THIRD QUARTER
2024 RESULTS
PRESS RELEASE




31 October 2024
RESULTS AS OF 30 SEPTEMBER 2024

PRESS RELEASE
Paris, 31 October 2024




BNP Paribas achieves high net income of €2,868m (+5.9%) in the
3rd quarter 2024

Revenues up by +2.7% vs. 3Q231 (€11,941m), driven by the diversified and integrated model
• Very good performances at CIB (+9.0% vs. 3Q231) and IPS (+4.9% vs. 3Q231)
• CPBS (-2.6% vs. 3Q231) stable (-0.1%) excluding revenues from used-car disposals at Arval

Positive jaws effect2 (+1.0 point3)
• Continued implementation of operational efficiency measures (€655m in cost savings as of 30.09.2024
in line with the €1bn expected for 2024)

Gross Operating Income (€4,728m) up by +4.2% vs. 3Q231

Cost of risk4 stable at 32 bps

Net income, Group share (€2,868m) up by +5.9% vs. 3Q231

Earnings per share5 (€2.38) up by +11.2% vs. 3Q231

Very solid financial structure (CET1 ratio of 12.7%)
• Prudential consolidation of Arval (30 bps) in 3Q24 ; 2H24 planned securitisation positioned in 4Q24

Redeployment of the capital from the Bank of the West divestment
• The Cardif / AXA IM project6 is a major initiative, repositioning IPS strategically within the Group.

Net book value per share7 as of 30.09.2024: €91.1




On the strength of its 3rd quarter 2024 results, BNP Paribas confirms its 2024 trajectory:
revenues up by more than 2% vs. 20231 (€46.9bn), a positive jaws effect2, a cost of risk below 40 bps
and Net income, Group share higher than 2023 distributable net income1 (€11.2bn).
The Board of Directors of BNP Paribas met on 30 October 2024. The meeting was chaired by
Jean Lemierre, and the Board examined the Group’s results for the third quarter 2024.
Jean-Laurent Bonnafé, Chief Executive Officer, stated at the end of the meeting:
“These very good results were driven by the business performance of the operating divisions and
demonstrate our Group’s capacity to grow while continuing to manage risks and resources
thoroughly. The 3rd quarter particularly illustrates CIB’s capacity to gain market shares and IPS’s
strong business momentum, especially in Insurance and Asset Management. Our Commercial &
Personal Banking is likely to gradually benefit from the positive shift in the rate environment. On
this basis, we confirm our 2024 trajectory and remain focused on continuing our long-term
development, notably with the planned acquisition of AXA IM, which is a major initiative,
repositioning IPS strategically within the Group. I thank all our teams for their ongoing mobilisation
alongside our customers.”


CONSOLIDATED GROUP RESULTS AS OF 30 SEPTEMBER 2024

Group 3rd quarter 2024 results

Revenues

In the 3rd quarter 2024 (hereinafter: 3Q24), Group revenues amounted to €11,941m, up by 2.7%
compared to the 3rd quarter 2023 on a distributable basis1 (hereinafter: 3Q23).

Corporate & Institutional Banking (CIB) revenues rose sharply (+9.0% vs. 3Q23) under the
combined effect of a very good performance in all three business lines. Particularly, Global
Banking (+5.9% vs. 3Q23) was driven by Capital Markets activities in EMEA (+12.4%8 vs. 3Q23),
Advisory in EMEA and Transaction Banking activities in the Americas and APAC. Global Markets
(+12.4% vs. 3Q23) benefitted from the strong growth at Equity & Prime Services (+13.2% vs.
3Q23) and FICC (+11.8% vs. 3Q23). Securities Services (+6.6% vs. 3Q23) was driven up by its
net interest margin and by the increase in its outstandings.
Revenues at Commercial, Personal Banking & Services (CPBS)9 decreased (-2.6% vs. 3Q23)
but were stable (-0.1% vs. 3Q23) excluding revenues from used-cars disposals at Arval.
Revenues decreased slightly (-1.1% vs. 3Q23; -1.3% vs. 9M23) at Commercial & Personal
Banking in the euro zone. The 3rd quarter nevertheless showed an improvement, with particularly
a stabilisation of average loans (€434bn) and a slight recovery in individual loans (+0.1% vs.
2Q24). Excluding headwinds (inflation hedges, mandatory reserves, and the Belgian government
bonds), revenues at Commercial & Personal Banking in the euro zone rose by +2.1% vs. 9M23.
Overall, these banks should benefit from (i) a favourable shift in the interest rate environment given
the downward steepening of the interest rate curve expected by the market and (ii) the tapering
off from headwinds on the business growth (with impacts of -€149m in 1Q24 vs. 1Q23, -€139m in
2Q24 vs. 2Q23, and -€63m in 3Q24 vs. 3Q23).
Revenues at Specialised Businesses decreased (-5.7% vs. 3Q23), due mainly to Arval and
Leasing Solutions (-10.6% vs. 3Q23) with two different situations: revenues rose by +3.2% at
Leasing Solutions, but Arval was impacted by the normalisation of used-car prices, despite its
good business performances, as illustrated by the increase in its organic revenues (+15.3%).

2
Personal Finance revenues decreased overall (-3.3%), but rose on the core perimeter (+1.5%),
in accordance with the ongoing strategic plan. Revenues at New Digital Businesses and Personal
Investors were stable.

Revenues at Investment & Protection Services (IPS) were up by 4.9%. Asset Management
(+7.9% vs. 3Q23) and Insurance (+6.4% vs. 3Q23) had a very good quarter and continued to
support revenue growth in the division. Wealth Management (-0.5% vs. 3Q23) was stable with an
increase in fees.

Operating expenses
Operating expenses (€7,213m) were kept under control in 3Q24 (+1.7% vs. 3Q23). The jaws
effect was positive (+1.0 point) and benefitted from the impact of operational efficiency measures
implemented, representing €655m in the first nine months of the year, in line with the announced
trajectory of €1bn for 2024. These measures mainly include: (i) the Personal Finance adaptation
plan, (ii) the reduction in external spending, (iii) the deployment of Shared Service Centres
(SSCs), (iv) the optimisation of business premises (~100,000m² released since 2023) and (v)
automation / robotisation efforts (number of robots: +15% since the end of 2023).
Operating expenses rose at CIB (+8.6% vs. 3Q23) in support of growth. The jaws effect was
positive overall at CIB (+0.4 point), as well as at Global Banking (+0.1 point), Global Markets (+0.5
point) and Securities Services (+1.8 points).
CPBS9 lowered its operating expenses (-0.9% vs. 3Q23). At Commercial & Personal Banking in
the euro zone, they decreased by 1.9% and the jaws effect was positive (+0.8 point). Specialised
Businesses also reduced their operating expenses, by 1.3%. The jaws effect was positive (i) at
Personal Finance (+2.3 points; +2.7 points on the core perimeter), in connection with the
adaptation plan and (ii) at Leasing Solutions (+2.4 points).
Operating expenses were kept under control at IPS (-0.4% vs. 3Q23) in all business lines in
connection with the acceleration of operational efficiency measures. The jaws effect was very
positive at IPS (+5.2 points) and positive in all operating business lines (except Real Estate).
On this basis, Group gross operating income in 3Q24 came to €4,728m, up by 4.2% compared
to 3Q23 (€4,536m).

Cost of risk
In 3Q24, Group cost of risk stood at €729m4 (€734m in 3Q23), or 32 basis points of customer
loans outstanding, remaining below 40 basis points throughout the cycle, thanks to the quality
and diversification of credit portfolio. In 3Q24, cost of risk reflected €217m releases of provisions
on performing loans (stages 1 and 2) and a €946m provision on non-performing loans (stage 3).

