BNP Paribas reveals securities services highlights for Q3
03 November 2020 Paris
Image: BitsandSplits/Adobe Stock
Securities services revenues for BNP Paribas came in at €544 million for Q3, representing a 1.6 percent increase on the previous quarter.
BNP Paribas explained that the increase in fees outweighed the effect of the decrease in average assets.
The level of average assets was 1.4 percent lower than Q3 2019, which BNP Paribas said was due to the impact of the March 2020 drop in the markets.
However, it continued to recover as at 30 September 2020, assets were up 7.7 percent compared to 31 March 2020.
BNP Paribas highlighted that securities services maintained a strong business drive, thanks to growth in private capital custodian services and the strengthening of business relationships within the integrated banking model.
This included cooperation in forex activities, collateral management and derivatives clearing, and continued to expand strongly in the Asia-Pacific region and Americas.
Further takeaways indicated that there was a continued strong business drive and a strengthening of commercial relations, driven by the integrated banking model including cooperation in forex, collateral management and derivatives clearing.
Commenting on the Q3 results, CEO Jean-Laurent Bonnafé said: “In an economic context featuring different dynamics across regions and sectors, BNP Paribas demonstrates its high resilience thanks to its financial solidity, its diversification, and the power of execution of its platforms.”
He continued: “I would like to salute the tireless efforts of all our teams who have supported our clients since the beginning of the crisis, while helping the economy and the acceleration of its ecological transition. The Group continues to pursue its actions, commitments to solidarity and its contribution to mitigating the impact of this crisis as much as possible.”
“In these extraordinary times, as an essential service, BNP Paribas continues to adapt to its environment and organises its activities to support clients whilst protecting its employees and remains focused on the success of a solid and sustainable economy, across all geographies,” Bonnafé added.
BNP Paribas explained that the increase in fees outweighed the effect of the decrease in average assets.
The level of average assets was 1.4 percent lower than Q3 2019, which BNP Paribas said was due to the impact of the March 2020 drop in the markets.
However, it continued to recover as at 30 September 2020, assets were up 7.7 percent compared to 31 March 2020.
BNP Paribas highlighted that securities services maintained a strong business drive, thanks to growth in private capital custodian services and the strengthening of business relationships within the integrated banking model.
This included cooperation in forex activities, collateral management and derivatives clearing, and continued to expand strongly in the Asia-Pacific region and Americas.
Further takeaways indicated that there was a continued strong business drive and a strengthening of commercial relations, driven by the integrated banking model including cooperation in forex, collateral management and derivatives clearing.
Commenting on the Q3 results, CEO Jean-Laurent Bonnafé said: “In an economic context featuring different dynamics across regions and sectors, BNP Paribas demonstrates its high resilience thanks to its financial solidity, its diversification, and the power of execution of its platforms.”
He continued: “I would like to salute the tireless efforts of all our teams who have supported our clients since the beginning of the crisis, while helping the economy and the acceleration of its ecological transition. The Group continues to pursue its actions, commitments to solidarity and its contribution to mitigating the impact of this crisis as much as possible.”
“In these extraordinary times, as an essential service, BNP Paribas continues to adapt to its environment and organises its activities to support clients whilst protecting its employees and remains focused on the success of a solid and sustainable economy, across all geographies,” Bonnafé added.
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