May 6, 2020 / 3:43 PM / 19 days ago

Natixis swings to a loss, hikes provisions on coronavirus, frauds

PARIS, May 6 (Reuters) - French investment bank Natixis on Wednesday reported a 204 million euros loss in the first quarter and dropped its 2020 targets as the coronavirus crisis hit its equity trading revenue and caused it to raise provisions for credit losses sixfold.

Revenues were down 11% to 1.75 billion euros ($1.89 billion), while provisions for credit losses rose to 193 million euros from 31 million euros a year ago.

Apart from the economic slowdown that led to the hike in provisions, Natixis also mentioned “some frauds” in its statement, without giving further details. ($1 = 0.9261 euros) (Reporting by Maya Nikolaeva, Editing by Sarah White)

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