Unfavourable market conditions saw
contribution to group net income and assets under management (AuM)
at Societe Generale Private Banking (SGPB) decline by 9% and 3%
respectively in the past three months.

Contribution to group net income at SGPB
reached €28m ($38m) in the third quarter, compared to €31m a
quarter earlier.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

This group net income figure dropped
dramatically on a year-on-year basis falling 33% from €42m as of 30
September 2010.

 

Operating expenses up

SGPB said operating expenses rose 5.3% on a
year-on-year basis, mainly due to the increased headcount and
projects.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

SGPB’s AuM also declined €2.5bn to €83.6bn in
the third quarter, but sustained marginal growth on a year-on-year
basis. Net asset inflows in the first nine months totalled
€3.3bn.

Despite the tough third quarter results,
performance in the year to 30 September was more positive. Revenues
were up 14% to €604m and contribution to group net income rose 12%
to €102m.