Operating income, Pre-tax income and net income, Group share
Group operating income came to €3,957m (€3,802m in 3Q23) and Group pre-tax income to
€4,060m (€3,862m in 3Q23). The average corporate income tax rate stood at 27.4% in the 3rd
quarter.
Net income, Group share amounted to €2,868m in 3Q24, up by 5.9% compared to 3Q23
(€2,709m).
On this basis, earnings per share5 came to 2.38 euros, up by +11.2% compared to 3Q23.


3
Social responsibility

Beyond financial results, the first nine months of the year illustrate BNP Paribas’ commitment to
social responsibility, as highlighted by recent agencies and NGO ratings (FTSE Russell, Moody’s
ESG Solutions and WDI Shareaction) and by certifications highlighting BNP Paribas’
commitments (LSEG, Top Employer and Afnor). The Group continues to implement the People
Strategy 2025, while establishing the conditions for equality. This has been demonstrated by the
constant gender diversity progress in senior management positions and the improvement in
gender diversity on the Group’s Executive Committee, which now stands above the average of
the executive committees of SBF 120 companies and of the Financi’Elles federation members.

Group results in the first nine months of 2024

Over the first nine months of 2024 (hereinafter: 9M24), revenues amounted to €36,694m, up by
2.0% compared to the first nine months of 2023 on a distributable basis1 (hereinafter: 9M23).
CIB revenues (€13,405m) rose by 5.0% compared to 9M23, driven by increased revenues at
Global Banking (+5.8% vs. 9M23), Global Markets (+3.6% vs. 9M23) and Securities Services
(+8.0% vs. 9M23).
CPBS9 revenues were stable at €20,026m, with positive trends, notably at Commercial &
Personal Banking (BNL: +5.4% vs. 9M23; CPBL: +5.0% vs. 9M23).
At IPS, revenues came to €4,381m (+2.9% vs. 9M23), driven by the growth of revenues at
Insurance (+5.3% vs. 9M23), Wealth Management (+3.5% vs. 9M23) and Asset Management10
(+7.1% vs. 9M23).
Group operating expenses came to €22,326m, up by 1.3% compared to 9M23 (€22,035m). They
included the exceptional impact of restructuring and adaptation costs (€143m) and IT
reinforcement costs (€254m) for a total of €397m. At the operating division level, operating
expenses increased by 3.7% at CIB and by +2.6% at CPBS9 (+1.1% in Commercial & Personal
Banking in the euro zone and -0.3% at Specialised Businesses). They were stable at IPS.
At the Group level, the jaws effect was therefore positive (+0.6 point).
The Group’s Gross Operating Income thus came to €14,368m in the first 9 months of 2024, up
by 3.1% compared to 9M23 (€13,939m).
Group cost of risk4 stood at €2,121m (€1,935m in 9M23).
At €344m in 9M24, the Group’s exceptional non-operating items include the reconsolidation of
activities in Ukraine11 (+€226m) and a capital gain on the divestment of Personal Finance activities
in Mexico (+€118m).
Group pre-tax income came to €12,845m, up by 2.6% compared to 9M23 (€12,515m).
Taking into account the 25.8% average corporate income tax rate, net income, Group share
amounted to €9,366m (vs. €9,225m in 9M23).
As of 30 September 2024, the return on non-revaluated tangible equity stood at 11.8%. This
reflects the BNP Paribas Group’s solid performances on the back of its diversified and integrated
model.


4
A very solid financial structure as of 30 September 2024

The common equity Tier 1 ratio stood at 12.7% as of 30 September 2024, down by 30 basis
points compared to 30 June 2024 but remaining far above SREP requirements (10.27%) and the
12% Group objective.
On 1 July 2024, Arval was prudentially consolidated with a 30-bps impact, as announced. The
common equity Tier 1 ratio therefore stood at 12.7% as of 1 July 2024. As of 30 September 2024,
it remains stable due to the combined effects of (i) organic capital generation net of changes in
risk-weighted assets in 3Q24 (+20 bps) and (ii) of the distribution of the 3Q24 result (-20 bps on
the basis of a 60% pay-out ratio). In 4Q24, the planned securitisation programme should allow to
decrease the risk-weighted assets by more than 10 bps.
The leverage ratio12 stood at 4.4% as of 30 September 2024.
The Liquidity Coverage Ratio13 (end-of-period) stood at a high level of 124% as of 30 September
2024 (132% as of 30 June 2024) and the immediately available liquidity reserve14 came to
€467bn as of 30 September 2024, equivalent to more than one year to manoeuvre in terms of
wholesale funding.


2024 trajectory confirmed
On the strength of its results as of 30.09.2024, BNP Paribas confirms its 2024 trajectory: (i)
revenues growth greater than 2% compared to 2023 distributable revenues (€46.9bn); (ii) a
positive jaws effect2; (iii) a cost of risk below 40 bps, and (iv) Net Income, Group share greater
than the 2023 distributable net income (€11.2bn).
This trajectory leverages several positive trends identified during the first nine months of the year:
• Ongoing market share gains at CIB while retaining a balanced allocation of capital;
• Improving outlooks at Commercial & Personal Banking in the euro zone given 1) the positive
shift in the rate environment given the steepening of the yield curve expected by the market;
2) stabilising credits and deposits and 3) the gradual decrease of the impact of headwinds on
the business growth;
• Strong momentum at Asset Management and Insurance in IPS;
• Further implementation of operational efficiency measures: €655m achieved in cost savings
throughout the first three quarters of the year, €345m expected for 4Q24;
• Control of the cost of risk throughout the cycle.
The trajectory also takes into account the negative impacts linked to used-car prices at Arval,
despite its good business performances, illustrated by the continued growth in its organic
revenues.
An update of the 2026 outlook taking into account the redeployment of capital will be given on
the publication of the 2024 annual results.




5
CORPORATE AND INSTITUTIONAL BANKING (CIB)

CIB 3rd quarter 2024 results

CIB’s results were driven this quarter by a very good activity in all three business lines
and a strong increase in Global Markets revenues.

Revenues (€4,247m) rose by 9.0% compared to 3Q23, under the combined effect of good
performance in all three business lines: Global Banking (+5.9% vs. 3Q23), Global Markets
(+12.4% vs. 3Q23) and Securities Services (+6.6% vs. 3Q23).
At €2,571m, operating expenses increased by 8.6% compared to 3Q23 (+8.7% at constant
scope and exchange rates), driven by very robust activity this quarter. The jaws effect was positive
(at +0.4 point, and +0.7 point at constant scope and exchange rates).
Gross operating income came to €1,677m, up by 9.7% compared to 3Q23.
Cost of risk stood at -€27m, a level remaining low, notably due to releases of provisions on
performing loans (stages 1 and 2).
Based on this good operating performance, CIB achieved pre-tax income of €1,652m, up by
6.3% (+7.2% at constant scope and exchange rates).

CIB – Global Banking

Global Banking’s 3rd quarter featured further increases in revenues and very robust
business activity.
Revenues (€1,487m) increased by 5.9% compared to 3Q23, particularly in EMEA and APAC. By
business line, revenues rose at Capital Markets, particularly in EMEA (+12.4%8 vs. 3Q23); and in
Transaction Banking (+5.7%8 vs. 3Q23), particularly in the Americas (Trade Finance) and APAC
(Cash Management). Revenues were also up in Advisory, particularly in EMEA.
In terms of business momentum, the origination business was very robust in EMEA,
particularly on bond markets (a 29%15 increase in issuances led vs. 3Q23) and syndicated loans.
In Transaction Banking, Cash Management was strong, notably in APAC and in Trade Finance,
particularly in the Americas. Advisory also performed well, particularly in EMEA and in APAC.
At €186bn, loans increased by +4.5%8 compared to 3Q23 and by +2.1%8 compared to 2Q24. At
€220bn, deposits continued to expand (+6.5%8 vs. 3Q23).
Global Banking confirmed its leadership in rankings: EMEA leader16 in syndicated loans and bond
issuances, tied for first17 in Transaction Banking revenues in EMEA in 1H24, and European and
global leader18 in sustainable financing.




