Societe Generale's private banking arm generated net banking income of €201 million ($269.3 million) in the second three months of 2014, a fall of 10.8 per cent on the same period a year ago. Figures were, it said, hit by a “high comparison base” and benefited from a non-recurring income item.

Societe Generale said today that its private banking arm generated net banking income of €201 million ($269.3 million) in the second three months of 2014, a fall of 10.8 per cent on the same period a year ago. Figures were, it said, hit by a “high comparison base” and benefited from a non-recurring income item.

The fall also reflected the slowdown of the activity in Asia related to the disposal of private banking activities which is expected to be finalised in the fourth quarter of this year, it said in a statement.

At €116 billion at end-June, assets under management were higher for the fourth quarter in a row, by €2.2 billion in the quarter. They were driven by Europe, where client-driven activity was buoyant with net inflow of €1.1 billion, especially in France.

Private banking gross margin remained at a “satisfactory level” of 101 basis points.

The Paris-listed bank sold off its Asia private banking arm to Singapore-listed DBS earlier this year. (DBS also reported its Q2 and half-year figures earlier today, showing a rise in profits.)

Across all divisions, Societe Generale, which celebrates its 150th anniversary this year, said net banking income was €5.9 billion in the second quarter, down from €6.1 billion a year earlier.

This strong commercial momentum aimed at serving its customers, coupled with a marked decline in the cost of risk and controlled costs, enabled the Group to generate group net income and a level of profitability that were significantly higher. In Q2 14, we confirmed the group’s growth potential and our ability to improve our profitability, challenges of the 3-year strategic plan presented in May,” Frédéric Oudéa, chairman and chief executive, said in a statement.