BNP Paribas reports increase in securities services revenue for Q1
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BNP Paribas reports increase in securities services revenue for Q1 05 May 2020Paris Reporter: Becky Bellamy
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BNP Paribas has revealed that securities services revenues increased 11.8 percent to €577 million in Q1 this year, compared to the same period last year.
According to BNP Paribas, the increased revenue was driven by the increase in average outstandings and an extraordinary level of transaction volumes, which was up 36.9 percent compared to Q1 2019.
Elsewhere, the French-bank reported that growth continued in the Asia Pacific region, showing a 35 percent increase in Q1 2020 compared to the same period last year. It also revealed growth in the Americas with a 40 percent increase on Q1 2019’s figures.
Assets under custody and under administration rose, on average, by 6.3 percent compared to Q1 2019, but outstandings at the end of the period were down by 4.8 percent compared to 31 March 2019 due to stock market valuations.
Commenting on these results, CEO Jean-Laurent Bonnafé: “At the end of a quarter supported by an excellent business drive, in line with its 2020 objectives, the results of BNP Paribas for Q1 2020 were impacted by the harshness of the health crisis.”
He added: “The good resilience of revenues and results despite this shock demonstrates the robustness of the group’s diversified and integrated model. With all teams at BNP Paribas, whose I want to thank tireless commitment to serving customers and providing support to society, we will continue our efforts to mitigate the impact of the crisis on the economy and prepare for the future.”
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