BNP Paribas’ wealth & asset management arm has reported a pre-tax income of EUR167m for the first quarter of 2016, up 1.2% compared to EUR165m a year ago.
Quarterly revenue was EUR723m, a rise of 0.4% from EUR720m during the same quarter in 2015.
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The unit’s operating income for the period increased 3.9% to EUR159m from EUR153m in the prior year.
As at 31 March 2016, asset under management included asset management (EUR381bn), wealth management (EUR325bn), insurance (EUR217bn) and real estate services (EUR22bn).
Overall, the banking group posted pre-tax income of EUR2.64bn in the first quarter, a rise of 3.4% from EUR2.55bn in the corresponding quarter of 2015.
BNP Paribas CEO Jean-Laurent Bonnafé said: "In a particularly unfavourable market environment, the Group’s revenues held up well thanks to the diversity of its geographies and businesses, all focused on serving clients.
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By GlobalData"The operating expenses are well-contained and the cost of risk is down significantly.The Group’s balance sheet is rock-solid and the rise in the fully loaded Basel 3 common equity Tier 1 ratio to 11.0% testifies the good organic capital generation."
