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.