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French bank Natixis reports 15 percent rise in net profit

French bank Natixis reports 15 percent rise in net profit

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.


Updated : 2021-04-17 23:36 GMT+08:00