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NATIXIS :4Q17 AND 2017 RESULTS
Mann mit Wirtschaftszeitung (Symbolbild).
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Paris, February 13, 2018
4Q17 and 2017 results
Reported Net income up +21% at €1,669m in 2017 and +5% at €518m in 4Q17
€0.37(1) cash dividend per share
SOLid growth and improved profitability across our business lines
net revenues(2) +9% in 2017 At €9.5bn, GOI(2) +19% at €3bn and businesses' roe(2) At 13.8%
AWM: Net revenue and fee rate increases thanks to our resolutely active positioning
Significant increase in net revenues, above €3.1bn (+22% in 4Q17 and +15% in 2017)
Fee rate increase in both Europe and North America: 31.5bps overall in 4Q17 (+3.4bps YoY)
Positive net inflows momentum for long-term products: +€10bn in 4Q17 (+€27bn in 2017)
$1trn assets under management as at December 31, 2017 (€831bn)
CIB: Strong momentum across all activities, market share gains
Net revenues (ex CVA/DVA desk) up +9% in 2017, of which +11% in Global markets
Strong momentum in IB and M&A: Net revenues up +27% in 2017, of which +47% in M&A
Global finance: Net revenues increased +12% in 4Q17, notably driven by a dynamic new loan production
RWA decreased -11% in 2017 and profitability increased significantly (+250bps)
Insurance: A sustainable growth driver for Natixis
Net revenues up +12% in 2017 and +11% in 4Q17
Life Insurance: ~€10bn premiums in 2017 (+53%), AuM at €54.7bn of which €12.6bn in unit-linked products
SFS: The Payments hub keeps building up
Net revenues from SFS up +3% in 4Q17 and +2% in 2017
Successful mandatory takeover bid on Dalenys and exclusivity agreement for the acquisition of Comitéo
€446m revenue synergies with Groupe BPCE networks as at end 2017, beyond the €400m initial target
sustainable value creation (rote: 12.3%), financial strength and dividend increase
FY17 net income excluding exceptionals at €1.7bn up +25% and €470m in 4Q17 (+22%)
RoTE improvement at 12.3% in 2017 (+240bps vs. 2016) and 12.6% in 4Q17
Basel 3 FL CET1 ratio(3) at 10.65% as at December 31, 2017. ~160bps of organic capital generation in 2017
Ordinary cash dividend of €0.37(1) per share (payout ratio of 74%)
NEW DIMENSION off to a good start
Laurent Mignon, Natixis Chief Executive Officer, said: "Natixis delivered good performances in all business lines in 2017, amongst the best in the industry, while successfully completing the New Frontier strategic plan. We strengthened our major lines of expertise around the world, thanks to a strong commercial momentum and a proactive acquisition strategy in asset management, insurance, M&A and payments. We are committed to deliver on our New Dimension plan, that we enter with confidence. New Dimension seeks to sustainably anchor our development and our value creation through time by deepening our expertise, leveraging growth through digital and especially continuing to differentiate ourselves via chosen businesses and the way in which we deliver solutions to our clients."
(1) Subject to the approval of the General Shareholders' Meeting on May 23, 2018 (2) Excluding exceptional items and the IFRIC 21 impact for cost/income ratio, RoE, and RoTE (2) Based on CRR-CRD4 rules published on June 26, 2013, including the Danish compromise - no phase-in
4Q17 rEsults
The Board of Directors approved Natixis' accounts for the fourth quarter of 2017 on February 13, 2018.
