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.
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.
BNP 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.”