BNP Paribas wealth and asset management division has reported pre-tax income of €132m for the first quarter of 2019. This marks a decline of 29% from €187m in the previous year.

The results mark the second consecutive quarter of poor performance. BNP’s wealth and asset division’s pre-tax incomes slumped 41% in the fourth quarter of 2018 compared with the same period last year. 

The fall in income is said to be the result of unfavourable market conditions.

The unit’s revenues for the three-month period ended 31 March 2019 were €766m, down 4% from €795m in the corresponding quarter of 2018.

Operating income at the unit plummeted 32% to €123m from €181m.

Insurance and Wealth and Asset Management’s assets under management were €1.07 trillion at the end of March 2019.

Assets under management broke down as follows: asset management (€421bn), wealth management (€377bn), insurance (€248bn), and real estate services (€29bn).

Group performance positive

Overall, the banking group posted pre-tax income of €2.68bn for the first quarter of 2019.

This is a 19% surge from last year’s figure of €2.25bn.

The group’s revenues rose 3% year-on-year to €11.14bn.

Net income attributable to equity holders at the group was €1.92bn, a 22% jump from €1.56bn in the same quarter last year.

BNP Paribas CEO Jean-Laurent Bonnafé said: “BNP Paribas delivered a good level of results this quarter, at 1.9 billion euros.

“The Group’s balance sheet is very solid as attested by the common equity Tier 1 ratio at 11.7%.”