| €m | 4Q17 | o/w | o/w | 4Q17 | 4Q17 | |
| reported | recurring | exceptionals | vs. 4Q16 | vs. 4Q16 | ||
| reported | recurring | |||||
| Net revenues | 2,506 | 2,450 | 56 | (1)% | 7% | |
| o/w businesses | 2,255 | 2,255 | 6% | 6% | ||
| Expenses | (1,737) | (1,698) | (39) | 4% | 4% | |
| Gross operating income | 769 | 753 | 17 | (10)% | 15% | |
| Provision for credit losses | (65) | (65) | 8% | 8% | ||
| Net operating income | 704 | 687 | 17 | (12)% | 16% | |
| Associates and other items | 29 | 11 | 18 | |||
| Pre-tax profit | 733 | 699 | 35 | (8)% | 17% | |
| Income tax | (139) | (153) | 14 | |||
| Minority interests | (76) | (76) | ||||
| Net income - group share | 518 | 470 | 48 | 5% | 22% |
| Excluding exceptional items | 4Q17 | 4Q16 | 4Q17 | ||
| €m | vs. 4Q16 | ||||
| Net income - (gs) - restated | 470 | 384 | 22% | ||
| Restatement of IFRIC 21 impact | (42) | (39) | |||
| Net income - (gs) - restated excl. IFRIC impact | 428 | 346 | 24% |
| EXCEPTIONALS (€m) | 4Q17 | 4Q16 | ||
| Capital gain on the sale of 15% stake in CACEIS (Net revenues) | Corporate center | 74 | ||
| Exchange rate fluctuations on DSN in currencies (Net revenues) | Corporate center | (18) | 20 | |
| Transformation & Business Efficiency Investment costs (Expenses) | Business lines & Corporate center | (39)(1) | (9) | |
| Capital gain on the liquidation of a holding structure (Gain or loss on other assets) | CIB | 18 | ||
| FV adjustment on own senior debt (Net revenues) | Corporate center | 136 | ||
| Coface: "Fit to win" restructuring costs (-€39m) & other gains (+€19m) (Expenses) | Corporate center | (19) | ||
| Coface: gain on State guarantees transfer to BpiFrance (Gross operating income) | Corporate center | 75 | ||
| Total impact on income tax | 14 | (70) | ||
| Total impact on minority interests | (21) | |||
| Total impact on net income (gs) | 48 | 111 | ||
- o/w €32m in the Corporate center
Unless stated otherwise, the commentary that follows refers to results excluding exceptional items (see detail p2).
Natixis
Natixis posted €2.5bn in net revenues in 4Q17, up +7% YoY and +10% at constant exchange rate. Net revenues generated by the businesses improved +6% YoY to €2.3bn, including significant rises from Asset & Wealth Management (+28% at constant exchange rate), Insurance (+11%) and Coface (+33%).
Expenses came out at €1.7bn in 4Q17, up +4% YoY, translating into a 3pp positive jaws effect and a 220bps YoY improvement in the cost/income ratio at 71.2%, excluding IFRIC 21. Gross operating income of €753m progressed +15% in 4Q17 vs. 4Q16.
The cost of risk amounted to €65m in 4Q17, slightly up YoY. Expressed in basis points of loans outstanding (excluding credit institutions), the businesses' cost of risk worked out to 22bps in 4Q17. Pre-tax profit rose +17% to €699m in 4Q17 vs. 4Q16.
The 4Q17 tax rate notably benefited from a ~€100m positive impact from the US tax reforms (write-down of deferred tax liabilities). The marked YoY increase in minority interests reflected solid growth in Coface's contribution and a high level of performance fees generated by some European Asset Management affiliates.
Net income (group share), adjusted for IFRIC 21 and excluding exceptional items, came out at €428m in 4Q17, a +24% YoY increase. Accounting for exceptional items (+€48m impact net of tax in 4Q17) and IFRIC 21 (+€42m impact in 4Q17), the reported net income (group share) increased +5% YoY to €518m in 4Q17.
Excluding IFRIC 21, Natixis' RoTE(1) equated to 12.6% and the businesses' RoE(1) reached 12.5%, up +270bps and +20bps respectively vs. 4Q16.
