Societe Generale reported an 11% fall in revenues for its Securities Services and Brokerage businesses to €945 million in 2013, due primarily to the decline in brokerage revenues.
The businesses continued with their operating efficiency initiatives, which helped reduce operating expenses by 3% to €-966 million, despite the €-30 million recorded in respect of the transformation plan.
SGSS saw its assets under custody increase 2.8% to €3.54 billion in 2013 versus the end of December 2012.
Assets under administration rose 10.8% over the same period to EUR 494 billion.
Brokerage activity via Newedge maintained a market share of 12.0%, stable in 2013 versus 2012, in a bear market environment, and despite the effects of the restructuring plan under way announced at end of 2012, said SGSS.
The contribution of the businesses to group net income amounted to €-64 million versus €-327 million in 2012, including the impact of goodwill write-downs for €-50 million in 2013 in respect of SGSS and €-380 million in 2012 in respect of Newedge.
Revenues decreased -19.9%* in the fourth quarter of 2013 versus the fourth quarter of 2012 at €211 million, whereas operating expenses were slightly higher (+2.0%*) at €260 million. As a result, the business line’s contribution to group net income amounted to €-80 million vs. €-369 million in the fourth quarter of 2012.
Societe Generale Securities Services and Brokerage Revenues Fall 11% in 2013
Societe Generale reported an 11% fall in revenues for its Securities Services and Brokerage businesses to €945 million in 2013, due primarily to the decline in brokerage revenues.