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Natixis S.A. (KN.PA)

Paris - Paris Delayed Price. Currency in EUR
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2.6510+0.0710 (+2.75%)
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Previous Close2.5800
Open2.5990
BidN/A x N/A
AskN/A x N/A
Day's Range2.5820 - 2.6810
52 Week Range1.4710 - 4.4110
Volume2,331,475
Avg. Volume10,457,195
Market Cap8.351B
Beta (5Y Monthly)1.05
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateMay 05, 2020
1y Target EstN/A
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  • Information relating to the total number total of voting rights and of shares at October 31, 2020
    GlobeNewswire

    Information relating to the total number total of voting rights and of shares at October 31, 2020

    Name of issuer: NATIXIS S.A. joint stock company with a share capital of 5,049,522,403.20 euros Registered under the Nr B 542 044 524 RCS Paris Registered Office: 30 avenue Pierre Mendès-France - 75013 Paris   Information relating to the total number total of voting rights and of shares pursuant to Article L.233-8 II of the French Commercial Code and Article 223-16 of the Autorité des Marchés Financiers (AMF) General Regulations.   Date  Number of shares composing current share capitalTotal number of voting rights   October 31, 2020          3,155,951,502  Gross total: 3,155,951,502   Net total*: 3,150,192,149    * Net total: total number of voting rights attached to the total number of shares – shares without voting rights (treasury stock, etc.) The €5,049,522,403.20 share capital has been registered by a decision of the Chief Executive Officer on July 28, 2020.   Note: This translation is for information purposes only. In case of inconsistencies between the French version and the English version of this document, the French version shall prevailAttachment * Natixis_monthly_info_equity_distribution_20201031

  • 3Q20 and 9M20 results
    GlobeNewswire

    3Q20 and 9M20 results

    Paris, November 5, 20203Q20 and 9M20 results Back to profitability and strategic orientations preparing the future Reported net income at +€39m in 3Q20 and +€152m excluding exceptional items1 Basel 3 fully-loaded CET1 ratio2 at 11.7%, +340bps above regulatory requirementsBACK TO PROFITABILITY AND SOLID CAPITAL POSITIONUnderlying3 net revenues of the businesses excl. CVA/DVA at €1.8bn in 3Q20 (-14% vs 3Q19) and €5.2bn in 9M20 (- 15% vs. 9M19). Activity bouncing back from 1Q20 and 2Q20 levelsCost of risk improving in 3Q20 vs. 2Q20Underlying3 net income at +€152m in 3Q20 (+€39m on a reported basis) and +€75m in 9M20 (€(222)m on a reported basis)Basel 3 FL CET1 ratio2 at 11,7% in September 30, 2020 (11.2% proforma). Ratio standing +340bps above regulatory requirements (+290bps proforma) and +150bps above current target of 10.2% (+100bps proforma) STRATEGIC CHOICES TOWARDS SUSTAINABLE VALUE CREATIONLAYING OUT SOLID FOUNDATIONS FOR THE 2021-2024 STRATEGIC PLANSustainable development of our net revenuesAWM - Fostering growth relaysClosing of the Ostrum AM/LBP AM merger, creating a European leader in the management of fixed-income and insurance assets for large institutional clients with close to ~€430bn of assets under management as at end-September. Combined with the ~€630bn of AuM coming from its alpha-generating boutiques, Natixis IM reinforces its diversified positioning with close to €1,100bn of AuM. Besides, DNCA and Thematics see their positioning being reinforced through additional AuM being transferred from Ostrum AMAWM - Evolution of the relationship between Natixis IM and H2O AMNatixis IM and H2O AM are in discussions concerning the progressive and orderly unwinding of their partnership. Such discussions include (i) a possible progressive sale of Natixis IM’s stake in H2O AM and (ii) the orderly assumption by H2O AM of its distribution over a transition period until the end of 2021. Such evolution would be subject to consideration and approval by relevant regulatory authorities. H2O AM will no longer be considered a strategic asset of NatixisCIB - Equity Derivatives repositioning under a lower risk appetiteExit from most complex products and tightened exposure limits on low/medium risk products. These products will essentially be offered to Groupe BPCE retail networks and Natixis’ selected strategic clients, translating into a reduction in the number of clients served from >400 to ~50. Equity net revenues are expected to reach a new run-rate of ~€300m per annum and with an associated reduction in the cost baseBusiness transformation: €350m of cost savings by end-2024Transformation and efficiency program allowing for ~€350m of recurring cost savings to be generated by 2024 (~€270m of related one-off investment expenses over 4Q20-2023) notably including the transformation of the CIB Equity businessFinancing the energy transition and reducing the cost of riskActive -20% reduction in the overall Oil & Gas exposure since the beginning of the year through a repositioning of the trade finance activity (-35%). Complete exit from shale oil and shale gas by 2022 with a -25% reduction in exposure already achieved over 2020. Besides an expected reduction in the through-the-cycle cost of risk, such an active management of the loan portfolio should help accelerate Natixis’ green transition to address clients’ needs and through the development of its Green Weighting FactorCapital management: long-term growth and shareholder return capacityWith a Basel 3 FL CET1 ratio2 at 11.7% as at end-September and 11.2% proforma for the front-loading of all regulatory impacts expected by the end of 2021, Natixis has enough room for maneuver in order to ensure the development of its businesses and its dividend distribution capacity. Natixis intends to resume dividend distribution in the first semester of 2021 (subject to ECB recommendations) and actively manage its capital position with a ~200bps CET1 buffer above its regulatory requirementsFigures restated as communicated on April 20, 2020 following the announced disposal of a 29.5% stake in Coface. See page 16 for the reconciliation of the restated figures with the accounting view 1 See page 6 2 See note on methodology 3 Excluding exceptional items. Excluding exceptional items and excluding IFRIC 21 for the Cost income ratio, RoE and RoTE “Natixis has taken a number of strategic and operational decisions in order to prepare the future. Our goal is to get Natixis back onto a path of sustainable value creation. Growth in our Asset Management division will be boosted by the operational merger between La Banque Postale AM and Ostrum AM, which has increased our assets under management to close to 1.1 trillion euros, and by the decision to evolve our relationship with H2O AM. Meanwhile, the results of our Corporate & Investment Banking business will become steadier through the adjustment of our Equity Derivatives positioning and through the reduction of our exposure to the Oil & Gas sector. These decisions mark an important step in Natixis’ development and growth and pave the way for the preparation of our 2024 strategic plan, to be published in early June 2021.The past quarter also marked a return to positive earnings for Natixis with Insurance and Payments recording solid growth, Asset & Wealth Management holding up well, notably in terms of assets under management, and Corporate & Investment Banking revenues normalizing. In such an extraordinary health and economic context, I would like to pay tribute to the commitment and dedication of Natixis’ teams to serving our clients and supporting the financing of the economy as well as reaffirm the confidence I have in Natixis’ ability to fulfill its ambitions."Nicolas Namias, Natixis Chief Executive Officer 3Q20 RESULTSOn November 5th, 2020, the Board of Directors examined Natixis’ third quarter 2020 results.