BNP Paribas' wealth & asset management unit has reported pre-tax income of EUR181m for the second quarter of 2016, down 1.1% from EUR183m a year ago.
The division’s revenues were EUR743m, a decrease of 2.7% from EUR764m during the same quarter in 2015. Operating income for the quarter stood flat at EUR169m.
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As at 30 June 2016, Insurance and Wealth and Asset Management’s assets under management (AuM) stood at EUR967bn, up 1.9% compared to the year ago period.
Assets under management were broken down as follows: asset management (EUR393bn), wealth management (EUR331bn), insurance (EUR220bn) and real estate services (EUR22bn).
Overall, BNP Paribas group registered pre-tax income of EUR3.52bn for the second quarter of 2016, a fall of 4.3% from EUR3.68bn in the year-ago quarter.
The banking group’s attributable net income increased to EUR2.56bn, up 0.2% from EUR2.55bn in the prior year. Revenues increased 2.2% year-on-year to EUR11.32bn from EUR11.08bn.
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By GlobalDataBNP Paribas CEO Jean-Laurent Bonnafé said: “In a complex and changing environment, BNP Paribas delivered again a good performance this quarter thanks to its integrated and diversified business model serving its customers. Revenues of the operating divisions grew, excluding the foreign exchange effect, despite a still challenging context. Operating expenses were stable and the cost of risk was down significantly.
“The Group’s balance sheet is rock-solid and the further increase in the fully loaded Basel 3 common equity Tier 1 ratio to 11.1% testifies the good organic capital generation.”
