Bank of The West's pre-tax income fell in Q1. Its parent bank logged mixed results.

BNP Paribas, the French bank that owns Bank of the West, today said that assets under management at its insurance, wealth and asset management arm reached €1.051 trillion ($1.26 trillion) at March 31 this year, a 0.9 per cent rise from a year ago, and held steady from the end of last year.

At the Bank of the West business, pre-tax income was €162 million in Q1, down from €177 million in the same quarter a year earlier. Revenues fell to €683 million, down from €761 million a year earlier.

Recently, Bank of the West opened new wealth management services in New York City and told this publication it is embarking on an aggressive hiring drive across the US over the coming three years.

Within the wealth management arm of BNP Paribas as a whole, the Paris-listed group held €362 million of assets. The group said its wealth and asset management’s revenues (€795 million) rose by 2.8 per cent compared to the first quarter of last year.

Across the whole BNP Paribas group, operating income, at €1.923 billion, a fall of 25.6 per cent.