BNP Paribas’ wealth and asset management arm has posted a pre-tax income of €206m for the second quarter of 2018, a fall of 9% compared to €226m in the previous year, BNP Paribas results show.
The division’s revenues for the quarter ended 30 June 2018 were €834m, up 10% from €760m in the same period last year. The unit’s operating income dropped 2% year-on-year to €193m.
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Insurance and Wealth and Asset Management’s assets under management (AuM) totalled €1.06 trillion at the end of June 2018.
Assets under management broke down as follows: asset management (€419bn), wealth management (€373bn), insurance (€240bn), and real estate services (€29bn).
Overall, BNP Paribas group reported pre-tax income of €3.45bn for the second quarter of 2018, almost unchanged compared to the previous year.
The banking group’s net income attributable to equity holders also remained stable at €2.39bn. Revenues at the group increased 2% to €11.2bn on a year-on-year basis.
BNP Paribas CEO Jean-Laurent Bonnafe said: “BNP Paribas delivered a solid performance this quarter with 2.4bn euros in net income. Revenues, driven by the specialised businesses, increased in the context of economic growth in Europe despite an unfavourable foreign exchange effect and less favourable financial markets compared to the second quarter 2017.”
