NATIXIS : 1Q21 results
Paris, May 6, 2021
1Q21
resultsLaying
the foundations
of the upcoming 2024 strategic
plan
Reported net income at +€225m in 1Q21 (€(204)m in
1Q20) and underlying net income1 at +€239m (€(81)m in 1Q20)
Underlying RoTE1 at 10.4% in 1Q21
Basel 3 FL CET1 ratio2 at 11.6% +330bps above
regulatory requirements
BUSINESS ACTIVITYBUSINESSES’
UNDERLYING NET REVENUES1 AT €2.1BN IN 1Q21, UP +21% YOY
AWM:
Business growth and continued AuM
increase
Underlying net
revenues1 excl. H2O AM up +11% YoY (flat YoY including H2O AM)
mainly driven by higher management fees and financial revenues
Natixis Investment
Managers’ AuM up +3% QoQ. AuM at €1,153bn3 as at end-March 2021
Positive asset
management net inflows on long-term products of ~€6bn3 in 1Q21
mainly driven by North American affiliates with net inflows notably
turning positive at Harris. More than €20bn3 positive net inflows
on long-term products over the past 12 months
CIB:
Continued development
and cost of risk improvement
Underlying net
revenues1 up +38% YoY (+9% excluding dividend mark-downs and XvA
impacts in 1Q20). Net revenue growth mainly driven by Global
markets and Global finance
Underlying cost
income ratio1 improving to 58.6% in 1Q21 (78.0% in 1Q20) thanks to
a positive jaw effect
Cost of risk
benefiting from a favorable environment in 1Q21 although still at
elevated levels at 52bps of outstandings
Underlying RoE1 at
12.3% in 1Q21
Insurance: Solid
commercial activity and financials
Underlying net
revenues1 up +5% YoY in 1Q21 with a positive jaw effect
Underlying RoE1 at
~30% in 1Q21
Life Insurance4: AuM
growth of +4% QoQ to reach €75.7bn (of which 27% of unit-linked
products)
Payments: Net revenue growth
and investments
Underlying net
revenues1 up +4% YoY in 1Q21 despite COVID-19 lockdown measures in
France
Underlying RoE1 at
10.6% in 1Q21 while maintaining investment in order to ensure a
sustainable development
FINANCIAL STRENGTH
Underlying net
income1 at
+€239m
in 1Q21 (+€225m reported) vs. €(81)m in
1Q20 (€(204)m reported). Underlying RoTE1 at 10.4% in 1Q21
Basel
3 FL CET1 ratio2
at 11.6% as at March 31, 2021 (flat vs. 4Q20),
+330bps above regulatory
requirements
“Natixis’ results for the first quarter of 2021
continue the positive momentum underway since the second half of
2020. Our business lines are on a sustainable growth path,
underpinned by the transformation measures undertaken over recent
months.
These results represent a solid base for the
kick-off of the 2021-2024 strategic plan and for the ongoing growth
of Natixis’ four businesses under the simplification and
development project presented by Groupe BPCE in February.
I would like to pay tribute to the exceptional
commitment of our teams who have remained fully mobilized
throughout this unprecedented crisis to support our clients and
contribute to a sustainable economic recovery.”
Nicolas Namias, Natixis
Chief Executive Officer
2020 figures restated for the evolution of the
standards applied as well as the evolution of the Asset and wealth
management organization as of January 1st, 2021 (see note on
methodology) Excluding exceptional items. Excluding exceptional
items and excluding IFRIC 21 in 4Q for cost/income, RoE and RoTE 2
See note on methodology 3 Excluding H2O AM (~€18bn AuM as at March
31, 2021) 4 Excluding reinsurance agreement with CNP
1Q21
RESULTS
On
May
06th,
2021, the Board of
Directors examined Natixis’
first quarter
2021
results
€m |
1Q21restated |
1Q20restated |
1Q21 vs. 1Q20restated |
1Q21o/w underlying |
1Q20o/w underlying |
1Q21 vs. 1Q20 underlying |
|
1Q21underlyingincl. H2O |
1Q20underlyingincl. H2O |
1Q21 vs. 1Q20 underlyingincl. H2O |
Net
revenues |
2,073 |
1,655 |
25% |
2,049 |
1,638 |
25% |
|
2,068 |
1,733 |
19% |
o/w businesses |
2,037 |
1,693 |
20% |
2,052 |
1,700 |
21% |
|
2,071 |
1,795 |
15% |
Expenses |
(1,659) |
(1,560) |
6% |
(1,614) |
(1,557) |
4% |
|
(1,628) |
(1,579) |
3% |
Gross operating income |
414 |
95 |
x4.4 |
435 |
81 |
x5.4 |
|
440 |
153 |
x2.9 |
Provision for
credit losses |
(92) |
(193) |
|
(92) |
(193) |
|
|
(92) |
(193) |
|
Net operating income |
323 |
(98) |
NR |
344 |
(113) |
NR |
|
349 |
(40) |
NR |
Associates and
other items |
6 |
(8) |
|
6 |
6 |
|
|
4 |
6 |
|
Pre-tax profit |
328 |
(107) |
NR |
349 |
(107) |
NR |
|
353 |
(34) |
NR |
Income tax |
(95) |
1 |
|
(100) |
5 |
|
|
(102) |
(9) |
|
Minority
interests |
(10) |
(10) |
|
(11) |
(10) |
|
|
(12) |
(39) |
|
Net income - group share excl. Coface & H2O
AM |
224 |
(116) |
NR |
239 |
(111) |
NR |
|
|
|
|
Coface net
contribution |
7 |
(118) |
|
0 |
1 |
|
|
0 |
1 |
|
H2O AM net
contribution |
(6) |
29 |
|
0 |
29 |
|
|
0 |
0 |
|
Net income - group share incl. Coface & H2O
AM |
225 |
(204) |
NR |
239 |
(81) |
NR |
|
239 |
(81) |
NR |
Underlying net
revenues are up +25% YoY (+19% including
H2O AM) off a low base due to several items, all directly or
indirectly linked to the COVID-19 context having impacted 1Q20
(seed money portfolio mark-downs, dividend mark-downs on equity
products, XvA - see page 12). All businesses are featuring YoY
revenue growth with CIB up +38% YoY, AWM up +11% YoY, Insurance up
+5% YoY and Payments up +4% YoY.
Underlying
expenses are up +4% YoY reflecting top
line growth and related impacts on variable costs.
The underlying cost/income
ratio1 stands at 72.3% in 1Q21 (85.2% in
1Q20).
The underlying
cost of risk has improved both QoQ and
YoY although remaining above its through-the-cycle level (see below
for exposures to “sensitive” sectors). Expressed in basis points of
loans outstanding (excluding credit institutions), the
businesses’ underlying cost of risk worked out to 52bps in
1Q21.
Net income (group
share), adjusted for IFRIC 21 and excluding exceptional
items reached €353m in
1Q21.
Accounting for exceptional items
(€(14)m net of
tax in 1Q21) and IFRIC 21 impact
(€114m in
1Q21)
the reported net income (group share) in
1Q21 at
€225m.
The Natixis’ underlying
RoTE1 reached 10.4% in 1Q21 excl. IFRIC
21 (vs. 0.8% in 1Q20).
