BNP Paribas’ wealth and asset management arm has reported a pre-tax income of €187m for the first quarter of 2018, a fall of 14% compared to €217m reported a year earlier.
The unit’s revenues for the quarter ended 31 March 2018 were €795m, up 3% from €773m in the corresponding quarter of 2017.
The division’s operating income slid 14% to €181m from €212m in the year ago quarter.
Insurance and Wealth and Asset Management’s assets under management (AuM) totalled €1.05 trillion at the end of March 2018, up 1% compared to last year.
Assets under management broke down as follows: asset management (€424bn), wealth management (€362bn), insurance (€237bn), and real estate services (€28bn).
Overall, BNP Paribas group posted pre-tax income of €2.25bn for the first quarter of 2018, a slump of 18% compared to €2.75bn in the same period last year.
The banking group’s net income attributable to equity holders was €1.56bn, a decrease of 17% from €1.89bn a year ago. Revenues dipped 4% year-on-year to €10.79bn.
BNP Paribas CEO Jean-Laurent Bonnafe said: “BNP Paribas delivered a solid performance this quarter with 1.6 billion euros in net income. The business is growing in the context of economic recovery in Europe and the Group has strengthened its competitive positions. Costs are well under control and the cost of risk is still at a low level.Even if the market context was lacklustre in Europe compared to the first quarter 2017, the results are in line with the trajectory of the 2020 plan and the achievement of its targets.”