6
CIB – Global Markets

The 3rd quarter was driven by strong activity increase in all business lines.
At €2,023m, Global Markets revenues achieved a strong growth of 12.4% compared to 3Q23.
At €820m, Equity & Prime Services revenues were driven up (+13.2% vs. 3Q23) by Prime
Services (with more than a 40% increase in revenues compared to 3Q23), particularly in the
Americas and APAC. Revenues were stable overall in Equity Derivatives and up slightly in Cash
Equities this quarter.
At €1,203m, FICC revenues increased by 11.8% compared to 3Q23. Credit activities fared very
well, particularly in the Americas and on primary markets, as well as on the rates and foreign-
exchange markets with a robust activity in rates, particularly in the Americas, and forex, but were
more lackluster in commodities.
In terms of rankings, Global Markets confirmed its leadership on multi-dealer electronic platforms.
Average 99% 1-day interval VaR, a measure of market risks, came to €31m (up slightly, by €0.6m
vs. 2Q24). This reflects lesser risk, mainly in the interest-rate, foreign-exchange and commodities
perimeters.

CIB – Securities Services

The 3rd quarter featured a strong increase in outstandings and deposits and good business
drive.
At €737m, Securities Services achieved a strong increase in revenues this quarter (+6.6% vs.
3Q23), driven by the impact of higher net interest margin and higher client deposits balances.
New mandates were signed, notably in Germany, France and Australia. Meanwhile, commercial
development continued in Private Capital.
Average outstandings rose (+9.4% compared to 3Q23), driven mainly by the market rebound and
the implementation of new mandates. Transactions were also up by 15.2%, with higher average
volatility.

CIB results in the first nine months of 2024

In the first nine months of 2024, CIB revenues came to €13,405m, up by 5.0%, and CIB
operating expenses to €7,801m, up by 3.7%, compared to 9M23. The jaws effect was positive
by +1.3 points and was evident in each of the three business lines.
CIB gross operating income amounted to €5,604m, up by 6.9% compared to 9M23, and cost of
risk came to a net release of €173m, due mainly to releases of stage 1 and 2 provisions.
On this basis, compared to 9M23 CIB’s pre-tax income rose by 8.2% to €5.785m.




7
COMMERCIAL, PERSONAL BANKING & SERVICES (CPBS)

CPBS 3rd quarter 2024 results

The 3rd quarter featured an improvement at Commercial & Personal Banking in the euro
zone and at Personal Finance, and less favourable market environments for Arval and in
Belgium, to which CPBS is adapting.
Revenues9, at €6,576m, decreased by 2.6% vs. 3Q23. It was impacted this quarter by the
continued normalisation of used-car prices at Arval, and by changes on the Belgian market
impacting deposit and loan margins. Excluding this impact at Arval, CPBS revenues were stable
(-0.1% vs. 3Q23).
At €4,202m, Commercial & Personal Banking revenues were down slightly (-0.8% vs. 3Q23),
with, however, some improvements in net interest revenue in France (+1.7% vs. 3Q23), Italy
(+2.9% vs. 3Q23) and Luxembourg (+2.5% vs. 3Q23). Fees rose in Italy (+3.8% vs. 3Q23),
Luxembourg (+4.3% vs. 3Q23), Europe-Mediterranean (+11.5% vs. 3Q23) and, to a lesser extent,
in France (+1.4% vs. 3Q23). Assets under management rose sharply in Private Banking (+11%
vs. 30.09.2023) and Hello bank! continued its development, reaching 3.7 million customers
(+6.7% vs. 3Q23).
Revenues at Specialised Businesses came to €2,374m (-5.7% vs. 3Q23). Organic revenues
(financial margin and margin on services: +15.3% vs. 3Q23) at Arval rose, and margins at
production improved at Leasing Solutions. Positive trends were also identified in the core
perimeter of Personal Finance (+1.5% vs. 3Q23) with a very positive jaws effect (+2.7 points), as
well as an improvement in margins at production. Nickel continued its development (about 4.2
million accounts opened19 as of 30.09.2024), and Personal Investors held up well.
Operating expenses9 were reduced by 0.9%. At Commercial & Personal Banking in the euro
zone, operating expenses decreased by 1.9%, and the jaws effect was positive (+0.8 point). In
Specialised Businesses, operating expenses also decreased (-1.3% vs. 3Q23). The jaws effect
was positive at Personal Finance (+2.3 points; +2.7 points in the core perimeter) due to the
adaptation plan, and at Leasing Solutions (+2.4 points).
Gross operating income9 came to €2.664m (- 5.1% vs. 3Q23).
Cost of risk and others9 came to €745m (762m€ in 3Q23).
As a result, after allocating one third of Private Banking’s net income to Wealth Management (IPS
division), CPBS achieved a pre-tax income20 of €1.873m (- 3.0% vs. 3Q23).

CPBS – Commercial & Personal Banking in France

This quarter, CPBF achieved growth in revenues and a positive jaws effect.
Customer loans outstanding decreased by 1.4% compared to 3Q23 but stabilised compared to
2Q24 (+0.1%). Production was higher in 2024 than in 2023. Deposits decreased by 2.4%
compared to 3Q23 but stabilised compared to 2Q24 (-0.4%), sight deposits particularly. Term
deposits decreased compared to 2Q24. Off-balance sheet savings rose by 5.0% compared to
30.09.2023, driven by life insurance, and net asset inflows in life insurance rose by 17.8% vs.
9M23.

8
Private Banking, with €140bn in assets under management as of 30.09.2024 (+7.8% vs.
30.09.2023), achieved significant net asset inflows at €5.6bn in 9M24 (+1.1% vs. 9M23).
Hello bank! continued to acquire customers and reached the 1 million-customer threshold in 3Q24
(+23.6% vs. 3Q23), driven by strong organic growth and the success of the Orange bank
operation.
Revenues9 amounted to €1,627m, up by 1.6% compared to 3Q23. Momentum was positive in all
customer segments, corporates particularly. Net interest revenue9 increased by 1.7%, due to
positive trends in margins, with less of an impact from headwinds. Fees9 were up (+1.4% vs.
3Q23), driven by financial fees and particularly growth in assets under management.
At €1,134m, operating expenses9 (+0.1% vs. 3Q23) remained under control despite inflation,
thanks to the ongoing impact of operational efficiency measures. The jaws effect was positive by
1.5 points.
Gross operating income9 amounted to €493m (+5.2% vs. 3Q23).
Cost of risk9 stood at €122m (€117m in 3Q23), or 21 basis points of customer loans outstanding,
a low level, given the economic context.
As a result, after allocating one third of Private Banking’s net income to Wealth Management (IPS
division), CPBF achieved pre-tax income20 of €327m (+5.7% vs. 3Q23).

