Reports
Societe Generale Reports Healthy Rise in Net New Money
Societe Generale reported a 2,5 per cent rise in operating profit of its private banking business in the first quarter of 2005, compared wit...
Societe Generale reported a 2,5 per cent rise in operating profit of its private banking business in the first quarter of 2005, compared with the same period a year ago. The bank said net new money rose by €1.5 billion ($1.88 billion) in the first quarter.
Total assets under management within private banking rose 8.9 per cent in the first quarter, compared to the same period of year ago, to €51.3 billion. The bank said operating expenses rose by just 4.9 per cent for its private banking business during the first quarter.
The overall businesses of SocGen reported a 41 per cent rise in first quarter net profit, to €1.22 billion.
The bank has recently launched a major advertising campaign for its private banking services throughout Europe.
