SocGen sees challenging Q2 for securities services
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SocGen sees challenging Q2 for securities services 03 August 2016Paris Reporter: Stephanie Palmer
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Societe Generale’s securities services revenues dropped by 7.1 percent in Q2 2016, while revenues for H1 were down 11.5 percent compared to the same period last year.
Securities services revenues reached €171 million in Q2, compared to approximately €184 million in Q2 2015.
Assets under custody stood at €4.01 trillion at the end of June 2016, a slight 1 percent decrease on the same time last year, which totalled approximately €3.97 trillion.
Assets under administration, however, dropped by 4 percent from €604.2 billion to €580 billion.
Societe Generale attributed the results to a reduction in transaction activity, general decline in the markets, and a negative interest rate environment.
CEO Frédéric Oudéa also cited the generally challenging environment. He said: “Societe Generale is determinedly pursuing the far-reaching transformation of its business model in order to adapt it to the changing needs of its customers and the new regulatory environment, with the aim of further developing synergies, increasing operating efficiency and boosting its profitability.”
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