Shares in Natixis jumped Thursday after the French bank said first-half net profit rose 15 percent that it had reduced its exposure to the U.S. subprime market.
Natixis said net profit rose to euro1.57 billion (US$2.14 billion) from euro1.36 billion, boosted by a euro178 million (US$242 million) profit from restructuring its asset management division.
The shares gained 6.4 percent to euro15.70 (US$21.40) in late morning trading in Paris, after climbing nearly 10 percent earlier in the session.
Natixis said it had eliminated all of its direct financing to so-called subprime borrowers in the U.S. from euro1.5 billion (US$2.04 billion) at the end of last year.
Still, the bank has euro281 million (US$383 million) outstanding in subprime-linked loans that are awaiting securitization. It also has some indirect exposure on debt structures linked to subprime loans.
