Despite tough market conditions – which hit assets under management – net inflows were robust in the third quarter of this year, the banking and financial services group said.

Wealth management at BNP Paribas has achieved “good net asset inflows,” especially in the commercial and personal banking areas – and within France in particular – the Paris-based lender said yesterday. 

The asset and management group of the bank logged €974 million ($953 million), and revenues rose by 10.1 per cent compared with the third quarter 2021. Higher wealth management revenues in relation to growth in net interest income, the strong increase in principal investments revenues, and the increase in real estate revenues helped to raise the numbers.

However, weaker global markets hit asset management revenues, the bank said.

At €696 million, wealth and asset management operating costs rose 5.2 per cent compared with the third quarter 2021, driven by support for business development at wealth management and real estate. 

Pre-tax income at wealth and asset management came to €331 million, up by 39.5 per cent compared with the third quarter of 2021. This included the positive impact of a capital gain on a sale by wealth management in the third quarter 2022, the firm said.

Group results
BNP Paribas said its net income came to €2.761 billion in the third quarter 2022, up sharply by 10.3 per cent compared with the third quarter 2021. When exceptional items were stripped out, it amounted to €3.02 billion, rising by 16.4 per cent on a year earlier.

As at 30 September, the bank said that its Common Equity Tier 1 ratio stood at 12.1 per cent