Natixis Q2 net loss narrows, BPCE to guarantee E35 billion of toxic assets

Wed. August 26, 2009; Posted: 01:01 PM

Aug 26, 2009 (Datamonitor via COMTEX) -- NTXFF | Quote | Chart | News | PowerRating -- French bank Natixis has reported a net loss of E883 million for the second quarter of 2009, compared to a net loss of E1.02 billion for the same period of 2008. The bank's parent company BPCE has agreed to guarantee E35 billion of its toxic assets, in a move it expects will help it return to profitability in the second half of 2009.

For the second quarter of 2009, net banking income was E568 million, compared to E81 million for the same period of 2008. Loss before tax for the second quarter of 2009 was E1.65 billion, compared to loss before tax of E1.17 billion for the second quarter of 2008.

Net loss from continuing operations was E212 million for the second quarter of 2009, compared to a net income from continuing operations of E382 million for the same period of 2008. Net banking income from continuing operations was E1.28 billion, compared to E1.63 billion for the second quarter of 2008. Loss before tax for the second quarter of 2009 was E639 million, compared to income before taxes of E589 million for the same quarter of 2008.

For the first half of 2009, Natixis has reported a net loss of E200 million. Net banking income was E2.46 billion and loss before taxes was E541 million.

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