05/06/2021 | Press release | Distributed by Public on 05/06/2021 09:44
BUSINESS ACTIVITY
BUSINESSES' UNDERLYING 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