SocGen sees strong Q1 prime services growth 10 May 2016Paris Reporter: Drew Nicol
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Societe Generale’s prime services registered an 11 percent increase in revenue in Q1 2016, the bank’s latest quarterly results have revealed.
Revenue totalled €161 million during Q1 2016, which was up from €145 million in the same period in 2015.
Societe Generale said the positive result “reflects a healthy commercial momentum, notably in prime brokerage activities, with the winning of new mandates resulting from the revenue synergies achieved with the integration of Newedge”.
At the same time, the bank’s securities services revenue fell 15.9 percent in Q1 2016.
Revenue peaked at €159 million in Q1 this year, which was down from €189 million in 2015.
Societe Generale cited “uncertain and declining market, leading reduction in trading volumes and the asset base, as well as a negative interest rate environment” as the cause for the revenue dip.
The bank’s total assets under administration fell by 6 percent to €574 billion over the same period, while total assets under custody saw modest growth during Q1, reaching €4.02 trillion.
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