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February 12, 2014updated 04 Apr 2017 2:30pm

SGPB revenues rise 19% in 2013

Société Générale Private Banking's year revenue for 2013 hit EUR 858, a 19% rise from the same period last year.

By Patrick Brusnahan

Société Générale Private Banking’s year revenue for 2013 hit EUR 858, a 19% rise from the same period last year.

This rise was attributed to ‘excellent’ client-driven revenues in France and Luxembourg and a ‘dynamic recovery’ in Asia.

Assets under management (AuM) also saw positive results with a positive inflow of EUR 1.5 billion, taking the total up to EUR 84.5 billion.

Moreover, the group as a whole saw revenues increase to EUR 22.8 billion in 2013, a 4.3% rise compared to 2012.

In a statement, the group said: "Société Générale has a relevant, dynamic banking model underpinned by a solid balance sheet and robust prudential ratios. The Group will continue with the transformation of its businesses in 2014, capitalising on its innovative capacity to serve its customers. As such, the group proposes to increase its target dividend payout ratio to 40% for the 2014 financial year."

In addition, SocGen are in ‘advanced talks’ with DBS over the sale of their Asian private banking arm for a rumoured $400 million.

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