€m 3Q20 restated3Q19 restated 3Q20 o/w underlying3Q19 o/w underlying 3Q20 vs. 3Q19 restated 3Q20 vs. 3Q19 underlying Net revenues 1,7622,102 1,8062,056 (16)% (12)% o/w businesses excl. CVA/DVA 1,7582,045 1,7582,045 (14)% (14)% Expenses (1,383)(1,465) (1,360)(1,443) (6)% (6)% Gross operating income 379637 446613 (40)% (27)% Provision for credit losses (210)(70) (210)(70)     Net operating income 169567 236543 (70)% (57)% Associates and other items (18)12 412     Pre-tax profit 152579 239555 (74)% (57)% Income tax (56)(114) (75)(106)     Minority interests (16)(66) (16)(66)     Net income - group share excl. Coface net contribution 80399 148383 (80)% (61)% Coface net contribution (41)16 417     Net income - group share incl. Coface net contribution 39415 152400 (91)% (62)% Underlying net revenue evolution highlights Natixis’ resilient business model, recovering from the impacts of the late 1Q20 market dislocation (mainly in Asset Management), 2Q20 lockdown measures (mainly in Payments) as well as 1H20 dividend cancellations and uncertainty regarding the shape of the economic recovery (mainly in CIB).Underlying expenses are down -6% YoY in 3Q20 reflecting the cost flexibility embedded in the Asset management multiboutique model (-14% YoY) as well as ongoing cost discipline across the board. The underlying cost/income ratio1 stands at 78.3% in 3Q20 vs. 72.8% in 3Q19.Underlying cost of risk has improved QoQ although reflecting higher impairments mainly across energy exposures as well as an increase in non-performing loans vs. 3Q19. Expressed in basis points of loans outstanding (excluding credit institutions), the businesses’ underlying cost of risk worked out to 123bps in 3Q20 (o/w ~90% of COVID-19 related impacts such as IFRS9, fraudulent credit files and airlines).Coface net contribution based on a ~13% residual stake (vs. ~42% in 3Q19).Net income (group share), adjusted for IFRIC 21 and excluding exceptional items reached €105m in 3Q20. Accounting for exceptional items (€(113)m net of tax in 3Q20) and IFRIC 21 impact (€47m in 3Q20) the reported net income (group share) in 3Q20 is at €39m.Natixis’ underlying RoTE1 reached 2.4% in 3Q20 excl. IFRIC 21.1See note on methodology. Excluding exceptional items and excluding IFRIC 21 The sensitivity test that had been carried out for the 1Q20 et 2Q20 results has been updated with data as at end-September 2020. This would notably include the projection of a ~10% drop in the 2020 French GDP (~5% recovery in 2021) and severe assumptions across sectors of expertise incl. oil price ~$40/bbl. and significant haircuts to asset prices on real assets (e.g. ~45% for aircrafts and ~30% for real estate). In such a scenario, the cost of risk could continue to progressively improve below 100bps regarding the full-year 2021.Natixis’ exposure to the Oil & Gas sector stood at ~€10.0bn of net EAD1 (Exposure at Default) as at 30/09/2020 (~60% Investment Grade) of which ~€0.8bn across US independent producers and service companies which have a more limited absorption capacity of lower oil price. As at 30/09/2020, the exposure to Aviation stood at ~€4.4bn of net EAD1, was well diversified across more than 30 countries (none of which exceeding 20% of the exposure), secured for ~75% and majority Investment Grade. The exposure to Tourism & Leisure stood at ~€1.9bn of net EAD as at 30/09/2020, with ~95% being in the EMEA region, geared towards industry leaders.Outlook Natixis’ future financial performances may be impacted by the latest developments linked to the COVID-19 context and the uncertainties it creates. For instance, they could be affected by the lockdown measures taken in various geographies and their potential implications on macroeconomic scenarios, the behavior of sectors/counterparts to which Natixis is exposed that could impact credit risk estimates and capital consumption, market levels impacting valuations and solvency through related CET1 items and RWA, goodwill depreciation or depreciation of associates’ value, or securities…Main observable impacts from the COVID-19 context in 9M20 (excluding items classified as exceptional, see page 6)2€m  1Q202Q203Q20 9M20 Net revenues (290)(106)59 (337) Seed money portfolio mark-downsAWM(34)(17)18 (33)  - Listed (33)2518 11  - Unlisted (2)(42)0 (44) Dividend mark-downs on equity productsCIB(130)(143)1 (272) CVA/DVA impactCIB(55)126 (28) FVA impactCorporate Center(71)5314 (4) Cost of riskCIB(115)(210)(190) (515) Total pre-tax profit impact (405)(316)(131) (852)         CET1 capital (507)342104 (61) OCI (389)29970 (20) PVA (118)4334 (41) Risk-weighted assets (€bn) 3.26.7(4.4) 5.4 Credit RWA 1.70.9(0.6) 1.9  - RCF drawdowns & new money(3) 1.70.4(0.4) 1.7  - State-guaranteed loans(3) 0.00.5(0.2) 0.2 Market RWA 1.06.0(3.4) 3.6 CVA RWA 0.5(0.2)(0.4) (0.1) Total CET1 ratio impact (bps) (90)bps(40)bps60bps (70)bps P&L : ~€65m of 9M20 impacts recoverable upon market conditions (seed money, XvA)Capital : ~50bps of 9M20 impacts recoverable upon market conditions and over time (OCI, PVA, Market RWA, state guaranteed loans)1 Energy & Natural Resources + Real Assets perimeters 2 Not exhaustive 3 Management data, gross. ~€0.2bn RWA impact from state-guaranteed loans as at end 3Q20 o/w close to nil related to the guarantee not being effective yet as at 30/09/20 9M20 RESULTS€m 9M20 restated9M19 restated 9M20 o/w underlying9M19 o/w underlying 9M20 vs. 9M19 restated 9M20 vs. 9M19 underlying Net revenues 5,0766,159 5,1346,109 (18)% (16)% o/w businesses excl. CVA/DVA 5,1446,049 5,1586,049 (15)% (15)% Expenses (4,257)(4,509) (4,217)(4,461) (6)% (5)% Gross operating income 8191,650 9171,648 (50)% (44)% Provision for credit losses (692)(210) (692)(210)     Net operating income 1261,440 2241,438 (91)% (84)% Associates and other items (22)699 1416     Pre-tax profit 1052,138 2381,454 (95)% (84)% Income tax (74)(463) (103)(384)     Minority interests (67)(199) (67)(166)     Net income - group share excl. Coface net contribution (37)1,476 68905 (102)% (92)% Coface net contribution (186)50 751     Net income - group share incl. Coface net contribution (222)1,526 75955 (115)% (92)% Underlying net revenues are down -16% YoY in 9M20. They are impacted by the following lumpy items, all directly or indirectly linked to the COVID-19 context for a total amount of ~€(337)m and with progressive normalization throughout the year: * AWM: €(33)m mark-down impact on the seed money portfolio (post