BNP Paribas Securities Services reported its third quarter results as part of the BNP Paribas Group’s results issued on Friday.
The figures show a strong increase in revenues to EUR 447m, +11.2 percent versus Q3 2014. This reflects a rise in the number of transactions and of assets under custody, and the increased contributions of new mandates (the latter includes being appointed master custodian for UniSuper, Australia’s third-largest pension fund with more than A$50 billion under management.
BNP Paribas says assets under custody rose to EUR 7.9 trillion, up 11.4 percent compared with Q3 2014. Assets under administration also rose, it adds, to EUR 1.7 trillion, +32.8 percent compared with the same period a year earlier Q3 2014. The number of transactions was 17.9 million, +20.2 percent on Q3 2014.
Operating expenses were also up, by 14.6 percent compared with a year earlier but this is swatted aside as being a result of the good development of the business.