CPBS – BNL Banca Commerciale (BNL bc)

BNL bc continued to demonstrate good intrinsic performance.
Customer loans outstanding decreased by 4.5% vs. 3Q23 and by 3.3% excluding non-performing
loans. Corporate loans stabilised compared to 2Q24 with recovery in new production of medium-
and long-term loans. Deposits increased by 3.7% compared to 3Q23, with, on the one hand, an
increase in Corporate and Private Banking customer deposits, and, on the other hand, resiliency
in margins on deposits in all customer segments. Off-balance sheet customer assets rose by
9.8% compared to 30.09.2023, driven by good net inflows and a favourable market effect. Net
asset inflows in Private Banking came to €1.3bn in 3Q24, a strong increase (+29% vs. 3Q23).
Revenues9 came to €682m (+3.3% vs. 3Q23). Net interest revenues rose by 2.9%, driven by the
margin on deposits partly offset by the decrease in volumes and loan margins. Fees were also up
sharply, by 3.8% compared to 3Q23, in connection with the increase in financial fees.
At €418m, operating expenses9 decreased by 6.6% (up +1.7% excluding the €36m payment of
the DGS in 3Q2321). The jaws effect was positive by 1.6 points excluding this effect.
Gross operating income9 came to €264m (+24.0% vs. 3Q23).
At €114m, cost of risk9 rose by 15.6% vs. 3Q23, due to a non-recurring model effect and the
divestment of a non-performing loan. In 3Q24, it stood at 62 basis points of customer loans
outstanding and has decreased steadily since 2014.
As a result, after allocating one third of Private Banking’s net income to Wealth Management (IPS
division), BNL bc achieved pre-tax income20 of €142m, up sharply, by 28.9% vs. 3Q23.




9
CPBS – Commercial & Personal Banking in Belgium (CPBB)

CPBB is adapting to a market environment under pressure.
Customer loans outstanding rose by 1.6% compared to 3Q23, driven particularly by an increase
in corporate loans. Average deposits decreased by 1.5% compared to 3Q23. In connection with
the investment products offered when the Belgian government bonds matured, end-of-period
deposits rose by 3.2% vs. 30.09.2023. The aforementioned offering, combining positive-margin
deposits and off-balance sheet products has been structured in partnership with the Group
business lines. It is geared towards medium-term products, benefitting the customers’ interest in
a falling-interest-rate environment. Corporate deposits rose by +2.3% compared to 3Q23.
Customer assets as a whole rose by 6.3% vs. 30.09.2023, driven by mutual funds. Private
Banking achieved net asset inflows of €2.4bn since 1 January 2024.
Revenues9 came to €926m, down 8.7% (-3.5% excluding the impact of headwinds22). Net interest
revenues9 decreased by 11.3% (-5.3%23 vs. 3Q23 excluding impacts of headwinds), in connection
with tightening margins in a competitive market for loans and deposits. Fees9 decreased by 2.1%,
due to the high level of financial fees in 3Q23, generated by the placement of government bonds.
Excluding this impact, they rose by 1.4% compared to 3Q23.
At €574m, operating expenses9 decreased by 2.8% compared to 3Q23, in connection with
savings measures and the transformation of the operating model driven by the integration of Bpost
bank.
Gross operating income9 came to €352m, down by 16.9% compared to 3Q23.
In release by €17m, cost of risk9 remained low and stood at -5 basis points of customer loans
outstanding, due to releases of provisions on performing loans (stages 1 and 2).
As a result, after allocating one third of Private Banking’s net income to Wealth Management (IPS
division), CPBB achieved pre-tax income20 of €421m (+11.1% vs. 3Q23), due to the capital gain
on the divestment of an asset.

CPBS – Banque Commerciale au Luxembourg (CPBL)

CPBL continued to achieve very good performances, driven by net interest revenues and
fees.
Revenues9 amounted to €156m (+2.8% vs. 3Q23). Net interest revenues9 rose by 2.5%, in
connection with good resiliency in margins on deposits, particularly on individual customers and
a revaluation on an investment. CPBL achieved good growth in fees (+4.3% vs. 3Q23),
particularly from the corporate segment.
At €74m, operating expenses9 rose by 3.0%, in connection with inflation.
Gross operating income9 increased to €83m (+2.5% vs. 3Q23).
The cost of risk9 remained at a very low level.
On this basis, after allocating one third of the Private Banking result to Wealth Management (IPS
division), CPBL achieved pre-tax income20 of €78m, (+3.3% vs. 3Q23).




10
CPBS – Europe-Mediterranean

Europe-Mediterranean achieved good business drive in Poland, while the market
environment continued to normalise in Türkiye.
Customer loans outstanding increased by 7.3%8 compared to 3Q23, in connection with higher
volumes. Production with individual customers in Poland recovered gradually, and business drive
was strong in Türkiye across all customer segments. Deposits rose by 10.3%8 compared to 3Q23,
driven by increased deposits in Türkiye and Poland.
Revenues9 at €810m, decreased by 10.8%24 vs. 3Q23. They rose by 4.7% vs. 3Q23 excluding
the effect of the hyperinflation situation in Türkiye, an increase in connection with the improvement
of margins in Poland and Morocco.
At €480m, operating expenses9 decreased by 3.5%24 vs. 3Q23 (+8.7% vs. 3Q23 excluding the
effect of the hyperinflation situation in Türkiye).
Gross operating income9, at €331m, decreased by 20,1%24 vs. 3Q23 (-1,1% vs. 3Q23 excluding
the effect of the hyperinflation situation in Türkiye).
Cost of risk9 stood at 47 basis points of customer loans outstanding, lower than in 3Q23 (releases
of stage 1 and 2 provisions).
Other net losses for risk on financial instruments9 included the impact of other provisions in Poland
(-€65m), partly offset by releases of provisions set aside for the “Act on Assistance to Borrowers
in Poland” (+€23m).
After allocating one third of Private Banking’s net income to Wealth Management (IPS division),
Europe-Mediterranean achieved pre-tax income20 of €251m, down by 5.7%24 (-5.1% vs. 3Q23
excluding the effect of the hyperinflation situation in Türkiye).

CPBS – Specialised Businesses – Personal Finance

In the 3rd quarter 2024, Personal Finance continued the transformation of its operating
model, generating: (i) a very positive jaws effect and (ii) good performance on the core
perimeter. It should benefit from the decrease of short-term interest rates.
Customer loans outstanding rose by 3.7%8 compared to 3Q23 (+5.2% vs. 3Q23 on the core
perimeter, following the geographical refocusing), with greater selectivity at origination. Margins
at production continued to improve despite sustained competitive pressure.
Operationally, the effects of the implementation of the mobility partnership strategy can be seen
in the weight of auto loans outstanding, which amounted to 44% of core outstandings as of 30
September 2024 and structurally improved the risk profile. The partnerships with Orange in
France and Spain continued to be rolled out.
The quarter saw the continuation of the aforementioned geographical refocusing of businesses
on the core perimeter with the closing of the divestment of activities in Hungary. This geographical
refocusing overall included the sale of activities in Central and Eastern Europe (Bulgaria, the
Czech Republic, Slovakia, and Hungary) and Mexico, as well as the placement of activities in run-
off in Romania, Brazil, and Nordic countries (Sweden, Denmark and Norway).




11
At €1,249m, revenues decreased by 3.3% compared to 3Q23 but rose by 1.5% on the core
perimeter, driven by growth in volumes and pricing efforts and despite the increased medium-
term financing costs.
At €672m, operating expenses decreased by 5.7% (-1.2% vs. 3Q23 on the core perimeter), in
connection with the impact of cost-saving measures. As a result, the jaws effect was very positive
on the quarter (+2.3 points, +2.7 points on the core perimeter).
Gross operating income decreased by 0.5% to €577m.
Cost of risk stood at €380m (€397m in 3Q23), due particularly to the structural improvement in
the risk profile. As of 30 September 2024, it stood at 140 basis points of customer loans
outstanding.
Pre-tax income thus came to €154m, down sharply by 21.9%, due to a lower contribution from
associates and to the ongoing strategic refocusing. On the core perimeter, it rose by 7.6%
compared to 3Q23.

