The Paris-listed banking group reported a broadly robust set of Q2 and first-half results yesterday.

Societe Generale has reported that its private banking assets under management stood at €116.8 billion ($130.2 billion) at the end of June, a rise of 0.4 per cent from the position 12 months earlier, despite adverse effects of markets and currency movements.

The increase was driven by €700 million of inflows, notably in the UK and France following the integration of the recently-acquired Kleinwort Benson business, the Paris-listed banking group said yesterday.

Net banking income at the private bank rose 1.5 per cent in the second three months of the year, at €204 million, due to structural effects, but fell 9.5 per cent in the first six months of the year from a year ago. Private banking gross margin held at a “satisfactory level” of 106 basis points, Societe Generale said.

There was a net inflow of €1.1 billion into private banking in France during the second quarter.

The private banking results are included within the asset and wealth management reporting segment of the group. For asset and wealth management, net banking income was €254 million in the second quarter, a fall of 1.9 per cent on a year ago, affected by a declining market level and weaker transactional activity, it said.

For the group as a whole, Societe Generale said that net banking income excluding non-economic items was €7.2 billion in the second quarter of 2016, an 11 per cent gain from €6.5 billion a year ago, including the capital gain on the Visa disposal (€725 million).

The French bank said group net income, stripping out non-economic items, was €1.599 billion in the second quarter, up 44.6 per cent year-on-year.