NATIXIS : Natixis restated quarterly series
(Thomson Reuters ONE) -
Paris, November 13, 2017/2
Preparation of the Q4-2017 financial disclosures:
2016 & 9M17 restated quarterly series
In view of the new strategic plan, the 2016 & 9M17 quarterly series have been
restated for the following changes in business lines organization and in
standards for implementation in Q4-2017.
1. The new businesses organization mainly takes into account:
* The split of Investment Solutions into two new divisions:
* Insurance
* Asset & Wealth management(1)
* Within CIB:
* Global finance and Investment banking are now two separate business
lines
* Creation of Global Securities & Financing (GSF), a joint-venture
between FIC and Equity derivatives. The joint-venture includes
Securities Financing Group (SFG, previously in FIC) and Equity
Finance (previously in Equity). Revenues of GSF are equally split
between Equity & FIC;
* Within SFS, Payments division is split out of Financial Services, and
constitute a separate business line
* The removal of the Financial Investments division and its inclusion
within the Corporate Center.
2. Following changes in standards have been included:
* Increase in capital allocation to our business lines from 10% to 10.5%
of the average Basel 3 risk weighted assets;
* Reduction in normative capital remuneration rate to 2% (compared to 3%
previously);
The 2016 & 9M17 quarterly series have been restated on this new basis as if
these changes had occurred on 1(st) January 2016.
These changes affect business lines net revenues, expenses, intermediate
aggregates and capital allocation. Overall these adjustments have no impact at
NATIXIS level.
The following unaudited appendix, discloses the quarterly 2016 & 9M17 income
statements in accordance with this new presentation and these new standards.
Appendix: pro forma quarterly restated series by division
1. ASSET & WEALTH MANAGEMENT(AWM)
------------------------- --------- ------------------
in ?m 1Q16 2Q16 3Q16 4Q16 2016 1Q17 2Q17 3Q17
--------------------------------------------------- --------- ------------------
Net revenues 658 676 649 735 2,718 704 743 766
Asset management((1)) 624 643 615 700 2,582 671 713 730
Private Banking 34 33 34 35 136 33 30 36
Expenses (493) (493) (471) (523) (1,981) (519) (521) (528)
--------------------------------------------------- --------- ------------------
Gross operating income 165 183 177 211 737 186 222 239
Provision for credit 0 0 0 0 1 0 0 0
losses
--------------------------------------------------- --------- ------------------
Net operating income 165 183 177 212 738 186 223 239
Associates 1 1 1 (12) (9) 0 0 0
Other items 18 (2) (2) 2 17 9 0 (1)
--------------------------------------------------- --------- ------------------
Pre-tax profit 185 182 177 202 746 195 222 238
--------------------------------------------------- --------- ------------------
Cost/Income ratio 74.9% 72.9% 72.7% 71.2% 72.9% 73.6% 70.1% 68.8%
Cost/Income ratio 74.3% 73.1% 72.9% 71.4% 72.9% 73.2% 70.2% 69.0%
excluding IFRIC 21 effect
RWA (Basel 3 - in ?bn) 9.3 10.1 10.2 10.8 10.8 10.6 10.2 10.2
Normative capital 3,703 3,627 3,728 3,727 3,696 3,874 3,828 3,715
allocation (Basel 3)
ROE after tax (Basel 11.9% 12.4% 11.2% 10.3% 11.5% 11.3% 12.5% 13.5%
3)((2))
ROE after tax (Basel 3)
excluding IFRIC 21 12.2% 12.3% 11.1% 10.2% 11.5% 11.5% 12.4% 13.4%
effect((2))
(1) Asset management including Private equity
(2) Normative capital allocation methodology based on 10.5% of the average RWA-
including goodwill and intangibles
2. CORPORATE & INVESTMENT BANKING
