Societe Generale’s (SocGen) private banking business has reported net banking income of EUR219m for the third quarter of 2014, a decline of 3.5% compared to EUR227m a year ago.
The business’s assets under management were EUR118bn at end-September, up EUR2.1bn compared with results from the last quarter. This was due to a positive inflow of EUR1.3bn in the third quarter, mainly driven by UK, France and Switzerland.
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The French bank said that private banking revenues were up 5% for the third quarter of 2014, excluding non-recurring income booked in the same quarter last year.
The revenues of the bank’s Asset and Wealth Management business line totalled EUR273m in the third quarter of 2014, down 2.4% year-on-year.
Lyxor Asset Management, a wholly owned subsidiary of Societe Generale, recorded an increase in assets under management to EUR85.4bn in the third quarter driven by positive inflow on ETFs.
For the quarter, Lyxor’s revenues stood at EUR49m, up 4.4% from EUR47m during the third quarter of 2013.
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By GlobalDataCommenting on the group’s results, Frédéric Oudéa, chairman and CEO of the bank, said: "The Q3 14 results provide further confirmation of the commercial momentum of the Societe Generale Group’s businesses, a source of future revenue growth, and the solidity of financial performances."
