BNP Paribas’ wealth & asset management arm has registered a pre-tax income of EUR195m for the third quarter of 2015, a rise of 23% compared to EUR158m in the corresponding quarter of 2014.
Quarterly revenue increased 7.8% to EUR741m from EUR687m a year ago, driven by good growth in asset management and real estate services as well as the good performance of wealth management in the domestic markets.
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Wealth and asset management business’ operating expenses rose 2.8% to EUR557m from EUR542m in the year ago quarter.
Operating income for the third quarter of 2015 increased to EUR183m from EUR145bn in the year ago period.
As of 30 September 2015, the asset management unit had assets under management (AuM) of EUR372bn, while and wealth management unit’s AuM stood at EUR316bn.
Overall, BNP Paribas group posted pre-tax income of EUR2.66bn for the third quarter of 2015, up 8.9% compared to EUR2.45m in the third quarter of 2014.
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By GlobalDataBNP Paribas CEO Jean-Laurent Bonnafé said: "With 1.8 billion euros in net income, BNP Paribas delivered a good overall performance this quarter.
"The Group’s balance sheet is very strong and the further increase of the fully loaded Basel 3 common equity Tier 1 ratio to 10.7% is evidence of the solid organic capital generation."