------------------------- --------- ------------------
in ?m 1Q16 2Q16 3Q16 4Q16 2016 1Q17 2Q17 3Q17
--------------------------------------------------- --------- ------------------
Net revenues 769 874 744 883 3,270 971 1,019 775
Global markets 402 501 405 472 1,780 603 547 363
FIC-T 287 345 293 312 1,238 388 389 253
Equity 121 123 99 150 493 179 172 103
CVA/DVA desk (7) 33 13 10 49 35 (13) 7
Global finance 301 330 330 320 1,281 312 343 315
Investment banking((1)) 54 71 75 85 285 81 122 85
Other 12 (28) (66) 6 (75) (25) 7 12
Expenses (515) (486) (472) (573) (2,046) (566) (555) (506)
--------------------------------------------------- --------- ------------------
Gross operating income 253 389 272 310 1,224 404 464 269
Provision for credit (71) (53) (50) (21) (195) (29) (48) (16)
losses
--------------------------------------------------- --------- ------------------
Net operating income 182 336 222 290 1,029 375 416 253
Associates 3 4 3 3 14 3 3 3
Other items 0 0 0 0 0 0 0 0
--------------------------------------------------- --------- ------------------
Pre-tax profit 185 340 225 293 1,043 378 418 255
--------------------------------------------------- --------- ------------------
Cost/Income ratio 67.1% 55.6% 63.4% 64.9% 62.6% 58.3% 54.4% 65.3%
Cost/Income ratio 63.0% 56.7% 64.8% 66.0% 62.6% 55.5% 55.4% 66.5%
excluding IFRIC 21 effect
RWA (Basel 3 - in ?bn) 67.0 68.8 64.9 66.1 66.1 64.4 61.3 60.4
Normative capital 7,276 7,106 7,408 6,997 7,197 7,136 6,963 6,623
allocation (Basel 3)
ROE after tax (Basel 6.9% 12.9% 8.2% 12.3% 10.0% 14.7% 16.5% 10.5%
3)((2))
ROE after tax (Basel 3)
excluding IFRIC 21 8.0% 12.5% 7.9% 11.9% 10.0% 15.7% 16.1% 10.2%
effect((2))
1. Including M&A
2. Normative capital allocation methodology based on 10.5% of the average RWA-
including goodwill and intangibles
3. INSURANCE
------------------------- ------- ------------------
in ?m 1Q16 2Q16 3Q16 4Q16 2016 1Q17 2Q17 3Q17
----------------------------------------------------- ------- ------------------
Net revenues 169 158 157 171 655 189 179 176
Expenses (99) (88) (89) (102) (378) (129) (102) (99)
----------------------------------------------------- ------- ------------------
Gross operating income 69 70 69 69 277 60 77 77
Provision for credit losses 0 0 0 0 0 0 0 0
----------------------------------------------------- ------- ------------------
Net operating income 69 70 69 69 277 60 77 77
Associates 3 1 4 2 9 4 3 2
Other items 0 0 0 0 0 0 0 0
----------------------------------------------------- ------- ------------------
Pre-tax profit 72 71 72 71 287 65 80 79
----------------------------------------------------- ------- ------------------
Cost/Income ratio 59.0% 55.5% 56.3% 59.5% 57.6% 68.1% 56.9% 56.2%
Cost/Income ratio excluding 54.7% 57.0% 57.9% 60.9% 57.6% 54.9% 61.5% 60.9%
IFRIC 21 effect
RWA (Basel 3 - in ?bn) 7.1 6.9 7.2 7.2 7.2 7.4 7.2 7.4
Normative capital allocation 724 836 823 850 808 857 871 849
(Basel 3)
ROE after tax (Basel 3)((1)) 22.7% 19.9% 20.7% 20.0% 20.8% 17.7% 21.6% 22.3%
ROE after tax (Basel 3)
excluding IFRIC 21 25.3% 19.1% 19.9% 19.3% 20.8% 25.6% 19.0% 19.6%
effect((1))
(1) Normative capital allocation methodology based on 10.5% of the average RWA-
including goodwill and intangibles
4. SPECIALIZED FINANCING SERVICES
------------------------- ------- ------------------
in ?m 1Q16 2Q16 3Q16 4Q16 2016 1Q17 2Q17 3Q17
----------------------------------------------------- ------- ------------------
Net revenues 343 342 325 341 1,352 344 347 341
Specialized Financing 215 212 203 210 840 219 218 215