Natixis’ exposure to the Oil &
Gas sector stood at ~€10.2bn of net EAD2 (Exposure at
Default) as at 31/03/2021 (~60% Investment Grade) of which ~€0.7bn
across US independent producers and service companies which have a
more limited absorption capacity of lower oil price. As at
31/13/2021, the exposure to Aviation stood at
~€3.8bn of net EAD2, was well diversified across more than 30
countries (none of which exceeding 25% of the exposure), secured
for >90% and majority Investment Grade. The exposure to
Tourism & Leisure stood at ~€2.1bn of net EAD
as at 31/03/2021, mainly in the EMEA region and geared towards
industry leaders.
1See note on methodology. Excluding exceptional
items and excluding IFRIC 21 2Energy & Natural Resources + Real
Assets perimeters
1Q21
RESULTSExceptional items
€m |
|
1Q21 |
1Q20 |
Exchange rate fluctuations on DSN in currencies (Net revenues) |
Corporate center |
39 |
24 |
Provision for litigation (Net revenues) |
CIB |
(15) |
(0) |
Contribution to the Insurance solidarity fund (Net revenues) |
Insurance |
0 |
(7) |
Transformation & Business Efficiency Investment costs
(Expenses) |
Business lines & Corporate center |
(28) |
0 |
Real estate management strategy and other (Expenses) |
Business lines & Corporate center |
(17) |
(3) |
Impact of Liban default on ADIR Insurance (Associates) |
Insurance |
0 |
(14) |
Coface residual stake valuation (Coface net contribution) |
Coface |
7 |
(7) |
Coface capital loss (Coface net contribution) |
Coface |
0 |
(112) |
H2O AM exchange rate fluctuations (H2O AM net contribution) |
H2O AM |
(6) |
0 |
Total impact on income tax |
|
5 |
(4) |
Total impact on minority interests |
|
1 |
0 |
Total impact on net income (gs) |
|
(14) |
(123) |
Breakdown of Transformation & Business
Efficiency Investment costs by businesses
€m |
1Q21 |
1Q20 |
AWM |
(6) |
0 |
CIB |
(7) |
0 |
Insurance |
(0) |
0 |
Payments |
(1) |
0 |
Corporate center |
(14) |
(0) |
Impact on expenses |
(28) |
0 |
Real estate management strategy and other - €(14)m in the
Corporate center and €(3)m in Payments in 1Q21. Mainly Corporate
center in 1Q20Unless specified otherwise, the following comments
and data refer to underlying results, i.e. excluding exceptional
items (see details page 3)
Asset & Wealth
Management
€m |
|
1Q21 |
1Q20 |
1Q21vs. 1Q20 |
1Q21vs. 1Q20constant FX |
Net revenues |
|
755 |
680 |
11% |
17% |
o/w Asset
Management1 |
|
689 |
615 |
12% |
19% |
o/w Employee
savings plan |
|
25 |
24 |
4% |
4% |
o/w Wealth
management |
|
41 |
41 |
1% |
1% |
Expenses |
|
(581) |
(559) |
4% |
9% |
Gross
operating income |
|
174 |
121 |
44% |
58% |
Provision for
credit losses |
|
(2) |
1 |
|
|
Associates and
other items |
|
(0) |
(2) |
|
|
Pre-tax profit |
|
172 |
119 |
44% |
|
Cost/income ratio2 |
|
76.4% |
81.7% |
(5.3)pp |
|
RoE after
tax2 |
|
10.4% |
9.1% |
1.3pp |
|
AWM
including
H2O AM
€m |
|
1Q21 |
1Q20 |
1Q21vs. 1Q20 |
Net revenues |
|
773 |
774 |
0% |
o/w Asset
Management1 |
|
707 |
710 |
0% |
o/w Employee
savings plan |
|
25 |
24 |
4% |
o/w Wealth
management |
|
41 |
41 |
1% |
Expenses |
|
(594) |
(581) |
2% |
Gross
operating income |
|
179 |
193 |
(7)% |
Provision for
credit losses |
|
(2) |
1 |
|
Associates and
other items |
|
(2) |
(2) |
|
Pre-tax profit |
|
175 |
192 |
(9)% |
The AWM
underlying gross operating income
is up +44% YoY in 1Q21. AM net revenues excluding performance fees
are up +10% YoY in 1Q21, mainly driven by higher management fees
and financial revenues. AM perf. fees reached €18m
in 1Q21 vs. €3m in 1Q20 (excl. H2O AM) and are mainly coming from
Loomis. The net revenue contribution is up YoY across affiliates in
both North America and Europe. AWM
underlying expenses are up +4% in
1Q21 including a -4% YoY reduction in AM non-comp expenses at
constant exchange rate, translating into positive jaws.
The Asset management
overall fee rate excluding performance fees
and excluding
H2O AM is at ~23bps in
1Q21 and ~37bps excl. Ostrum AM (-0.7bps QoQ). Fee rate at ~34bps
for North American affiliates and at ~39bps for European affiliates
excl. Ostrum AM, which fee rate stands at ~3bps.
Asset management
AuM3 are up +3% QoQ at €1,153bn with
positive net inflows, a positive market effect (+€9bn) and FX/other
impact (+€22bn). An improvement in funds’ performance and
percentile rankings can be noticed in 1Q21 with ~75% of funds in
the first two quartiles on a 3-year view and ~85% on a 5-year view
(o/w ~30% in the first decile). AM net inflows3
on LT products reached ~€6bn in 1Q21 driven by
North American affiliates across fixed income and equity
strategies. Positive net inflows at Harris Associates (AuM now
>$115bn) driven by institutional accounts. Flat flows into
European affiliates with a continued strong momentum for ESG
strategies and private assets offsetting outflows on life insurance
products. The US and International distribution platforms are
supportive of the flow dynamics with >€20bn of net inflows on LT
products over the last 12 months.
1Asset management including Private equity 2 See
note on methodology. Excluding exceptional items and excluding
IFRIC 21 3 Europe including Dynamic Solutions and Vega IM AuM,
excluding H2O AM (€18bn AuM as at 31/03/2021). US including WCM
IMUnless specified otherwise, the following comments and data refer
to underlying results, i.e. excluding exceptional items (see
details page 3)
Corporate & Investment
Banking
€m |
|
1Q21 |
1Q20 |
1Q21vs. 1Q20 |
1Q21vs. 1Q20constant FX |
Net revenues |
|
940 |
680 |
38% |
43% |
Net revenues
excl. CVA/DVA/Other |
|
929 |
733 |
27% |
31% |
Expenses |
|
(576) |
(559) |
3% |
6% |
Gross
operating income |
|
364 |
121 |
x3.0 |
x3.3 |
Provision for
credit losses |
|
(81) |
(194) |
|
|
Associates and
other items |
|
3 |
2 |
|
|
Pre-tax profit |
|
286 |
(70) |
NR |
|
Cost/income ratio1 |
|
58.6% |
78.0% |
(19.4)pp |
|
RoE after
tax1 |
|
12.3% |
(1.9)% |
14.2pp |
|
Underlying net
revenues are up +38% YoY in 1Q21 off a low base due to
1Q20 notably being impacted by dividend cancellations and xVA
effects. Excluding such items, net revenues would be up +9%
YoY.
Global markets:
FICT revenues are up QoQ at €330m in 1Q21,
although down YoY due to a lower contribution from Treasury and FX
that benefited from the high market volatility of end-1Q20. Solid
growth in Credit. Equity revenues are at €167m in
1Q21 on the back of favorable market conditions and a strong
commercial activity, notably with Groupe BPCE retail networks.
Global finance: Net revenues
are at €336m in 1Q21, up +13% YoY, driven by higher portfolio
revenues generated with corporates as well as on Real estate and
Infrastructure notably.
