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.

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 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.

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Source: Private Banker International