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Wealth, Asset Management Pre-Tax Profit Rises At BNP Paribas
Editorial Staff
9 February 2022
yesterday said that pre-tax income for its wealth and asset management business stood at €951 million ($1.086 billion) in 2021, up from €583 million a year ago. In the fourth quarter of 2021, wealth and asset management pre-tax income was €237 million, up from €233 million in the same three months of 2020. At the end of 2021, wealth management assets under management stood at €422 billion.
Revenues rose to €3.422 billion last year, up from €2.982 billion; operating costs in this business division were €2.628 billion, up from €2.51 billion a year earlier, the group said in a statement.
BNP Paribas said revenues in its international services arm in Q4 2021 stood at €3.952 billion, rising 1.9 per cent at “constant scope” and exchange rates from a year earlier, boosted by the wealth and asset management business performance.
For the whole of the Paris-listed group, pre-tax profit for 2022 was €13.637 billion, up sharply from €9.822 billion. The cost of risk was €2.925 billion last year, sliding from €5.717 billion, reflecting an improved economic position as vaccinations to tackle COVID-19 were rolled out.