Financial Results

Pre-Tax Income Rises At BNP Paribas; Wealth Revenues Increase

Editorial Staff 26 April 2024

Pre-Tax Income Rises At BNP Paribas; Wealth Revenues Increase

The French banking group operates in many regions – in total 64 countries.

BNP Paribas announced yesterday that its pre-tax income in the first three months of 2024 rose 7.4 per cent year-on-year to €4.363 billion ($4.66 billion), while revenues held steady at €12.483 billion. Net income eased a touch at -2.2 per cent reaching €3.103 billion.

The Paris-headquartered banking group, which operates in Europe, the Middle East and select jurisdictions, said its financial structure was “very solid” with a Common Equity Tier 1 ratio – a bank’s “shock absorber” – of 13.1 per cent at the end of March. Group operating expenses slipped to €7.937 billion in Q1 2024 from €8.058 billion in the same quarter a year before.

Shares in BNP Paribas were up 0.68 per cent around 15:00 UK time yesterday, at €68.21 per share.

Wealth segment
Within the wealth management business segment, it logged €8 billion in inflows, particularly in commercial and personal banking and with high net worth clients. Wealth revenues rose 5.2 per cent to €431 million. Separately, asset management revenues rose 2.6 per cent. 

Within wealth and asset management as a whole, expenses fell slightly – down by 0.6 per cent – at €678 million for the quarter. Pre-tax income of wealth and asset management fell 10.7 per cent, at €188 million. 

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