overlay) including both listed and private assets; * CIB: €(28)m CVA/DVA (Credit/Debit Value Adjustment) impact due to spreads widening on the back of perceived counterparty credit risk deterioration as at September 30, 2020 vs. December 31, 2019. €(272)m impact from dividend mark-downs across Equity following corporates’ 2019 dividend cancellation and the related sharp moves of dividend future curves; * Corporate Center: €(4)m FVA (Funding Value Adjustment) impact due to the 1Q20 increase in funding costs on the market, almost entirely reversed in 2Q20/3Q20;Underlying expenses are down -5% YoY, demonstrating Natixis’ ability to adjust to its environment and with further efficiency gains to be realized up to ~€350m throughout 2021-2024 (~€120m to be realized over 2021, ~€250m over 2022, ~€310m over 2023 and ~€350m over 2024) with ~€270m of one-off investment costs classified as exceptional items (~€75m over 4Q20, ~€85m over 2021, ~€45m over 2022 and ~€60m over 2023). Natixis’ underlying cost income ratio1 reaches 81.1% in 9M20 (72.1% in 9M19).Underlying cost of risk reflecting the COVID-19 context (~€515m related impacts) mainly through some IFRS 9 provisioning, cases of fraud (essentially across energy exposures) as well as increasing non-performing loans. Expressed in basis points of loans outstanding (excluding credit institutions), the businesses’ underlying cost of risk worked out to 139bps in 9M20 (o/w ~75% of COVID-19 related impacts such as IFRS9, fraudulent credit files and airlines).Coface net contribution based on a ~13% residual stake (vs. ~42% in 9M19) reached €7m in 9M20.Net income (group share), adjusted for IFRIC 21 and excluding exceptional items reached €122m in 9M20. Accounting for exceptional items (€(298)m net of tax in 9M20 and IFRIC 21 impact (€(47)m in 9M20) the reported net income (group share) in 9M20 is at €(222)m.Natixis’ underlying RoTE1 reached 0.2% in 9M20 excl. IFRIC 21.1See note on methodology. Excluding exceptional items and excluding IFRIC 21 3Q20 & 9M20 RESULTS Exceptional items€586m positive net impact from the disposal of the retail banking activities in 1Q19: €697m capital gain minus €78m income tax minus €33m minority interests€m  3Q203Q19 9M209M19 Exchange rate fluctuations on DSN in currencies (Net revenues)Corporate center(44)46 (44)50 Contribution to the Insurance solidarity fund (Net revenues)Insurance00 (14)0 Real estate management strategy (Expenses)Business lines & Corporate center(2)0 (7)0 Transformation & Business Efficiency Investment costs (Expenses)Business lines & Corporate center(21)(22) (32)(48) Impact of Liban default on ADIR Insurance (Associates)Insurance00 (14)0 AM affiliate management (Gain or loss on other assets)AWM(22)0 (22)0 Disposal of subsidiary in Brazil (Gain or loss on other assets)CIB00 0(15) Capital gain - Disposal retail banking (Gain or loss on other assets)Corporate center00 0697 Coface Fit to win (Coface net contribution)(1)Coface0(1) 0(2) Coface capital loss (Coface net contribution)(1)Coface(34)0 (146)0 Coface residual stake impairment (Coface net contribution)(1)Coface(11)0 (47)0 Total impact on income tax 19(8) 29(78) Total impact on minority interests 00 0(33) Total impact on net income (gs) (113)15 (298)571 1 For financial communication purposes, all impacts related to Coface are shown in a separate P&L line ‘Coface net contribution”. From an accounting standpoint the 9M20 Coface capital loss is classified in “Gain or loss on other assets” and the 3Q20 Coface residual stake impairment in “Associates”. See page 16 for the reconciliation with the accounting view. 3Q20 capital loss relating to the sale of a 29.5% stake in Coface to Arch Capital Group at a revised price of €9.95 per share vs. €10.70 announced in the press release dated 25/02/2020 Unless specified otherwise, the following comments and data refer to underlying results, i.e. excluding exceptional items (see details page.6)Asset & Wealth Management €m  3Q203Q193Q20 vs. 3Q19 9M209M199M20 vs. 9M199M20 vs. 9M19 constant FX Net revenues 744945(21)% 2,2222,651(16)%(16)% o/w Asset Management1 704908(22)% 2,1052,550(17)%(17)%       o/w excl. perf. fees 671717(6)% 2,0022,188(9)%(9)% o/w Wealth management 40377% 11710017%17% Expenses (559)(646)(13)% (1,669)(1,804)(8)%(7)% Gross operating income 185299(38)% 554846(35)%(34)% Provision for credit losses (10)(8)  (20)(10)   Associates and other items (1)8  (6)4   Pre-tax profit 174298(42)% 528840(37)%  Cost/income ratio2 75.3%68.5%6.8pp 75.0%68.0%7.0pp  RoE after tax2 9.6%13.4%(3.7)pp 9.3%13.5%(4.2)pp  Asset management net revenues excluding performance fees down by -6% YoY in 3Q20, combined with a strong cost flexibility and a drop in expenses of -14% YoY (-13% YoY in 3Q20 for AWM). Asset Management underlying revenues benefited from a €18m mark-ups on the seed money portfolio, reversing part of the €(51)m mark-downs taken in 1H20 (vs. an overall contribution of €12m in 3Q19).Asset management overall fee rate excluding performance fees remained stable 3Q20 vs. 2Q20 and remained at ~28bps YTD. For European affiliates, it stood ~15bps (~26bps excl. Life Insurance General Accounts) and for North American affiliates it stood at ~35bps. Asset management performance fees reached €33m in 3Q20 vs. €192m in 3Q19 (o/w €125m from H2O).Asset management AuM are up +3% QoQ at constant exchange rate to reach €910bn as at end-September 2020 (o/w ~€20bn for H2O AM). Besides the flow dynamics described below, 3Q20 AuM were impacted by a €24bn positive market effect and a negative €(20)bn FX effect.Asset management net inflows reached ~€2bn, with continued good momentum for North American affiliates (~€2bn net inflows) essentially across fixed income and growth equity strategies. Across European affiliates, Mirova continues to attract positive net inflows on its equity strategies, allowing for some offset to net outflows on fixed income products at other affiliates. Added to that is the success for Private equity and notably Vauban (infrastructure) which also gathered positive net inflows in the quarter. Net outflows at H2O AM were <€1bn on previously suspended funds following their reopening (over October 13 - October 31.Natixis IM is well positioned to capture growth coming from ESG (~€2bn net inflows across open-end funds with French SRI label in 3Q20) as well as from Asian clients (>€5bn net inflows YTD) and is fostering the development of DNCA and Thematics with respectively ~€7bn (equity and convertible bonds) and ~€1bn (equity) additional AuM coming from Ostrum AM following the merger project with LBP AM.1 Asset management including Private equity and Employee savings plan 2 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 6)Corporate & Investment Banking€m  3Q203Q193Q20 vs. 3Q19 9M209M199M20 vs. 9M199M20 vs. 9M19 constant FX Net revenues 703784(10)% 1,9102,438(22)%(22)% Net revenues excl. CVA/DVA/Other 669794(16)% 1,9402,437(20)%(20)% Expenses (508)(518)(2)% (1,542)(1,618)(5)%(5)% Gross operating income 195265(27)% 368820(55)%(55)% Provision for credit losses (199)(59)  (667)(193)   Associates and other items 22  78   Pre-tax profit (1)209(101)% (293)635(146)%  