CPBS – Specialised Businesses – Arval and Leasing Solutions

Arval’s 3rd quarter 2024 featured: (i) a sustained level of activity illustrated by a higher
financial margin and margin on services; and (ii) the impact of the normalisation of used-
car prices. Leasing Solutions revenues increased this quarter.
The normalisation of used-car prices continued at Arval, with a negative price effect. However,
the volume effect was positive (117,000 vehicles sold in 3Q24 vs. 87,000 in 3Q23). The business
momentum was sustained, as illustrated by the growth in Arval’s financed fleet (+5.8%25 vs.
30.09.2023) and in outstandings (+20.1% vs. 3Q23). The individual customer fleet (+17.1% vs.
30.09.2023) expanded, thanks to the development of partnerships with automakers, including the
renewal in France of the strategic partnership with Hyundai Motors.
Leasing Solutions’ outstandings rose by 2.8% vs. 3Q23, and its margins improved. Business drive
was also good with production volumes up by 10.5% compared to 3Q23 on equipment markets.
A partnership was renewed this quarter with two manufacturers, CNH and Iveco Group, which
has expanded strongly since 1997, thanks to the CNH Industrial Capital Europe joint-venture,
located in nine countries in Europe.
At €857m, combined revenues of Arval and Leasing Solutions decreased by 10.6%, impacted by
the aforementioned trend in used-car prices at Arval, partly offset by the 15.3% growth in organic
revenues (financial margin and margin on services) and the increase in Leasing Solutions
revenues from the volume impact and improved margins.
Operating expenses, at €381m, rose by 3.6%, due to inflation and business momentum.
Pre-tax income of Arval and Leasing Solutions came to €440m (-20.9% vs. 3Q23).

CPBS – Specialised Businesses – New Digital Businesses and Personal Investors

Activity was robust this quarter.
As of 30.09.2024, Nickel is the largest current account distribution network in France and in
Portugal, following a quarter featuring a deployment of its points of sale in Europe (+13.7% vs.
30.09.2023). In parallel, Nickel developed its offering of services and products: after France,
Nickel continued to digitalise, with a 100% digital account-opening path in Spain.

12
Regarding Floa, numerous partnerships have been signed in France, and activity is developing
internationally (number of active partnerships: 2.3x compared to 3Q23).
Personal Investors achieved a strong increase in assets under management (+13.2% vs.
30.09.2023), driven by the favourable impact of financial market trends and by the number of
transactions remaining at a high level.
On this basis, revenues9, at €268m, rose by 0.7% compared to 3Q23, reflecting: (i) the good
resiliency to the interest-rate environment in revenues at Personal Investors; (ii) the continued
momentum at New Digital Businesses; and (iii) the efficient organic growth at Nickel.
Operating expenses9 came to €180m (+6.1% vs. 3Q23), due to the business development
strategy.
Gross operating income9 came to €88m (-8.8% vs. 3Q23) and cost of risk9 to €27m (€29m in
3Q23).
On this basis, pre-tax income20 at New Digital Businesses and Personal Investors, after allocating
one third of the Private Banking result in Germany to Wealth Management (IPS division),
decreased by 9.2% vs.3Q23, to €59m.

CPBS revenues in the first nine months of 2024

In the first nine months of the year, revenues9 came to €20,026m (-0.9% vs. 9M23). Excluding
the impact of the normalisation of used-car prices at Arval, they rose by 1.2%. In the first nine
months of the year, Commercial & Personal Banking achieved a positive performance (+0.6% vs.
9M23), as did New Digital Businesses & Personal investors (+5.3% vs. 9M23). However,
revenues from Specialised Businesses decreased by 3.3%.
Operating expenses9 came to €12,382m, up by 2.6% compared to 9M23.
Gross operating income9 came to €7,644m and decreased by 6.0% compared to 9M23.
Cost of risk9 and others stood at €2,387m (€2,016m in 9M23), due to a specific credit situation
in France and a base effect at Europe-Mediterranean.
Pre-tax income20 came to €5,186m (€6,047m in 9M23).



INVESTMENT & PROTECTION SERVICES (IPS)

IPS 3rd quarter 2024 results

IPS achieved a very good quarter in Asset Management and Insurance and stepped up its
investments in growth markets.
As of 30 September 2024, assets under management26 came to €1.344bn (+8.7% vs.
31.12.2023, +2.4% vs. 30.06.2024). In the first nine months, they reflected the combined effects
of: (i) net asset inflows (+€55.3bn) and (ii) market growth (+€54.6bn). Net asset inflows, driven by
the diversity of the distribution networks, were very strong.



13
Insurance achieved an increase in gross asset inflows at Savings (+13.0% vs. 3Q23), driven
particularly by net inflows internationally and strong growth at Protection, driven by the entire line
of products.
Thanks to strong business drive, Asset Management achieved sustained net inflows particularly
in medium- and long-term vehicles and an increase in fees, driven by the growth of assets under
management.
Wealth Management revenues were stable compared to a high 3Q23 base. Assets under
management rose in Commercial & Personal Banking and with high-net-worth clients. Activity
was strong, particularly in Asia, and transaction fees rose in all geographies. As of 30 September
2024, assets under management26 (€1,344bn) broke down as follows: €616bn in Asset
Management and Real Estate27, €456bn in Wealth Management, and €272bn in Insurance.
Total revenues came to €1,489m (+4.9% vs. 3Q23). They were driven by the very good
momentum in Insurance and Asset Management. Revenues were stable in Wealth Management
compared to a high 3Q23 based. Revenues decreased in Real Estate.
At €881m, operating expenses decreased by 0.4% compared to 3Q23, due to the combined
effect of efficiency measures and bolt-on investments. The jaws effect was very positive (+5.2
points).
Gross operating income rose by +13.5% vs. 3Q23 to €609m.
At €647m, pre-tax income rose by 6.7% compared to 3Q23. This included the decrease in the
contribution of associates.
In addition to its financial results, IPS’s 3rd quarter featured two external growth transactions
aiming at strengthening its platform as a source of medium-term growth: (i) the announcement of
Cardif’s planned acquisition of AXA IM6 and the long-term partnership with AXA; and (ii) the
planned acquisition of HSBC’s Private Banking business28 in Germany.

IPS – Insurance

The third quarter was marked by an increase in gross asset inflows in the Savings
business and a strong increase in the Protection business.
Savings achieved a very good performance, with gross asset inflows up sharply (+13.0% vs.
3Q23). Net asset inflows rose sharply, driven by strong business drive in internal networks and
via external distribution. The consolidation of BCC Vita has been effective since the second
quarter of 2024, and the offering is gradually developing in the BCC BANCA ICCREA network.
Protection’s gross written premiums rose by 12.5% vs. 3Q23. It continued its strong increase
internationally, driven by the strength of partnerships and the multi-channel model. The third
quarter also featured the development of its offering with the signing of a new partnership in
France in CPI with the Simulassur digital platform (Groupe Magnolia).
Overall, revenues rose by 6.4% to €570m, driven by the strong performance in France and the
more favourable interest-rate environment.
Operating expenses, at €209m, rose in controlled fashion, in connection with business
development and ongoing efficiency measures. The jaws effect was positive (+3.3 points).
At €407m, pre-tax income at Insurance decreased by 1.0% compared to 3Q23, in connection with
the decrease in the contribution of associates.

14
IPS – Wealth and Asset Management29

The 3rd quarter featured strong growth in assets and operating income.
Wealth Management achieved good net asset inflows (€5.8bn in 3Q24) with all customer
segments. Assets under management rose, driven by good net inflows and growing markets.
Business activity featured a good level of transactional activity in Commercial & Personal Banking
and internationally.
Asset Management also achieved robust net inflows (€6.6bn in 3Q24), driven by medium- and
long-term vehicles. This quarter featured: (i) the success of the SME Debt Fund III private debt
fundraising (about €741m in commitments), originated partly in partnership with Group networks;
and (ii) the launch of the first ELTIF 2.0-labelled evergreen private debt credit fund, partially aimed
towards Private Banking clients.
Revenues, at €919m, rose by +3.9% compared to 3Q23. They were driven by strong growth in
Asset Management30 (+8.9% vs. 3Q23) and growth at Principal Investments. Wealth
Management revenues were stable (-0.5% vs. 3Q23) compared to a high 3Q23 basis, despite
strong momentum in fees. Revenues decreased in Real Estate in a lackluster market.
Operating expenses came to €672m (-1.4% vs. 3Q23), due to ongoing efficiency measures. The
jaws effect was very positive (+5.3 points). Pre-tax income at Wealth and Asset Management thus
amounted to €239m, up by 23.0% compared to 3Q23.