Asset & Wealth Management
| €m | 4Q17 | 4Q16 | 4Q17 vs. 4Q16 |
| Net revenues | 899 | 735 | 22% |
| o/w Asset management | 857 | 700 | 23% |
| o/w Wealth management | 42 | 35 | 20% |
| Expenses | (609) | (523) | 16% |
| Gross operating income | 290 | 211 | 37% |
| Provision for credit losses | 0 | 0 | |
| Associates and other items | 3 | (10) | |
| Pre-tax profit | 293 | 202 | 45% |
| Cost/income ratio(1) | 67.8% | 71.4% | (3.6)pp |
| RoE after tax(1) | 14.0% | 10.2% | +3.8pp |
Revenues from Asset & Wealth Management (AWM) were up a significant +22% YoY in 4Q17 (+28% at constant exchange rate), notably fueled by improved margins and higher AuM. Net revenues from Asset management amounted to €857m in 4Q17, up +23% vs. 4Q16 and including rises of +37% to €334m in Europe and +8% to €408m in North America. Net revenues from Wealth management increased +20% YoY.
In Asset management in 4Q17, margins excluding performance fees (€149m in 4Q17) improved +3.4bps to 31.5bps overall and rose +2.8bps to 16.7bps in Europe and +1.5bps to 39.5bps in North America. Margin growth resulted from an improved product mix and the integration of Investors Mutual Limited (IML) in Australia.
Asset management attracted +€8bn of net inflows overall during the quarter, including +€2.6bn in Europe (driven notably by H2O and DNCA) and +€5.0bn in North America (Harris Associates: +$1.4bn, Loomis Sayles: +$3.4bn). AuM reached €831bn at year-end 2017, of which €406bn in Europe and €410bn in North America. AuM growth this quarter was driven by a combination of net inflows, the integration of IML (+€6bn of AuM) and a +€10bn positive market effect, which outweighed a -€6bn negative FX impact. Wealth management had €31.6bn(2) of AuM at end-December 2017.
AWM lifted RoE after tax and excluding IFRIC 21 by +380bps to 14.0% in 4Q17.
- See note on methodology and excluding IFRIC 21 impact on the calculation of the cost/income ratio and RoE on 4Q16 and 4Q17
- Including Vega IM, 60% owned by Natixis Wealth Management
Corporate & Investment Banking
| €m | 4Q17 | 4Q16 | 4Q17 vs. 4Q16 |
| Net revenues | 817 | 883 | (8)% |
| Net revenues excl. CVA/DVA | 840 | 873 | (4)% |
| o/w Global markets | 432 | 462 | (7)% |
| o/w Global finance | 358 | 320 | 12% |
| o/w IB et M&A | 74 | 85 | (12)% |
| Expenses | (567) | (573) | (1)% |
| Gross operating income | 249 | 310 | (20)% |
| Provision for credit losses | (21) | (21) | 2% |
| Associates and other items | 2 | 3 | |
| Pre-tax profit | 231 | 293 | (21)% |
| Cost/income ratio(1) | 70.6% | 66.0% | +4.6pp |
| RoE after tax(1) | 10.3% | 11.9% | (1.6)pp |
Net revenues from Corporate & Investment Banking excluding the CVA/DVA desk were down a limited -1% in 4Q17 at constant exchange rate (-4% on a reported basis at €840m).
Net revenues from Global markets were adversely affected by lower client activity in Rates and Equity Derivatives as well as lower volatility in the latter business and in FX. This translated into YoY revenues declines of -8% in FICT to €288m and -4% in Equity to €144m. Within Global finance, robust new loan production in structured financing (+51% YoY) particularly in US Real Estate, drove a +12% YoY rise in revenues to €358m. Revenues generated by Investment banking and M&A amounted to €74m in 4Q17, down on the year-earlier level, due notably to less transactions closed in ECM.
CIB posted RoE after tax and excluding IFRIC 21 of 10.3% in 4Q17.
