Societe Generale’s private bank is progressing steadily towards
its goal of growing its assets under management (AuM) to €150bn
($215bn) by 2015 having posted solid net income for the first six
months of 2011.

Net income at the France-based private bank reached €74m for the
first half of this year, representing a 57% growth on a
year-on-year basis compared to €47m as at 30 June 2010.

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Private banking AuM showed a 2% growth in the past six months
reaching €86.1bn, compared with €84.5bn as at 31 December 2010.

Inflows of net new assets stood at €3.8bn as at 30 June 2011
meaning the bank has increased new assets for each of the past
three quarters.

 

Tougher quarter

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The bank’s quarterly income results were less optimistic, with
pressure on revenues in a wait-and-see market.

In the three months to 31 June, private banking net income stood
at €31m as at 30 June 2001, representing a 28% quarter-on-quarter
decline, compared with €43m as at 31 March.