Investment banking/M&A:
Investment banking revenues are benefiting from
strong activity levels in DCM in 1Q21. M&A
revenues are down YoY on a good 1Q20.
The underlying
cost/income ratio1 is at
58.6% in 1Q21 (78.0% in 1Q20) with a positive jaw effect despite
higher variable costs reflecting the top-line performance of the
quarter.
The underlying
cost of risk is improving and benefiting
from the 1Q21 environment although still at elevated levels with
impairments notably coming from Tourism and Aviation.
The underlying
RoE1 is at 12.3% in 1Q21.
1 See note on methodology. Excluding exceptional
items and excluding IFRIC 21
Unless specified otherwise, the following comments and data
refer to underlying results, i.e. excluding exceptional items (see
details page 3)
Insurance
€m |
|
1Q21 |
1Q20 |
1Q21vs. 1Q20 |
Net revenues |
|
240 |
229 |
5% |
Expenses |
|
(138) |
(134) |
4% |
Gross
operating income |
|
102 |
95 |
7% |
Provision for
credit losses |
|
0 |
0 |
|
Associates and
other items |
|
2 |
3 |
|
Pre-tax profit |
|
104 |
99 |
6% |
Cost/income ratio1 |
|
52.7% |
51.9% |
0.8pp |
RoE after
tax1 |
|
33.0% |
33.3% |
(0.3)pp |
Underlying net revenues are up
+5% YoY in 1Q21.
Underlying
expenses are up +4% YoY in 1Q21 i.e. a
positive jaw effect of +1pp. The
underlying cost/income ratio1 is at 52.7%
in 1Q21, slightly up vs. 1Q20 (51.9%). The gross operating
income is up +7% YoY in 1Q21.
The underlying
RoE1 is at 33.0% in 1Q21, in line with its 1Q20 (33.3%)
and 2020 levels (33.2%).
Commercial
indicators2
€3.5bn gross inflows and
€2.3bn net inflows for Life insurance in 1Q21, up
vs. 1Q20 with a strong dynamism in January/February (+18% YoY).
€75.7bn of AuM as at end-March 2021 (+4% QoQ) of
which 27% in unit-linked products (37% of gross
inflows).
The P&C and
Personal Protection equipment rate is at 28.7% (+0.8pp
QoQ) for the Banques Populaires and at 32.1% for the Caisses
d’Epargne (+0.6pp QoQ). The P&C combined
ratio is at 92.8% in 1Q21 (+2.5pp YoY).
1 See note on methodology. Excluding exceptional
items and excluding IFRIC 21 2 Excluding reinsurance agreement with
CNP Unless specified otherwise, the following comments and data
refer to underlying results, i.e. excluding exceptional items (see
details page 3)
Payments
€m |
|
1Q21 |
1Q20 |
1Q21vs. 1Q20 |
|
Net revenues |
|
117 |
113 |
4% |
|
Expenses |
|
(102) |
(93) |
10% |
|
Gross
operating income |
|
15 |
20 |
(26)% |
|
Provision for
credit losses |
|
(0) |
2 |
|
|
Associates and
other items |
|
0 |
0 |
|
|
Pre-tax profit |
|
14 |
21 |
(32)% |
|
Cost/income ratio1 |
|
86.9% |
81.9% |
4.9pp |
|
RoE after
tax1 |
|
10.6% |
15.7% |
(5.1)pp |
|
Underlying net
revenues are up +4% YoY in 1Q21 despite COVID-related
restriction measures in France:
- Payment Processing &
Solutions: Net revenues up +6% YoY in
1Q21 with a number of card transactions processed up +2% vs. 1Q20.
Contactless transactions accounting for ~45% of transactions in
1Q21, up YoY (~31% in 1Q20). Growth of instant payment transactions
(x2.1 vs. 1Q20);
-
Digital: PayPlug continues to
benefit from its positioning across small and medium-sized
merchants (business volumes x2.1 YoY in 1Q21) and with growth
across Groupe BPCE retail networks (business volumes x4.7 YoY in
1Q21). Dalenys featuring dynamic activity levels
with business volume growth at +30% YoY in 1Q21;
-
Benefits: Issuing volumes for the Reward activity
titres cadeaux are up +17% YoY in 1Q21 and +23% YoY for meal
vouchers. Inflection on the Comitéo marketplace
activity confirmed, reflecting latest commercial successes.
Strengthening of synergies and activities through the acquisition
of Jackpot which offers an API that publishes and
distributes e-gift cards from the largest brands on demand.
The underlying
cost/income ratio1 is at
86.9% in 1Q21 (81.9% in 1Q20) with investments maintained in order
to ensure sustainable development and despite the temporary
slowdown in revenue growth.
The underlying
RoE1 is at 10.6% in 1Q21 (15.7%
in 1Q20).
1 See note on methodology. Excluding exceptional
items and excluding IFRIC 21Unless specified otherwise, the
following comments and data refer to underlying results, i.e.
excluding exceptional items (see details page 3)
Corporate
Center
€m |
|
1Q21 |
1Q20 |
1Q21vs. 1Q20 |
|
Net revenues |
|
(3) |
(62) |
|
|
Expenses |
|
(217) |
(214) |
2% |
|
SRF |
|
(135) |
(163) |
(17)% |
|
Other |
|
(82) |
(51) |
|
|
Gross
operating income |
|
(220) |
(276) |
(20)% |
|
Provision for
credit losses |
|
(8) |
(2) |
|
|
Associates and
other items |
|
1 |
2 |
|
|
Pre-tax profit |
|
(227) |
(275) |
(18)% |
|
Underlying
net revenues are close to nil in 1Q21, an uplift
vs. 1Q20 which embedded a negative €(71)m FVA (Funding Value
Adjustments) impact due to the deteriorating market conditions of
March 2020.
Underlying
expenses are marginally up YoY off a low
base with a reduction in the SRF contribution.
The underlying
gross operating income is improving vs.
1Q20.
FINANCIAL STRUCTURE
Basel 3
fully-loaded1Natixis’ Basel
3 fully loaded CET1
ratio worked out to 11.6% as at March 31, 2021.
- Basel 3
fully loaded CET1 capital
amounted to €12.3bn
- Basel 3
fully loaded RWA amounted to
€105.7bn
Main
1Q21
CET1 ratio
impacts:
- +34bps related to the earnings
capacity
- (11)bps related to the IFRIC21
impact
- (11)bps related to the FY21 accrued
dividend (based on a 60% payout)
- (8)bps related to RWA and
other
As at March 31, 2021 Natixis’ Basel 3 fully
loaded capital ratios stood at 13.2% for the Tier 1 and 15.2% for
the Total capital.
Proforma for the estimated 2021 regulatory
impacts related to TRIM Banks and SA-CCR (~20bps cumulative
negative impact post mitigation) as well as the impact coming from
Natixis’ sale of its 50.01% stake in H2O AM (+10bps), Natixis’
Basel 3 fully-loaded CET1 ratio would stand at 11.5%.
Basel 3
phased-in incl. current
financial year’s earnings and dividends1 As at March 31,
2021, Natixis’ Basel 3 phased-in capital ratios incl. current
financial year’s earnings and dividends stood at 11.6% for the
CET1, 13.4% for the Tier 1 and 15.6% for the Total capital.
