahl Zeichen: 58281
contact information:
Town:
Paris
Kategorie:
Business News
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"NATIXIS :FIRST-QUARTER 2015 RESULTS"
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