JP Morgan’s securities services business recorded just over a $1 billion in revenues for the third quarter
Revenues for the business were up 10% year-on-year “driven by higher interest rates and deposit growth, as well as higher asset-based fees driven by improving market conditions,” the bank stated in its quarterly statement.
Assets in custody (AuC) also increased by $1.5 trillion over the year to $22.7 trillion.
The results suggest a positive quarter for global custodians, with Citi also posting strong figures.
Citi’s revenues from securities services increased 12% over the year to almost $600 million.
Revenues from the business helped offset a decline in markets revenues, driven by “growth in client volumes across the custody business along with higher interest revenue,” Citi stated.
BNY Mellon and State Street, the two largest global custodians, are expected to publish their third quarter results later this month.