- Core Tier 1 capital
stood at €12.3bn and Tier 1 capital at €14.2bn
- Natixis’ RWA
totaled €105.7bn, breakdown as follows:
- Credit risk: €71.0bn
- Counterparty risk: €7.5bn
- CVA risk: €1.7bn
- Market risk: €12.5bn
- Operational risk: €13.0bn
Book value per shareEquity
capital (group share) totaled €19.6bn as at March 31, 2021, of
which €2.0bn in the form of hybrid securities (DSNs) recognized in
equity capital at fair value (excluding capital gain following
reclassification of hybrids).
Natixis’ book value per share stood at
€5.48 as at March 31, 2021 based
on 3,155,441,451 shares excluding treasury shares (the total number
of shares being 3,157,903,032). The tangible book value per share
(after deducting goodwill and intangible assets) is
€4.24. Post 2021
dividend accrual based on a 60% payout ratio, the tangible book
value per share is €4.18.
Leverage ratio1
The leverage ratio
worked out to
4.4% as at March 31,
2021.
Overall capital adequacy
ratioAs at March 31, 2021, the financial conglomerate’s
excess capital was estimated at around €2.9bn.
1 See note on
methodologyAPPENDICES
Note on methodology:
The results at 31/03/2021 were examined
by the board of directors at their meeting on
06/05/2021.
Figures at 31/03/2021 are presented in
accordance with IAS/IFRS accounting standards and IFRS
Interpretation Committee (IFRIC) rulings as adopted in the European
Union and applicable at this date.
Following the evolution in standards adopted for
the 1Q21 financial disclosures and the evolution in the Asset &
Wealth Management’s organization since January 1st, 2021, the 2020
quarterly series have been restated:
Evolution of the standards
applied:
- The analytical remuneration rate of
capital has been lowered in order to reflect the decrease in long
term sovereign interest rates in Europe and in the US, whilst still
keeping a 10-year average reference rate ;
- The analytical allocation rate for
structure charges from Natixis holding functions to the business
lines have been reviewed based on a recent analysis on allocated
resources from the different support functions towards the business
lines.
This evolution of the standards applied is
neutral at Natixis consolidated level, however it impacts each
business lines and the corporate center, at the revenue level for
the first point and at the expense level for the second point.
Besides, Natixis RoTE calculation is adjusted in order to
exclude unrealized or deferred gains and losses recognized in
equity (OCI), as it is already done for the calculation of Natixis
RoE.
Evolution in Asset
Management:
During 1Q21, the final memorandum of
understanding regarding the sale of Natixis’ 50.01% stake in H2O AM
to the management of the company has been signed.
The 2020 quarterly series have been restated to
isolate the net contribution of H2O AM on a single line item at the
bottom of Natixis’ income statement. The other income statement
line items (net revenues, expenses…) are now being presented
excluding H2O AM. In 2021, the contribution of H2O AM to Natixis’
income statement will be limited to the EUR/GBP evolution which
will be classified as an exceptional item (see page 3).
Business line performances using Basel 3
standards:
- The performances of Natixis
business lines are presented using Basel 3 standards. Basel 3
risk-weighted assets are based on CRR-CRD4 rules as published on
June 26th, 2013 (including the Danish compromise treatment for
qualified entities).
- Natixis’ RoTE is
calculated by taking as the numerator net income (group share)
excluding DSN interest expenses (the associated tax benefit being
already accounted for in the net income following the adoption of
IAS 12 amendment). Equity capital is average shareholders’ equity
group share as defined by IFRS, after payout of dividends1,
excluding average hybrid debt, unrealized or deferred gains and
losses recognized in equity (OCI) as well as average intangible
assets and average goodwill
- Natixis’ RoE is
calculated by taking as the numerator net income (group share)
excluding DSN interest expenses (the associated tax benefit being
already accounted for in the net income following the adoption of
IAS 12 amendment). Equity capital is average shareholders’ equity
group share as defined by IFRS, after payout of dividends1,
excluding average hybrid debt and unrealized or deferred gains and
losses recognized in equity (OCI)
- RoE for business
lines is calculated based on normative capital to which
are added goodwill and intangible assets for the business line.
Normative capital allocation to Natixis’ business lines is carried
out on the basis of 10.5% of their average Basel 3 risk-weighted
assets. Business lines benefit from remuneration of normative
capital allocated to them
Net book value is calculated by
taking shareholders’ equity group share (minus distribution of
dividends proposed by the Board of Directors but not yet approved
by the General Shareholders' Meeting1), restated for hybrids and
capital gains on reclassification of hybrids as equity instruments.
Net tangible book value is adjusted for goodwill relating to equity
affiliates, restated goodwill and intangible assets as follows:
€m |
31/03/2021 |
Goodwill |
3,596 |
Restatement for AWM deferred tax liability & others |
(333) |
Restated goodwill |
3,263 |
Dividend proposal for FY20 deducted from the net
book value and the net tangible book value. For Natixis’ RoE and
RoTE calculation, the FY21 accrued dividend, based on a 60% payout
ratio, is also deducted
€m |
31/03/2021 |
Intangible assets |
662 |
Restatement for AWM deferred tax liability & others |
(7) |
Restated intangible assets |
655 |
Own senior debt fair-value
adjustment: calculated using a discounted cash-flow model,
contract by contract, including parameters such as swap curves and
revaluation spread (based on the BPCE reoffer curve). Adoption of
IFRS 9 standards, on November 22, 2016, authorizing the early
application of provisions relating to own credit risk as of FY16
closing
Phased-in capital and ratios
incl. current financial year’s earnings
and dividends: based on CRR-CRD4 rules as reported on June
26, 2013, including the Danish compromise - phased in.
Presentation
including current
financial year’s earnings and accrued
dividend1
Fully loaded capital
and ratios: based on CRR-CRD4 rules as reported on June
26, 2013, including the Danish compromise - without
phase-in. Presentation including
current financial year’s earnings and accrued
dividend1
Leverage ratio: based on
delegated act rules, without phase-in (presentation including
current financial year’s earnings and accrued dividend1) and with
the hypothesis of a roll-out for non-eligible subordinated notes
under Basel 3 by eligible notes. Repo transactions with central
counterparties are offset in accordance with IAS 32 rules without
maturity or currency criteria. Leverage ratio disclosed including
the effect of intragroup cancelation - pending ECB
authorization
Exceptional items: figures and comments
on this press release are based on Natixis and its businesses’
income statements excluding non-operating and/or exceptional
items detailed page 3.
Figures and comments that are referred to as
‘underlying’ exclude such exceptional items.
