BNP Paribas wealth and asset management unit has posted pre-tax income of €143m for the third quarter of 2018, a 31% slump compared to €208m a year ago.
The division’s revenues for the quarter ended 30 September 2018 were €791m, up 5% from €753m in the same period last year.
Operating income at the unit plummeted 30% to €136m on a year-on-year basis.
Insurance and Wealth and Asset Management’s assets under management totalled €1.06 trillion at the end of September 2018.
Assets under management broke down as follows: asset management (€416bn), wealth management (€377bn), insurance (€245bn), and real estate services (€29bn).
Overall, BNP Paribas group posted pre-tax income of €2.81bn for the third quarter of 2018, down 5% from €2.97bn in the corresponding quarter of 2017. Revenues remained largely unchanged at €10.35bn.
The bank saw disappointing results both from its retail businesses in France, Italy and Belgium as as a result of persistently low interest rates and from its investment banking unit.
The banking group’s net income attributable to equity holders was €2.12bn, a 4% rise from €2.04bn in the previous year.
BNP Paribas CEO Jean-Laurent Bonnafe said: “Despite a still unfavourable market context in Europe, the revenues of the operating divisions increase slightly, driven by the specialised businesses. The Group’s balance sheet is very solid as attested by the increase of the fully loaded Basel 3 common equity Tier 1 ratio to 11.7%.”
