BNP Paribas’ wealth and asset management arm has reported a pre-tax income of €208m for the third quarter of 2017, an increase of 29% compared to €161m a year ago.
The unit’s revenues for the quarter ended 30 September 2017 were €753m, up 5% from €718m in the same period last year.
Operating income at the unit surged 31% to €195m from €149m in the previous year.
Insurance and Wealth and Asset Management’s assets under management (AuM) totalled €1.04 trillion at the end of September 2017, up 4% from last year.
Assets under management broke down as follows: asset management (€425bn), wealth management (€358bn), insurance (€235bn), and real estate services (€24bn).
Overall, BNP Paribas group posted pre-tax income of €2.97bn for the third quarter of 2017, a 7% rise from €2.78bn in the previous year.
The banking group’s net income attributable to equity holders increased 8% to €2.04bn from €1.88bn a year ago. Revenues dipped 2% year-on-year to €10.39bn.
BNP Paribas CEO Jean-Laurent Bonnafe said: “With 2 billion euros in net income, BNP Paribas again delivered a good level of income this quarter. The Group reported good business development in an improved economic environment in Europe. Despite an unfavourable context in bond markets this quarter, revenues were stable on a comparable basis.
“Costs are well under control thanks to the implementation of the transformation plan and the cost of risk decreased significantly. The Group’s balance sheet is very solid and the increase in the fully loaded Basel 3 common equity Tier 1 ratio to 11.8% testifies to this.”