Societe Generale’s (Soc Gen) half-year securities services revenues dropped by 11.5% to €171 million this year, as it was hit by negative rates and a reduction in activity.
Securities services sales declined 7.1% quarterly to compared to the second quarter last year, with the bank also citing a reduction in in transactional activity, the decline in markets and a negative interest rate environment.
The French bank’s assets under custody were in fact up 1% in the first of 2016 compared to the first six months in 2015, reaching just over €4 trillion.
Frédéric Oudéa, chief executive officer at SocGen said the bank is continuing with its “far-reaching transformation” as it works towards adapting in a “challenging environment.”
Overall group net income was up just over 3% in the first half of this year compared to 2015, with revenues reaching €13.2 billion.
Oudéa added SocGen aims to further develop synergies, increase operating efficiency and boost its profitability.
UPDATED: Soc Gen securities services sees 7% decline
Securities services sees difficult first half of the year, with revenues dipping amid reduction in activity.
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