Factoring 38 39 39 42 158 39 39 38
Sureties & Financial 56 43 47 45 191 55 46 52
Guarantees
Leasing 52 59 49 54 213 54 61 52
Consumer Financing 64 66 63 63 257 66 65 67
Film Industry Financing 5 6 5 6 21 5 6 5
Payments 83 81 80 85 329 81 83 83
Financial Services 46 49 43 45 183 44 46 43
Employee savings plans 22 25 20 21 89 21 22 21
Securities Services 24 23 23 24 94 23 23 22
Expenses (226) (222) (216) (221) (885) (233) (228) (229)
----------------------------------------------------- ------- ------------------
Gross operating income 117 120 109 120 466 112 118 112
Provision for credit losses (13) (17) (12) (16) (57) (21) (14) (13)
----------------------------------------------------- ------- ------------------
Net operating income 104 103 97 105 409 90 104 99
Associates 0 0 0 0 0 0 0 0
Other items 0 31 0 0 31 0 0 0
----------------------------------------------------- ------- ------------------
Pre-tax profit 104 135 97 105 440 90 104 99
----------------------------------------------------- ------- ------------------
Cost/Income ratio 65.9% 64.9% 66.5% 64.7% 65.5% 67.6% 65.8% 67.1%
Cost/Income ratio excluding 63.6% 65.7% 67.3% 65.5% 65.5% 65.6% 66.5% 67.7%
IFRIC 21 effect
RWA (Basel 3 - in ?bn) 13.7 14.8 14.6 15.4 15.4 15.2 16.0 15.7
Normative capital allocation 1,698 1,694 1,803 1,782 1,745 1,961 1,889 1,907
(Basel 3)
ROE after tax (Basel 3)((1)) 16.1% 20.8% 14.1% 15.4% 16.5% 12.6% 15.1% 14.0%
ROE after tax (Basel 3)
excluding IFRIC 21 17.4% 20.4% 13.7% 15.0% 16.5% 13.6% 14.7% 13.6%
effect((1))
(1) Normative capital allocation methodology based on 10.5% of the average RWA-
including goodwill and intangibles
5. CORPORATE CENTER
------------------------- ------- ------------------
in ?m 1Q16 2Q16 3Q16 4Q16 2016 1Q17 2Q17 3Q17
---------------------------------------------------- ------- ------------------
Net revenues 124 161 48 389 723 138 122 146
Coface 162 139 125 203 629 137 152 167
Others (38) 22 (77) 186 94 1 (30) (21)
Expenses (271) (234) (199) (245) (948) (324) (189) (169)
Coface (130) (127) (125) (148) (530) (122) (128) (119)
SRF (79) (35) 0 0 (114) (128) 6 0
Others (62) (71) (74) (97) (305) (74) (66) (50)
---------------------------------------------------- ------- ------------------
Gross operating income (147) (72) (150) 144 (225) (186) (67) (23)
Provision for credit losses (4) (19) (7) (24) (54) (20) (5) (26)
---------------------------------------------------- ------- ------------------
Net operating income (151) (91) (157) 120 (279) (206) (72) (49)
Associates 0 0 (3) 1 (2) 0 0 0
Other items 11 (73) 105 10 53 1 18 0
---------------------------------------------------- ------- ------------------
Pre-tax profit (139) (164) (55) 130 (228) (205) (54) (49)
---------------------------------------------------- ------- ------------------
Contacts:
Investor Relations: investorelations(at)natixis.com
Pierre-Alexandre Pechmeze T + 33 1 58 19 57 36
Damien Souchet T + 33 1 58 55 41 10
Souad Ed Diaz T + 33 1 58 32 68 11
Brigitte Poussard T + 33 1 58 55 59 21
www.natixis.com
--------------------------------------------------------------------------------
(1) Asset management includes Private equity
Natixis restated quarterly series pdf version:
http://hugin.info/143507/R/2149413/824881.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: NATIXIS via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 13.11.2017 - 17:35 Uhr
Sprache: Deutsch
News-ID 567877
Anzahl Zeichen: 16060
contact information:
Town:
Paris
Kategorie:
Business News
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