BNP Paribas' wealth & asset management unit has recorded pre-tax income of €161m for the third quarter of 2016, a 16% decrease compared to €191m in the same period last year.
The division’s revenues for the quarter ended 30 September 2016 were €718m, a fall of 2.9% from €739m a year ago.
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Operating income for the quarter slumped 17.2% to €149m from €180m a year earlier.
As at 30 September 2016, Insurance and Wealth and Asset Management’s assets under management (AuM) stood at €1.004 trillion.
Assets under management were broken down as follows: asset management (€413bn), wealth management (€341bn), insurance (€227bn) and real estate services (€23bn).
Overall, BNP Paribas group posted pre-tax income of €2.78bn for the third quarter of 2016, up 4.2% compared to €2.67bn in the third quarter of 2015.
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By GlobalDataThe banking group’s net income attributable to equity holders was €1.88bn, a 3.3% rise from €1.82bn in the prior year. Revenues increased 2.4% year-on-year to €10.59bn from €10,34bn.
BNP Paribas CEO Jean-Laurent Bonnafé said: “With net income up at 1.9 billion euros, BNP Paribas delivered a good performance this quarter.
“Thanks to its integrated and diversified business model serving its customers, it reported good growth in the revenues of the operating divisions despite the low interest rate environment.
“The cost of risk was significantly lower.The Group’s balance sheet is rock-solid and the further increase in the fully loaded Basel 3 common equity Tier 1 ratio to 11.4% testifies the solid capital generation.”
