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.