The Paris-listed banking and investment group issued third-quarter results today, showing a dent to the profits of its private banking arm.

Societe Generale today said net banking income at its wealth and asset management arm came was €226 million ($262 million) in the third quarter of this year, falling 11.7 per cent from a year before.

At the private bank, net banking income fell 14.9 per cent year-on-year at €177 million. Assets under management stood at €119 billion at the end of September, rising by 2.6 per cent from the end of December last year, the Paris-listed group said in a statement. 

At Lyxor, the asset management arm, AuM came to €110 billion (+3.8 per cent vs. end-December 2016), buoyed by inflows. Net banking income amounted to €45 million in Q3 17 (+7.1 per cent vs. Q3 16), helped by “excellent commercial momentum” in exchange-traded funds. 

The group
Across the whole of the Societe Generale banking empire, book group net income amounted to €932 million in Q3 2017 (€1.099 billion in Q3 2016) and €2.737 billion in the first nine months of 2017.

When corrected for the impact of non-economic items, exceptional items and other matters, underlying group net income totalled €1.079 billion in the third quarter from €1.168 billion in Q3 2016). 

The Common Equity Tier 1 (fully-loaded CET1) ratio -  a common measure of the “buffer capital” strength of banks - was 11.7 per cent at 30 September, 2017 (11.7 per cent at 30 June, 2017).

Frédéric Oudéa, Societe Generale’s group chief executive, said the bank will set out strategic plans on 28 November.