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Natixis Q2 profit falls 32% YOY as global finance revenue drops

Natixis, the investment banking arm of Groupe BPCE, reported a 32% year-over-year decrease in restated net income group share for the second quarter, as it was hit by fall in global finance revenue in its corporate and investment bank business.

The restated net income group share totaled €346 million, down from €507 million in the previous year. On an underlying basis, its net income group share declined to €363 million in the second quarter, from €481 million. Its figures were restated following the sale of retail assets in 2018.

The lender said net inflows into its H2O AM LLP business had normalized in July, with 26 billion at June-end compared to 31.3 billion at March-end. This was after investors in June withdrew funds on concerns about its holdings in illiquid bonds of businesses backed by German businessman Lars Windhorst.

Revenues in global finance fell 15% to €333 million compared to €394 million.

Stripping out one-offs and the effect of IFRIC 21, an accounting rule for bank levies, second-quarter net income group share reached €315 million.

Revenues from asset and wealth management were up 11% year over year, insurance revenue was up 7% and the payments business reported a 10% year-over-year increase. Net revenues in the corporate and investment bank were down 13% year over year on a reported basis.

The bank reported first-half restated net income group share of €1.11 billion from €767 million. Earnings per share for the first half stood at 34 cents.

Meanwhile, BPCE reported restated net income group share for the second quarter of €956 million, down 7.9% year over year, due to transformation costs incurred at the end of first-quarter 2019. Underlying net income for the same period stood at €986 million, down 14.4% from the previous year. It posted first-half net income group share of €1.30 billion, down from €1.64 billion in 2018.

Natixis reported a fully loaded common equity Tier 1 ratio of 11.5% as of June 30, above its 2020 target of 11%. BPCE said its CET1 ratio was 15.5%.