The net income of €415m ($458m) was an increase of 16% compared to $395m for the third quarter of last year
French investment bank Natixis has reported net revenue of €2.28bn ($2.52bn) for the third quarter of this year, a 6% increase compared to €2.15bn ($2.38bn) net revenue of last year’s Q3.
The bank also reported a net income of €415m ($458m) for the third quarter of this year. When compared to the net income of €358m ($395m) for the corresponding period of last year, it was 16% higher.
Its expenses stood at €1.59bn ($1.76bn) for the third quarter, also a 6% increase compared to €1.49bn ($1.65bn) for the corresponding period of last year.
Gross operating profit for Q3 increased by 5%
The gross operating profit for the period increased by 5% from Q3 of last year’s €658m ($727m) to €689m ($761m) for this year’s corresponding period.
The net revenues for the nine-month period for this year declined marginally to €6.69bn ($7.39bn) from €6.7bn ($7.41bn) in the nine-month period of last year.
Expenses for the period under review also increased by 4%, from €4.7bn ($5.19bn) for last year’s nine-month period to €4.88bn ($5.39bn).
Net income for this year’s nine-month period stood at €1.52bn ($1.68bn), a 36% increase from €1.12bn ($1.24bn) in the same period last year.
Its gross operating income for the nine-month period was €1.8bn ($1.99bn), a 10% decrease from €2bn ($2.21bn) for the corresponding period of last year.
Natixis CEO François Riahi said: “In the third quarter of 2019 our revenues grew in line with or faster than our costs in each of our businesses demonstrating our agility and the flexibility of our cost base as well as the relevance of our business model.
“Natixis is only lightly exposed to the low interest rate environment – net interest income represented only 8% of our revenues in the first nine months of 2019 – result of our asset light strategy and a major advantage in the current context.
“Having profoundly transformed our businesses, and facing a fast evolution in the environment, we have chosen to further strengthen our robustness, having notably announced today a series of measures to support this objective. We meanwhile remain focused on implementing our strategic plan New Dimension, which is proving itself to be highly suited to the current environment.”