May 17, 2018 / 3:42 PM / 6 days ago

Natixis posts profit rise helped by asset management, insurance

PARIS (Reuters) - French investment bank Natixis reported a 15 percent increase in quarterly net income on Thursday, driven by strength in asset management and insurance businesses.

FILE PHOTO: The logo of French bank Natixis is seen outside one of their offices in Paris February 18, 2013. REUTERS/Charles Platiau/File Photo

Natixis, majority owned by retail banking group BPCE, said net income rose to 323 million euros (282 million pounds), which came below market expectations for 360 million euros, according to a Reuters poll.

Revenues rose 3 percent over the first quarter to 2.41 billion euros, in line with the poll.

The results were its first set since the bank announced top management changes in late April that saw Natixis chief executive Laurent Mignon move to become head of parent BPCE group.

Mignon was replaced by former co-head of Natixis corporate and investment bank Francois Riahi, 45, who pledged to pursue the 2020 strategy to grow revenue by five percent annually and return more than 60 percent of its earnings to investors.

Reporting by Maya Nikolaeva and Matthieu Protard; editing by Leigh Thomas

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