For the whole of the Paris-listed group, reported net income rose. The private banking results were dented, however.

Societe Generale, the French banking group, yesterday reported that private banking net inome, at €153 million, fell by 7.3 per cent on a year before. Revenues were hit by market conditions and weaker activity.

Assets under management were stable at €114 billion, and net inflows stood at €1.8 billion in the first nine months of the year, driven by the French business.

Societe Generale said that net banking income at its wealth and asset management arm totalled €210 million in the third quarter of this year, falling by 3.7 per cent on a year ago.

At the group's Lyxor asset management business, net banking income rose by 10.4 per cent on a year ago, standing at €53 million.

Lyxor's assets under management stood at €133 billioin at the end of September.

Across the whole of the Paris-listed banking group, its reported group net income was €862 million, rising by 9.8 per cent on a year ago, while underlying net income was €742 million.