Feb. 23 (Bloomberg) -- Natixis SA, the investment-banking and asset-management unit of Groupe BPCE, said fourth-quarter profit fell 32 percent after writing down Greek sovereign debt.
Net income dropped to 302 million euros ($400.4 million) from 442 million euros a year earlier, the Paris-based bank said in an e-mailed statement today. That beat the 215 million-euro average estimate of five analysts surveyed by Bloomberg.
Natixis and French rivals such as BNP Paribas SA and Societe Generale SA have been embroiled in Europe’s crisis because of their $620 billion in holdings of private and public debt in Greece, Portugal, Ireland, Italy and Spain, according to figures from the Bank for International Settlements. Natixis took a 124 million-euro provision for credit losses including on its Greek government debt holdings in the quarter.
Net revenue at Natixis’s corporate-and investment-banking division fell 20 percent in the quarter to 588 million euros, Pretax profit at the CIB unit declined 44 percent to 151 million euros.
Earnings before tax at the investment solutions division, which includes asset management, insurance and private banking, dropped 15 percent to 122 million euros.
Natixis has gained 20 percent in Paris trading this year, giving the company a market value of 7.2 billion euros.
--Editor: Stephen Taylor
To contact the reporter on this story: Stephen Taylor in Paris at email@example.com
To contact the editor responsible for this story: Frank Connelly at firstname.lastname@example.org