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.