Paris, November 13, 2017/2
Preparation of the Q4-2017 financial disclosures:
2016 & 9M17 restated quarterly series
In view of the new strategic plan, the 2016 & 9M17 quarterly series have been restated for the following changes in business lines organization and in standards for implementation in Q4-2017.
The 2016 & 9M17 quarterly series have been restated on this new basis as if these changes had occurred on 1st January 2016.
These changes affect business lines net revenues, expenses, intermediate aggregates and capital allocation. Overall these adjustments have no impact at NATIXIS level.
The following unaudited appendix, discloses the quarterly 2016 & 9M17 income statements in accordance with this new presentation and these new standards.
Appendix: pro forma quarterly restated series by division
in €m | 1Q16 | 2Q16 | 3Q16 | 4Q16 | 2016 | 1Q17 | 2Q17 | 3Q17 | ||
Net revenues | 658 | 676 | 649 | 735 | 2,718 | 704 | 743 | 766 | ||
Asset management(1) | 624 | 643 | 615 | 700 | 2,582 | 671 | 713 | 730 | ||
Private Banking | 34 | 33 | 34 | 35 | 136 | 33 | 30 | 36 | ||
Expenses | (493) | (493) | (471) | (523) | (1,981) | (519) | (521) | (528) | ||
Gross operating income | 165 | 183 | 177 | 211 | 737 | 186 | 222 | 239 | ||
Provision for credit losses | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | ||
Net operating income | 165 | 183 | 177 | 212 | 738 | 186 | 223 | 239 | ||
Associates | 1 | 1 | 1 | (12) | (9) | 0 | 0 | 0 | ||
Other items | 18 | (2) | (2) | 2 | 17 | 9 | 0 | (1) | ||
Pre-tax profit | 185 | 182 | 177 | 202 | 746 | 195 | 222 | 238 | ||
Cost/Income ratio | 74.9% | 72.9% | 72.7% | 71.2% | 72.9% | 73.6% | 70.1% | 68.8% | ||
Cost/Income ratio excluding IFRIC 21 effect | 74.3% | 73.1% | 72.9% | 71.4% | 72.9% | 73.2% | 70.2% | 69.0% | ||
RWA (Basel 3 - in €bn) | 9.3 | 10.1 | 10.2 | 10.8 | 10.8 | 10.6 | 10.2 | 10.2 | ||
Normative capital allocation (Basel 3) | 3,703 | 3,627 | 3,728 | 3,727 | 3,696 | 3,874 | 3,828 | 3,715 | ||
ROE after tax (Basel 3)(2) | 11.9% | 12.4% | 11.2% | 10.3% | 11.5% | 11.3% | 12.5% | 13.5% | ||
ROE after tax (Basel 3) excluding IFRIC 21 effect(2) | 12.2% | 12.3% | 11.1% | 10.2% | 11.5% | 11.5% | 12.4% | 13.4% |
(1) Asset management including Private equity
(2) Normative capital allocation methodology based on 10.5% of the average RWA-including goodwill and intangibles
in €m | 1Q16 | 2Q16 | 3Q16 | 4Q16 | 2016 | 1Q17 | 2Q17 | 3Q17 | ||
Net revenues | 769 | 874 | 744 | 883 | 3,270 | 971 | 1,019 | 775 | ||
Global markets | 402 | 501 | 405 | 472 | 1,780 | 603 | 547 | 363 | ||
FIC-T | 287 | 345 | 293 | 312 | 1,238 | 388 | 389 | 253 | ||
Equity | 121 | 123 | 99 | 150 | 493 | 179 | 172 | 103 | ||
CVA/DVA desk | (7) | 33 | 13 | 10 | 49 | 35 | (13) | 7 | ||
Global finance | 301 | 330 | 330 | 320 | 1,281 | 312 | 343 | 315 | ||
Investment banking(1) | 54 | 71 | 75 | 85 | 285 | 81 | 122 | 85 | ||
