BNP Paribas Wealth & Asset Management remained stable in the first quarter of 2014 despite a 1.3% drop, from 173 million to 170 million, in revenue for the division since the previous quarter.
This slight drop was attributed to Asset Management’s lower average outstandings and despite Wealth Management’s growth drive. Assets under management totalled at 671 billion.
Overall, BNP’s operating divisions’ revenue fell 0.2% compared to the same time last year, but there were small rises in retail and investment solutions, 0.8% and 2.7% respectively. Pre-tax income totalled 2,547 million, 3.7% less than the same quarter last year.
Jean-Laurent Bonnafe, chief executive, said: "Thanks to the dedicated efforts of all its employees, BNP Paribas Group generated solid earnings in a still lacklustre economic environment. This performance was achieved thanks to resilient revenues across the board, continuing cost control and despite a higher cost of risk this quarter."