Unfavourable market conditions saw
contribution to group net income and assets under management (AuM)
at Societe Generale Private Banking (SGPB) decline by 9% and 3%
respectively in the past three months.

Contribution to group net income at SGPB
reached €28m ($38m) in the third quarter, compared to €31m a
quarter earlier.

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This group net income figure dropped
dramatically on a year-on-year basis falling 33% from €42m as of 30
September 2010.

 

Operating expenses up

SGPB said operating expenses rose 5.3% on a
year-on-year basis, mainly due to the increased headcount and
projects.

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SGPB’s AuM also declined €2.5bn to €83.6bn in
the third quarter, but sustained marginal growth on a year-on-year
basis. Net asset inflows in the first nine months totalled
€3.3bn.

Despite the tough third quarter results,
performance in the year to 30 September was more positive. Revenues
were up 14% to €604m and contribution to group net income rose 12%
to €102m.