BNP Paribas’ securities services revenues have increased by 0.7 per cent at €581 million for Q1 2021 (+5 per cent at constant scope and exchange rates) compared to the same period last year.
According to BNP Paribas, this result reflects higher transaction fees and a strong rise in assets. Securities services revenue stood at €536 million in the previous quarter.
Assets under custody came in at €11.6 trillion representing an increase of 21.6 per cent compared to the same period last year and a rise of 6 per cent in the previous quarter.
The business continued its drive and the steady growth of its platform with the onboarding of new clients, including one very large mandate, with more than €300 billion in assets under custody, in the Eurozone.
Meanwhile, it continued its transformation with the implementation of the strategic partnership with Allfunds, a WealthTech platform connecting distributors and asset managers and whose initial public offering occurred on 23 April 2021, and the announcement of the proposed merger of the legal entity BNP Paribas Securities Services with BNP Paribas SA.
Further highlights from the report found that assets and transaction volumes continued to expand, with an increase in average outstandings, up 9.1 per cent compared to Q1 2020.
BNP Paribas suggests this was driven by strong market gains, the onboarding of new clients, and a record level of transactions. This was up 10.4 per cent compared to Q1 2020.
Elsewhere, the report highlighted that revenue growth for BNP Paribas was up 8.6 per cent compared to Q1 2020.
Commenting on the Q1 results, CEO Jean-Laurent Bonnafé, comments: “BNP Paribas continues to mobilise all its resources and expertise to support individual, corporate and institutional clients and to contribute to the success of a solid and sustainable recovery.”
“While strengthening its environmental and social commitments and continuing its digital and industrial transformation, the Group relies on its diversified and integrated business model, robust financial structure, and the powerful execution capacity of its platforms to deliver solid results.”
“I would like to thank all BNP Paribas teams around the world who, after long months of a health crisis, are constantly working with their clients to help them adapt, put in place the right solutions and accompany the recovery of their activities,” Bonnafé adds.
