November 8, 2017 / 1:20 PM / in a year

Natixis better than most in weak CIB quarter

LONDON, Nov 8 (IFR) - France’s second-tier lenders saw contrasting fortunes in their corporate and investment banks during the third quarter, which has proved tough for most wholesale banks.

Natixis performed better than peers, seeing its CIB revenues decline 5% to €787m, but Credit Agricole’s revenues fell 15% at €1.25bn, on an adjusted basis.

As with others, the main culprit was lower volatility compared with the quarter a year ago, which followed the UK’s vote to leave the European Union.

Revenues at Credit Agricole’s capital markets business, which incorporates its trading activities, fell 28% to €462m, in line with the performance of BNP Paribas and Societe Generale.

Natixis’ global markets division fared better, with a 9% drop in revenues to €362m.

The bank has experienced strong growth in equities and investment banking so far this year, but this tailed off in the third quarter. Overall global finance and investment banking revenues were down 1% year-on-year at €406m.

The bank said aviation, export and infrastructure were bright spots that saw a combined 47% leap in revenues.

Credit Agricole’s smaller investment banking unit saw a 27% rise in revenues to €70m. This does not include all its financing activities.

Structured finance reported a 9% fall to €276m and commercial banking was down 12% year-on-year at €244m.

Natixis is holding a strategy day on November 20 when a more detailed outlook is expected to be given. (Reporting by Christopher Spink)

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