The asset and wealth management business line of Societe Generale has posted a rise in net banking income, with private banking registering “robust performance”.
In Q2 2020, asset and wealth management’snet banking income stood at €232m. This is a slight increase from the previous year.
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Net banking income increased 3% in H1 % when adjusted for the revaluation of SIX securities and for the sale of its Belgian private banking business.
Good transactional revenues in France positively affected private banking performance in Q2 20.
In H1 20, private banking recorded net inflow of €1.5bn.
Net banking income was €187m in Q2 20, a 7% rise from the prior year. The figure was 363mn in H1 20, up 6% from a year ago when adjusted for the divestiture of private banking in Belgium and the revaluation of SIX securities.
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By GlobalDataLyxor’s assets under management reached €132bn as at 30 June 2020, a 5% rise from 31 March 2020.
Group highlights
At a group level, Societe Generale registered a net loss of €1.26bn in Q2 2020, as against a profit of €1.05bn a year ago.
The group’s net banking income dropped €5.3bn from €6.28bn.
Operations expenses decreased 10% year-on-year to €3.86bn.
Societe Generale group CEO Frédéric Oudéa said: “During the first half of 2020, Societe Generale successfully adapted to the consequences of the health crisis and was therefore able to effectively support its customers and employees, thereby strengthening its position as a trusted partner.
“While April and May were heavily impacted by the reduction in activity of numerous economies around the world, the rebound in activities from mid-May is very encouraging.”
