The bank recorded a fall of 30.6% as compared to the 2010 results that was recorded at EUR 896 million for the same period.
While the net banking income of Private Banking, Global Investment Management and Services recorded mixed results. The broker business profited from the volatile market private banking, asset management and security services saw a negative trend. The total revenue saw a fall of 3.7% for the same period in 2010 and was recorded at EUR 542 million.
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Frederic Oudea, the Group’s chairman and CEO said that the Q3 results were a demonstration of the group’s resilience in the challenging environment. He added that the profit-generating capacity of the core businesses is robust.
"We are working to adapt the core businesses most affected by the crisis, paying particular attention to cost control … We have resolutely started to reduce the balance sheet by limiting the needs of our corporate and investment-banking division, disposing of a significant amount of our legacy assets at a low cost for the group, and halving our sovereign debt exposure to GIIPS countries since the beginning of the year," added Oudea.
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