NATIXIS : Natixis restated quarterly series
13 Novembre 2017 - 05:36PM
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.
- 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.
- 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
- 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
- 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% |
- Including M&A
- Normative capital allocation methodology based on 10.5% of the
average RWA-including goodwill and intangibles
- 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
- 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
- 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 11T + 33 1 58 55 59 21 |
|
www.natixis.com
(1) Asset management includes Private equity
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/dd8e1e97-1283-49b0-8087-e81447e85bf8