Paris, August 2, 2012
Second-quarter 2012 results
Good resilience of the businesses in a challenging environment
Commercial strength of the three core businesses (1)
Good performances by the core businesses, with net revenues of €1,509m, down just 6% on a very high Q2-11 comparison base and in an uncertain economic environment
Resilience of CIB revenues (-16% vs Q2-11)
Revenue growth for the Investment Solutions division, with an increase in net revenues for Asset Management (+14% vs Q2-11, +5% at constant exchange rates), driven by activity in the United States
Very satisfactory quarter for the Specialized Financial Services businesses (net revenues up 3% and gross operating income up 14% vs Q2-11)
Net income (Group share) of €394m in Q2-12, including non-operating items of €132m after tax(2)
Migration of the CIB to a Wholesale Banking model
Continuation of the CIB adaptation plan and strategic changes announced in November 2011
Migration of the CIB to a Wholesale Banking model in the service of players in the economy: development of customer relationships and the advisory businesses, deployment of the "Originate to Distribute" model
Reinforcement of the financial structure in preparation for Basel 3
Core Tier 1 ratio: 10.9% as of June 30, 2012, i.e. organic generation of 30 bp in Q2-12
Reduction of €10bn in CIB and GAPC assets to refinance between September 2011 and June 2012, at constant exchange rates
Laurent Mignon, CEO of Natixis, said: "The commercial momentum of the businesses in the second quarter of 2012 enabled Natixis to continue its preparation for Basel 3, by further reducing its liquidity needs and by increasing its solvency, without compromising profitability. In this perspective, we are establishing a Wholesale Bank, a new organization focused on the needs of our customers and guaranteeing optimal utilization of our balance sheet."
(1) Core businesses: Corporate and Investment Banking, Investment Solutions, Specialized Financial Services
(2) Details in the appendices
Please note that the full press release is available in attachment.
