Nov. 6 (Bloomberg) -- Natixis SA, the investment-banking and asset-management unit of France’s second-largest bank by branches, said third-quarter profit rose 38 percent on higher investment-banking and asset-management revenues.
Net income rose to 217 million euros ($293.5 million) from 157 million euros a year earlier, the Paris-based company said in an e-mailed statement today. That beat the 175 million-euro average estimate of four analysts surveyed by Bloomberg.
Natixis, slated to announce its 2017 targets next week, unlike most rivals saw its debt-trading revenue rise in the third quarter. Natixis’s capital-markets sales climbed 9 percent, with revenue from equities trading up 24 percent and fixed-income trading up 4 percent, helped by demand from Asian and U.S. clients, the bank said.
Pretax profit at Natixis’s savings unit, which includes asset management, insurance and private banking, jumped 33 percent in the third quarter to 144 million euros, the bank said. Asset-management revenue rose 9 percent to 448 million euros, boosted by 11.2 billion euros of net inflows, it said.
Natixis is buying a 60 percent stake in its parent Groupe BPCE’s insurance business to create a new division combining their insurance activities, the bank said in a separate statement. BPCE’s insurance unit had net income of 37.7 million euros, Natixis said, without providing the financial terms of the deal.
To contact the reporter on this story: Fabio Benedetti-Valentini in Paris at email@example.com
To contact the editors responsible for this story: Frank Connelly at firstname.lastname@example.org;