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SG’s Q2: strong group results, weak PB results

SG has come out with its second quarter results, reporting group net income of €1.08bn (US$1.43bn), 3.5 times the comparable figure in the second quarter of 2009, and above consensus. SG’s private banking division was, however, below expectations, delivering profit of €23m in the second quarter – versus the €63m contribution the segment made in the Q2 2009 – largely…

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