Natixis and its businesses’ income statements including these items
are available in the appendix of this press release
Restatement for IFRIC 21
impact: the cost/income ratio, the RoE and the RoTE
excluding IFRIC 21 impact calculation in 1Q21 takes into account ¼
of the annual duties and levies concerned by this accounting
rule
Earnings capacity: net income
(group share) restated for exceptional items and the IFRIC 21
impact
Expenses: sum of operating
expenses and depreciation, amortization and impairment on property,
plant and equipment and intangible assets
IAS 12: As of
3Q19, according to the adoption of IAS 12 (income taxes) amendment,
the tax benefit on DSN interest expenses previously recorded in the
consolidated reserves is now being accounted for in the income
statement (income tax line)
Dividend proposal for FY20 deducted as well as
the FY21 accrued dividend, based on a 60% payout
ratioNatixis - Consolidated P&L (restated)
€m |
1Q20 |
2Q20 |
3Q20 |
4Q20 |
1Q21 |
|
1Q21 vs. 1Q20 |
Net
revenues |
1,655 |
1,544 |
1,738 |
2,239 |
2,073 |
|
25% |
Expenses |
(1,560) |
(1,282) |
(1,371) |
(1,558) |
(1,659) |
|
6% |
Gross
operating income |
95 |
261 |
367 |
681 |
414 |
|
x4.4 |
Provision for
credit losses |
(193) |
(289) |
(210) |
(159) |
(92) |
|
|
Associates |
(8) |
1 |
2 |
(1) |
5 |
|
|
Gain or loss on
other assets |
(0) |
4 |
2 |
1 |
0 |
|
|
Change in value
of goodwill |
0 |
0 |
0 |
0 |
0 |
|
|
Pre-tax profit |
(107) |
(23) |
161 |
522 |
328 |
|
NR |
Tax |
1 |
(2) |
(57) |
(130) |
(95) |
|
|
Minority
interests |
(10) |
(8) |
(9) |
(24) |
(10) |
|
|
Net income - group share excl. Coface & H2O
AM |
(116) |
(33) |
94 |
367 |
224 |
|
NR |
Coface net
contribution |
(118) |
(27) |
(41) |
(7) |
7 |
|
|
H2O AM net
contribution |
29 |
3 |
(14) |
(38) |
(6) |
|
|
Net income - group share incl. Coface & H2O
AM |
(204) |
(57) |
39 |
323 |
225 |
|
NR |
Restated figures (see note on methodology). See
page 13 for the reconciliation of the restated figures with the
accounting view
Main observable impacts from the
COVID-19 context in 2020 (excluding items classified as
exceptional)
€m |
|
1Q20 |
2Q20 |
3Q20 |
4Q20 |
|
2020 |
Net revenues |
|
(288) |
(106) |
59 |
107 |
|
(226) |
Seed money portfolio mark-downs |
AWM |
(32) |
(17) |
18 |
60 |
|
30 |
- Listed |
|
(34) |
25 |
16 |
30 |
|
36 |
- Unlisted |
|
2 |
(42) |
3 |
31 |
|
(6) |
Dividend mark-downs on equity products |
CIB |
(130) |
(143) |
1 |
(11) |
|
(283) |
CVA/DVA impact |
CIB |
(55) |
1 |
26 |
43 |
|
16 |
FVA impact |
Corporate Center |
(71) |
53 |
14 |
15 |
|
10 |
Cost of risk |
CIB |
(115) |
(210) |
(190) |
(95) |
|
(610) |
Total pre-tax profit impact |
|
(403) |
(316) |
(131) |
12 |
|
(836) |
|
|
|
|
|
|
|
|
CET1 capital |
|
(507) |
342 |
104 |
336 |
|
275 |
OCI |
|
(389) |
299 |
70 |
294 |
|
274 |
PVA |
|
(118) |
43 |
34 |
42 |
|
1 |
Risk-weighted assets (€bn) |
|
3.2 |
6.7 |
(4.4) |
(0.5) |
|
4.9 |
Credit RWA |
|
1.7 |
0.9 |
(0.6) |
0.2 |
|
2.1 |
- RCF drawdowns & new money3 |
|
1.7 |
0.4 |
(0.4) |
0.0 |
|
1.7 |
- State-guaranteed loans3 |
|
0.0 |
0.5 |
(0.2) |
0.2 |
|
0.4 |
Market RWA |
|
1.0 |
6.0 |
(3.4) |
(1.7) |
|
1.9 |
CVA RWA |
|
0.5 |
(0.2) |
(0.4) |
1.0 |
|
0.9 |
Total CET1 ratio impact (bps) |
|
(90)bps |
(40)bps |
60bps |
20bps |
|
(45)bps |
Natixis - Reconciliation between management and
accounting figures
1Q20
€m |
1Q20underlying |
|
Exceptional items |
|
1Q20restated |
|
Cofacerestatement |
H2O restatement |
|
1Q20reported |
Net revenues |
1,638 |
|
17 |
|
1,655 |
|
0 |
95 |
|
1,750 |
Expenses |
(1,557) |
|
(3) |
|
(1,560) |
|
0 |
(22) |
|
(1,582) |
Gross
operating income |
81 |
|
14 |
|
95 |
|
0 |
73 |
|
167 |
Provision for
credit losses |
(193) |
|
0 |
|
(193) |
|
0 |
0 |
|
(193) |
Associates |
6 |
|
(14) |
|
(8) |
|
(6) |
0 |
|
(14) |
Gain or loss on other assets |
(0) |
|
0 |
|
(0) |
|
(112) |
0 |
|
(112) |
Pre-tax
profit |
(107) |
|
(0) |
|
(107) |
|
(118) |
73 |
|
(152) |
Tax |
5 |
|
(4) |
|
1 |
|
0 |
(14) |
|
(13) |
Minority interests |
(10) |
|
0 |
|
(10) |
|
0 |
(29) |
|
(39) |
Net income - group share excl. Coface & H2O
AM |
(111) |
|
(4) |
|
(116) |
|
(118) |
29 |
|
|
Coface net
contribution |
1 |
|
(119) |
|
(118) |
|
118 |
0 |
|
0 |
H2O AM net
contribution |
29 |
|
0 |
|
29 |
|
0 |
(29) |
|
0 |
Net income - group share incl. Coface & H2O
AM |
(81) |
|
(123) |
|
(204) |
|
0 |
0 |
|
(204) |
1Q21
€m |
1Q21underlying |
|
Exceptional items |
|
1Q21restated |
Coface restatement |
H2O restatement |
|
1Q21reported |
Net revenues |
2,049 |
|
24 |
|
2,073 |
0 |
19 |
|
2,092 |
Expenses |
(1,614) |
|
(45) |
|
(1,659) |
0 |
(14) |
|
(1,673) |
Gross
operating income |
435 |
|
(21) |
|
414 |
0 |
5 |
|
419 |
Provision for
credit losses |
(92) |
|
0 |
|
(92) |
0 |
0 |
|
(92) |
Associates |
5 |
|
0 |
|
5 |
7 |
0 |
|
13 |
Gain or loss on other assets |
0 |
|
0 |
|
0 |
0 |
(8) |
|
(7) |
Pre-tax
profit |
349 |
|
(21) |
|
328 |
7 |
(3) |
|
333 |
Tax |
(100) |
|
5 |
|
(95) |
0 |
(2) |
|
(96) |
Minority interests |
(11) |
|
1 |
|
(10) |
0 |
(2) |
|
(11) |
Net income - group share excl. Coface net
contribution |
239 |
|
(15) |
|
224 |
7 |
(6) |
|
|
Coface net
contribution |
0 |
|
7 |
|
7 |
(7) |
0 |
|
0 |
H2O AM net
contribution |
0 |
|
(6) |
|
(6) |
0 |
6 |
|
0 |
Net income - group share incl. Coface net
contribution |
239 |
|
(14) |
|
225 |
0 |
0 |
|
225 |
Natixis - IFRS 9 Balance sheet
Assets (€bn) |
31/03/2021 |
31/12/2020 |
Cash and
balances with central banks |
42.1 |
30.6 |
Financial
assets at fair value through profit and loss1 |
207.1 |
210.4 |
Financial
