The asset and wealth management business line of French lender Societe Generale has reported a net banking income of €232m for the fourth quarter of 2018, a fall of 6% from a year ago.

Private Banking’s assets under management totalled €113bn as at 31 December 2018, a 4% decrease from the previous year. The fall is said to be due to decline in the markets.

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Revenues in private banking also dipped, decreasing 5% on a year-on-year basis.

Yesterday, BNP Paribas, another French banking group, posted poor revenues for the fourth quarter of 2018. Revenues at BNP Paribas wealth and asset management arm were down 4%, while pre-tax income fell 41%.

Societe Generale Group performance

Overall, the banking group posted a net income of €624m for the three months to December 2018.

Compared to last year, the group’s gross operating income increased 13% to €1.47bn while operating expenses declined 11% to €4.46bn.

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Societe Generale CEO Frederic Oudéa said: “In an economic, financial and regulatory environment that looks set to be less favourable and even more complex over the next few years than anticipated a year ago, we have decided to adapt the execution of our plan and our financial trajectory.

“Our first priority is, and will remain, to increase value for shareholders while consolidating our capital trajectory. We will be even more selective in our capital allocation, prioritising the Group’s areas of excellence.

“Moreover, in a more uncertain economic environment, we will continue to work on our operating efficiency with an additional plan to reduce costs in Global Banking & Investor Solutions and we are further prioritising cost control.”