Societe Generale’s private banking business has reported net income of 42 million (US$56.8 million) for the third quarter of 2013, an increase of 162.5% compared to 16 million (US$21.6 million) a year ago.
The business line’s assets under management amounted to 83.9 billion at end-September. This was due to a positive inflow of 0.8 billion in the third quarter, mainly driven by France and Asia.
Revenues for the latest quarter were 227 million, an increase of 16% compared to the year ago quarter.
The private banking business’ gross operating income totalled 71million compared to 24 million in the year ago quarter.
The division’s operating expenses were stable at 156 million compared to third quarter of 2012.
Overall, the French banking group’s net profit in third-quarter rose 534 million compared with 90 million a year ago.
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