Other | 12 | (28) | (66) | 6 | (75) | (25) | 7 | 12 | ||
Expenses | (515) | (486) | (472) | (573) | (2,046) | (566) | (555) | (506) | ||
Gross operating income | 253 | 389 | 272 | 310 | 1,224 | 404 | 464 | 269 | ||
Provision for credit losses | (71) | (53) | (50) | (21) | (195) | (29) | (48) | (16) | ||
Net operating income | 182 | 336 | 222 | 290 | 1,029 | 375 | 416 | 253 | ||
Associates | 3 | 4 | 3 | 3 | 14 | 3 | 3 | 3 | ||
Other items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Pre-tax profit | 185 | 340 | 225 | 293 | 1,043 | 378 | 418 | 255 | ||
Cost/Income ratio | 67.1% | 55.6% | 63.4% | 64.9% | 62.6% | 58.3% | 54.4% | 65.3% | ||
Cost/Income ratio excluding IFRIC 21 effect | 63.0% | 56.7% | 64.8% | 66.0% | 62.6% | 55.5% | 55.4% | 66.5% | ||
RWA (Basel 3 - in €bn) | 67.0 | 68.8 | 64.9 | 66.1 | 66.1 | 64.4 | 61.3 | 60.4 | ||
Normative capital allocation (Basel 3) | 7,276 | 7,106 | 7,408 | 6,997 | 7,197 | 7,136 | 6,963 | 6,623 | ||
ROE after tax (Basel 3)(2) | 6.9% | 12.9% | 8.2% | 12.3% | 10.0% | 14.7% | 16.5% | 10.5% | ||
ROE after tax (Basel 3) excluding IFRIC 21 effect(2) | 8.0% | 12.5% | 7.9% | 11.9% | 10.0% | 15.7% | 16.1% | 10.2% |
in €m | 1Q16 | 2Q16 | 3Q16 | 4Q16 | 2016 | 1Q17 | 2Q17 | 3Q17 | ||
Net revenues | 169 | 158 | 157 | 171 | 655 | 189 | 179 | 176 | ||
Expenses | (99) | (88) | (89) | (102) | (378) | (129) | (102) | (99) | ||
Gross operating income | 69 | 70 | 69 | 69 | 277 | 60 | 77 | 77 | ||
Provision for credit losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Net operating income | 69 | 70 | 69 | 69 | 277 | 60 | 77 | 77 | ||
Associates | 3 | 1 | 4 | 2 | 9 | 4 | 3 | 2 | ||
Other items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Pre-tax profit | 72 | 71 | 72 | 71 | 287 | 65 | 80 | 79 | ||
Cost/Income ratio | 59.0% | 55.5% | 56.3% | 59.5% | 57.6% | 68.1% | 56.9% | 56.2% | ||
Cost/Income ratio excluding IFRIC 21 effect | 54.7% | 57.0% | 57.9% | 60.9% | 57.6% | 54.9% | 61.5% | 60.9% | ||
RWA (Basel 3 - in €bn) | 7.1 | 6.9 | 7.2 | 7.2 | 7.2 | 7.4 | 7.2 | 7.4 | ||
Normative capital allocation (Basel 3) | 724 | 836 | 823 | 850 | 808 | 857 | 871 | 849 | ||
ROE after tax (Basel 3)(1) | 22.7% | 19.9% | 20.7% | 20.0% | 20.8% | 17.7% | 21.6% | 22.3% | ||
ROE after tax (Basel 3) excluding IFRIC 21 effect(1) | 25.3% | 19.1% | 19.9% | 19.3% | 20.8% | 25.6% | 19.0% | 19.6% |
(1) Normative capital allocation methodology based on 10.5% of the average RWA-including goodwill and intangibles
in €m | 1Q16 | 2Q16 | 3Q16 | 4Q16 | 2016 | 1Q17 | 2Q17 | 3Q17 | ||
Net revenues | 343 | 342 | 325 | 341 | 1,352 | 344 | 347 | 341 | ||
Specialized Financing | 215 | 212 | 203 | 210 | 840 | 219 | 218 | 215 | ||
Factoring | 38 | 39 | 39 | 42 | 158 | 39 | 39 | 38 | ||
Sureties & Financial Guarantees | 56 | 43 | 47 | 45 | 191 | 55 | 46 | 52 | ||
Leasing | 52 | 59 | 49 | 54 | 213 | 54 | 61 | 52 | ||