IPS results in the first nine months of 2024

In the first nine months of 2024, revenues came to €4,381m, up by 2.9% compared to 9M23.
Operating expenses amounted to €2,643m, stable compared to 9M23. Gross operating
income amounted to €1,738m, up by 7.8% compared to 9M23. Pre-tax income amounted to
€1,857m, up by 2.9% compared to 9M23.


CORPORATE CENTRE

Restatements related to insurance in 3Q24

Revenues arising from these restatements came to -€262m (-€239m in 3Q23), operating
expenses to €272m (€236m in 3Q23), and pre-tax income to €10m (-€2m in 3Q23).

Corporate Centre results (excluding restatements related to insurance) in 3Q24

Revenues amounted to €65m (-€17m in 3Q23), and operating expenses to €213m (€220m in
3Q23). The latter included the impact of €64m in restructuring and adaptation costs (€41m in
3Q23) and €81m in IT reinforcement costs (€87m in 3Q23).
Cost of risk stood at -€3m (€7m in 3Q23). Pre-tax income of Corporate Centre excluding
restatements related to insurance thus came to -€130m.


15
1 Based on restatement of quarterly series reported on 29 February 2024. Results serving as a basis for calculating
the distribution in 2023 and reflecting the Group’s intrinsic performance post impact of the Bank of the West sale
and post ramp-up of the Single Resolution Fund (SRF) excluding extraordinary items
2 Increase in Group revenues between 3Q23 (distributable) and 3Q24 minus the increase in Group operating expenses
between 3Q23 (distributable) and 3Q24. For the 2024 trajectory, Increase in Group revenues between 2023
(distributable) and 2024 minus the increase in Group operating expenses between 2023 (distributable) and 2024
3 Jaws effect of +0.5 pts excluding DGS tax in Italy paid in 2023. Jaws effect: change in Group revenues between
3Q23 (distributable) and 3Q24, less change in Group operating expenses between 3Q23 (distributable) and 3Q24
4 Cost of risk does not include “Other net losses for risks on financial instruments”
5 Earnings per share calculated on the basis of Net income of the 3rd quarter of 2024 adjusted for the remuneration of
undated super-subordinated notes, and on the average end-of-period number of shares.
6 This project remains subject to the applicable procedures related to the employees concerned and the approval of
the competent regulatory and competition authorities
7 Tangible net book value, revalued at end of period, in €
8 At constant scope and exchange rates
9 Including 100% of Private Banking (excluding PEL/CEL effects in France)
10 Excluding Real Estate and Principal Investments
11 60% stake in Ukrsibbank, the remaining 40% being held by the European Bank for Reconstruction and Development
12 Calculated in accordance with Regulation (EU) n°2019/876
13 Calculated in accordance with Regulation (CRR) 575/2013, Art. 451a
14 Liquid market assets or eligible assets in central banks (counterbalancing capacity), taking into account prudential
standards, notably US standards, minus intra-day payment system needs
15 Dealogic, DCM in EMEA in 9M24, volume by bookrunner
16 Dealogic, Debt Capital Markets rankings, Syndicated Loans in 9M24, volume ranking by bookrunner
17 Coalition Greenwich 1H24 Competitor Analytics; tied for no 1, ranking based on revenues of banks in the Top 12
Coalition Index in Transaction Banking (Cash Management and Trade Finance, excluding Correspondent Banking)
in 1H24 in EMEA: Europe, Middle East, Africa
18 Dealogic, All ESG Bonds & Loans rankings, EMEA and Global, in volume by bookrunner
19 Accounts opened since inception, in all countries
20 Including 2/3 of Private Banking (excluding PEL/CEL effects in France)
21 Accounted for in the third and fourth quarter of 2023
22 Headwinds relating to CPBB: -€53m in 3Q24 vs. 3Q23
23 Impact of non-remuneration of mandatory reserves and Belgian government bonds (-€43m in 3Q24 vs. 3Q23)
24 At constant scope and exchange rates, with the exception of Türkiye at historical scope and exchange rates in
accordance with IAS29
25 End-of-period increase in the fleet
26 Including distributed assets
27 Assets under management at Real Estate: €24bn – Assets under management of Principal Investments integrated
within Asset Management following the creation of the Private Assets franchise
28 Subject to obtaining the usual applicable approvals
29 Asset Management, Wealth Management, Real Estate and Principal Investments
30 Excluding Real Estate and Principal Investments




16
CONSOLIDATED PROFIT & LOSS STATEMENT – GROUP




3Q24 / 9M24 /
3Q24 3Q23 distr. 3Q23 9M24 9M23 distr. 9M23
€m 3Q23 distr. 9M23 distr.

Group
Revenues 11,941 11,629 +2.7% 11,581 36,694 35,974 +2.0% 34,976

Operating Expenses and Dep. -7,213 -7,093 +1.7% -7,093 -22,326 -22,035 +1.3% -23,173

Gross Operating Income 4,728 4,536 +4.2% 4,488 14,368 13,939 +3.1% 11,803

Cost of Risk -729 -734 -0.7% -734 -2,121 -1,935 +9.6% -1,935

Other net losses for risk on financial instruments -42 0 n.s. 0 -138 0 n.s. -130

Operating Income 3,957 3,802 +4.1% 3,754 12,109 12,004 +0.9% 9,738
Share of Earnings of Equity-Method Entities 224 193 +16.1% 193 609 520 +17.1% 520

Other Non Operating Items -121 -133 -9.0% -133 127 -9 n.s. -9

Pre-Tax Income 4,060 3,862 +5.1% 3,814 12,845 12,515 +2.6% 10,249

Corporate Income Tax -1,051 -1,060 -0.8% -1,060 -3,103 -2,929 +5.9% -2,929

Net Income Attributable to Minority Interests -141 -93 +51.6% -93 -376 -361 +4.2% -361

Net Income from discontinued activities 0 0 n.s. 0 0 0 n.s. 2,947

Net Income Attributable to Equity Holders 2,868 2,709 +5.9% 2,661 9,366 9,225 +1.5% 9,906
Cost/income 60.4% 61.0% -0.6 pt 61.2% 60.8% 61.3% -0.5 pt 66.3%




17
RESULTS BY BUSINESS LINES FOR
THE 3RD QUARTER 2024

Commercial,
Personal
Investment &
Banking & Operating Corporate
Protection CIB Group
Services (2/3 of Divisions Center
Services
Private
€m Banking)
Revenues 6,402 1,489 4,247 12,139 -198 11,941
%Change3Q23 distr. -2.5% +4.9% +9.0% +2.1% -22.8% +2.7%
%Change2Q24 -2.6% +1.1% -5.2% -3.1% -22.6% -2.7%
Operating Ex penses and Dep. -3,820 -881 -2,571 -7,272 59 -7,213
%Change3Q23 distr. -1.0% -0.4% +8.6% +2.3% n.s. +1.7%
%Change2Q24 -1.8% +0.1% +3.3% +0.2% -30.5% +0.5%
Gross Operating Income 2,582 609 1,677 4,867 -139 4,728
%Change3Q23 distr. -4.8% +13.5% +9.7% +1.9% -41.9% +4.2%
%Change2Q24 -3.7% +2.7% -15.8% -7.6% -18.7% -7.2%
Cost of Risk -747 0 -27 -774 3 -771
%Change3Q23 distr. -1.9% n.s. n.s. +6.4% n.s. +5.0%
%Change2Q24 -18.5% -84.1% n.s. -4.3% n.s. -8.5%
Operating Income 1,835 609 1,649 4,093 -136 3,957
%Change3Q23 distr. -5.9% +16.5% +4.7% +1.1% -44.6% +4.1%
%Change2Q24 +4.0% +2.3% -21.4% -8.2% -33.7% -6.9%
Share of Earnings of Equity -Method Entities 163 42 6 211 13 224
Other Non Operating Items -117 -4 -3 -124 3 -121
Pre-Tax Income 1,882 647 1,652 4,181 -121 4,060
%Change3Q23 distr. -2.5% +6.7% +6.3% +2.2% -47.0% +5.1%
%Change2Q24 +4.6% +1.4% -21.3% -7.8% +6.4% -8.2%




