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Natixis: H1 net loss of -E261m, CEO quits

(CercleFinance.com) - Underlying net banking income fell by 18% year-on-year to 3,328 million euros.
H1 was hit by several factors directly or indirectly related to the COVID-19 crisis which totaled about -396 million euros.

Adjusted for the impact of IFRIC 21 and excluding extraordinary items, net income group share amounted to 17 million euros in H1 2020. Including extraordinary items (-184 million euros net of tax in H1 20) and the IFRIC 21 impact (-94 million euros in H1 20), the net loss, group share for H1 2020 reached -261 million euros. Natixis' underlying RoTE for H1 2020 was -0.7%, excluding the impact of IFRIC 21.

Net income, group share adjusted for the impact of IFRIC 21 and excluding non-recurrent items amounted to minus 43 million euros in Q2 2020. Including extraordinary items (-61 million euros net of tax in 2Q20) and the IFRIC 21 impact (+47 million euros in Q2 20), its net loss, group share reached -57 million euros in Q2 2Q20.

"Natixis maintained positive earnings capacity and a very comfortable capital position. This demonstrates the strength of our business model and, notably in the second quarter of the year, the flexibility of our cost base, in line with the objectives of the New Dimension strategic plan," said François Riahi, Natixis' CEO.

In addition, Natixis' Board of Directors, after meeting on Monday, also announced the departure of François Riahi, who is stepping down as Natixis CEO and member of Groupe BPCE's Management Board, due to "strategic differences" concerning the options for Natixis' future plan.


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