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Monday, 13 November 2017

NATIXIS : Natixis restated quarterly series

NATIXIS    

Published: 17:35 CET 13-11-2017 /GlobeNewswire /Source: NATIXIS / : KN /ISIN: FR0000120685


 

 

 

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 1st 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 losses

0

0

0

0

 

1

 

0

0

0

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 excluding IFRIC 21 effect

74.3%

73.1%

72.9%

71.4%

 

72.9%

 

73.2%

70.2%

69.0%

RWA (Basel 3 - in €bn)

9.3

10.1

10.2

10.8

 

10.8

 

10.6

10.2

10.2

Normative capital allocation (Basel 3)

3,703

3,627

3,728

3,727

 

3,696

 

3,874

3,828

3,715

ROE after tax (Basel 3)(2)

11.9%

12.4%

11.2%

10.3%

 

11.5%

 

11.3%

12.5%

13.5%

ROE after tax (Basel 3) excluding IFRIC 21 effect(2)

12.2%

12.3%

11.1%

10.2%

 

11.5%

 

11.5%

12.4%

13.4%

 

 

 

(1) Asset management including Private equity

(2) Normative capital allocation methodology based on 10.5% of the average RWA-including goodwill and intangibles

 

 

  1. 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 losses

(71)

(53)

(50)

(21)

 

(195)

 

(29)

(48)

(16)

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 excluding IFRIC 21 effect

63.0%

56.7%

64.8%

66.0%

 

62.6%

 

55.5%

55.4%

66.5%

RWA (Basel 3 - in €bn)

67.0

68.8

64.9

66.1

 

66.1

 

64.4

61.3

60.4

Normative capital allocation (Basel 3)

7,276

7,106

7,408

6,997

 

7,197

 

7,136

6,963

6,623

ROE after tax (Basel 3)(2)

6.9%

12.9%

8.2%

12.3%

 

10.0%

 

14.7%

16.5%

10.5%

ROE after tax (Basel 3) excluding IFRIC 21 effect(2)

8.0%

12.5%

7.9%

11.9%

 

10.0%

 

15.7%

16.1%

10.2%

 

 

 

  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 IFRIC 21 effect

54.7%

57.0%

57.9%

60.9%

 

57.6%

 

54.9%

61.5%

60.9%

RWA (Basel 3 - in €bn)

7.1

6.9

7.2

7.2

 

7.2

 

7.4

7.2

7.4

Normative capital allocation (Basel 3)

724

836

823

850

 

808

 

857

871

849

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 effect(1)

25.3%

19.1%

19.9%

19.3%

 

20.8%

 

25.6%

19.0%

19.6%

 

 

 

(1) Normative capital allocation methodology based on 10.5% of the average RWA-including goodwill and intangibles

  1. 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 Guarantees 

56

43

47

45

 

191

 

55

46

52

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 IFRIC 21 effect

63.6%

65.7%

67.3%

65.5%

 

65.5%

 

65.6%

66.5%

67.7%

RWA (Basel 3 - in €bn)

13.7

14.8

14.6

15.4

 

15.4

 

15.2

16.0

15.7

Normative capital allocation (Basel 3)

1,698

1,694

1,803

1,782

 

1,745

 

1,961

1,889

1,907

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 effect(1)

17.4%

20.4%

13.7%

15.0%

 

16.5%

 

13.6%

14.7%

13.6%

 

 

 

(1) Normative capital allocation methodology based on 10.5% of the average RWA-including goodwill and intangibles

 

  1. 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@natixis.com

 

 

 

 

Pierre-Alexandre Pechmeze

T + 33 1 58 19 57 36

 

Damien Souchet

T + 33 1 58 55 41 10

 

Souad Ed Diaz

Brigitte Poussard

 

T + 33 1 58 32 68 11

T + 33 1 58 55 59 21

 

 

 

www.natixis.com



(1) Asset management includes Private equity




Natixis restated quarterly series pdf version



This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of Nasdaq Corporate Solutions clients. Source: NATIXIS, 30 avenue Pierre Mendès, Paris FR-75013, France
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