BNP Paribas wealth and asset management division has reported pre-tax income of €132m for the first quarter of 2019. This marks a decline of 29% from €187m in the previous year.

The results mark the second consecutive quarter of poor performance. BNP’s wealth and asset division’s pre-tax incomes slumped 41% in the fourth quarter of 2018 compared with the same period last year. 

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The fall in income is said to be the result of unfavourable market conditions.

The unit’s revenues for the three-month period ended 31 March 2019 were €766m, down 4% from €795m in the corresponding quarter of 2018.

Operating income at the unit plummeted 32% to €123m from €181m.

Insurance and Wealth and Asset Management’s assets under management were €1.07 trillion at the end of March 2019.

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Assets under management broke down as follows: asset management (€421bn), wealth management (€377bn), insurance (€248bn), and real estate services (€29bn).

Group performance positive

Overall, the banking group posted pre-tax income of €2.68bn for the first quarter of 2019.

This is a 19% surge from last year’s figure of €2.25bn.

The group’s revenues rose 3% year-on-year to €11.14bn.

Net income attributable to equity holders at the group was €1.92bn, a 22% jump from €1.56bn in the same quarter last year.

BNP Paribas CEO Jean-Laurent Bonnafé said: “BNP Paribas delivered a good level of results this quarter, at 1.9 billion euros.

“The Group’s balance sheet is very solid as attested by the common equity Tier 1 ratio at 11.7%.”