SocGen sees strong Q1 prime services growth 10 May 2016 Paris Reporter: Drew Nicol
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Societe Generale鈥檚 prime services registered an 11 percent increase in revenue in Q1 2016, the bank鈥檚 latest quarterly results have revealed.
Revenue totalled 鈧�161 million during Q1 2016, which was up from 鈧�145 million in the same period in 2015.
Societe Generale said the positive result 鈥渞eflects a healthy commercial momentum, notably in prime brokerage activities, with the winning of new mandates resulting from the revenue synergies achieved with the integration of Newedge鈥�.
At the same time, the bank鈥檚 securities services revenue fell 15.9 percent in Q1 2016.
Revenue peaked at 鈧�159 million in Q1 this year, which was down from 鈧�189 million in 2015.
Societe Generale cited 鈥渦ncertain and declining market, leading reduction in trading volumes and the asset base, as well as a negative interest rate environment鈥� as the cause for the revenue dip.
The bank鈥檚 total assets under administration fell by 6 percent to 鈧�574 billion over the same period, while total assets under custody saw modest growth during Q1, reaching 鈧�4.02 trillion.
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