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NATIXIS: NATIXIS : RESULTS FOR THE QUARTER ENDED MARCH 31, 2009

^{Published on 2009-05-13 13:24:42, Last Modified on 2009-05-13 13:25:42 - Market Wire}
 

PARIS--(Marketwire - May 13, 2009) -

Good operating and financial results from continuing activities - Underlying net income1 (group share) of continuing banking activities of EUR 214m2

Net loss (group share) of EUR 1.839bn after heavy losses on segregated assets

Improved solvency due to BFBP and CNCE shareholders support - Tier One ratio of 9.4%3

- Underlying net income[1] (group share) of continuing banking activities of EUR 214 million[2], up sharply from Q4 08

- Solid business performances in CIB and Services

- Good resistance in Asset Management, with net intake amounting to EUR 5.2 billion

- Stable contribution from retail banking, despite increased cost of risk

- Net loss (group share) of EUR 1.839 billion after a heavy EUR 1.9 billion loss on the segregated asset holding structure (GAPC), which was caused by the continued deterioration in the economic and financial environment in the first quarter, more specifically U.S. commercial and residential real estate and credit enhancers).

- The injection of EUR 3.5 billion of fresh tier one capital by the two main shareholders before June 30, 2009 will maintain a solid capital structure - tier one ratio of 9.4%3:

- EUR 1.5 billion in the form of shareholder advances

- EUR 2.0 billion in the form of deeply-subordinated perpetual securities (TSSDIs)

This capital injection is part of the process of setting up the new group. In this respect, the French government has confirmed it will provide EUR 5 billion of capital funding, including EUR 2 billion before June 30 in recognition of the state of progress with the merger.

- Benefits of Natixis' transformation plan

- Expenses down 9% on a constant-structure and currency basis versus Q1 08 (excluding restructuring expenses)

- EUR 4.6 billion reduction in risk-weighted assets on continuing banking activities versus year-end 2008

- Reduction in market risks (VaR down 34% relative to year-end 2008)

- Decrease of assets in the GAPC holding structure (EUR 3.1 billion)

- International downsizing of CIB well underway

 +-------------------------+--------------------+ |Q1 09 group results |Q1 09 results on | | |continuing | | |activities, excl. | | |CPM | +-------------------------+--------------------+ |NBI: €106m |NBI: €1.449bn | +-------------------------+--------------------+ |U/l net income (gp. |GOI: €329m | |share): -€1.771bn | | +-------------------------+--------------------+ |Net income (gp. share): |U/l net income (gp. | |-€1.839bn |share): €214m | +-------------------------+--------------------+ |Tier One ratio: 9.4%[3] |Cost of risk CIB | | |Financing: 101bps[4]| +-------------------------+--------------------+ 

Natixis' consolidated accounts were approved by the Board of Directors on May 13, 2009. Unless otherwise stated, all the variations presented in this press release were calculated relative to figures for the corresponding period in 2008 (the first quarter).

[1] before restructuring expenses

[2] excluding credit portfolio management (CPM)

[3] after taking into account the divestment of CACEIS and the EUR 3.5 billion reinforcement of tier one capital

[4] cost of risk on Financing activities (Corporate and Institutional Relations & Debt and Financing) calculated relative to Basel II average risk-weighted credit assets.

The full press release is available in attachment

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