BNP Paribas' wealth & asset management unit has posted pre-tax income of €176m for the fourth quarter of 2016, a 4.8% decrease compared to €185m in the corresponding quarter of 2015.

The unit’s revenues for the quarter ended 31 December 2016 were €794m, a slight rise of 0.6% from €789m in the prior year. Operating income at the division dropped 7.9% to €163m from €177m a year ago.

As at 31 December 2016, Insurance and Wealth and Asset Management’s assets under management (AuM) stood at €1.01 trillion. Assets under management were broken down as follows: asset management (€416bn), wealth management (€344bn), insurance (€226bn), and real estate services (€24bn).

Overall, BNP Paribas group reported pre-tax income of €2.26bn for the fourth quarter of 2016, a surge of 53.9% from €1.47bn in the fourth quarter of 2015.

The banking group’s net income attributable to equity holders was €1.44bn, over double compared to €665m in the prior year. Revenues increased 1.9% year-on-year to €10.65bn.

BNP Paribas CEO Jean-Laurent Bonnafe said: “With 7.7 billion euros net income, BNP Paribas delivered a good performance in 2016 thanks to its integrated and diversified business model and the dedicated work of all its employees. Revenues are up despite a lacklustre environment this year. Costs were well contained and the cost of risk was significantly lower.

“The Group’s balance sheet is rock-solid and the significant increase in the fully loaded Basel 3 common equity Tier 1 ratio to 11.5% testifies the capital generation. After the success of its 2014-2016 plan, which allowed to attain the defined targets, the Group now unveils its 2020 business development plan that announces an acceleration of digitalisation and targets an average growth of net income of more than 6.5% per year until 2020.”