Commercial,
Personal
Investment &
Banking & Operating Corporate
Protection CIB Group
Services (2/3 of Divisions Center
Services
Private
€m Banking)
Revenues 6,402 1,489 4,247 12,139 -198 11,941
3Q23 distr. 6,569 1,420 3,896 11,885 -256 11,629
2Q24 6,572 1,472 4,481 12,525 -255 12,270
Operating Ex penses and Dep. -3,820 -881 -2,571 -7,272 59 -7,213
3Q23 distr. -3,858 -884 -2,368 -7,109 16 -7,093
2Q24 -3,892 -879 -2,489 -7,260 84 -7,176
Gross Operating Income 2,582 609 1,677 4,867 -139 4,728
3Q23 distr. 2,711 536 1,528 4,775 -239 4,536
2Q24 2,681 593 1,992 5,265 -171 5,094
Cost of Risk -747 0 -27 -774 3 -771
3Q23 distr. -761 -13 47 -727 -7 -734
2Q24 -917 2 106 -809 -34 -843
Operating Income 1,835 609 1,649 4,093 -136 3,957
3Q23 distr. 1,950 523 1,575 4,048 -246 3,802
2Q24 1,764 595 2,097 4,456 -205 4,251
Share of Earnings of Equity -Method Entities 163 42 6 211 13 224
3Q23 distr. 92 80 6 177 16 193
2Q24 83 44 4 130 34 164
Other Non Operating Items -117 -4 -3 -124 3 -121
3Q23 distr. -113 3 -26 -136 3 -133
2Q24 -48 -1 -2 -51 58 7
Pre-Tax Income 1,882 647 1,652 4,181 -121 4,060
3Q23 distr. 1,929 606 1,555 4,089 -227 3,862
2Q24 1,798 638 2,099 4,535 -113 4,422
Corporate Income Tax -1,051
Net Income Attributable to Minority Interests -141
Net Income from discontinued activ ities 0
Net Income Attributable to Equity Holders 2,868




18
RESULTS BY BUSINESS LINES
FOR THE FIRST NINE MONTHS 2024

Commercial,
Personal
Investment &
Banking & Operating Corporate
Protection CIB Group
Services (2/3 Divisions Center
Services
of Private
Banking)
€m
Revenues 19,481 4,381 13,405 37,268 -574 36,694
%Change9M 23 distr. -0.9% +2.9% +5.0% +1.6% -19.7% +2.0%
Operating Ex penses and Dep. -12,085 -2,643 -7,801 -22,529 203 -22,326
%Change9M 23 distr. +2.5% -0.1% +3.7% +2.6% n.s. +1.3%
Gross Operating Income 7,397 1,738 5,604 14,739 -371 14,368
%Change9M 23 distr. -6.0% +7.8% +6.9% +0.1% -52.9% +3.1%
Cost of Risk -2,389 -2 173 -2,217 -42 -2,259
%Change9M 23 distr. +18.9% -88.4% +39.0% +16.6% +23.6% +16.7%
Operating Income 5,008 1,736 5,777 12,522 -413 12,109
%Change9M 23 distr. -14.6% +8.7% +7.7% -2.4% -49.7% +0.9%
Share of Earnings of Equity -Method Entities 342 126 12 480 129 609
Other Non Operating Items -151 -4 -5 -160 287 127
Pre-Tax Income 5,199 1,857 5,785 12,841 4 12,845
%Change9M 23 distr. -14.0% +2.9% +8.2% -2.7% n.s. +2.6%
Corporate Income Tax -3,103
Net Income Attributable to Minority Interests -376
Net Income from discontinued activ ities 0
Net Income Attributable to Equity Holders 9,366




19
BALANCE SHEET AS OF 30 SEPTEMBER 2024

30/09/2024 31/12/2023
In millions of euros
ASSETS
Cash and balances at central banks 186,953 288,259
Financial instruments at fair value through profit or loss
Securities 311,704 211,634
Loans and repurchase agreements 285,893 227,175
Derivative financial Instruments 282,380 292,079
Derivatives used for hedging purposes 20,100 21,692
Financial assets at fair value through equity
Debt securities 66,944 50,274
Equity securities 1,606 2,275
Financial assets at amortised cost
Loans and advances to credit institutions 58,998 24,335
Loans and advances to customers 874,996 859,200
Debt securities 139,177 121,161
Remeasurement adjustment on interest-rate risk hedged portfolios (1,035) (2,661)
Investments and other assets related to insurance activities 273,412 257,098
Current and deferred tax assets 6,761 6,556
Accrued income and other assets 179,195 170,758
Equity-method investments 7,206 6,751
Property, plant and equipment and investment property 48,880 45,222
Intangible assets 4,326 4,142
Goodwill 5,590 5,549

TOTAL ASSETS 2,753,086 2,591,499


LIABILITIES
Deposits from central banks 3,254 3,374
Financial instruments at fair value through profi t or loss
Securities 102,009 104,910
Deposits and repurchase agreements 377,496 273,614
Issued debt securities 101,091 83,763
Derivative financial instruments 271,856 278,892
Derivatives used for hedging purposes 34,658 38,011
Financial liabilities at amortised cost
Deposits from credit institutions 85,469 95,175
Deposits from customers 1,011,422 988,549
Debt securities 203,993 191,482
Subordinated debt 30,160 24,743
Remeasurement adjustment on interest-rate risk hedged portfolios (11,395) (14,175)
Current and deferred tax liabilities 4,523 3,821
Accrued expenses and other liabilities 147,000 143,673
Liabilities related to insurance contracts 233,396 218,043
Financial liabilities related to insurance activities 18,390 18,239
Provisions for contingencies and charges 9,035 10,518

TOTAL LIABILITIES 2,622,357 2,462,632


EQUITY
Share capital, additional paid-in capital and retained earnings 118,840 115,809
Net income for the period attributable to shareholders 9,366 10,975
Total capital, retained earnings and net income for the period
128,206 126,784
attributable to shareholders
Changes in assets and liabilities recognised directly in equity (3,245) (3,042)
Shareholders' equity 124,961 123,742

Minority interests 5,768 5,125

TOTAL EQUITY 130,729 128,867

TOTAL LIABILITIES AND EQUITY 2,753,086 2,591,499




20
ALTERNATIVE PERFORMANCE INDICATORS
ARTICLE 223-1 OF THE AMF GENERAL REGULATIONS
Alternative
performance Definition Reason for use
measures

Insurance P&L Insurance P&L aggregates (Revenues, Gross operating Presentation of the Insurance result
aggregates income, Operating income, Pre-tax income) excluding the reflecting operational and intrinsic
(Revenues, volatility generated by the fair value accounting of certain performance (technical and financial)
Operating assets through profit and loss (IFRS 9) transferred to
expenses, Gross Corporate Centre; Gains or losses realised in the event of
operating income,
divestments, as well as potential long-term depreciations
Operating
income, Pre-tax are included in the Insurance income profit and loss
income) account.

