Revenues at Societe Generale Private Banking
(SGPB) fell by 12.6% from the second quarter of 2011 to €174m as a
result of an operating loss of €9m which occurred in Asia.
The private banking unit’s contribution to
Societe Generale’s group net income plunged 55%, or €17m, from the
first quarter of 2012 to €14m, while the contribution for the first
half of 2012 fell by 32% from the first half of 2011 to €50m.
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Operating expenses decreased by 2.5%, or €157m
year-on-year leaving gross operating income of €17m for the second
quarter of 2012 – a 56% slump from the second quarter of 2011.
In the first half of 2012, net private banking
income totalled €374m, sliding 11.6% from the first half of 2011,
while operating expenses fell by 4.7%, or €305m.
Net new assets up
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By GlobalDataNet new assets went up by €0.9bn ($1.11bn) at
SGPB during the second quarter of 2012.
Assets under management (AuM) have increased
by 1% to €85.6bn in the past six months.
SGPB said these changes in assets in the last
six months were due to a market effect of -€0.1bn, cumulative
inflows of +€0.1bn, currency impact of +€1.0bn and a structure
effect of -€0.3bn.