Insurance
| €m | 4Q17 | 4Q16 | 4Q17 vs. 4Q16 |
| Net revenues | 190 | 171 | 11% |
| Expenses | (110) | (102) | 8% |
| Gross operating income | 80 | 69 | 15% |
| Provision for credit losses | 0 | 0 | |
| Associates and other items | 4 | 2 | |
| Pre-tax profit | 84 | 71 | 17% |
| Cost/income ratio(1) | 60.0% | 60.9% | (0.9)pp |
| RoE after tax(1) | 25.3% | 19.3% | +6.0pp |
Net revenues from Insurance increased +11% YoY to reach €190m in 4Q17, driven by both Life/Personal protection and P&C. Expenses rose +8% to €110m, resulting in a positive jaws effect, a cost/income ratio improvement to 60.0% and a gross operating income at €80m, up +15% YoY.
Insurance lifted RoE after tax and excluding IFRIC 21 by +600bps to 25.3% in 4Q17.
Global turnover excluding the reinsurance agreement with CNP amounted to €2.8bn in 4Q17. It included rises of +9% in Life/Personal protection and of +6% in Property & Casualty.
Life Insurance AuM reached €54.7bn at end-December 2017, of which 23% in the form of unit-linked products. The combined ratio for P&C activities worked out to 91.5% in 4Q17, down -1.5pp vs. 4Q16.
- See note on methodology and excluding IFRIC 21 impact on the calculation of the cost/income ratio and RoE on 4Q16 and 4Q17
Specialized Financial Services
| €m | 4Q17 | 4Q16 | 4Q17 |
| vs. 4Q16 | |||
| Net revenues | 350 | 341 | 3% |
| Specialized financing | 210 | 210 | 0% |
| Payments | 89 | 85 | 4% |
| Financial services | 51 | 45 | 12% |
| Expenses | (242) | (221) | 10% |
| Gross operating income | 108 | 120 | (11)% |
| Provision for credit losses | (24) | (16) | 53% |
| Associates and other items | 0 | 0 | |
| Pre-tax profit | 83 | 105 | (20)% |
| Cost/income ratio(1) | 69.9% | 65.5% | +4.4pp |
| RoE after tax(1) | 11.2% | 15.0% | (3.8)pp |
Net revenues from Specialized Financial Services grew +3% YoY in 4Q17. This overall growth included stable revenues from Specialized financing, and increases of +4% for Payments and +12% for Financial services (of which +25% for Employee savings plans).
SFS' expenses increased +10% YoY in 4Q17, though rose only +2% at constant scope. The cost/income ratio excluding IFRIC 21 and Payments acquisitions worked out to 67.3% in 4Q17.
The cost of risk stood at €24m and was adversely impacted during the quarter by model updates.
SFS posted RoE after tax and excluding IFRIC 21 of 11.2% in 4Q17.
Within Payments, the mandatory takeover bid on Dalenys was successfully completed on January 26, 2018. January 16, 2018 also saw Groupe BPCE become the first payment services provider (PSP) in France to join the SEPA Instant Credit Transfer (SCT Inst) scheme. Most BPCE banks will be ready to propose SCT Inst-based services in April 2018.
Corporate Center
| €m | 4Q17 | 4Q16 | 4Q17 |
| vs. 4Q16 | |||
| Net revenues | 195 | 156 | 25% |
| Coface | 167 | 126 | 33% |
| Others | 28 | 30 | (8)% |
| Expenses | (169) | (214) | (21)% |
| Coface | (114) | (126) | (10)% |
| SRF | 0 | 0 | |
| Others | (56) | (88) | (37)% |
| Gross operating income | 26 | (58) | |
| Provision for credit losses | (20) | (24) | |
| Associates and other items | 2 | 10 | |
| Pre-tax profit | 8 | (72) |
Activities housed in the Corporate Center generated €195m of net revenues in 4Q17, a +25% YoY increase, of which €167m came from Coface (+33% YoY).
Coface's turnover reached €340m in 4Q17, up +2% at constant scope and exchange rate. The combined ratio net of reinsurance improved markedly to 76.1%, on the back of reduced claims (loss ratio of 41.8% vs. 68.0% in 4Q16) and a tight grip on expenses (cost ratio of 34.3% vs. 32.0% in 4Q16).
Corporate Center expenses excluding Coface and the SRF dropped -37% YoY. Coface's expenses were down -10% during the same period.
