The asset and wealth management business of French bank Societe Generale has reported net income of EUR72m for the second quarter of 2015, an increase of 20% compared to EUR60m in the year ago quarter.
The revenues of the bank’s asset and wealth management division, which contains private banking business line, totalled EUR258m in the second quarter of 2015, stable in absolute terms compared to the prior year quarter.
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For the quarter ended 30 June 2015, net banking income at the bank’s private banking business was EUR200m, compared to EUR201m in the corresponding quarter of 2014.
Private banking’s assets under management were EUR116.5bn at end of June 2015 due to positive net inflow and favourable market effects.
Lyxor Asset Management, a wholly owned subsidiary of Societe Generale, has assets under management of EUR99.5bn at the end of June 2015, driven by strong inflow of EUR6bn in ETFs.
Overall, the banking group posted net banking income of EUR6.9bn for the second quarter of 2015, an increase of 16.4% compared with EUR5.9bn in the year ago quarter.
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By GlobalDataSociete Generale CEO Frederic Oudea said: "In the coming months, the group will continue to develop in its strategic areas, capitalizing on the rebound in the European economy, and adapt to the technological and regulatory changes through the rollout of its digital strategy and the continuation of its operating efficiency efforts."
