BNP Paribas reported a 28% pre-tax income slump at its wealth and asset management divisions on a year-on-year basis.
Pre-tax income fell to €196m (US240) in the second quarter of 2012 compared to €273m in the same period a year earlier.
BNP Paribas also reported a 4% drop in revenues at its wealth and asset management division to €710m as at 31 June 2012 from €741m in the second quarter of 2011.
Asset inflow brightspot
The drop in pre-tax income and revenues was buoyed by an increase in net asset inflows of €7.3bn for the first half of 2012 in its wealth management division.
Figures jumped from €2.7bn in the first quarter of 2012 to €4.5bn in the second quarter.
The bank also said that inflow growth was largely from domestic markets and Asia.
Slight AUM rise
Total net asset inflow in investment solutions was at €8.5bn in the first half of the year.
BNP Paribas said that the wealth management division, which is part of the bank’s investment solutions arm, along with asset management, real estate, insurance, and securities services was mostly responsible for this rise.
Assets under management at BNP Paribas’ wealth unit increased 1.2% to €257bn to 30 June 2012 from €254bn in March 2012.