Natixis says Q1 profit up 3 pct, reaffirms targets

PARIS Tue May 6, 2014 11:52am EDT

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PARIS May 6 (Reuters) - French bank Natixis reported a 3 percent rise in underlying net income for the first quarter on Tuesday and said it was on track to meet its 2014-2017 dividend payout targets.

Investment-bank-focused Natixis said quarterly net income rose 3 percent to 303 million euros ($420.52 million) - excluding own-debt charges and one-off items - after a rebound in equities and a strong rise in asset management and insurance sales helped offset a grim environment for bonds.

The bank, which was rescued from near-collapse during the crisis by its cooperative retail-banking parent BPCE, said it was still on track to deliver a dividend payout ratio of at least 50 percent as part of its 2014-2017 strategy. ($1 = 0.7205 Euros) (Reporting by Lionel Laurent and Maya Nikolaeva)