The Corporate & Investment Banking (CIB) division at Société Générale, which includes the bank's structured products business, posted revenues of €2.2bn in Q1 2011, up 4.2% on the same period last year.
The bank's CIB assets contributed €42m to Q1 net banking income. Its private banking division also reported a solid net inflow of €1.7bn. Société Générale said the net banking income of its private banking division was €220m, substantially higher (+35.8% in absolute terms) than in Q1 2010, a performance driven primarily by the increase in treasury revenues and structured products business.
The bank said Q1 results were driven by the performance of market activities, particularly equities, which were up by 12.5% compared to Q1 2010. The results for fixed income, currencies and commodities were slightly lower than in Q1 2010, although the bank's financing and advisory business saw revenues grow over the same period by 6.5% in absolute terms to €641m.
The asset management division, which includes structured funds manager Amundi, also reported net banking income of €89m, up 7.2% in absolute terms from Q1 2010. Amundi's contribution to group net income was €32m.
Société Générale also reported that as of 2 May it had issued $17.2bn of senior debt, equating to 66% of its total programme for 2011. The 'vanilla' issuance programme, which includes the bank's unsecured issues and secured financing, is 77% complete, compared with 49% for its structured notes programme.
With Q1 group net income of €1.2bn, Société Générale said it has provided further evidence of the relevance of its customer-focused universal banking model.