The securities services segment at BNP Paribas reported an 8% increase in revenues to €498 million in the second quarter this year, driven by the positive effects of new mandates.
Assets under custody and the number of transactions were also up 11% and 7% respectively, as BNP Paribas points to its global custody mandate for the Asian Infrastructure Investment Bank which has €18 billion in assets under custody.
The French investment bank saw significant gains in the first half of this year, with expansion into Europe and US from new business.
In the US, BNP Paribas was selected as the local custodian by Raiffeisen Bank International (RBI) for its $3.2 billion US domestic portfolio in April.
The deal marked the bank’s third major custody mandate win of the year following its deal with Banco di Desio e della Brianza in March for its €11 billion worth of Italian and foreign assets.
In February, BNP Paribas was chosen by MAPFRE Inversión to provide global custody services for its €60 billion worth of assets.
Chief Executive Officer at BNP Paribas, Jean-Laurent Bonnafé, explained the bank saw a very good performance in the second quarter.
“The revenues of the operating divisions were up thanks to the good business drive and operating expenses were down as a result of the implementation of the transformation plan. The cost of risk is under control and was down significantly,” he said.