The asset and wealth management business line of French banking group Societe Generale has posted a net banking income of €947m in 2019, a rise of 1% from last year.

The figure is adjusted for the divestiture of the Private Banking business in Belgium to ABN Amro.

Private Banking’s assets under management reached €119bn at the end of December 2019, up 1% from the previous quarter. Inflows in the French domestic market are said to be “buoyant”.

Lyxor’s assets under management totalled €149bn as of 31 December 2019, an 8% increase from the September 2019 figure. The integration of Commerzbank assets contributed €17bn.

Group highlights

At a group level, the bank’s net banking income in 2019 stood at €24.67bn. This was a fall of 2% from €25.2bn in 2018.

Reported Group net income slumped 21% to €3.25bn from €4.12bn. Operating expenses decreased 1% to €17.73bn from €17.93bn.

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Societe Generale’s CET 1 ratio was 12.7% at the end of December 2019, versus 10.9% last year.

Societe Generale CEO Frédéric Oudéa said: “2019 was a year of considerable progress during which we achieved all the targets, both strategic and financial, that we set ourselves. We are therefore entering 2020 with confidence, with a more compact business model based on leadership positions in high added-value businesses and a presence in buoyant geographical regions.

“We intend to capitalise on the robustness of this model to pursue the expansion of our core franchises and improve our profitability, by increasing our efforts in terms of operational efficiency and disciplined cost management.

“More than ever, our ambitions around the use of digital technologies to enhance the customer experience and the deepening of our CSR commitment are at the centre of our strategic approach.”