BNP Paribas wealth and asset management arm has reported pre-tax income of €146m for the fourth quarter of 2018.

This is a slump of 41% from €248m in the same period last year.

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The unit’s revenues for the quarter ended 31 December 2018 were €866m, down 4% from €907m in the corresponding quarter of 2017.

Operating income at the unit also reported a decrease, plummeting 41% year-on-year to €134m.

Insurance and Wealth and Asset Management’s assets under management were €1.03 trillion at the end of December 2018.

Assets under management broke down as follows: asset management (€399bn), wealth management (€361bn), insurance (€239bn), and real estate services (€29bn).

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Overall, the banking group registered pre-tax income of €1.68bn for the fourth quarter of 2018, representing a 21% decrease from €2.12bn in the previous year.

The group’s revenues dropped 3% to €10.16bn on a year-on-year basis.

Net income attributable to equity holders at the group stood at €1.44bn, up 1% from €1.42bn a year ago.

BNP Paribas CEO Jean-Laurent Bonnafe said: “Thanks to its diversified and integrated model, the Group delivered in 2018 7.5 billion euros in net income. The fully loaded Basel 3 common equity Tier 1 ratio is 11.8%, attesting the high robustness of the balance sheet.”

“The Group is committed to its 2020 ambition and implements further savings to significantly improve operating efficiency in all the operating divisions as early as 2019,” Bonnafe added.