BancWest, which is the US business arm of the French banking group, reported results across its various business divisions this week.
The BancWest arm of Paris-based BNP Paribas yesterday reported that private banking assets under management in 2019 rose by 14.3 per cent year-on-year to $15.7 billion.
BancWest is the North American business of the French banking group, and services include private banking and wealth management.
At €2.375 billion ($2.61 billion), revenues slipped by 1.8 per cent in 2019 from a year earlier.
The decrease in the interest rate margin in an environment of downward interest rates was only partially offset by an increase in business activity and fees (in particular cards and cash management), BNP Paribas said in its results statement.
Operating costs fell by 3.6 per cent to €1.712 billion, due to the reduction in headcount (-7.2 per cent compared with 31 December 2018), related in particular to sharing some functions with corporate and investment banking and transferring support functions to a lower-cost area (Arizona).
After allocating one-third of US private banking’s net income to the BNP Paribas group’s wealth management business, BancWest posted €484 million in pre-tax income, falling by 10.0 per cent compared wth 2018 at constant scope and exchange rates, but down by only 5.5 per cent at historical scope and exchange rates, given a positive foreign exchange effect.