Assets under management totaled EUR87.9 billion at end-March 2013, up 2.2% compared to December 2012.
The business line’s gross margin amounted to 95 basis points, which was 2 basis points higher than in the fourth quarter of 2012.
At EUR155 million, operating expenses of the private banking division was up 7.6% compared to first quarter of 2012.
Gross operating income totaled EUR51 million compared to EUR52 million in the year ago quarter.
Overall, the group’s first-quarter profit dropped 50% to EUR364 million from EUR732 million in the year ago quarter. The profit was hurt by accounting charges related to its own debt. The company booked costs of EUR1.05 billion related to the revaluation of its own debt in the period.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData