Societe Generale Private Banking has reported net income of EUR43m ($66.8m) for the first quarter of 2013, an increase of 19% compared to EUR36m reported a year ago.
The French bank has EUR87.9bn of assets under management as of the end of March 2013, up 2.2% compared to December 2012.
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At EUR155 million, operating expenses at the private banking division were up 7.6% compared to first quarter of 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.
Gross operating income totalled EUR51m compared to EUR52m 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. Profits were hurt by cost-cutting plan, rigorous risk management and accounting charges related to its own debt. The company booked costs of EUR1.05bn related to the revaluation of its own debt in the period.
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By GlobalDataThe Group has implemented a general cost-cutting plan to optimise its organisational structure and control its operating expenses and external costs to achieve a ROE of 10% by the end of 2015.
