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February 8, 2022updated 25 Mar 2022 7:23am

BNP Paribas wealth management delivers strong 2021

By Patrick Brusnahan

The wealth and asset management arm of BNP Paribas saw revenue increase 14.7% in 2021, compared to 2020, to hit €3.422bn.

This was attributed to growth in fees as well as revenues related to loan activity in wealth management. In addition, a strong rise in asset management revenues on the back of strong net asset inflows and performance effect played a role.

Wealth and asset management’s pre-tax income, after receiving one third of the net income of private banking in domestic markets in Turkey, Poland, and the US, came to €951m.

Jean-Laurent Bonnafé, chief executive of BNP Paribas, said: “Thanks to the engagement of its teams and the strength of its model, BNP Paribas achieved a very good performance in 2021. BNP Paribas confirms its major role in financing the economy, notably in Europe.

“This performance reflects a unique positioning as a European leader, with platforms to best serve corporate, institutional and individual clients. This performance acknowledge our long-term commitment by their side in all phases of the economic cycle.

“With a reinforced profitability in 2021 and a 10% ROTE, the Group’s results is the outcome of our long-term strategy and transformation. We have digitalised the bank in depth to improve the customer experience and the efficiency of our activities. We have built powerful platforms to serve our clients and partners. We have supported them in their development and in accelerating their ecological transition.

“The combination of our talents, our leading European platforms, our distinctive model and the Group’s financial strength allows BNP Paribas to be ideally positioned to implement its Growth, Technology & Sustainability 2025 strategic plan.”

BNP Paribas overall in 2021

Overall, revenue totalled €46,235m in 2021 for the banking group, an increase of 4.4% compared to 2020 and 3.7% compared to 2019.

The group’s operating expenses rose 3% year-on-year to reach €31,111m in relation to support for growth and investments. These include costs for restructuring and adaptation.

Pre-tax income totalled €13,637m, a 38.8% spike year-on-year compared to 2020.

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