BNP Paribas wealth and asset management division reported a rise in its first quarter pre-tax income to 197m ($258m) up from 190m in the same quarter last year.
Revenues were down 0.6% to 702m from 706m as reported last year. The slight decline was due to the asset management’s lower average outstandings, despite wealth management’s good growth drive, the bank said.
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Wealth management net asset inflows were 3.1bn in the first quarter, especially in Asia and in the domestic markets.
Asset under management went up 2.9% year-on-year to 906bn.
Wealth and asset management division’s gross operating income for the quarter increased to 193m from 184m in the first quarter of 2012.
Overall, the French banking group reported net income of 1.6bn for the January-March period, down 45% from the same three months a year earlier.
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By GlobalDataThe bank’s revenue for the first quarter stood at 10.1bn, up 1.7% from a year earlier.