Consumer Financing | 64 | 66 | 63 | 63 | 257 | 66 | 65 | 67 | ||
Film Industry Financing | 5 | 6 | 5 | 6 | 21 | 5 | 6 | 5 | ||
Payments | 83 | 81 | 80 | 85 | 329 | 81 | 83 | 83 | ||
Financial Services | 46 | 49 | 43 | 45 | 183 | 44 | 46 | 43 | ||
Employee savings plans | 22 | 25 | 20 | 21 | 89 | 21 | 22 | 21 | ||
Securities Services | 24 | 23 | 23 | 24 | 94 | 23 | 23 | 22 | ||
Expenses | (226) | (222) | (216) | (221) | (885) | (233) | (228) | (229) | ||
Gross operating income | 117 | 120 | 109 | 120 | 466 | 112 | 118 | 112 | ||
Provision for credit losses | (13) | (17) | (12) | (16) | (57) | (21) | (14) | (13) | ||
Net operating income | 104 | 103 | 97 | 105 | 409 | 90 | 104 | 99 | ||
Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Other items | 0 | 31 | 0 | 0 | 31 | 0 | 0 | 0 | ||
Pre-tax profit | 104 | 135 | 97 | 105 | 440 | 90 | 104 | 99 | ||
Cost/Income ratio | 65.9% | 64.9% | 66.5% | 64.7% | 65.5% | 67.6% | 65.8% | 67.1% | ||
Cost/Income ratio excluding IFRIC 21 effect | 63.6% | 65.7% | 67.3% | 65.5% | 65.5% | 65.6% | 66.5% | 67.7% | ||
RWA (Basel 3 - in €bn) | 13.7 | 14.8 | 14.6 | 15.4 | 15.4 | 15.2 | 16.0 | 15.7 | ||
Normative capital allocation (Basel 3) | 1,698 | 1,694 | 1,803 | 1,782 | 1,745 | 1,961 | 1,889 | 1,907 | ||
ROE after tax (Basel 3)(1) | 16.1% | 20.8% | 14.1% | 15.4% | 16.5% | 12.6% | 15.1% | 14.0% | ||
ROE after tax (Basel 3) excluding IFRIC 21 effect(1) | 17.4% | 20.4% | 13.7% | 15.0% | 16.5% | 13.6% | 14.7% | 13.6% |
(1) Normative capital allocation methodology based on 10.5% of the average RWA-including goodwill and intangibles
in €m | 1Q16 | 2Q16 | 3Q16 | 4Q16 | 2016 | 1Q17 | 2Q17 | 3Q17 | ||
Net revenues | 124 | 161 | 48 | 389 | 723 | 138 | 122 | 146 | ||
Coface | 162 | 139 | 125 | 203 | 629 | 137 | 152 | 167 | ||
Others | (38) | 22 | (77) | 186 | 94 | 1 | (30) | (21) | ||
Expenses | (271) | (234) | (199) | (245) | (948) | (324) | (189) | (169) | ||
Coface | (130) | (127) | (125) | (148) | (530) | (122) | (128) | (119) | ||
SRF | (79) | (35) | 0 | 0 | (114) | (128) | 6 | 0 | ||
Others | (62) | (71) | (74) | (97) | (305) | (74) | (66) | (50) | ||
Gross operating income | (147) | (72) | (150) | 144 | (225) | (186) | (67) | (23) | ||
Provision for credit losses | (4) | (19) | (7) | (24) | (54) | (20) | (5) | (26) | ||
Net operating income | (151) | (91) | (157) | 120 | (279) | (206) | (72) | (49) | ||
Associates | 0 | 0 | (3) | 1 | (2) | 0 | 0 | 0 | ||
Other items | 11 | (73) | 105 | 10 | 53 | 1 | 18 | 0 | ||
Pre-tax profit | (139) | (164) | (55) | 130 | (228) | (205) | (54) | (49) |
Contacts:
Investor Relations: | investorelations@natixis.com | |
Pierre-Alexandre Pechmeze | T + 33 1 58 19 57 36 | |
Damien Souchet | T + 33 1 58 55 41 10 | |
Souad Ed Diaz Brigitte Poussard | T + 33 1 58 32 68 11 T + 33 1 58 55 59 21 |
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