BNP Paribas wealth and asset management division reported a rise in its first quarter pre-tax income to €197m ($258m) up from €190m in the same quarter last year.

Revenues were down 0.6% to €702m from €706m as reported last year. The slight decline was due to the asset management’s lower average outstandings, despite wealth management’s good growth drive, the bank said.

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Wealth management net asset inflows were €3.1bn in the first quarter, especially in Asia and in the domestic markets.

Asset under management went up 2.9% year-on-year to €906bn.

Wealth and asset management division’s gross operating income for the quarter increased to €193m from €184m in the first quarter of 2012.

Overall, the French banking group reported net income of €1.6bn for the January-March period, down 45% from the same three months a year earlier.

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The bank’s revenue for the first quarter stood at €10.1bn, up 1.7% from a year earlier.