For the whole of 2012, BNP Paribas Investment Solutions’s revenues, which totalled €6.204 million, were up 4.8 percent compared to 2011.
The bank’s securities services’ revenues grew 4.4 percent in 2012 compared to 2011, as a result of a rise in assets under custody and under administration.
In Q4 2012, gross operating income for BNP Paribas Securities Services was €37 million, a drop of €2 million from the previous quarter, but the same result as recorded in Q4 2011.
Operating expenses, which totalled €4,319 million, were up 1.4 percent compared to 2011 but were down 0.6 percent at constant scope and exchange rates. Operating expenses were down 10.1 percent in asset management as a result of the adaptation plan, while investments in the business development of insurance, wealth management and securities services continued, especially in Asia.
In Q4 2012, investment solutions’ revenues grew 13.9 percent compared to the Q4 2011, driven by the good performance of wealth management and insurance. Operating expenses were steady, the business development investments in insurance and securities services being offset by wealth and asset management’s decline as a result of the adaptation plan.
Given a one-off provision write-back for one specific loan, pre-tax income nearly doubled compared to last year, to €583 million.
In 2013, the investment solutions division plans to continue to strengthen its leadership positions in Europe with targeted high net-worth clientele, as well as to expand its product offering in securities services by capitalising on changes in regulations in the field of market infrastructure.
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