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July 31, 2013updated 04 Apr 2017 3:01pm

BNP Paribas’s wealth and asset management unit pre-tax income down 3.6%

BNP Paribas wealth and asset management division reported a decline in its second quarter pre-tax income to €188 million (US$249 million) from €195 (US$258 million) in the same quarter last year.

By Verdict Staff

BNP Paribas wealth and asset management division reported a decline in its second quarter pre-tax income to €188 million (US$249 million) from €195 (US$258 million) in the same quarter last year.

Revenues were down 1.1% to €702 million from €710 million as reported last year. The slight decline was due to a decrease in average outstandings at asset management and despite a good growth drive at wealth management, the bank said.

Wealth and asset management division’s gross operating income for the quarter increased to €188 million from €181 million in the second quarter of 2012.

Overall, the French banking group reported net income of €1.76bn for the latest quarter, down 4.7% from €1.85 billion in the year-ago period. Revenue fell 1.8% to €9.92 billion.

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