assets at fair value through Equity |
13.0 |
13.2 |
Loans and
receivables1 |
113.5 |
112.6 |
Debt
instruments at amortized cost |
1.9 |
1.9 |
Insurance
assets |
114.1 |
112.7 |
Non-current
assets held for sale |
0.3 |
0.7 |
Accruals and
other assets |
7.5 |
6.8 |
Investments in
associates |
0.7 |
0.9 |
Tangible and
intangible assets |
1.9 |
1.9 |
Goodwill |
3.6 |
3.5 |
Total |
505.7 |
495.3 |
|
|
|
Liabilities and equity (€bn) |
31/03/2021 |
31/12/2020 |
Due to central
banks |
0.0 |
0.0 |
Financial
liabilities at fair value through profit and loss1 |
202.2 |
208.5 |
Customer
deposits and deposits from financial institutions1 |
129.2 |
114.2 |
Debt
securities |
33.9 |
35.7 |
Liabilities
associated with non-current assets held for sale |
0.1 |
0.1 |
Accruals and
other liabilities |
8.1 |
7.8 |
Insurance
liabilities |
107.0 |
104.2 |
Contingency
reserves |
1.7 |
1.6 |
Subordinated
debt |
3.9 |
3.9 |
Equity
attributable to equity holders of the parent |
19.6 |
19.2 |
Minority interests |
0.2 |
0.2 |
Total |
505.7 |
495.3 |
1 Including deposit and margin
call
Natixis -
1Q21
P&L by business line
€m |
AWM |
CIB |
Insurance |
Payments |
Corporate Center |
|
1Q21restated |
Net
revenues |
755 |
925 |
240 |
117 |
36 |
|
2,073 |
Expenses |
(587) |
(583) |
(138) |
(103) |
(248) |
|
(1,659) |
Gross
operating income |
168 |
342 |
102 |
14 |
(211) |
|
414 |
Provision for credit losses |
(2) |
(81) |
0 |
(0) |
(8) |
|
(92) |
Net
operating income |
166 |
261 |
102 |
14 |
(220) |
|
323 |
Associates and other items |
(0) |
3 |
2 |
0 |
1 |
|
6 |
Pre-tax profit |
166 |
264 |
104 |
14 |
(219) |
|
328 |
|
|
|
|
|
Tax |
|
(95) |
|
|
|
|
|
Minority interests |
|
(10) |
|
|
|
Net income - group share excl. Coface & H2O
AM |
|
224 |
|
|
|
|
Coface net contribution |
|
7 |
|
|
|
|
H2O AM net contribution |
|
(6) |
|
|
|
Net income - group share incl. Coface & H2O
AM |
|
225 |
Asset & Wealth
Management
€m |
1Q20 |
2Q20 |
3Q20 |
4Q20 |
1Q21 |
|
1Q21 vs. 1Q20 |
Net
revenues |
680 |
684 |
720 |
1,012 |
755 |
|
11% |
Asset Management1 |
639 |
648 |
681 |
952 |
713 |
|
12% |
Wealth management |
41 |
36 |
40 |
61 |
41 |
|
1% |
Expenses |
(559) |
(529) |
(565) |
(685) |
(587) |
|
5% |
Gross
operating income |
121 |
155 |
156 |
327 |
168 |
|
39% |
Provision for credit losses |
1 |
(11) |
(10) |
(7) |
(2) |
|
|
Net
operating income |
121 |
144 |
146 |
320 |
166 |
|
37% |
Associates |
0 |
0 |
0 |
0 |
0 |
|
|
Other items |
(2) |
(3) |
(1) |
(1) |
(0) |
|
|
Pre-tax profit |
119 |
141 |
145 |
320 |
166 |
|
39% |
Cost/Income
ratio |
82.2% |
77.3% |
78.4% |
67.7% |
77.7% |
|
|
Cost/Income
ratio excl. IFRIC 21 |
81.7% |
77.5% |
78.6% |
67.8% |
77.2% |
|
|
RWA (Basel 3 -
in €bn) |
14.0 |
14.1 |
14.4 |
14.1 |
14.2 |
|
1% |
Normative
capital allocation (Basel 3) |
4,604 |
4,623 |
4,602 |
4,585 |
4,560 |
|
(1)% |
RoE after tax
(Basel 3)2 |
8.9% |
8.5% |
6.8% |
15.4% |
9.4% |
|
|
RoE after tax (Basel 3) excl. IFRIC 212 |
9.1% |
8.4% |
6.7% |
15.3% |
9.6% |
|
|
Asset management including Private equity and Employee savings
plan2 Normative capital allocation methodology based on 10.5% of
the average RWA-including goodwill and intangibles
Corporate & Investment Banking
€m |
1Q20 |
2Q20 |
3Q20 |
4Q20 |
1Q21 |
|
1Q21 vs. 1Q20 |
Net
revenues |
680 |
511 |
695 |
885 |
925 |
|
36% |
Global markets |
277 |
103 |
272 |
420 |
490 |
|
77% |
FIC-T |
365 |
277 |
213 |
250 |
315 |
|
(14)% |
Equity |
(33) |
(175) |
33 |
127 |
167 |
|
NR |
CVA/DVA desk |
(56) |
1 |
25 |
43 |
7 |
|
|
Global finance1 |
298 |
321 |
321 |
343 |
336 |
|
13% |
Investment banking2 |
103 |
99 |
93 |
126 |
96 |
|
(7)% |
Other |
2 |
(12) |
8 |
(3) |
4 |
|
|
Expenses |
(559) |
(478) |
(512) |
(556) |
(583) |
|
4% |
Gross
operating income |
121 |
33 |
183 |
330 |
342 |
|
x2.8 |
Provision for credit losses |
(194) |
(275) |
(199) |
(152) |
(81) |
|
|
Net
operating income |
(73) |
(242) |
(16) |
178 |
261 |
|
NR |
Associates |
2 |
2 |
2 |
3 |
3 |
|
|
Other items |
0 |
(0) |
0 |
(0) |
0 |
|
|
Pre-tax profit |
(70) |
(240) |
(13) |
181 |
264 |
|
NR |
Cost/Income
ratio |
82.2% |
93.5% |
73.7% |
62.8% |
63.1% |
|
|
Cost/Income
ratio excl. IFRIC 21 |
78.0% |
95.4% |
75.0% |
63.8% |
60.3% |
|
|
RWA (Basel 3 -
in €bn) |
65.4 |
69.2 |
65.4 |
69.7 |
71.2 |
|
9% |
Normative
capital allocation (Basel 3) |
6,757 |
7,120 |
7,171 |
6,942 |
7,571 |
|
12% |
RoE after tax
(Basel 3)3 |
(3.2)% |
(9.9)% |
(0.6)% |
7.6% |
10.4% |
|
|
RoE after tax (Basel 3) excl. IFRIC 213 |
(1.9)% |
(10.3)% |
(1.0)% |
7.2% |
11.4% |
|
|
Including Film industry financing 2 Including
M&A3 Normative capital allocation methodology based on 10.5% of
the average RWA-including goodwill and
intangiblesInsurance
€m |
1Q20 |
2Q20 |
3Q20 |
4Q20 |
1Q21 |
|
1Q21 vs. 1Q20 |
Net
revenues |
222 |
229 |
221 |
233 |
240 |
|
8% |
Expenses |
(134) |
(116) |
(117) |
(123) |
(138) |
|
4% |
Gross
operating income |
88 |
113 |
104 |
110 |
102 |
|
16% |
Provision for credit losses |
0 |
0 |
0 |
0 |
0 |
|
|
Net
operating income |
88 |
113 |
104 |
110 |
102 |
|
16% |
Associates |
(11) |
(2) |
(1) |
(4) |
2 |
|
|
Other items |
0 |
0 |
0 |
0 |
(0) |
|
|
Pre-tax profit |
77 |
111 |
103 |
106 |
104 |
|
35% |
Cost/Income
ratio |
60.2% |
50.8% |
52.8% |
52.9% |
57.6% |
|
|
Cost/Income
ratio excl. IFRIC 21 |
53.6% |
52.9% |
55.0% |
55.0% |
52.7% |
|
|
RWA (Basel 3 -
in €bn) |
7.6 |
7.6 |
8.1 |
8.8 |
8.9 |
|
17% |
Normative
capital allocation (Basel 3) |
965 |
896 |
893 |
941 |
1,021 |
|
6% |
RoE after tax
(Basel 3)1 |
21.0% |
34.6% |
32.4% |
31.1% |
29.7% |
|
|
RoE after tax (Basel 3) excl. IFRIC 211 |
