Paris, November 14, 2012
Third-quarter 2012 results
Growth in Natixis' revenues and earnings capacity
Further strengthening of the financial structure ahead of Basel 3
Increase in the revenues of the core businesses:1 +17% vs Q3-11
· Wholesale Banking: strong rebound in revenues: +25% vs Q3-11 (+18% at constant exchange rates), good performances in Fixed Income and Structured Finance
· Investment Solutions: revenues up 16% vs Q3-11 (+9% at constant exchange rates) thanks to the growth of asset management in the United States
· SFS: revenues up 3% vs Q3-11, further deployment of offers in the Groupe BPCE networks
Robust results excluding non-operating items
· Growth in Natixis' net revenues:2 up 11% vs Q3-11 (excluding P3CI interest) at €1,541m, excluding non-operating items
· Expenses under control2,3 (excluding the fiscal surcharge4): up only 3% vs Q3-11 and down 5% vs Q2-12, thanks notably to the effects of the Operational Efficiency Program
· Increase in net income (Group share) excluding non-operating items: up 27% vs Q3-11 (excluding P3CI interest) and 14% vs Q2-12 at €298m
· Reported net income (Group share) of €142m, including -€156m in non-operating items (mainly the value adjustment of own senior debt)
Reinforcement of the financial structure
· Core Tier 1 ratio of 11.4% as of September 30, 2012, increases of 50 bp vs June 30, 2012 and 120 bp over the first nine months, confirming progress toward Basel 3
· The program aimed at achieving an additional reduction in the consumption of scarce resources,5 announced on November 9, 2011, had been very largely completed by end-September 2012
Implementation of an Operational Efficiency Program
- Goal of a cumulative reduction of more than €300m in expenses by end-2014
- Reduction in expenses releasing additional leeway for the growth of the core businesses1
Natixis' full regulated disclosures are available on the www.natixis.com website, on the Investor Relations page. The quarterly financial disclosures include this statement and the presentation of the third-quarter 2012 results, intended for analysts.
Specific information on exposures (FSF recommendations) is disclosed in the presentation of results for analysts.
1 Wholesale Banking, Investment Solutions, Specialized Financial Services. 2 Excluding GAPC. 3 At constant exchange rates. 4 Systemic banking tax surcharge and forfait social. 5 Capital and liquidity.
