conti natixis
PARIS—French bank
Natixis Wednesday reported a 48% drop in its fourth-quarter net profit, but the result beat expectations and the bank said it would resume paying dividends.
Net profit in the three months to the end of December fell to €442 million ($603.51 million) from €844 million a year earlier, when results were boosted by €498 million in exceptional gains. The figure exceeded analysts' expectations of €349 million. Total revenue quarter declined 4% to €1.75 billion. Natixis returned to profit on a yearly basis, posting a net profit of €1.73 billion, compared with a loss of €1.39 billion in 2009.
The bank said the turnaround of its business progressed, after being hit hard during the financial crisis because of its heavy exposure to the securitization market. Its parent, French mutual lender Groupe BPCE, in 2009 agreed to guarantee its portfolio of riskiest assets, shielding Natixis from future losses.
Natixis acts as the corporate, investment and financial services arm of its parent, which is France's second-largest lender by number of bank deposits.
The bank said it expects to resume paying dividends with a €0.23 a share dividend for 2010.
Natixis's Tier 1 capital ratio—which consists of equity, preferred shares and retained earnings, and is a key measure of capital strength—rose to 11.4% at the end of the quarter.
The phasing in of new international banking rules, known as Basel III, has sparked concerns among investors about the ability of some lenders to comply with the stricter requirements. Natixis said that it expects its core Tier 1 ratio to be above 8% on Jan. 1, 2013.
A Paris-based trader said the results and the dividend payment were above expectations, and added that the bank's comments on its expected core Tier 1 ratio under Basel III rules were also positive news.
BPCE said separately that its fourth-quarter net profit rose 1% to €858 million, compared with €847 million in the same quarter a year earlier.
The mutual lender, which controls around 72% of Natixis, also said it expects to pay off the remainder of its €7 billion government loan in the first quarter of 2011, ahead of the 2013 deadline.
BPCE was the only lender that yet to repay loans the French government granted to lenders during the financial crisis.
Natixis is the third French lender to report fourth-quarter results, after BNP Paribas SA and
Société Générale SA, and ahead of Credit Agricole SA, the country's third-largest bank by market value, which reports Feb. 24.
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