BNP Paribas has recorded an 8.5% yearly increase in its securities services revenue for Q1 2017.
Overall securities services revenue stood at €478 million compared to €440 million in Q1 last year and €466 million at the end of 2016.
The French bank has put this increase down to “good business development.”
Assets under custody also saw a 10.1% increase year-on-year to €8.9 trillion.
BNP Paribas recently obtained a number of custody mandates including a €60 billion deal to provide services to Spanish insurance provider MAPFRE Inversión.
It was also selected by Italian banking group Banco di Desio e della Brianza in March to provide global custody services for it €11 billion worth of Italian and foreign assets.
Assets under administration also increased by 18.4% standing at €2 trillion, while the number of transactions increased by 7%.
“The revenues of the operating divisions were significantly higher thanks to good business growth,” said Jean-Laurent Bonnafé, CEO of BNP Paribas.
“Costs were well under control and the cost of risk was down. The Group’s balance sheet is rock-solid and the further increase in the fully loaded Basel 3 common equity Tier 1 ratio to 11.6% testifies this.”
Other results this quarter showed JP Morgan recorded a 4% uptick in its securities services revenues while BNY Mellon reached a record $30.6 trillion in assets under custody.