Net banking income at Societe Generale’s private banking, global investment management and services totalled EUR958 million in first half of 2013, an increase of 3.7% compared to a year ago period.
Revenues were underpinned by the recovery in private banking, increased to EUR436 million, an increase of 19.2% from first half of 2012.
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Brokerage activities continued to be adversely affected by a challenging market. A realignment plan is under way in order to adapt the organisational structure to the new environment, the French bank said in a statement.
Finally, Securities Services demonstrated its resilience in a low interest rate environment with revenues of EUR332 million.
Overall, the French banking group reported a net income of EUR1.34 billion for the first half of 2013, an increase of 12.6% from EUR1.17 billion reported in the corresponding half of 2012.
The bank has a leverage ratio — a measure that compares capital to total assets — of around 3%, chief executive Frederic Oudea said. The bank added it expects its leverage ratio to exceed 3% — the threshold fixed by regulators for 2018 — by year-end.
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