BNP Paribas Wealth and Asset Management arm has reported a fall in Q1 2020 revenues hit by the Covid-19 global health crisis.

The pandemic’s affected the performances Asset Management and Real Estate Services, resulting in a 3% year-on-year decrease in Wealth and Asset Management revenues.

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The unit’s revenues for the three month period ending 31 March 2020 was €743m, compared to €766m a year ago.

The division’s pre-tax income of €102m was 23% lower than the previous year.

Operating income at the unit decreased from €92m from €123m.

Insurance and Wealth and Asset Management’s assets under management were €1.04trn at the end of March 2019.

Assets under management broke down as follows: Asset Management (€437bn including €29bn from Real Estate Investment Management), Wealth Management (€359bn), and Insurance (€241bn).

Net asset inflows stood at €9.2bn, driven by Wealth Management, in money market funds, as well as Real Estate Investment Management.

Group performance

At a group level, the banking group posted a pre-tax income of €1.79bn for Q1 2020, a 33% slump from €2.68bn a year earlier.

Net income attributable to equity holders at the group plunged 33% to €1.28bn from €1.92bn over the period.

The group’s revenues dipped 2% to €10.89bn on a year-on-year basis.

BNP Paribas CEO Jean-Laurent Bonnafé said: “At the end of a quarter supported by an excellent business drive, in line with its 2020 objectives, the results of BNP Paribas for the 1st quarter 2020 were impacted by the harshness of the health crisis.

“The good resilience of revenues and results despite this shock demonstrates the robustness of the Group’s diversified and integrated model.”