Part of France-based BNP Paribas, BancWest's private banking AuM increased and other financial metrics were broadly positive.

BancWest, the US arm of Paris-listed BNP Paribas, today said that its private banking assets under management rose by 11 per cent to $14.9 billion at June 30 this year compared with a year earlier.

The banking group, which provides private wealth management services as part of its offerings, said revenues fell by 2.92 per cent in the second quarter of the year from a year ago, at €593 million ($661.3 million), according to a statement today.

Loans rose by 1.1 per cent year-on-year compared with the second quarter of 2018 with moderate growth in loans to individual and corporate customers. Deposits rose by 3.9 per cent with a significant increase in customer deposits, it said.

Operating costs held steady, rising by 0.2 per cent on a year ago, at €431 million.

After allocating one-third of US Private Banking’s net income to the Wealth Management business, BancWest posted €153 million in pre-tax income, down by 11.3 per cent at constant scope and exchange rates compared with the second quarter 2018 and down by 5.5 per cent at historical scope and exchange rates due to the positive foreign exchange effect, it said.

Revenues in the first six months of the year, at €1.162 billion, fell by 2.3 per cent from a year before.

For the whole BNP Paribas group, revenues inched higher – 0.2 per cent year-on-year in Q2, at €11.224 billion. In the first six months of 2019, revenues were €22.4 billion.

The group’s net income attributable to equity holders in H1 2019 was €4.386 billion, up by 10.8 per cent compared with the first half of 2018.