French lender Societe Generale Q3 results from its asset and wealth management business line reported a net banking income of €234m, an increase of 2% compared to the same period last year.

Private Banking’s assets under management totalled €121bn at the end of September 2018.

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Revenues in private banking rose 2% to €184m on a year-on-year basis. The bank attributed the rise to good performance in France.

Overall, the banking group posted a net income of €1.23bn for the third quarter of 2018, a 32% surge from €932m in the previous year.

Gross operating income at the group increased 12% to €2.19bn from €1.95bn a year ago, while operating expenses rose 8% year-on-year to €4.34bn.

The group’s common equity tier 1 ratio at the end of September 2018 stood at 11.2%.

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Societe Generale CEO Frederic Oudéa said: “Our revenues increased due to the confirmed growth in international retail banking and financial services and the healthy momentum in financing and advisory and market activities.

“The Group pursued its disciplined approach to cost management and the low cost of risk confirms the quality of our loan portfolio. The Group put an end this quarter to the financial impact of the major litigation issues with the US authorities relating to the pre-financial crisis period.”