Cost/income ratio1 73.6%67.2%6.4pp 80.3%66.0%14.3pp  RoE after tax1 (0.5)%8.6%(9.1)pp (4.0)%9.2%(13.2)pp  Underlying net revenues are on a path to recovery and above both their 1Q20 and 2Q20 levels (despite seasonality) on the back of CVA/DVA impacts being partly reversed in 3Q20 as well as the 1H20 effect of dividend cancellations no longer impacting the top-line.Global markets: FICT revenues are at €216m, down vs. 3Q19 due to a lower contribution from FX and a high base effect for Credit while activity on Rates remained fairly stable. Equity revenues turned back positive at €34m with EQD positioning to be adjusted.Global finance: net revenues are stable QoQ (down YoY on a particularly strong 3Q19) with higher portfolio revenues allowing for some offset to lower syndication fees. Robust dynamics across Infrastructure offsetting lower contributions from Aviation, Real Estate and Energy.Investment banking/M&A: net revenues are up +28% YoY (+19% YoY in 9M20) driven by DCM and a pick-up in M&A activity with strong contributions from PJ Solomon and Fenchurch. IB revenues are increasing in all main geographies with a particularly strong performance from the APAC platform.Underlying expenses are down -2% YoY in 3Q20 despite a higher contribution from the M&A boutiques and down -5% YoY in 9M20.Underlying cost of risk remains elevated although improving QoQ, back close to its 1Q20 levels.Market RWA are normalizing following the 2Q20 technical spike linked to the VaR calculation (~€4bn down QoQ).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 6)Insurance €m  3Q203Q193Q20 vs. 3Q19 9M209M199M20 vs. 9M19 Net revenues 2202057% 6836308% Expenses (117)(110)6% (367)(349)5% Gross operating income 103959% 31628112% Provision for credit losses 00  00  Associates and other items (1)1  16  Pre-tax profit 102967% 31728710% Cost/income ratio1 55.4%55.9%(0.5)pp 53.0%54.7%(1.7)pp RoE after tax1 30.5%26.9%3.6pp 32.8%29.2%3.6pp Underlying net revenues up +7% YoY in 3Q20 and +8% YoY in 9M20.Underlying cost/income ratio1 at 55.4% in 3Q20 and 53.0% in 9M20, improving by 0.5pp and 1.7pp respectively vs. prior year periods. Positive jaw effect of +1pp in 3Q20 and +3pp in 9M20.Underlying RoE1 at 30.5% in 3Q20 and 32.8% in 9M20, up from 26.9% in 3Q19 and 29.2% in 9M19.From a commercial standpoint: €5.9bn gross inflows2 and €2.6bn net inflows2 for Life insurance in 9M20. Share of unit-linked products in the gross inflows2 increasing sharply to ~35% across the two Groupe BPCE networks vs. ~29% in 9M19. P&C premium growth of +6% YoY both in 3Q20 and 9M20.New Dimension 2020 financial targets all expected to be delivered or exceeded.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 6)Payments€m  3Q203Q193Q20 vs. 3Q19 9M209M199M20 vs. 9M19 Net revenues 11710314% 3163111% Expenses (97)(91)7% (284)(272)4% Gross operating income 201360% 3239(19)% Provision for credit losses (0)(1)  2(2)  Associates and other items 00  00  Pre-tax profit 201276% 3438(10)% Cost/income ratio1 82.9%87.9%(5.0)pp 89.8%87.3%2.5pp RoE after tax1 13.7%8.0%5.7pp 8.0%9.2%(1.2)pp Underlying net revenues up +14% YoY in 3Q20 and also up YoY in 9M20, positively impacted by a rise in consumption during the summer months as well as the benefits from accelerated payment digitalization: * Payment Processing & Services: Number of card transactions processed growing again at +4% YoY in 3Q20 following a sharp decline in 2Q20 due to lockdown. Growth notably coming from the launch of new offers on processing activities; * Merchant Solutions: PayPlug strongly benefited from its positioning across small and medium-sized merchants seeking to diversify their distribution channels towards online (business volumes x2.1 YoY in 3Q20 and x2.3 YoY in 9M20). Strong penetration within Groupe BPCE retail networks. Dalenys continued to exhibit good business volume growth at +13% YoY in both 3Q20 and 9M20 despite some sectors still exhibiting subdued volumes (e.g. travel); * Prepaid & Issuing Solutions: Meal voucher activity benefiting from eased conditions of use as well as a catch-up effect on reimbursement volumes following the reopening of ventures closed during lockdown such as restaurants.Underlying cost/income ratio1 at 82.9% in 3Q20, improving by 5.0pp vs. 3Q19 and with a positive jaw effect of +7pp.Underlying RoE1 at 13.7% in 3Q20, up from 8.0% in 3Q19.1 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 6)Corporate Center€m  3Q203Q193Q20 vs. 3Q19 9M209M199M20 vs. 9M19 Net revenues 2119  380  Expenses (79)(77)2% (356)(418)(15)% SRF (0)0  (165)(170)(3)% Other (79)(77)1% (190)(248)(23)% Gross operating income (57)(59)(2)% (353)(338)4% Provision for credit losses (1)(2)  (7)(6)  Associates and other items 31  12(2)  Pre-tax profit (56)(60)(6)% (347)(346)0% Underlying net revenues are impacted by a positive €14m FVA impact in 3Q20 which is now close to nil YTD following the recovery already experienced in 2Q20 (€53m) from the €(71)m adjustment taken in 1Q20. As a reminder Funding Value Adjustments materialize through the P&L due to the change in the cost of funding above the risk-free rate for uncollateralized derivative transactions. Such adjustments can be quite volatile and tend to normalize over time.Underlying expenses are largely flat YoY in 3Q20 and down more than -20% YoY in 9M20 (excl. SRF), notably reflecting cost saving efforts being carried out across the organization. FINANCIAL STRUCTUREBasel 3 fully-loaded1 Natixis’ Basel 3 fully-loaded CET1 ratio worked out to 11.7% as at September 30, 2020. * Basel 3 fully-loaded CET1 capital amounted to €11.8bn * Basel 3 fully-loaded RWA amounted to €100.6bnMain 3Q20 CET1 capital impacts: * +€152m related to the underlying net income group share * €(113)m related to exceptional items * +€70m related to OCI evolution on securities * +€34m related to the Prudent Value (PVA) evolution * +€152m related to the IPC reintegration (Irrevocable Payment Commitments) * €(114)m related to other effects (e.g. foreign exchange impacts)Main 3Q20 RWA impacts: * +€0.6bn from Credit RWA incl. €(0.4)bn from RCF drawdowns/new money (management data, gross) and €(0.2)bn from state-guaranteed loans * €(3.4)bn from Market RWA * €(0.4)bn from CVA RWA * +€0.4bn from other impacts (mainly related to franchise mechanisms)As at September 30, 2020 Natixis’ Basel 3 fully-loaded capital ratios stood at 13.4% for the Tier 1 and 15.6% for the Total capital.Proforma for the estimated 4Q20-2021 regulatory impacts related to TRIM Corporates, TRIM Banks, SA-CCR and the prudential treatment of softwares (~60bps cumulative negative impact post mitigation) as well as the impacts coming from projects such as the Ostrum AM/LBP AM merger and Natixis’ sale of a 29.5% stake in Coface, Natixis’ Basel 3 fully-loaded CET1 ratio would stand at 11.2%.Basel 3 phased-in incl. current financial year’s earnings and dividends1 As at September 30, 2020, Natixis’ Basel 3 phased-in capital ratios incl. current financial year’s earnings and dividends stood at 11.7% for the CET1, 13.8% for the Tier 1 and 16.0% for the Total capital. * Core Tier 1 capital stood at €11.8bn and Tier 1 capital at €13.9bn * Natixis’ RWA totaled €100.6bn, breakdown as follows: * Credit risk: €63.9bn * Counterparty risk: €6.9bn * CVA risk: €1.3bn * Market risk: €14.8bn * Operational risk: €13.7bnBook value per share Equity capital (group share) totaled €18.9bn as at September 30, 2020, 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 €5.32 as at September 30, 2020 based on 3,149,952,017 shares excluding treasury shares (the total number of shares being 3,155,951,502). The tangible book value per share (after deducting goodwill and intangible assets) is €4.09.Leverage ratio1The leverage ratio worked out to 4.7% as at September 30, 2020.Overall capital adequacy ratio As at September 30, 2020, the financial conglomerate’s excess capital was estimated at around €3.1bn.     1 See note on methodology APPENDICESNote on methodology:The results at 30/09/2020 were examined by the board of directors at their meeting on 05/11/2020.Figures at 30/09/2020 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 datePress release dated 20/04/2020 “Preparation of the 1Q20 Financial Communication” \- amended below for subsequent developmentsThe 2019 quarterly series have been updated following the February 25, 2020 announcement regarding the sale by Natixis of a 29.5% stake in Coface to Arch Capital Group. This announcement notably translates into the following: * Natixis losing exclusive control over Coface in the first quarter of 2020 and the recognition of a capital loss at the date of such a loss of control of €112m based on the 2020 original sale price of €10.70 per share. An additional €34m capital loss was recognized in 3Q20 to reflect the fact that the price of the transaction was revised down to €9.95 per share;   * Application of the IAS 28 standard “Investments in associates and joint ventures” to the residual stake held by Natixis in Coface. For financial communication purposes, the contribution of Coface to Natixis' income statement is isolated on a line "Coface net contribution" (based on a ~42% ownership over 2019 and of ~13% as of the first quarter of 2020) and the Financial investments division no longer exists;   * In addition, the value of the retained stake (accounted for under the equity method) was impacted by a €47m impairment due to the drop in the value of Coface related to the context prevailing at September 30, 2020. For financial communication purposes, these two items – capital loss and residual stake impairment – are being classified as exceptional items since the first quarter of 2020 and both presented within the line "Coface net contribution” (see page 16 for the reconciliation of the restated figures with the accounting view);   * The prudential treatment applied to Natixis' stake in Coface resulted in a ~€2bn risk-weighted asset release in the first quarter 2020. Upon closing of the transaction, ~€1.4bn of additional risk-weighted assets should be released i.e. ~€3.5bn in total;   * The remaining Financial investments, namely Natixis Algeria as well as the private equity activities managed in run-off, are no longer isolated and are reallocated to the Corporate center, which, as a reminder, gathers the holding and the centralized balance sheet management functions of Natixis.              The equity method value of Coface will be re-assessed every quarter depending, among other, on the evolution of the economic context and any change in such a value will be reflected in the P&L line “Coface net contribution”.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, average intangible assets and average goodwill   * Natixis’ RoE: Results used for calculations are net income (group share), deducting 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 excluding 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. By convention, the remuneration rate on normative capital is maintained at 2%      Note on Natixis’ RoE and RoTE calculation: Returns based on quarter-end balance sheet in 1Q20 to reflect the announced disposal of a 29.5% stake in Coface. The €146m net capital loss is not annualized.[1] In line with ECB recommendations, the 2019 dividend has been reintegrated into Natixis’ capital and no dividend accrual will be carried out throughout 2020 - see press release dated 31/03/2020 Net book value: 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:€m30/09/2020 Restatement for Coface minority interests3,537 Restatement for AWM deferred tax liability & others(332) Restated goodwill3,205 €m30/09/2020 Intangible assets651 Restatement for AWM deferred tax liability & others(8) Restated intangible assets644 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 closingPhased-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 dividend1Fully-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 dividend1Leverage 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 authorizationExceptional 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 6. 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 releaseRestatement for IFRIC 21 impact: the cost/income ratio, the RoE and the RoTE excluding IFRIC 21 impact calculation in 9M20 takes into account ¾ of the annual duties and levies concerned by this accounting ruleEarnings capacity: net income (group share) restated for exceptional items and the IFRIC 21 impactExpenses: sum of operating expenses and depreciation, amortization and impairment on property, plant and equipment and intangible assetsIAS 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). Previous periods have not been restated with a positive impact of €47.5m in 2019, of which €35.9m recognized in 3Q19 (€23.8m related to 1H19).[1] In line with ECB recommendations, the 2019 dividend has been reintegrated into Natixis’ capital and no dividend accrual will be carried out throughout 2020 - see press release dated 31/03/2020 Natixis - Consolidated P&L (restated)€m1Q192Q193Q194Q191Q202Q203Q20 3Q20 vs. 3Q19 9M199M20 9M20 vs. 9M19 Net revenues1,9572,1002,1022,3261,7501,5641,762 (16)% 6,1595,076 (18)% Expenses(1,597)(1,448)(1,465)(1,606)(1,582)(1,292)(1,383) (6)% (4,509)(4,257) (6)% Gross operating income 360653637719167272379 (40)% 1,650819 (50)% Provision for credit losses(31)(109)(70)(119)(193)(289)(210)   (210)(692)   Associates3836(8)12   15(5)   Gain or loss on other assets682(7)91(0)4(20)   684(16)   Change in value of goodwill0000000   00   Pre-tax profit1,015545579607(34)(13)152 (74)% 2,138105 (95)% Tax(201)(149)(114)(153)(13)(5)(56)   (463)(74)   Minority interests(65)(68)(66)(96)(39)(12)(16)   (199)(67)   Net income - group share excl. Coface net contribution749328399358(87)(30)80 (80)% 1,476(37) (102)% Coface net contribution15181612(118)(27)(41)   50(186)   Net income - group share incl. Coface net contribution764346415371(204)(57)39 (91)% 1,526(222) (115)% Figures restated as communicated on April 20, 2020 following the announced sale of a 29.5% stake in Coface. See below for the reconciliation of the restated figures with the accounting view Natixis - Reconciliation between management and accounting figures9M19€m 9M19 underlying Exceptional items 9M19 restatedCoface restatementResidual contribution from perimeter sold (ex SFS)9M19 reported Net