The French banking group, operating across a number of regions, reported stronger AuM in the division including wealth management.

Paris-listed BNP Paribas today reported that its division spanning insurance, wealth and asset management had total AuM at the end of June this year of €1.033 trillion ($1.209 trillion), rising 6.8 per cent from a year ago, and up by €23 billion from the end of last year.

There were net asset inflows totalling €16.2 billion euros (good asset inflows at the wealth management business, in particular in France and in Asia. Inflows were also seen in asset management, such as in diversified funds.

Wealth and asset management’s revenues (€760 million) rose 2.3 per cent in the second quarter of this year from a year ago. Operating expenses, at €567 million, dipped by 1.7 per cent, reflecting good cost containment, the firm said in a statement today. 

At €226 million, wealth and asset management’s pre-tax income €226 million), after receiving one-third of the net income of private banking in the domestic markets, in Turkey and in the US, was thus up by 24.6 per cent compared to the second quarter 2016, reflecting performance of all wealth and asset management businesses.

Across the whole of BNP Paribas’ business lines, pre-tax income was €3.461 billion, down from €3.525 billion euros in the second quarter of last year, but up 18.1 per cent for the operating divisions.
Revenues of the operating divisions grew by 2.5 per cent, it said.

BANCWEST, the US-based arm of BNP Paribas that includes all private banking in the country, reported €206 million of pre-tax income, up from €181 in the same quarter of last year. Revenues dropped over that period, however, to €762 million from €773 million.