Pre-tax profit came out at €8m vs. -€72m in 4Q16.
During 4Q17, Natixis sold its 15% stake in CACEIS, thereby generating a €74m capital gain. The deal lowered RWA by -€0.8bn and will have no impact on Natixis' P&L going forward.
- See note on methodology and excluding IFRIC 21 impact on the calculation of the cost/income ratio and RoE on 4Q16 and 4Q17
2017 rEsults
| €m | 2017 | o/w | o/w | 2017 | 2017 | |
| reported | recurring | exceptionals | vs. 2016 | vs. 2016 | ||
| reported | recurring | |||||
| Net revenues | 9,467 | 9,497 | (30) | 9% | 9% | |
| o/w businesses | 8,810 | 8,810 | 10% | 9% | ||
| Expenses | (6,632) | (6,540) | (93) | 6% | 5% | |
| Gross operating income | 2,835 | 2,957 | (123) | 14% | 19% | |
| Provision for credit losses | (258) | (258) | (15)% | (15)% | ||
| Net operating income | 2,577 | 2,699 | (123) | 19% | 23% | |
| Associates and other items | 74 | 56 | 18 | |||
| Pre-tax profit | 2,651 | 2,755 | (105) | 16% | 21% | |
| Income tax | (789) | (848) | 59 | |||
| Minority interests | (192) | (192) | ||||
| Net income - group share | 1,669 | 1,715 | (46) | 21% | 25% |
| EXCEPTIONALS (€m) | 2017 | 2016 | |
| Capital gain on the sale of 15% stake in CACEIS (Net revenues) | Corporate center | 74 | |
| Exchange rate fluctuations on DSN in currencies (Net revenues) | Corporate center | (104) | 9 |
| Transformation & Business Efficiency Investment costs (Expenses) | Business lines & Corporate center | (74) (1) | (9) |
| Capital gain on the liquidation of a holding structure (Gain or loss on other assets) | CIB | 18 | |
| SWL litigation (Net revenues) | CIB | (69) | |
| FV adjustment on own senior debt (Net revenues) | Corporate center | 0 | |
| Non-recurring additional Corporate Social Solidarity Contribution | Insurance | (19) | |
| resulting from agreement with CNP (Expenses) | |||
| Coface: "Fit to win" restructuring costs (-€39m) & other gains (+€19m) (Expenses) | Corporate center | (19) | |
| Coface: gain on State guarantees transfer to BpiFrance (Gross operating income) | Corporate center | 75 | |
| Gain from disposal of operating property assets (Gain or loss on other assets) | Corporate center | 97 | |
| Goodwill impairment on Coface (Change in value of goodwill) | Corporate center | (75) | |
| Total impact on income tax | 59 | (29) | |
| Total impact on minority interests | 23 | ||
| Total impact on net income (gs) | (46) | 3 | |
- o/w €57m in the Corporate center
Unless stated otherwise, the commentary that follows refers to results excluding exceptional items (see detail p6).
Natixis
Natixis posted €9.5bn in net revenues in 2017, up +9% YoY. Net revenues generated by the businesses improved +9% YoY as well to €8.8bn, including significant rises from Asset & Wealth Management (+15% in 2017), Insurance (+12%) and Corporate & Investment Banking (+7%).
Expenses came out at €6.5bn in 2017, up +5% YoY, translating into a 4pp positive jaws effect and a 250bps YoY improvement in the cost/income ratio at 68.9%. Gross operating income of €3.0bn progressed +19% in 2017 vs. 2016.
The cost of risk amounted to €258m in 2017, down -15% YoY despite a €60m reinforcement of the general reserve, booked in the corporate center. Expressed in basis points of loans outstanding (excluding credit institutions), the businesses' cost of risk worked out to 23bps in 2017 vs. 34bps in 2016. The cost of risk/net revenues ratio decreased from 3.5% in 2016 to 2.7% this year. Pre-tax profit rose +21% YoY to €2.8bn.
