February 6, 2020 / 4:40 PM / 16 days ago

Natixis more than doubles net profit in fourth quarter

PARIS, Feb 6 (Reuters) - French investment bank Natixis on Thursday said net profit more than doubled in the fourth quarter, driven by a sharp increase in fixed income and equity trading.

Fourth-quarter net income rose to 371 million euros from 181 million euros a year ago. Revenues rose to 2.50 billion from 2.04 in the same period a year ago.

The bank’s trading business, like those of its U.S. rivals, showed some strong growth compared with last year when financial markets were hit by a sell-off driven by trade and global growth concerns.

Fixed income trading revenue rose by 33% in the fourth quarter, reaching their highest level since the first quarter of 2018. Equities trading revenues doubled from a low base a year ago when they were hit by losses on Asian derivatives.

The bank also proposed to raise its 2019 cash dividend per share by 3% to 0.31 euros, compared with 2018.

Reporting by Maya Nikolaeva. Editing by Jane Merriman

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