The France-based banking group reported a fall in pre-tax income at its wealth, asset management business line, while total AuM grew from a year before.

Paris-listed BNP Paribas today said pre-tax income at its wealth and asset management business stood at €161 million ($175.7 million) in the third quarter of 2016, down from €191 million a year earlier and €181 million in the previous quarter.

Revenues also declined to €718 million from €739 million a year earlier, the bank said in a statement.

Total assets under management for insurance, wealth and asset management stood at €1.004 trillion at the end of September, a gain of 9 per cent from a year earlier.

The AuM gain of €50 billion from the end of last year was driven by inflows in French, Italian and Asian wealth management, as well as asset management business, particularly in diversified and bond funds, it said.

At 30 September, assets under management comprised the following: asset management (€413 billion, wealth management (€341 billion, insurance (€227 billion) and real estate Services (€23 billion).

BNP Paribas said its wealth and asset management’s revenues, at €718 million euros, “held up well in a lacklustre context”, dropping 2.9 per cent compared to the third quarter 2015). 

Across the entire BNP Paribas group, the bank said that pre-tax income in the quarter was €2.780 billion compared to €2.669 billion a year earlier, up 4.2 per cent.

Net income attributable to equity holders totalled €1.886 billion, up by 3.3 per cent on a year earlier.