The 2017 tax rate notably benefited from a positive impact from the US tax reforms recognized in 4Q17. The marked YoY increase in minority interests reflected solid growth in Coface's contribution and a high level of performance fees generated by some European Asset Management affiliates.
Net income (group share), excluding exceptional items, came out at €1.7bn in 2017, a +25% YoY increase. Accounting for exceptional items (-€46m impact net of tax in 2017), the reported net income (group share) increased +21% YoY to €1.7bn in 2017.
Natixis' RoTE(1) equated to 12.3% and the businesses' RoE(1) reached 13.8%, up +240bps and +160bps respectively vs. 2016.
Asset & Wealth Management
| €m | 2017 | 2016 | 2017 vs. 2016 |
| Net revenues | 3,113 | 2,718 | 15% |
| o/w Asset management | 2,972 | 2,582 | 15% |
| o/w Wealth management | 142 | 136 | 4% |
| Expenses | (2,175) | (1,981) | 10% |
| Gross operating income | 938 | 737 | 27% |
| Provision for credit losses | 0 | 1 | |
| Associates and other items | 11 | 8 | |
| Pre-tax profit | 949 | 746 | 27% |
| Cost/income ratio(1) | 69.9% | 72.9% | (3.0)pp |
| RoE after tax(1) | 12.8% | 11.5% | +1.3pp |
Revenues from Asset & Wealth Management (AWM) were up a significant +15% YoY in 2017 (+16% at constant exchange rate), notably fueled by improved margins and higher AuM. Net revenues from Asset management amounted to €3.0bn in 2017, up +15% vs. 2016. Net revenues from Wealth management increased +4% YoY.
In Asset management, margins excluding performance fees (€287m in 4Q17) improved +1.3bps to average 29.5bps for the year.
Asset management attracted +€24bn of net inflows during the year and +€72bn for the 2014-2017 period. AuM reached €831bn at year-end 2017, or $1trn. At constant exchange-rate, average AuM for the year rose +10.5% in Europe (excluding Life Insurance) and +8.4% in North America.
Expenses increased +10% during the year, translating into a 5pp positive jaws effect and a cost/income ratio improvement, below 70% for 2017 (72.9% in 2016). Both gross operating income and pre-tax profit rose +27% YoY.
AWM lifted RoE after tax by +130bps to 12.8% in 2017.
- See note on methodology
Corporate & Investment Banking
| €m | 2017 | 2016 | 2017 |
| vs. 2016 | |||
| Net revenues | 3,581 | 3,339 | 7% |
| Net revenues excl. CVA/DVA | 3,576 | 3,290 | 9% |
| o/w Global markets | 1,916 | 1,731 | 11% |
| o/w Global finance | 1,328 | 1,281 | 4% |
| o/w IB et M&A | 362 | 285 | 27% |
| Expenses | (2,191) | (2,046) | 7% |
| Gross operating income | 1,390 | 1,293 | 8% |
| Provision for credit losses | (115) | (195) | (41)% |
| Associates and other items | 10 | 14 | |
| Pre-tax profit | 1,285 | 1,111 | 16% |
| Cost/income ratio(1) | 61.2% | 61.3% | (0.1)pp |
| RoE after tax(1) | 13.2% | 10.7% | +2.5pp |
Net revenues from Corporate & Investment Banking excluding the CVA/DVA desk rose +9% YoY in 2017, fueled by solid performances from Global markets (+11% vs. 2016) and from Investment banking and M&A (+27%, including +47% growth in M&A). Over the same period, CIB RWA declined -11%, testifying to the success of the O2D model. Net revenues equated to 5.7% of average RWA over the year (excluding the CVA/DVA desk).
Within Global markets, FICT revenues rose +6% in 2017, notably buoyed by the US and APAC platforms (+20% in 2017), whilst Equity revenues grew +21%. The US and APAC platforms lifted their contribution to CIB overall revenues from 35% in 2016 to 38%.
Fixed costs excluding regulatory projects increased +3% during the year, while the cost/income ratio improved slightly relative to 2016.
The cost of risk fell -41% versus the 2016 figure and pre-tax profit increased +16% YoY.
