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Press releases

19/06/2012

Societe Generale Private Banking (Suisse) SA reports stable performance in 2011

The performance of Societe Generale Private Banking (Suisse) SA in 2011 was characterised by an increase in assets under management and the stability of its net banking income, reflecting the bank’s resilience in a difficult environment. For the year ending December 31, 2011 Societe Generale Private Banking (Suisse) SA recorded net banking income of CHF 232.2 million, representing stability in relation to 2010 despite the negative impact of the exchange rate of the Swiss franc against the euro and the US dollar. Private banking assets under management increased by 4% to CHF 25.9 billion at the end of 2011. The depreciation of the euro against the Swiss franc (-2,9%) and the decline in stock markets was offset by net client capital inflows of CHF 1.5 billion.

The consolidated equity capital of Societe Generale Private Banking (Suisse) SA totalled CHF 727 million (compared with CHF 693 million as of December 31, 2010), representing 330% of the regulatory capital requirement and confirming both the bank’s solidity and its capacity for sustainable growth.

The strengthening of the bank’s capital resources in 2011 should be viewed against the backdrop of:

  • a consolidated balance sheet total of CHF 6.4 billion, a slight decline of 1.9% compared with 2010,
  • overheads of CHF 178.6 million, an increase of 6.5% that reflects the strategy of expansion of the business line,
  • a net profit of CHF 33.1 million, compared with CHF 40.7 million in 2010.

In 2011, Societe Generale Private Banking (Suisse) SA increased its role in the commodities market alongside the trading activities of Societe Generale, and maintained its rigorous approach to risk management. The bank also continued the development of its tailored product and service offering in order to meet the individual needs of its clients while responding to the imperatives of the broader environment. In addition, the private bank consolidated its base in French-speaking Switzerland. In Geneva it inaugurated its new dedicated wealth management building, while in Lausanne it became a sponsor of the Fondation de l’Hermitage, a major player in the country’s French-speaking cultural life.

Societe Generale Private Banking (Suisse) SA had 549 employees as of 31 December 2011.

Media Contact:

Societe Generale Private Banking (Suisse) SA
Deborah Küttemann
Tel.  +41 (0)22 819 46 84
deborah.kuttemann@socgen.com