BNP Paribas wealth and asset management division reported a decline in its second quarter pre-tax income to 188 million (US$249 million) from 195 (US$258 million) in the same quarter last year.
Revenues were down 1.1% to 702 million from 710 million as reported last year. The slight decline was due to a decrease in average outstandings at asset management and despite a good growth drive at wealth management, the bank said.
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Wealth and asset management division’s gross operating income for the quarter increased to 188 million from 181 million in the second quarter of 2012.
Overall, the French banking group reported net income of 1.76bn for the latest quarter, down 4.7% from 1.85 billion in the year-ago period. Revenue fell 1.8% to 9.92 billion.
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