Natixis Q4 Net Profit Rises

reported a gain in its net profit for the fourth quarter. Natixis posted a quarterly net profit of 215 million euros ($245.49 million), versus a year-ago profit of EUR150 million. Its revenue rose 3% to EUR1.88 billion versus EUR1.82 billion. However, analysts were expecting a profit of 271 million euros on revenue of 1.9 billion euros. Its wholesale banking revenue surged 8% to EUR705 million in the quarter, while revenue from investment solutions business climbed 13% to EUR772 million. Revenue from specialized financial services came in flat at EUR324 million. Natixis also announced its plans to buy a 71.2% stake in DNCA for 549 million euros ($626 million). Laurent Mignon, Natixis Chief Executive Officer said, "The first year of the New Frontier strategic plan has been highly positive. The re-allocation of our capital toward our core businesses is now virtually complete. All our businesses made progress and exceeded their revenue targets in France and abroad, notably fuelled by excellent performances in Investment Solutions – Asset Management and Insurance – and by the rollout of the Originate-To-Distribute model in Wholesale Banking."