BNP Paribas’ Wealth and Asset Management arm saw revenues of €957m ($1.05bn) in Q4 2019, a 10.5% increase year-on-year.

This was attributed to the good performance of Real Estate Services in Germany and France and a strong rebound for the arm in the financial markets.

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Furthermore, the pre-tax income totalled €216m, a 48.1% increase compared to Q4 2018.

However, operating expensive also rose, by 4.3%, to hit €760m due to the good development of Real Estate Services being mitigates by the decreases in costs in Asset Management.

For all of 2019, revenues were €3.32bn, a 1% betterment to 2018.

Assets under management (AuM) as of 31 December 2019 totalled €1,123bn for Insurance and Asset and Wealth Management. Of this, €470bn were attributed to Asset Management and €393bn to Wealth Management.

BNP Paribas Q4 2019 highlights

For the group, revenue increased 4.9% from 2018 to €44.58bn in 2019.

Operating expenses totalled €31.34bn for 2019, a 2.5% rise year-on-year. Exceptional items included transformation costs (€744m), restructuring costs (€311m), and adaptation measures (€162m).

Overall, the group’s operating income arrived at €13.26bn, up 11.1%.

Pre-tax income was €11.35bn, rising 11.6% from €10.2bn in 2018.

Jean-Laurent Bonnafé, CEO, stated: “With a net income of EUR 8.2 billion, BNP Paribas achieved a very good performance in 2019 thanks to its good business drive and the effects of its transformation. BNP Paribas confirms the strength of its diversified and integrated model.

“The way the Group operates has changed, being more efficient and digital for our clients and employees. The Group is actively executing its ambitious policy of engagement in society with the ambition of being a leader in sustainable finance.

“I would like to thank all the Group’s employees who have been mobilised for these good results.”

BNP Paribas Wealth Management won the Best Next Generation Offering in Switzerland Award in 2019.

In addition, it was awarded the Outstanding Global Private Bank -Europe, namely due to the amount of work it is doing in ESG and impact.