[Article published at 18: 30 and updated at 19h05]
Decidedly, the French banks are doing better than their competitors in u.s. markets. After the good results of BNP Paribas, boosted by its investment banking and financing, it is the turn of Natixis, the listed subsidiary of the BPCE group (Banque Populaire Caisse d’epargne) to publish quarterly results well above expectations, thanks in particular to its banking activities “large customer base” (institutional and large enterprises), and with those savings.
In the second quarter, Natixis recorded an increase of 9% in net banking income to € 2.4 billion and 12% of the trades in so-called “hearts” (excluding financial participations, such as Coface). Its net income jumped 28% to € 487 million.
“After the good performance in the first quarter of 2017, Natixis completes a very good second quarter, when the comparison base was higher, with a strong business momentum in all our businesses hearts, whose revenues and profitability have increased markedly,” said Laurent Mignon, ceo of Natixis, during a conference call Tuesday evening.
“We’ve taken market share. We are business solutions to clients, and non-flow, of which the market is declining and we remain a small actor. “
The activity of the Natixis rose sharply on the bond market (+13%) and even more so on stock markets and derivatives (+33%).
A fine of the AMF “unjustified and disproportionate”
The subsidiary of BPCE argued that its results reflected the success of its strategy called “asset-light” philosophy to develop in activities requiring little capital, such as the board in mergers and acquisitions or the management of assets.
In addition, Natixis has confirmed its intention to appeal with the Council of State of the fine of 35 million euros imposed on its subsidiary Asset Management by the financial markets Authority (AMF), a fine “unjustified and disproportionate,” said François Pérol, chairman of the management board of BPCE, which has already been provisioned in the accounts of the second quarter.
The mutualist group has posted a net profit of 978 million euros, in sharp decline due to the capital gain on the disposal of securities Visa registered in the past year. Net banking income increased 4.7% to 6.11 billion euros, even if it is stable in the retail bank, which suffers from low rates.
“The income of the retail banking will remain under pressure in 2018 and may 2019,” said François Pérol, in relation to the evolution of interest rates.
The boss of BPCE has also confirmed that the mutualist group ” is still working on the assumption of a launch in France in 2017 Fidor “, a start-up of the German Fintech acquired a year ago, which has developed a mobile bank community.