BNP Paribas’ wealth & asset management arm has registered a pre-tax income of EUR189m for the fourth quarter of 2015, a rise of 6.7% compared to EUR177m in the corresponding quarter of 2014.
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Quarterly revenue increased 10.8% to EUR790m from EUR713m a year ago,
The unit’s operating income for the fourth quarter of 2015 increased to EUR181m from EUR146bn in the year ago period.
As of 31 December 2015, asset under management included asset management (EUR390bn), wealth management (EUR327bn), insurance (EUR215bn) and real estate services (EUR22bn).
Overall, BNP Paribas group posted pre-tax income of EUR1.47bn for the fourth quarter of 2015, down 27% compared to EUR2.02bn in the fourth quarter of 2014.
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By GlobalDataBNP Paribas CEO Jean-Laurent Bonnafé said: "With 6.7 billion euros in net income, BNP Paribas delivered solid results thanks to its integrated and diversified model serving its clients. The Group had a good operating performance with revenues up in its three operating divisions and a cost of risk that remains at a moderate level.
"The Group’s balance sheet is rock-solid and the significant increase of the fully loaded Basel 3 common equity Tier 1 ratio to 10.9% shows the solid organic capital generation."
