February 13, 2018 / 4:41 PM / 2 months ago

French bank Natixis posts surprise rise in quarterly profit

PARIS, Feb 13 (Reuters) - French investment bank Natixis reported an unexpected rise in quarterly net profit, as stronger revenue growth in asset management helped offset a widespread trading slowdown.

Natixis, majority owned by retail banking group BPCE, said net income had risen 5 percent to 518 million euros ($640.35 million). Analysts had expected a 22 percent fall in profits to 386 million euros, according to a Reuters poll.

Revenues fell 1 percent over the period to 2.51 billion euros, compared to 2.31 billion euros expected by analysts.

“The 4Q17 tax rate notably benefited from a 100 million euros positive impact from the U.S. tax reforms (write-down of deferred tax liabilities),” the bank said in a statement.

$1 = 0.8089 euros Reporting by Maya Nikolaeva Editing by Sudip Kar-Gupta

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