BNP Paribas Securities Services saw “sustained sales and marketing development” in the second quarter of the year, particularly in private capital, where the business said it had won new “first-tier” mandates.
BNP Paribas Group reported that average assets in its securities services business were up by 2.8% compared to the second quarter of 2022 – although transactions, which numbered 35 million, were down by 8.4% compared to a high second-quarter 2022 base.
Assets under custody stood at €12 trillion – registering 7.1% growth compared to June 30, 2022. Assets under administration stood at €2.4 trillion, registering 6.8% growth for the same period.
At €661 million in the second quarter, securities services revenues were up by 1.6% compared to the second quarter of 2022, driven by a favourable impact of interest rates and an increase in assets, despite lower transaction volumes in a “lacklustre market context”, the bank said.
For the first half of the year, securities services revenues were €1,315 million – up by 3.1% compared to the same period in 2022.
The French bank said asset inflows of €6.8 billion in the second quarter were especially good in wealth management and asset management. The increase was “excellent” at insurance, said the bank, supported by savings and protection activities. However, the results highlighted that the environment was less favourable in real estate and “principal” investments.
Assets under management for investment & protection services stood at €1,218 billion as of June 30 this year. Net asset inflows drew €23.4 billion, driven by inflows into money-market funds.
The group achieved a 16.4% increase in its net income compared to the second quarter of 2022, excluding exceptional items.
Jean-Laurent Bonnafé, CEO of BNP Paribas, described the group’s performance as “very good” in the second quarter, reflecting the “solidity” of its diversified model and efficiency of its platforms, among other factors.
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