Societe Generale securities services revenue dips in Q2 amid rate pressure 

The French custodian's earnings fall slightly following strong end to 2024, as interest rate environment weighs on topline.

By Sophia Thomson

Société Générale securities services (SGSS) reported a 3.1% year-on-year decline in revenue for the second quarter of 2025, falling to €176 million ($200 million), as lower interest rates took a toll on earnings.  

The bank said the dip was primarily due to the rate environment, though it noted that client activity remained strong. Excluding equity participations, revenues were down 2.4%. 

Assets under custody and administration (AUC/A) stood at €5.22 trillion and €638 billion respectively, showing little change from Q1. 

The slight Q2 decline follows a strong finish to 2024, when SGSS posted a 12.4% year-on-year revenue increase for Q4.  

However, the business said it is now contending with more challenging rate dynamics across Europe. 

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