BNP Paribas’ wealth & asset management unit has posted pre-tax income of €226m for the second quarter of 2017, a jump of 25% compared to €181m a year ago.
The unit’s revenues for the quarter ended 30 June 2017 were €760m, up 2% from €743 in the corresponding quarter of 2016.
Operating income at the unit increased 16% to €197m from €169m in the previous year.
Insurance and Wealth and Asset Management’s assets under management (AuM) totalled €1.03 trillion at the end of June 2017, a 7% rise compared to the last year. Assets under management broke down as follows: asset management (€421bn), wealth management (€355bn), insurance (€232bn),and real estate services (€24bn).
Overall, BNP Paribas group registered pre-tax income of €3.46bn in the second quarter of 2017, a fall of 2% from €3.52bn in the same period a year earlier.
The banking group’s net income attributable to equity holders was €2.39bn, down 6% from €2.56bn a year ago. Revenues dipped 3% year-on-year to €10.94bn.
BNP Paribas CEO Jean-Laurent Bonnafe said: “With 2.4 billion euros in net income, BNP Paribas again delivered a very good performance this quarter. The revenues of the operating divisions were up thanks to the good business drive and operating expenses were down as a result of the implementation of the transformation plan. The cost of risk is under control and was down significantly. The Group’s balance sheet is very solid and the increase in the fully loaded Basel 3 common equity Tier 1 ratio to 11.7% testifies to this.”