Net profits at Natixis nearly halved to â¬1.1bn ($1.7bn) last year in line with analyst expectations and the French bankâÂÂs estimate last month, as it became the latest financial institution to fall foul of writedowns linked to deterioration in the credit and bond insurance markets.
Natixis, which had warned on February 14 that valuation cuts and writedowns of â¬874m on its sub-prime exposure and â¬380m on its monoline insurer exposure would cut full-year profits to roughly â¬1bn, said in its official results statement today that net profits were down 48% after it wrote down â¬1.2bn.
