BNP Paribas, SGSS Release Q2 Results

Second quarter results show different securities services trends for BNP Paribas and Societe Generale.

The second quarter results of BNP Paribas Investment Solutions shows a rise in revenue, up 2.0% from second quarter 2012 to €1,598 million euros.

Revenues from Securities Services rose by 1.3% due to a rise in the number of transactions and despite persistently low interest rates. Revenues from Insurance grew by 7.4% from good growth of protection insurance in Asia and Latin America, while revenues from Wealth and Asset Management fell 1.1% due to a decrease in average outstandings at Asset Management.

A slight fall in assets under management (AuM) marked this quarter, however, with €869 billion as of June 30. This is an decrease of 2.2% compared to December 2012, but stable compared to June 2012.

Net asset outflows of €12.3 billion were noted this period, particularly due to market funds, although Wealth Management marked asset inflows in Asia and domestic markets, and Insurance performed well in France, Italy and Asia.

The breakdown of Investment Solutions AuM is as follows: Asset Management, €375 billion; Wealth Management, €272 billion; Insurance, €173 billion; Personal Investors, €37 billion; and Real Estate Services, €13 billion.

Meanwhile, Societe Generale has also released its second quarter results. Societe Generale Securities Services (SGSS) saw its assets under custody increase by 7% to €3,570 billion and its assets under administration by 15% to €491 billion, both measured from June 30, 2012.

At €267 million, Securities Services and Brokerage revenues fell 6.0% in this quarter compared to 2012 Q2 (6.3% in absolute terms), due to a decline in brokerage revenues.