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  1. Results & Deals
November 9, 2012updated 04 Apr 2017 3:32pm

Operating income drops 35%, AUM up at SocGen

Societe Generale Private Banking (SGPB) reported a 42.9% drop in contribution to group net income, to €16m ($20m) from €28m year-on-year, in its 2012 third quarter results.

By Lizabeth Davis

Societe Generale Private Banking (SGPB) reported a 42.9% drop in contribution to group net income, to €16m ($20m) from €28m year-on-year, in its 2012 third quarter results.Operating income fell 35.3% to €22m from €34m in the third quarter when compared to the same period in 2011.Operating expenses decreased only slightly, 0.6% on a year-to-year basis.The French bank said that private banking revenues totalled €181 million in the third quarter of 2012, a figure similar to its second quarter results.

 

AUM positive in 9M 12

Assets under management were €88bn at the end of September 2012 up by 3.9% when compared with results from December 2011.SGPB said that the increase was due to a market effect of €2.8bn, a cumulative inflow of € 0.4bn, a currency impact of €0.3bn and a structure effect of €0.3bn.

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