Societe Generale saw a 16% rise in their private banking arm’s revenue compared to this time last year.

Revenue rose to EUR 227 million while their gross operating income was 71 million higher than the third quarter of 2012. The business line contributed to net income of EUR 42 million, 26 million higher than the previous year, despite a EUR 15 million loss due to two loan dossiers.

The total net income for the first nine months of the year grossed EUR 663 million, 16.4% higher than the first nine months of 2012.
The results show signs of stability, even after the sale of Societe Generale Private Banking Japan Ltd. in September of this year.

CEO, Frederic Oudea, said: "The Group will continue to reinforce and optimise its universal banking model centred around the customer. The implementation of a new, refocused and simplified, organisational set-up will help improve the group’s efficiency by strengthening the synergies between the businesses."

Societe Generale SA and Credit Agricole SA (ACA), two of France’s biggest banks, reported higher earnings and said they are in talks to swap stakes in derivatives broker Newedge Group and asset manager Amundi Group.