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May 6, 2019

Societe Generale wealth income rises in first quarter

The asset and wealth management business line of French banking group Societe Generale has posted a net banking income of €255m for the first quarter of 2019.

This marks an increase of 5% compared to previous year’s income.

Private Banking’s assets under management totalled €113bn at the end of March 2019, unchanged compared to December 2018.

Lyxor, the asset management unit of Societe Generale Group, reported assets under management of €121bn as at 31 March 2019.

This is a rise of 2% compared to €118bn in December 2018.

Group performance lags

Overall, the banking group registered a net income of €631m for the three-month period ended March 2019, a 26% slump from €850m in the same quarter of 2018.

The group’s gross operating income of €1.4bn was 10% lower compared to a year ago.

Operating expenses at the group rose 1% year-on-year to €4.79bn.

Societe Generale CEO Fréderic Oudéa said: “We are continuing to steadily implement our refocusing programme, with the announcement this morning of the disposal of our SKB subsidiary in Slovenia.

“As a result of our determined actions, we saw a substantial increase in CET1 ratio in Q1 19, strengthening our ability to achieve the 12% CET1 ratio target as soon as possible.

“Our solid results are also based on good risk management and the controlled development of our costs, which will continue with the new cost-saving measures that we have recently introduced.”

 

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