4Q20 & 2020 results
Paris, February 09, 20214Q20 & 2020 results4Q20 underlying net income1 at its highest level in more than two years,
despite a cost of risk that remains elevatedPositive net income in 2020 despite the COVID-19 context2020 reported net income at +€101m and +€517m underlying14Q20 underlying net income1 at +€442m in 4Q20, 4Q20 underlying RoTE1 at 11.3%Basel 3 FL CET1 ratio2 at 11.6% +330bps above regulatory requirements and
including a cash dividend of 0.06€ per share3, in line with ECB recommendationsSTRONG REBOUND IN BUSINESS ACTIVITYBUSINESSES’ UNDERLYING NET REVENUES1 AT €2.2BN IN 4Q20 AND €7.4BN IN 2020AWM: Strong revenue generation and flow dynamics thanks to diversified strategiesUnderlying net revenues1 excl. H2O AM up +21% YoY at constant FX in 4Q20 and flat YoY in 2020. 4Q20 net revenues notably benefiting from €210m of asset management performance fees (mainly DNCA and Mirova), demonstrating the diversification of the modelNatixis Investment Managers’ AuM up +6% QoQ at constant perimeter. AuM at €1,117bn4 as at end-December 2020Positive asset management net inflows of ~€11bn4 in 4Q20 with a positive momentum across North America, Europe and Private equityAsset management fee rate at ~38bps in 4Q20 excl. Ostrum AM, up +0.7bps QoQCIB: Higher net revenues, strong cost discipline and cost of risk improvement in 4Q20Underlying net revenues1 up +2% YoY at constant exchange rate in 4Q20, reaching their highest quarterly level of the year (-15% YoY decline in net revenues in 2020, notably impacted by the dividend mark-downs in 1H20). Significant QoQ increase in net revenues coming from the financing activity as well as Investment banking/M&A. M&A revenues at ~€210m in 2020 vs. ~€130m in 2017Underlying expenses1 well under control, down -5% YoY at constant FX in both 4Q20 (positive jaws) and 2020Cost of risk improving vs. 3Q20, although still at elevated levels at 94bps of outstandings in 4Q20 and 128bps over 2020Insurance: 2020 financial targets exceededUnderlying net revenues1 up +8% YoY in both 4Q20 and 2020, translating into a similar CAGR over 2017-2020Underlying RoE1 at ~33% in both 4Q20 and 2020 vs. a target set at ~30%Payments: Net revenue growth in both 4Q20 and 2020 despite the impact of lockdownsUnderlying net revenues1 up +3% YoY in 4Q20 and +2% YoY in 2020Underlying RoE1 >10% in 4Q20 and ~9% in 2020 despite lower activity related to the COVID-19 contextFINANCIAL STRENGTHUnderlying net income1 at +€442m in 4Q20 (+€323m reported) and +€517m in 2020 (+€101m reported). Underlying RoTE1 at 11.3% in 4Q20 and 3.0% in 2020Basel 3 FL CET1 ratio2 at 11.6% as at December 31, 2020 (+40bps vs. 3Q20 proforma) including a €0.06 cash dividend per share3, in line with ECB recommendations. Ratio standing +330bps above regulatory requirements and +140bps above current target of 10.2%Figures restated as communicated on April 20, 2020 following the announced sale of a 29.5% stake in Coface. See page 16 for the reconciliation of the restated figures with the accounting view[1]Excluding exceptional items. Excluding exceptional items and excluding IFRIC 21 in 4Q for cost/income, RoE and RoTE 2 See note on methodology 3 Proposal of a 0.06€ ordinary dividend per share submitted to the approval of the Annual General Meeting on May 28, 2021 4 €1,135bn AuM including H2O AM. Net inflows excluding H2O AM
