NATIXIS // 2021 Universal Registration Document

5 CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER 31, 2021 Consolidated financial statements and notes

Note 6

Notes to the income statement

Interest margin 6.1 “Interest and similar income” and “Interest and similar expenses” comprise interest on fixed-income securities recognized as “Financial assets at fair value through other comprehensive income” and “Amortized cost”, and interest on loans and receivables to and from banks and customers. Financial assets and liabilities valued at amortized cost give rise to the recognition of interest calculated using the effective interest rate method.

This line item also includes interest on hedging derivatives. Interest income also consists of interest on non-SPPI debt instruments not held under a trading model (classified by default as instruments at fair value). Negative interest on financial assets is presented under “Interest and similar expenses”; negative interest on financial liabilities is presented under “Interest and similar income”.

31/12/2021

31/12/2020

Income Expense

Net

(in millions of euros)

Income Expense

Net

Financial assets and liabilities at amortized cost

2,286

(825) (111)

1,461

2,485

(1,418)

1,067

Central banks

29 86

(82)

72

(60) (94)

12 14

Interest on securities

(78)

8

108

Receivables, loans and borrowings

2,172

(513) (386) (127)

1,658

2,305

(783) (596) (187)

1,522 (128) 1,646

Banks

496

110

468

Customers (a) Finance leases

1,671

1,544

1,833

5

5

4

4

Debt securities and subordinated debt

(113)

(113)

(469)

(469)

Lease liabilities

(11)

(11)

(13)

(13)

Financial assets at fair value through other comprehensive income

25 25

0 0

25 25

70 70

0 0

70 70

Interest on securities Loans and receivables

0

0

0

0

Financial assets to be valued at fair value through profit or loss

53 31 23

53 31 23

66 42 24

66 42 24

Loans and receivables Interest on securities Hedging derivatives

281

(400)

(119) 1,421

318

(429)

(110) 1,093

2,645

(1,225)

2,940

(1,847)

TOTAL (B)

Including an income of €35.3 million concerning the impact of the continuation of the GBLs (“catch up”: re-estimation of future cash flows); (a) At December 31, 2021, the negative interest on financial assets and liabilities amounted to a negative €205 million (-€146.9 million as at December 31, 2020) (b) and €372.9 million (€231 million as at December 31, 2020) respectively.

Net fee and commission income 6.2 The method of accounting for fees and commissions received in respect of services or financial instruments depends on the ultimate purpose of the services rendered and the method of accounting for the financial instruments to which the service relates. The main accounting principles applying are presented in Note 5.18. Fiduciary or similar fees and commissions are those that result in assets being held or invested on behalf of individual customers, pension schemes or other institutions. In particular, trust transactions cover asset management and custody activities performed on behalf of third parties.

For certain funds managed by affiliates of Natixis Investment Managers, the contractual provisions of the prospectus stipulate the payment of a “performance fee” for any fund over-performance.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021