The wealth and asset management unit of BNP Paribas has posted revenue of €974m for the third quarter of 2022, up 10% compared to €885m a year ago.
The increase was attributed to higher wealth management revenues in net interest income as well as ‘robust’ growth in principal investments revenues and in real estate revenues.
Asset Management revenues were affected by poor market condition.
The unit’s operating income for the third quarter ended 30 September 2022 totalled €280m, up 28% compared to €218m a year ago.
Gross operating income rose to €278m from last year’s €223m.
The division’s pre-tax income rose to €331m from €237m in the year ago quarter.
Operating expenses increased by 5.2% to €696m from €662m a year ago.
According to the French bank, its wealth management unit saw positive net asset inflows in Q3 2022, mainly in commercial and personal banking and with high-net-worth clients.
This positive outcome has been fuelled by inflows in medium and long-term vehicles, which has offset the outflows from moneymarket funds.
As of 30 September 2022, the group’s assets under management were €1.175bn, a drop of 3.7% compared to the period until 30 September 2021.
Overall, BNP Paribas group’s Q3 net income rose 10.3% to €2.76bn from €2.5bn last year. Its adjusted net income totalled €3.02bn, a rise of 16.4% from last year.
BNP Paribas CEO Jean-Laurent Bonnafé said: “We continue to develop our activities and mobilise our resources at the service of our clients and the European economy.
“On the strength of its model, the Group has achieved solid third-quarter results. These results demonstrate our ability to expand and develop leading platforms at the service of the European economy.”