revenues6,109 50 6,159534226,716 Expenses(4,461) (48) (4,509)(378)(22)(4,909) Gross operating income 1,648 2 1,650156(0)1,806 Provision for credit losses(210) 0 (210)(2)0(213) Associates15 0 150015 Gain or loss on other assets2 682 68450689 Pre-tax profit1,454 684 2,138160(0)2,298 Tax(384) (79) (463)(42)0(505) Minority interests(166) (33) (199)(67)0(267) Net income - group share excl. Coface net contribution905 571 1,476    Coface net contribution51 (1) 50    Net income - group share incl. Coface net contribution955 571 1,526  1,526 9M20€m 9M20 underlying Exceptional items 9M20 restatedCoface restatement9M20 reported Net revenues5,134 (58) 5,07605,076 Expenses(4,217) (40) (4,257)0(4,257) Gross operating income 917 (98) 8190819 Provision for credit losses(692) 0 (692)0(692) Associates9 (14) (5)(40)(46) Gain or loss on other assets5 (22) (16)(146)(162) Pre-tax profit238 (134) 105(186)(81) Tax(103) 29 (74)0(74) Minority interests(67) 0 (67)0(67) Net income - group share excl. Coface net contribution68 (105) (37)   Coface net contribution7 (193) (186)   Net income - group share incl. Coface net contribution75 (298) (222) (222) Natixis - IFRS 9 Balance sheetAssets (€bn) 30/09/202030/06/2020 Cash and balances with central banks27.220.9 Financial assets at fair value through profit and loss1207.4212.0 Financial assets at fair value through Equity12.713.0 Loans and receivables1120.0126.8 Debt instruments at amortized cost1.81.6 Insurance assets108.7107.0 Non-current assets held for sale0.40.5 Accruals and other assets14.315.5 Investments in associates0.90.9 Tangible and intangible assets1.92.0 Goodwill3.53.6 Total499.0503.8     Liabilities and equity (€bn) 30/09/202030/06/2020 Due to central banks0.00.0 Financial liabilities at fair value through profit and loss1206.0206.4 Customer deposits and deposits from financial institutions1117.3112.5 Debt securities34.944.7 Liabilities associated with non-current assets held for sale0.00.0 Accruals and other liabilities15.716.8 Insurance liabilities101.099.1 Contingency reserves1.51.5 Subordinated debt3.63.6 Equity attributable to equity holders of the parent18.919.1 Minority interests0.20.2 Total499.0503.8 1 Including deposit and margin call Natixis - 3Q20 P&L by business line€mAWMCIBInsurancePaymentsCorporate Center 3Q20 restated Net revenues744703220117(22) 1,762 Expenses(575)(510)(117)(98)(82) (1,383) Gross operating income 16919310319(105) 379 Provision for credit losses(10)(199)0(0)(1) (210) Net operating income 159(6)10319(106) 169 Associates and other items(22)2(1)03 (18) Pre-tax profit137(4)10219(103) 152      Tax (56)      Minority interests (16)    Net income (gs) excl. Coface net contribution 80     Coface net contribution (41)    Net income (gs) incl. Coface net contribution 39 Asset & Wealth Management€m1Q192Q193Q194Q191Q202Q203Q20 3Q20 vs. 3Q19 9M199M20 9M20 vs. 9M19 Net revenues7739329451,109774704744 (21)% 2,6512,222 (16)% Asset Management17429009081,061733668704 (22)% 2,5502,105 (17)% Wealth management31323748413640 7% 100117 17% Expenses(558)(605)(648)(681)(579)(537)(575) (11)% (1,811)(1,691) (7)% Gross operating income 216327297428195167169 (43)% 840531 (37)% Provision for credit losses1(2)(8)21(11)(10)   (10)(20)   Net operating income 216325289430195156159 (45)% 830511 (38)% Associates0000000   01   Other items(2)(2)81(2)(3)(23)   3(28)   Pre-tax profit214323297432194153137 (54)% 834484 (42)% Cost/Income ratio72.1%64.9%68.5%61.4%74.8%76.3%77.3%   68.3%76.1%   Cost/Income ratio excl. IFRIC 2171.6%65.1%68.7%61.5%74.3%76.4%77.4%   68.3%76.0%   RWA (Basel 3 - in €bn)12.513.713.414.014.014.114.4 8% 13.414.4 8% Normative capital allocation (Basel 3)4,3644,4074,5554,5814,6044,6234,602 1% 4,4424,609 4% RoE after tax (Basel 3)211.5%15.1%13.3%19.0%9.0%8.6%6.9%   13.3%8.1%   RoE after tax (Basel 3) excl. IFRIC 21211.8%15.0%13.3%19.0%9.2%8.5%6.8%   13.3%8.2%   [1] Asset management including Private equity and Employee savings plan 2 Normative capital allocation methodology based on 10.5% of the average RWA-including goodwill and intangibles Corporate & Investment Banking€m1Q192Q193Q194Q191Q202Q203Q20 3Q20 vs. 3Q19 9M199M20 9M20 vs. 9M19 Net revenues807847784899688519703 (10)% 2,4381,910 (22)% Global markets366419344381279106276 (20)% 1,129661 (41)%      FIC-T 251304258306367279216 (16)% 812861 6%      Equity1251179481(32)(174)34 (64)% 336(172) (151)%      CVA/DVA desk(9)(3)(8)(6)(55)126   (19)(28)   Global finance1337333369369302326325 (12)% 1,039953 (8)% Investment banking287907314510410094 28% 250297 19% Other 166(2)52(12)8   20(2)   Expenses(582)(523)(527)(602)(557)(477)(510) (3)% (1,633)(1,544) (5)% Gross operating income 22532425629713042193 (25)% 805365 (55)% Provision for credit losses(30)(104)(59)(118)(194)(275)(199)   (193)(667)   Net operating income 195219197179(64)(232)(6) (103)% 612(302) (149)% Associates2322222   87   Other items(15)0(0)(0)000   (15)0   Pre-tax profit183222200181(61)(230)(4) (102)% 605(295) (149)% Cost/Income ratio72.2%61.8%67.3%67.0%81.1%91.8%72.6%   67.0%80.9%   Cost/Income ratio excl. IFRIC 2169.1%62.7%68.3%67.9%76.9%93.6%73.9%   66.7%80.4%   RWA (Basel 3 - in €bn)62.061.162.362.265.469.265.4 5% 62.365.4 5% Normative capital allocation (Basel 3)6,6346,7406,7346,7686,7577,1207,171 6% 6,7037,016 5% RoE after tax (Basel 3)37.6%9.6%8.5%7.8%(2.8)%(9.5)%(0.2)%   8.5%(4.2)%   RoE after tax (Basel 3) excl. IFRIC 2138.6%9.2%8.2%7.5%(1.6)%(9.9)%(0.6)%   8.7%(4.1)%   [1] Including Film industry financing 2 Including M&A 3 Normative capital allocation methodology based on 10.5% of the average RWA-including goodwill and intangibles Insurance€m1Q192Q193Q194Q191Q202Q203Q20 3Q20 vs. 3Q19 9M199M20 9M20 vs. 9M19 Net revenues218207205216221228220 7% 630669 6% Expenses(125)(116)(112)(125)(134)(117)(117) 4% (353)(367) 4% Gross operating income 9392939087112103 11% 277302 9% Provision for credit losses0000000   00   Net operating income 9392939087112103 11% 277302 9% Associates0514(11)(2)(1)   6(13)   Other items0(0)000(0)0   (0)0   Pre-tax profit9396949476110102 9% 284289 2% Cost/Income ratio57.5%55.8%54.6%58.1%60.6%51.1%53.1%   56.0%54.9%   Cost/Income ratio excl. IFRIC 2151.7%57.8%56.6%60.1%53.9%53.2%55.4%   55.3%54.1%   RWA (Basel 3 - in €bn)8.07.98.48.37.67.68.1 (4)% 8.48.1 (4)% Normative capital allocation (Basel 3)858942926978965896893 (4)% 909918 1% RoE after tax (Basel 3)129.4%28.4%27.7%26.4%20.7%34.2%32.1%   28.4%28.8%   RoE after tax (Basel 3) excl. IFRIC 21133.3%27.2%26.4%25.2%25.0%32.7%30.5%   28.9%29.3%   1 Normative capital allocation methodology based on 10.5% of the average RWA-including goodwill and intangibles Payments€m1Q192Q193Q194Q191Q202Q203Q20 3Q20 vs. 3Q19 9M199M20 9M20 vs. 9M19 Net revenues10310510311111386117 14% 311316 1% Expenses(88)(94)(93)(96)(94)(96)(98) 6% (274)(289) 5% Gross operating income 1611101518(10)19 84% 3727 (26)% Provision for credit losses(0)(1)(1)(0)20(0)   (2)2   Net operating income 161091520(10)19 108% 3529 (17)% Associates0000000   00   Other items000(0)000   00   Pre-tax profit161091520(10)19 108% 3529 (17)% Cost/Income ratio84.8%89.6%90.1%86.1%83.8%111.7%83.9%   88.1%91.4%   Cost/Income ratio excl. IFRIC2184.1%89.8%90.3%86.3%83.2%111.9%84.1%   