Société Générale Private Banking (SGPB) saw revenues rise 5%, compared to the same period last year, to reach 207 million in the first quarter of 2014. The rise was mainly attributed to the activities in France and the United Kingdom.
Assets under management (AuM) increased by 1.2 billion to hit 114 billion in the quarter. In addition, the launch of their new private banking model in France added 35 billion to the division’s AuM.
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Overall, the group saw revenues increase to 5.8 billion, 3.3% higher than at this point in 2013. Moreover, the group completed their acquisition of the Newedge Group, a derivatives brokerage subsidiary.
Another important factor of these results is the write-down on Russian activities. The write-down had a negative impact of 525 million on the group’s net income, resulting in income of 416 million compared to 798 million in the first quarter of 2013.
Frederic Oudea, chief executive, said: "In Q1 2014, Société Générale provided further confirmation of the positive operating momentum of its activities, with solid revenues, stable costs and a lower cost of risk."
