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.

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

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By GlobalData

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

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.