88.1%91.3%   RWA (Basel 3 - in €bn)1.11.21.11.11.11.21.1 (3)% 1.11.1 (3)% Normative capital allocation (Basel 3)356373385384391403414 7% 372403 8% RoE after tax (Basel 3)112.0%7.3%6.5%10.9%14.3%-6.6%12.9%   8.5%6.8%   RoE after tax (Basel 3) excl. IFRIC 21112.5%7.1%6.3%10.7%14.7%-6.7%12.7%   8.6%6.9%   Standalone EBITDA calculation Figures excluding exceptional items2 1Q192Q193Q194Q191Q202Q203Q20 Net revenues103 105 103 111 113 86 117 Expenses(88)(94)(91)(93)(94)(93)(97) Gross operating income - Natixis reported excl. exceptional items16 11 13 18 19 (7)20 Analytical adjustments to net revenues(1)(1)(1)(1)(1)(1)(1) Structure charge adjustments to expenses6555666 Gross operating income - standalone view20 15 17 22 24 (2)25 Depreciation, amortization and impairment on property, plant and equipment and intangible assets4434445 EBITDA24 19 20 26 28 2 30 EBITDA = Net revenues (-) Operating expenses. Standalone view excluding analytical items and structure charges [1] Normative capital allocation methodology based on 10.5% of the average RWA-including goodwill and intangibles 2 See page 6 Corporate Center€m1Q192Q193Q194Q191Q202Q203Q20 3Q20 vs. 3Q19 9M199M20 9M20 vs. 9M19 Net revenues551064(10)(46)27(22)   129(41)   Expenses(244)(110)(84)(102)(217)(66)(82) (2)% (438)(366) (16)% SRF(170)00(0)(163)(2)(0)   (170)(165) (3)% Other(74)(110)(84)(102)(54)(64)(82) (2)% (268)(201) (25)% Gross operating income (188)(100)(20)(112)(263)(39)(105) 423% (309)(407)   Provision for credit losses(1)(3)(2)(2)(2)(4)(1)   (6)(7)   Net operating income (190)(103)(22)(114)(265)(43)(106) 383% (315)(414)   Associates(0)0(0)(0)0(0)0   00   Other items699(5)1(0)273   69512   Pre-tax profit 509 (108)(21)(114)(263)(36)(103) 396% 381 (402)   RWA (Basel 3 - in €bn)8.89.29.89.49.19.39.8 0% 9.89.8 0% €697m capital gain coming from the disposal of the retail banking activities in 1Q19€bn1Q192Q193Q194Q191Q202Q203Q20 Coface RWA (Basel 3)3.93.83.84.01.91.91.8 3Q20 results: from data excluding non-operating items to reported data€m 3Q20 underlying Exchange rate fluctuations on DSN in currencies Real estate management strategy Transformation & Business Efficiency Investment costs AM affiliate managementCoface capital lossCoface residual stake impairment 3Q20 restated Net revenues1,806 (44)      1,762 Expenses(1,360)  (2)(21)    (1,383) Gross operating income 446 (44)(2)(21)000 379 Provision for credit losses(210)        (210) Associates2        2 Gain or loss on other assets2    (22)   (20) Pre-tax profit239 (44)(2)(21)(22)00 152 Tax(75) 1316    (56) Minority interests(16)   0    (16) Net income - group share excl. Coface net contribution148 (31)(2)(15)(22)00 80 Coface net contribution4     (34)(11) (41) Net income - group share incl. Coface net contribution152 (31)(2)(15)(22)(34)(11) 39 Figures restated as communicated on April 20, 2020 following the announced sale of a 29.5% stake in Coface. See page 16 for the reconciliation of the restated figures with the accounting view9M20 results: from data excluding non-operating items to reported data€m 9M20 underlyingContribution to the Insurance solidarity fundExchange rate fluctuations on DSN in currencies Real estate management strategy Transformation & Business Efficiency Investment costs Impact of Liban default on ADIR InsuranceAM affiliate managementCoface capital lossCoface residual stake impairment9M20 restated Net revenues5,134(14)(44)      5,076 Expenses(4,217)  (7)(32)    (4,257) Gross operating income 917(14)(44)(7)(32)0000819 Provision for credit losses(692)        (692) Associates9    (14)   (5) Gain or loss on other assets5     (22)  (16) Pre-tax profit238(14)(44)(7)(32)(14)(22)00105 Tax(103)41329    (74) Minority interests(67)   0    (67) Net income - group share excl. Coface net contribution68(10)(31)(5)(23)(14)(22)00(37) Coface net contribution7      (146)(47)(186) Net income - group share incl. Coface net contribution75(10)(31)(5)(23)(14)(22)(146)(47)(222) Natixis - 3Q20 capital & Basel 3 financial structure See note on methodologyFully-loaded           €bn30/09/2020 Shareholder’s Equity18.9 Hybrid securities (incl. capital gain on hybrids reclassification)(2.1) Goodwill & intangibles(3.7) Deferred tax assets(0.8) Dividend provision0.0 Other deductions(0.5) CET1 capital11.8 CET1 ratio11.7% Additional Tier 1 capital1.7 Tier 1 capital13.5 Tier 1 ratio13.4% Tier 2 capital2.1 Total capital15.6 Total capital ratio15.6% Risk-weighted assets100.6 Phased-in incl. current financial year’s earnings and dividends€bn30/09/2020 CET1 capital11.8 CET1 ratio11.7% Additional Tier 1 capital2.1 Tier 1 capital13.9 Tier 1 ratio13.8% Tier 2 capital2.2 Total capital16.1 Total capital ratio16.0% Risk-weighted assets100.6 IFRIC 21 effects by business line Effect on expenses€m1Q192Q193Q194Q191Q202Q203Q20 9M199M20 AWM(4)111(4)11 (1)(1) CIB(24)888(28)99 (8)(9) Insurance(13)444(15)55 (4)(5) Payments(1)000(1)00 (0)(0) Corporate center(119)404040(113)3838 (40)(38) Total Natixis(161)54 54 54 (161)54 54  (54)(54) Normative capital allocation and RWA breakdown - 30/09/2020€bnRWA EoP% of totalGoodwill & intangibles 9M20Capital allocation 9M20RoE after tax 9M20 AWM14.416%3.14.68.1% CIB65.474%0.27.0(4.2)% Insurance8.19%0.10.928.8% Payments1.11%0.30.46.8% Total (excl. Corp. Center & Coface)89.0100%3.712.9  RWA breakdown (€bn)30/09/2020 Credit risk63.9 Internal approach53.3 Standard approach10.6 Counterparty risk6.9 Internal approach6.1 Standard approach0.8 Market risk14.8 Internal approach8.6 Standard approach6.2 CVA1.3 Operational risk \- Standard approach13.7 Total RWA100.6 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€bn30/09/2020 Tier 1 capital113.9 Total prudential balance sheet389.5 Adjustment on derivatives(54.6) Adjustment on repos2(13.4) Other exposures to affiliates(60.9) Off balance sheet commitments41.6 Regulatory adjustments(5.0) Total leverage exposure297.2 Leverage ratio4.7% [1] See note on methodology. Without phase-in - supposing replacement of existing subordinated issuances when they become ineligible 2 Repos with clearing houses cleared according to IAS32 standard, without maturity or currency criteria Net book value as at September 30, 2020€bn30/09/2020 Shareholders’ equity (group share) 18.9 Deduction of hybrid capital instruments(2.0) Deduction of gain on hybrid instruments(0.1) Distribution0.0 Net book value16.7 Restated intangible assets1(0.6) Restated goodwill1(3.2) Net tangible book value2 12.9 €  Net book value per share5.32 Net tangible book value per share4.09 9M20 Earnings per share€m30/09/2020 Net income (gs)(222) DSN interest expenses on preferred shares adjustment(92) Net income attributable to shareholders(315) Earnings per share (€)(0.10) Number of shares as at September 30, 2020 30/09/2020 Average number of shares over the period, excluding treasury shares3,151,332,395 Number of shares, excluding treasury shares, EoP3,149,952,017 Number of treasury shares, EoP5,999,485 Net income attributable to shareholders€m3Q209M20  Net income (gs)39(222)  DSN interest expenses on preferred shares adjustment(28)(92)  RoE & RoTE numerator10(315) [1] See note on methodology 2 Net tangible book value = Book value - goodwill - intangible assetsRoTE1€m30/09/2020 Shareholders’ equity (group share)18,868 DSN deduction(2,122) Dividend provision0 Intangible assets(644) Goodwill(3,205) RoTE Equity end of period12,897 Average RoTE equity (3Q20)12,992 3Q20 RoTE annualized with no IFRIC 21 adjustment0.3% IFRIC 21 impact(47) 3Q20 RoTE annualized excl. IFRIC 21(1.1)% Average RoTE equity (9M20)13,327 9M20 RoTE annualized excl. IFRIC 21(2.3)% RoE1€m30/09/2020 Shareholders’ equity (group share)18,868 DSN deduction(2,122) Dividend provision0 Unrealized/deferred gains and losses in equity (OCI)(427)    RoE Equity end of period16,318 Average RoE equity (3Q20)16,478 3Q20 RoE annualized with no IFRIC 21 adjustment0.3% IFRIC 21 impact(47) 3Q20 RoE annualized excl. IFRIC 21(0.9)% Average RoE equity (9M20)16,970 9M20 RoE annualized excl. IFRIC 21(1.8)% Doubtful loans€bn 30/06/202030/09/2020 Gross customer loans outstanding73.071.6  - Stage 1+269.267.2  - Stage 33.74.4 Stock of provisions1.71.8 % of Stage 3 loans5.1%6.1% Stock of provisions / Gross customer loans2.3%2.5% [1]See note on methodology. Returns based on quarter-end balance sheet in 1Q20 to reflect the announced disposal of a 29.5% stake in Coface. The €146m net capital loss is not annualized DisclaimerThis 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 third quarter 2020 are contained in this press release and in the presentation attached herewith, available online at www.natixis.com in the “Investors & shareholders” section.The conference call to discuss the results, scheduled for November 6, 2020 at 9:00 a.m. CET, will be webcast live on www.natixis.com (on the “Investors & shareholders” page).Contacts:Investor Relations:investorelations@natixis.com Press Relations:press@communication.natixis.com            Damien SouchetT + 33 1 58 55 41 10 Daniel WilsonT+ 33 1 58 19 10 40  Noemie LouvelT + 33 1 78 40 37 87 Vanessa StephanT+ 33 1 58 19 34 16     Sonia Dilouya-BerthautT+ 33 1 58 32 01 03  www.natixis.com  Our information is certified with blockchain technology. Check that this press release is genuine at www.wiztrust.com. Attachment * PR 3Q20

  • Appointments to Natixis’ senior management committee
    GlobeNewswire

    Appointments to Natixis’ senior management committee

    Paris, November 5th, 2020Appointments to Natixis’ senior management committeeAnne-Christine Champion, Head of Real Assets at Natixis’ Corporate & Investment Banking division, and Mohamed Kallala, Head of Global Markets at Natixis’ Corporate & Investment Banking division, are appointed Co-Heads of Natixis’ Corporate & Investment Banking, and members of Natixis’ senior management committee as from today. Anne-Christine Champion and Mohamed Kallala succeed Marc Vincent who is appointed Global Head of M&A at Natixis.Nicolas Namias, CEO of Natixis, said: "I am particularly pleased to welcome Anne-Christine Champion and Mohamed Kallala to the Natixis senior management committee as Co-Heads of the Corporate & Investment Banking division. Anne-Christine and Mohamed have in-depth knowledge of Natixis and its clients since the creation of our company and have a perfect mastery of the various expertise of our corporate banking activities. Their mission will be to implement the new orientations we have set for this business and to prepare, with all of our teams, our next strategic development and growth plan. I would like to warmly thank Marc Vincent for the great work he has accomplished in the service of our Corporate & Investment Banking business and Natixis since 2012 and I am delighted that, as Global Head of M&A for Natixis, he will be leading the development of our Mergers & Acquisitions boutiques, which he actively contributed to create”. Anne-Christine Champion started her career in 2002 at CDC IXIS Financial Engineering, where she handled the execution and origination of infrastructure financial advisory and arranging mandates. In 2012, she became Global Head of Infrastructure & Projects within Natixis' Corporate & Investment Banking division. In 2016, she was appointed Global Head of Portfolio Management, and in 2017, Global Head of Distribution and Portfolio Management, a team created to strengthen the O2D (Originate-to-Distribute) model of the bank. In 2019, she was appointed Global Head of Real Assets at Natixis’ Corporate & Investment Banking division.Mohamed Kallala started his career in 1993 as an ALM trader for BNP Paribas before being appointed Head of Mergers & Acquisitions at Crédit Agricole Indosuez in 1995. In 2000, he joined the Global Equities department as Head of the Corporate Finance business before joining Natixis in 2005 to head up Corporate Finance Real Estate. In 2010, he was appointed Head of Real Estate Finance before becoming Global Head of Investment Banking at Natixis Corporate & Investment Banking in 2016. Mohamed was appointed Global Head of Global Markets as of March 1st, 2020.Marc Vincent started his career at Citibank in New York in 1985 in the Mergers & Acquisitions division. He then joined Credit Suisse First Boston in 1992 to head up the French Corporate Finance team based in Paris. In 1996, he became the Head of Investment Banking for Schroders in Paris and then was appointed as a member of Schroders Executive Committee and Head of European Equity Capital Markets. In 2000, he became Head of French Investment banking for Salomon Smith Barney in Paris. Since 2004, he was Chairman of Mediobanca France and a member of the Mediobanca Spa Strategic Committee. He joined Natixis in September 2012 as a member of the senior management committee in charge of Coverage and Advisory in the Corporate & Investment Banking division. Marc has been appointed Global Co-Head of Corporate & Investment Banking in February 2016 and Global Head Corporate & Investment Banking in 2017. About Natixis Natixis is a French multinational financial services firm specialized in asset & wealth management, corporate & investment banking, insurance and payments. A subsidiary of Groupe BPCE, the second-largest banking group in France through its two retail banking networks, Banque Populaire and Caisse d’Epargne, Natixis counts nearly 16,000 employees across 38 countries. Its clients include corporations, financial institutions, sovereign and supranational organizations, as well as the customers of Groupe BPCE’s networks. Listed on the Paris stock exchange, Natixis has a solid financial base with a CET1 capital under Basel 3(1) of €11.6 billion, a Basel 3 CET1 Ratio(1) of 11.2% and quality long-term ratings (Standard & Poor’s: A+ / Moody’s: A1 / Fitch Ratings: A+).  (1) Based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise - without phase-in Figures as at 30 June 2020ContactsInvestor Relationsinvestorelations@natixis.com  Damien Souchet Noémie Louvel  +33 1 58 55 41 10 +33 1 78 40 37 87        Press Relationspress@communication.natixis.com  Daniel Wilson Sonia Dilouya Vanessa Stephan+33 1 58 19 10 40 +33 1 58 32 01 03 +33 1 58 19 34 16  www.natixis.com  Our information is certified with blockchain technology. Check that this press release is genuine at www.wiztrust.com. Attachment * 201105 Natixis Senior Appointment PR