A rise in assets under management failed to offset low interest rates, uncertain markets and skittish clients impacting on revenues at Société Générale’s private banking arm, with the bank reporting a near halving of net profits.

Private banking net profits fell 45.9% from €205m to €111m for 2010, Société Générale reported this morning. For the last quarter of last year, the decline was even steeper - down 60% from €55m to €22m on the corresponding period in 2009.