25.3% |
33.0% |
30.9% |
29.6% |
33.0% |
|
|
1 Normative capital allocation methodology based on 10.5% of the
average RWA-including goodwill and
intangiblesPayments
€m |
1Q20 |
2Q20 |
3Q20 |
4Q20 |
1Q21 |
|
1Q21 vs. 1Q20 |
Net
revenues |
113 |
85 |
117 |
115 |
117 |
|
4% |
Expenses |
(93) |
(94) |
(97) |
(102) |
(103) |
|
11% |
Gross
operating income |
19 |
(9) |
20 |
13 |
14 |
|
(28)% |
Provision for credit losses |
2 |
0 |
(0) |
1 |
(0) |
|
|
Net
operating income |
21 |
(9) |
20 |
14 |
14 |
|
(35)% |
Associates |
0 |
0 |
0 |
0 |
0 |
|
|
Other items |
0 |
0 |
0 |
0 |
0 |
|
|
Pre-tax profit |
21 |
(9) |
20 |
14 |
14 |
|
(35)% |
Cost/Income
ratio |
82.8% |
110.5% |
83.0% |
88.6% |
88.1% |
|
|
Cost/Income
ratio excl. IFRIC21 |
82.2% |
110.8% |
83.2% |
88.8% |
87.5% |
|
|
RWA (Basel 3 -
in €bn) |
1.1 |
1.2 |
1.1 |
1.1 |
1.1 |
|
(5)% |
Normative
capital allocation (Basel 3) |
391 |
403 |
414 |
405 |
413 |
|
6% |
RoE after tax
(Basel 3)1 |
15.1% |
-5.9% |
13.6% |
9.3% |
9.6% |
|
|
RoE after tax (Basel 3) excl. IFRIC 211 |
15.5% |
-6.0% |
13.4% |
9.1% |
10.1% |
|
|
Standalone EBITDA
calculationFigures excluding exceptional items2
|
1Q20 |
2Q20 |
3Q20 |
4Q20 |
1Q21 |
Net
revenues |
113 |
85 |
117 |
115 |
117 |
Expenses |
(93) |
(91) |
(96) |
(99) |
(102) |
Gross
operating income - Natixis reported excl. exceptional
items |
20 |
(6) |
21 |
16 |
15 |
Analytical
adjustments to net revenues |
(0) |
(1) |
(1) |
(1) |
(1) |
Structure charge adjustments to expenses |
5 |
4 |
4 |
4 |
5 |
Gross
operating income - standalone view |
24 |
(2) |
25 |
19 |
19 |
Depreciation, amortization and impairment on property, plant and
equipment and intangible assets |
4 |
4 |
5 |
5 |
5 |
EBITDA |
28 |
2 |
30 |
24 |
24 |
EBITDA = Net revenues (-) Operating expenses. Standalone view
excluding analytical items and structure charges
Normative capital allocation methodology based on 10.5% of the
average RWA-including goodwill and intangibles 2 See page
3Corporate Center
€m |
1Q20 |
2Q20 |
3Q20 |
4Q20 |
1Q21 |
|
1Q21 vs. 1Q20 |
Net
revenues |
(39) |
34 |
(15) |
(6) |
36 |
|
|
Expenses |
(216) |
(65) |
(81) |
(92) |
(248) |
|
15% |
SRF |
(163) |
(2) |
(0) |
(0) |
(135) |
|
(17)% |
Other |
(53) |
(63) |
(81) |
(92) |
(113) |
|
|
Gross operating income |
(254) |
(31) |
(96) |
(98) |
(211) |
|
(17)% |
Provision for credit losses |
(2) |
(4) |
(1) |
(1) |
(8) |
|
|
Net
operating income |
(256) |
(34) |
(97) |
(100) |
(220) |
|
(14)% |
Associates |
0 |
(0) |
0 |
0 |
(0) |
|
|
Other items |
2 |
7 |
3 |
2 |
1 |
|
|
Pre-tax profit |
(254) |
(27) |
(94) |
(98) |
(219) |
|
(14)% |
RWA (Basel 3 - in €bn) |
9.1 |
9.3 |
9.8 |
9.6 |
9.8 |
|
8% |
Corporate Center 1Q21 RWA including the contribution from the
residual stake in Coface
1Q21 results: from data
excluding non-operating items to reported
data
€m |
1Q21underlying |
FX fluctuations on DSN in currencies |
Provision for litigation |
Transformation & Business Efficiency Investment
costs |
Real estate management strategy and other |
Coface residual stake valuation |
H2O AM FX fluctuations |
1Q21restated |
Net revenues |
2,049 |
39 |
(15) |
|
|
|
|
2,073 |
Expenses |
(1,614) |
|
|
(28) |
(17) |
|
|
(1,659) |
Gross
operating income |
435 |
39 |
(15) |
(28) |
(17) |
0 |
0 |
414 |
Provision for
credit losses |
(92) |
|
|
|
|
|
|
(92) |
Associates |
5 |
|
|
|
|
|
|
5 |
Gain or loss on other assets |
0 |
|
|
|
|
|
|
0 |
Pre-tax
profit |
349 |
39 |
(15) |
(28) |
(17) |
0 |
0 |
328 |
Tax |
(100) |
(10) |
4 |
7 |
5 |
|
|
(95) |
Minority
interests |
(11) |
|
|
1 |
|
|
|
(10) |
Net income - group share excl. Coface & H2O
AM |
239 |
29 |
(11) |
(20) |
(13) |
0 |
0 |
224 |
Coface net
contribution |
0 |
|
|
|
|
7 |
|
7 |
H2O AM net
contribution |
0 |
|
|
|
|
|
(6) |
(6) |
Net income - group share incl. Coface & H2O
AM |
239 |
29 |
(11) |
(20) |
(13) |
7 |
(6) |
225 |
Natixis -
1Q21
capital & Basel 3 financial structureSee note
on methodology
Fully
loaded
€bn |
31/03/2021 |
Shareholder’s Equity |
19.6 |
Hybrid
securities(2) |
(2.1) |
Goodwill &
intangibles |
(3.7) |
Deferred tax
assets |
(0.7) |
Dividend
provision |
(0.3) |
Other
deductions |
(0.6) |
CET1 capital |
12.3 |
CET1 ratio |
11.6% |
Additional
Tier 1 capital |
1.7 |
Tier 1 capital |
14.0 |
Tier 1 ratio |
13.2% |
Tier 2
capital |
2.0 |
Total capital |
16.0 |
Total capital ratio |
15.2% |
Risk-weighted assets |
105.7 |
Phased-in incl. current financial year’s
earnings and dividends
€bn |
31/03/2021 |
CET1 capital |
12.3 |
CET1 ratio |
11.6% |
Additional
Tier 1 capital |
1.9 |
Tier 1 capital |
14.2 |
Tier 1 ratio |
13.4% |
Tier 2
capital |
2.3 |
Total capital |
16.4 |
Total capital ratio |
15.6% |
Risk-weighted assets |
105.7 |
IFRIC 21 effects by business lineEffect on
expenses
€m |
1Q20 |
2Q20 |
3Q20 |
4Q20 |
1Q21 |
AWM |
(4) |
1 |
1 |
1 |
(4) |
CIB |
(28) |
9 |
9 |
9 |
(25) |
Insurance |
(15) |
5 |
5 |
5 |
(12) |
Payments |
(1) |
0 |
0 |
0 |
(1) |
Corporate center |
(113) |
38 |
38 |
38 |
(92) |
Total Natixis |
(161) |
54 |
54 |
54 |
(133) |
Normative capital
allocation and RWA breakdown
-
31/03/2021
€bn |
RWAEoP |
% oftotal |
Goodwill &
intangibles1Q21 |
Capital allocation 1Q21 |
RoEafter
tax1Q21 |
AWM |
14.2 |
15% |
3.1 |
4.6 |
9.4% |
CIB |
71.2 |
75% |
0.2 |
7.6 |
10.4% |
Insurance |
8.9 |
9% |
0.1 |
1.0 |
29.7% |
Payments |
1.1 |
1% |
0.3 |
0.4 |
9.6% |
Total (excl. Corp. Center) |
95.4 |
100% |
3.7 |
13.6 |
|
RWA breakdown (€bn) |
31/03/2021 |
Credit
risk |
71.0 |
Internal approach |
59.5 |
Standard approach |
11.5 |
Counterparty risk |
7.5 |
