Paris, May 9, 2012
First-quarter 2012 results
Natixis continues its adjustment to the new environment, accentuates its commercial momentum and records an improvement in its operating performances versus Q4-11
Satisfactory operating results, with good commercial momentum in the three core businesses
Strong growth in gross operating income1 excluding non-operating items2 vs Q4-11 (+22% to €459m)
Rebound in the net revenues of the core businesses3 (+9% vs Q4-11) in a less volatile market environment in Q1-12
Net income (Group share) excluding non-operating items: €339m, up 19% vs Q4-11 and down 30% vs Q1-11
Reported net income (Group share): €185m, including a negative impact of €155m after tax from non-operating items
Further strengthening of the financial structure and ongoing reduction in risk
Program to reduce the consumption of scarce resources4 largely completed: reductions of €5.2bn in Natixis' risk-weighted assets and of €6.9bn in CIB and GAPC assets to refinance
Increased Core Tier 1 ratio: 10.6% as of March 31, 2012 (+40 basis points5 vs December 31, 2011, under Basel 2.5)
Commutation agreement signed with MBIA, allowing reductions in risk-weighted assets and equivalent (€4.7bn for Groupe BPCE and €0.7bn after guarantee for Natixis) largely before the end of 2012
Further market-share gains for the core businesses
CIB: satisfactory commercial performances and further strengthening of presence in the primary bond market
Investment Solutions: further robust commercial growth for Asset Management in the United States and the Personal Protection business in Insurance
Specialized Financial Services: continued rollout of product offerings in the BPCE networks
1 Excluding GAPC, income from discontinued operations and restructuring costs. Pro forma, see the methodological note in the appendices
2 Details in the appendices
3 Core businesses: Corporate and Investment Banking, Investment Solutions, Specialized Financial Services
4 Capital and liquidity
5 Ratio of 10.2% as of December 31, 2011, factoring in the impact of the P3CI transaction implemented on January 6, 2012
