Paris, 23 February 2012
Good 2011 results, with net income (Group share) of €1,562m, thanks to the profound change in Natixis' business model
Robust operating performances: pre-tax profit1 stable vs 2010 at €2,241m
Core Tier 1 ratio of 10.2%2 as of December 31, 2011 (Basel 2.5)
Cash dividend of €0.10 per share3 proposed. Per-share yield: 4.2%.4 Payout ratio: 24%
Robust operating performances despite the deterioration in the environment
· Net revenues:1 €6,717m, up 3% vs 2010
· Pre-tax profit:1 €2.2bn, stable vs 2010
· Net income (Group share): €1,562m in 2011 (down 10% vs 2010) and €302m in Q4-11, with a limited impact of non-operating items
Core Tier 1 ratio of 10.2%2 as of December 31, 2011 (Basel 2.5), +370 basis points2,5 over three years
· Significant reduction in liquidity needs6 over three years (-37%)
· Reduction of 39% in risk-weighted assets7 over three years
· Implementation of the P3CI transaction on January 6, 2012
New Deal plan: profound change in the business model
· Continued refocus of CIB. Accelerated development of the originate-to-distribute model, translating into resilient performances: pre-tax profits of €979m in 2011 and €151m in Q4-11. ROE up in 2011 vs 2010, despite a decrease in CIB revenues.
· Success of the multi-boutique asset management model, with centralized distribution: €3.7 billion in net inflows in 2011, in a very difficult market.
· Revenue synergies with the BPCE networks ahead of target.
Laurent Mignon, CEO of Natixis, said: "The 2011 results demonstrate Natixis' ability to generate recurring performances in a difficult environment. Our business model has changed considerably since mid-2009, thanks to the implementation of the New Deal strategy. The financial structure has strengthened significantly as a result of a deliberate policy of reducing risk-weighted assets initiated in 2009 and intensified in the summer of 2011, restored profitability and the implementation of the P3CI transaction with BPCE. In 2012, we will continue to adapt our business model, with our plan to further reduce liquidity needs and risk-weighted assets. All these actions and the mobilization of our teams will enable us to meet Basel III capital requirements as of 1 January 2013."
1 Excluding GAPC, income from discontinued operations and restructuring costs. 2 Adjusted for the implementation of the P3CI transaction and factoring in the impact of CRD3. 3 Subject to approval by the General Shareholders' Meeting of May 29, 2012. 4 Based on a share price of €2.36. 5 Pro forma the prudential treatment of the CCIs as assets risk-weighted at 370%. 6 CIB and GAPC assets to be refinanced (short and long term). 7 Excluding the prudential treatment of CCIs as assets risk-weighted at 370% and excluding the impact of CRD3.