Internal approach |
6.6 |
Standard approach |
0.9 |
Market
risk |
12.5 |
Internal approach |
6.0 |
Standard approach |
6.5 |
CVA |
1.7 |
Operational risk - Standard approach |
13.0 |
Total RWA |
105.7 |
Fully loaded leverage
ratio1 According to the rules of the
Delegated Act published by the European Commission on October 10,
2014, including the effect of intragroup cancelation - pending ECB
authorization
€bn |
31/03/2021 |
Tier 1
capital1 |
14.3 |
Total prudential
balance sheet |
391.9 |
Adjustment on
derivatives |
(30.4) |
Adjustment on
repos2 |
(15.7) |
Other exposures
to affiliates |
(39.5) |
Exposure to
central banks |
(19.3) |
Off balance sheet
commitments |
46.1 |
Regulatory
adjustments |
(4.9) |
Total leverage exposure |
328.1 |
Leverage ratio |
4.4% |
See note on methodology. Without phase-in -
supposing replacement of existing subordinated issuances when they
become ineligible2 Repos with clearing houses cleared according to
IAS32 standard, without maturity or currency criteriaNet
book value as at March
31, 2021
€bn |
31/03/2021 |
Shareholders’ equity (group share) |
19.6 |
Deduction of
hybrid capital instruments |
(2.0) |
Deduction of gain
on hybrid instruments |
(0.1) |
Distribution |
(0.2) |
Net book
value |
17.3 |
Restated
intangible assets1 |
(0.7) |
Restated
goodwill1 |
(3.3) |
Net tangible book value2 |
13.4 |
€ |
|
Net book
value per share |
5.48 |
Net tangible book value per share |
4.24 |
Net tangible book value per share of €4.18 post FY21 dividend
accrual, based on a 60% payout ratio
1Q21 Earnings per share
€m |
31/03/2021 |
Net income
(gs) |
225 |
DSN interest
expenses on preferred shares adjustment |
(27) |
Net income attributable to shareholders |
199 |
Earnings per share (€) |
0.06 |
Number of shares as at
March
31,
2021
|
31/03/2021 |
Average number of shares over the period, excluding treasury
shares |
3,153,805,866 |
Number of shares, excluding treasury shares, EoP |
3,155,441,451 |
Number of treasury shares, EoP |
2,461,581 |
Net income attributable to
shareholders
€m |
1Q21 |
Net income (gs) |
225 |
DSN interest expenses on preferred shares adjustment |
(27) |
RoE & RoTE numerator |
199 |
See note on methodology 2 Net tangible book value = Book value -
goodwill - intangible assets
RoTE1
€m |
31/03/2021 |
Shareholders’
equity (group share) |
19,595 |
DSN
deduction |
(2,122) |
Dividend
provision |
(308) |
Intangible
assets |
(655) |
Unrealized/deferred gains and losses in equity (OCI) |
(561) |
Goodwill |
(3,263) |
RoTE Equity end of period |
12,686 |
Average RoTE equity (1Q21) |
12,559 |
1Q21
RoTE annualized with no IFRIC 21 adjustment |
6.3% |
IFRIC 21
impact |
114 |
1Q21 RoTE annualized excl. IFRIC 21 |
9.9% |
RoE1
€m |
31/03/2021 |
Shareholders’
equity (group share) |
19,595 |
DSN
deduction |
(2,122) |
Dividend
provision |
(308) |
Unrealized/deferred gains and losses in equity (OCI) |
(561) |
|
|
|
|
RoE Equity end of period |
16,603 |
Average RoE equity (1Q21) |
16,453 |
1Q21
RoE annualized with no IFRIC 21 adjustment |
4.8% |
IFRIC 21
impact |
114 |
1Q21 RoE annualized excl. IFRIC 21 |
7.6% |
Doubtful
loans
€bn |
31/12/2020 |
31/03/2021 |
|
|
Gross customer loans outstanding |
69.3 |
69.6 |
|
- Stage 1+2 |
65.7 |
65.7 |
|
- Stage 3 |
3.6 |
3.9 |
|
Stock of provisions |
1.4 |
1.5 |
|
% of Stage 3 loans |
5.2% |
5.5% |
|
Stock of provisions / Gross customer loans |
2.0% |
2.1% |
|
See note on methodology. Disclaimer
This media release may contain objectives and
comments relating to the objectives and strategy of Natixis. Any
such objectives inherently depend on assumptions, project
considerations, objectives and expectations linked to future and
uncertain events, transactions, products and services as well as
suppositions regarding future performances and synergies.
No Insurance can be given that such objectives
will be realized. They are subject to inherent risks and
uncertainties, and are based on assumptions relating to Natixis,
its subsidiaries and associates, and the business development
thereof; trends in the sector; future acquisitions and investments;
macroeconomic conditions and conditions in Natixis' principal local
markets; competition and regulation. Occurrence of such events is
not certain, and outcomes may prove different from current
expectations, significantly affecting expected results. Actual
results may differ significantly from those implied by such
objectives.
Information in this media release relating to
parties other than Natixis or taken from external sources has not
been subject to independent verification, and Natixis makes no
warranty as to the accuracy, fairness, precision or completeness of
the information or opinions herein. Neither Natixis nor its
representatives shall be liable for any errors or omissions, or for
any prejudice resulting from the use of this media release, its
contents or any document or information referred to herein.
Included data in this press release have not
been audited.
NATIXIS financial
disclosures for the first quarter 2021 are contained in this press
release and in the presentation attached herewith, available online
at www.natixis.com in the “Investors & shareholders”
section.
Contacts
Investor
Relations |
investorelations@natixis.com |
|
Damien
SouchetNoémie Louvel |
+33 1 58 55 41
10+33 1 78 40 37 87 |
|
|
|
|
Press
Relations |
press@communication.natixis.com |
|
Daniel
WilsonSonia DilouyaVanessa Stephan |
+33 1 58 19 10
40+33 1 58 32 01 03+33 1 58 19 34 16 |
|
www.natixis.com
|
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