BNP Paribas Reports FY Results, Plans to Step Up Pace of Organic Growth

Revenues at BNP Paribas Securities Services rose only 0.2% in 2013, despite a sharp increase of the number of transactions and assets under custody.
By Janet Du Chenne(59204)
Revenues at BNP Paribas Securities Services rose only 0.2% in 2013, despite a sharp increase of the number of transactions and assets under custody.

The business’s operating expenses declined 0.3% thanks to operating efficiency measures, at the operations level. The book of business increased due to the acquisition of Commerzbank’s local depositary business.

Fourth quarter revenues grew 0.8% (€340 million), compared to the fourth quarter of 2012 on the back of a rise in in transaction volumes and assets under custody despite the low interest rate environment. Revenues for the third quarter of 2013 were €355 million.

Fourth quarter net income in Securities Services was €40 million, compared to €59 million in the third quarter of 2013 and €45 million in the fourth quarter of 2012.

Reporting its 2013 full year and latest quarterly results, BNP Paribas said it will implement a more coordinated approach through, in particular, closer cooperation between the capital market businesses, Securities Services and Investment Partners, designing new customer solutions and pooling operating platforms.

“Securities Services will leverage its strong positions to generate growth,” it added. “The business unit will take advantage of new opportunities brought about by the new regulatory environment, develop product and customer coverage synergies with CIB, step up the pace of organic growth and increase operating efficiency.”

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