The French bank reported a broadly stronger set of private banking figures for 2021.

Societe Generale yesterday said that its private bank’s assets under management totalled €78 billion ($88.8 billion) at end-December 2021. The Paris-listed group also said that its net inflows to its French private banking were “buoyant” at €4.1 billion in 2021, rising 68 per cent from the levels logged in 2020. 

Across all of its private banking business, in 2021 it posted a rise in revenues of 3.1 per cent, year-on-year, to €699 million (when restated for an exceptional impact of €29 million related to an insurance payout received in 2020, revenues are up 7.7 [per cent). SocGen said this business benefited from strong commercial activity in all regions. Net inflow amounted to €7.7 billion in 2021. Assets under management totalled €130 billion, rising 12 per cent last year. 

For the Societe Generale group as a whole, reported net income in 2021 stood at €5.641 billion, surging from a loss of €258 million a year before, helped by a big swing – down 79 per cent – from large provisions for credit losses in 2020 to a smaller figure in 2021.