CIB lifted RoE after tax by +250bps to 13.2% in 2017.
Insurance
| €m | 2017 | 2016 | 2017 vs. 2016 |
| Net revenues | 734 | 655 | 12% |
| Expenses | (416) | (378) | 10% |
| Gross operating income | 318 | 277 | 15% |
| Provision for credit losses | 0 | 0 | |
| Associates and other items | 13 | 9 | |
| Pre-tax profit | 331 | 287 | 15% |
| Cost/income ratio(1) | 56.6% | 57.6% | (1.0)pp |
| RoE after tax(1) | 23.9% | 20.8% | +3.1pp |
Net revenues from Insurance increased +12% YoY to reach €734m in 2017 driven by both Life/Personal protection and P&C. Expenses rose +10% to €416m, resulting in a positive jaws effect, a cost/income ratio improvement to 56.6% and a gross operating income at €318m, up +15% YoY.
Insurance lifted RoE after tax by +310bps to 23.9% in 2017.
Global turnover excluding the reinsurance agreement with CNP increased +46% YoY in 2017 to €11.7bn, of which €10.3bn for Life/Personal protection and €1.4bn for Property & Casualty.
Life Insurance net inflows in unit-linked products almost tripled in 2017 at +€2.9bn and accounted for half of total 2017 net inflows and 35% of gross inflows. The combined ratio for P&C activities worked out to 92.1% in 2017, down - 0.4pp vs. 2016.
- See note on methodology
Specialized Financial Services
| €m | 2017 | 2016 | 2017 |
| vs. 2016 | |||
| Net revenues | 1,382 | 1,352 | 2% |
| Specialized financing | 862 | 840 | 3% |
| Payments | 336 | 329 | 2% |
| Financial services | 184 | 183 | 1% |
| Expenses | (930) | (885) | 5% |
| Gross operating income | 451 | 466 | (3)% |
| Provision for credit losses | (73) | (57) | 27% |
| Associates and other items | 0 | 31 | |
| Pre-tax profit | 379 | 440 | (14)% |
| Cost/income ratio(1) | 67.3% | 65.5% | +1.8pp |
| RoE after tax(1)(2) | 13.3% | 15.4% | (2.1)pp |
Net revenues from Specialized Financial Services grew +2% in 2017 and included increases of +3% for Specialized financing (+5% for Sureties & guarantees), +2% for Payments and +1% for Financial services.
Expansion in the Payments area was reflected in the +64% increase in recently acquired Payplug and Dalenys' combined turnover in 2017, as well as in the +10% YoY revenue growth in prepaid (at constant scope) and the +10% increase in the volume of card transactions processed. 79% of Payments revenues were generated with the Groupe BPCE networks in 2017.
SFS posted RoE after tax of 13.3% in 2017.
Corporate Center
| €m | 2017 | 2016 | 2017 |
| vs. 2016 | |||
| Net revenues | 687 | 636 | 8% |
| Coface | 624 | 552 | 13% |
| Others | 63 | 85 | (26)% |
| Expenses | (827) | (918) | (10)% |
| Coface | (484) | (508) | (5)% |
| SRF | (122) | (114) | 7% |
| Others | (221) | (296) | (25)% |
| Gross operating income | (140) | (281) | (50)% |
| Provision for credit losses | (71) | (54) | |
| Associates and other items | 22 | 29 | |
| Pre-tax profit | (189) | (306) | (38)% |
Activities housed in the Corporate Center generated €687m of net revenues, an increase of +8% YoY, of which €624m came from Coface (+13% YoY).
Coface's combined ratio net of reinsurance improved sharply to 86.6% from 97.4% in 2016, on the back of reduced claims (loss ratio of 51.4% vs. 65.5%), while the cost ratio remained fairly stable at 35.2% (excluding the State Export Guarantees Management business in 2016).
Corporate Center expenses excluding Coface and the SRF dropped -25% YoY.
The pre-tax profit reached -€189m from -€306m in 2016.
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