Reports
SocGen's Private Banking AuM Holds Steady
The French group said private banking net income rose in the first three months of this year.
Societe Generale’s private bank last week said that its assets
under management totalled €113 billion ($126.4 billion) at the
end of March 2019, holding steady from the level at the end of
December.
Net banking income at this part of the French firm’s business
rose by 11.4 per cent in the first quarter of this year against a
year before, standing at €206 million, including the revaluation
of SIX securities for €32 million, Societe Generale
said in a statement.
The net banking income of the asset and wealth management
business line totalled €255 million, rising by 4.9 per cent
compared with Q1 2018, against the backdrop of a substantial
slowdown in client activity.
Lyxor’s assets under management came to €121 billion at the end
of March 2019, 2.5 per cent higher than in December 2018.
Revenues totalled €44 million in Q1 2019, down by -15.4 per cent
compared with Q1 2018.
Across the Paris-listed banking group as a whole, SocGen said
reported net income fell to €631 million from €850 million a year
earlier.