A reconciliation with Group P&L aggregates is provided in
the tables “Quarterly Series.”


Corporate Centre P&L aggregates of Corporate Centre, including restatement Transfer to Corporate Centre of the impact
P&L aggregates of the volatility (IFRS 9) and attributable costs (internal of operating expenses “attributable to
distributors) related to Insurance activities”, following the insurance activities” on internal distribution
application from 01.01.23 of IFRS 17 “insurance contracts” contracts in order not to disrupt readability
in conjunction with the application of IFRS 9 for insurance of the financial performance of the various
business lines.
activities, including:
• Restatement in Corporate Centre revenues of the
volatility to the financial result generated by the
IFRS 9 fair value recognition of certain Insurance
assets;
• Operating expenses deemed “attributable to
insurance activities,” net of internal margin, are
recognized in deduction from revenues and no
longer booked as operating expenses. These
accounting entries relate exclusively to the
Insurance business and Group entities (excluding
the Insurance business) that distribute insurance
contracts (known as internal distributors) and have
no effect on gross operating income. The impact of
entries related to internal distribution contracts is
borne by the “Corporate Centre.”

A reconciliation with Group P&L aggregates is provided in
the “Quarterly Series” tables.


Operating Sum of CPBS’ profit and loss account aggregates (with Representative measure of the BNP
division profit Commercial & Personal Banking’ profit and loss account Paribas Group’s operating performance
and loss account aggregates, including 2/3 of private banking in France,
aggregates Italy, Belgium, Luxembourg, Germany, Poland and in
(Revenues, Net Türkiye), IPS and CIB.
interest revenue,
Operating
expenses, Gross BNP Paribas Group profit and loss account aggregates
operating income, = Operating division profit and loss account aggregates
Operating + Corporate Centre profit and loss account aggregates.
income, Pre-tax Reconciliation with Group profit and loss account
income) aggregates is provided in the tables “Results by Core
businesses.”
Net interest revenue mentioned in Commercial &
Personal Banking includes the net interest margin (as
defined in Note 3.a of the financial statements), as well
as, to a lesser extent, other revenues (as defined in
Notes 3.c, 3.d and 3.e of the financial statements),
excluding fees (Note 3.b of the financial statements).



21
Alternative
performance Definition Reason for use
measures

P&L aggregates of Commercial & Personal Banking or
Specialized Businesses distributing insurance contracts
exclude the impact of the application of IFRS 17 on the
accounting presentation of operating expenses deemed
“attributable to insurance activities” in deduction of
revenues and no longer operating expenses, with the
impact carried by Corporate Centre.




Profit and loss Profit and loss account aggregate of a Commercial & Representative measure of the
account Personal Banking activity including the whole profit and loss performance of Commercial & Personal
aggregates of account of Private Banking Banking activity including the total
Commercial & performance of Private Banking (before
Personal Banking Reconciliation with Group profit and loss account sharing the profit & loss account with the
activity with 100% aggregates is provided in the “Quarterly series” tables. Wealth Management business, Private
of Private Banking being under a joint responsibility of
Banking Commercial & Personal Banking (2/3) and
Wealth Management business (1/3))

Profit and loss Profit and loss account aggregates, excluding PEL/CEL Representative measure of the aggregates
account effects. of the period excluding changes in the
aggregates, provision that accounts for the risk
excluding Reconciliation with Group profit and loss account generated by PEL and CEL accounts
PEL/CEL effects aggregates is provided in the “Quarterly series” tables. throughout their lifetime.
(Revenues, Gross
operating income,
Operating
income, Pre-tax
income)

Cost-income ratio Ratio of costs to income Measure of operating efficiency in the
banking sector

Cost of Ratio of cost of risk (in €m) to customer loans outstanding Measure of the risk level by business in
risk/customer at the beginning of the period percentage of the volume of loans
loans outstanding outstanding
at the beginning Cost of risk does not include “Other net losses for risk on
of the period financial instruments.”
(in basis points)

Change in Change in operating expenses excluding taxes and Representative measure of the change in
operating contributions subject to IFRIC 21 operating expenses excluding taxes and
expenses contributions subject to IFRIC 21 booked
excluding IFRIC almost entirely in the 1st half of the year,
21 impact given in order to avoid any confusion
compared to other quarters

Return on equity Details of the ROE calculation are disclosed in the Appendix Measure of the BNP Paribas Group’s return
(ROE) “Return on Equity and Permanent Shareholders’ Equity” of on equity
the results’ presentation.

Return on tangible Details of the ROTE calculation are disclosed in the Measure of the BNP Paribas Group’s return
equity (ROTE) Appendix “Return on Equity and Permanent Shareholders’ on tangible equity
Equity” of the results’ presentation.

Distributable Net P&L aggregates up to Net Income adjusted in accordance Measure of BNP Paribas Group’s Net
Income, Group with the announcements made in February 2023 to reflect Income reflecting the Group’s intrinsic
share the Group’s intrinsic performance in 2023, pivotal year, after performance in 2023, pivotal year, post-
the sale of Bank of the West on 01.02.2023 but also as the impact of the sale of Bank of the West and
last expected year of the ramp up of the Single Resolution the last expected year of the contribution to
the ramp-up of the Single Resolution Fund,
Fund, marked by extraordinary items.
marked by extraordinary items.
Adjustments are detailed in the 2023 results’ presentation:
- include the effect of the anticipation of the end of
the ramp-up of the Single Resolution Fund in 2023


22
Alternative
performance Definition Reason for use
measures

- exclude the Net Income of entities intended to be
sold (application of IFRS 5) (notably the capital gain on the
sale of Bank of the West) and additional items related to the
sale of Bank of the West
- exclude extraordinary items such as the
extraordinary negative impact of the hedging adjustment
related to changes in the TLTRO terms decided by the ECB
in the fourth quarter 2022 and extraordinary provisions for
litigation

The distributable Net Income is used to calculate the
ordinary distribution in 2023 as well as to monitor the
Group’s performance in 2023.

Net Income, Net Income attributable to equity holders excluding Measure of BNP Paribas Group’s Net
Group share exceptional items. Income excluding non-recurring items of a
excluding significant amount or items that do not
exceptional items Details of exceptional items are disclosed in the slide “Main reflect the underlying operating
Exceptional Items” of the results’ presentation. performance, notably restructuring,
adaptation, IT reinforcement and
transformation costs.

Coverage ratio of Relationship between stage 3 provisions and impaired Measure of provisioning of non-performing
non-performing outstandings (stage 3), balance sheet and off-balance loans
loans sheet, netted for collateral received, for customers and
credit institutions, including liabilities at amortised cost and
debt securities at fair value through equity (excluding
Insurance)




23
Methodology: Comparative analysis at constant scope and exchange rates

The method used to determine the effect of changes in scope of consolidation depends on the type of transaction (acquisition, sale,
etc.). The underlying purpose of the calculation is to facilitate period-on-period comparisons.
In cases of acquired or created entity, the results of the new entity are eliminated from the constant scope results of current-year
periods corresponding to the periods when the entity was not owned in the prior-year.
In cases of divested entities, the entity's results are excluded symmetrically for the prior year for quarters when the entity was not
owned.
In cases of change of consolidation method, the policy is to use the lowest consolidation percentage over the two years (current and
prior) for results of quarters adjusted on a like-for-like basis.
Comparative analysis at constant exchange rates is prepared by restating results for the prior-year quarter (reference quarter) at the
current quarter exchange rate (analysed quarter). All of these calculations are performed by reference to the entity’s reporting
currency.

Reminder

Net banking income (NBI): throughout the document, the terms “net banking income” and “Revenues” are used interchangeably.
Operating expenses: sum of salary and employee benefit expenses, other operating expenses and depreciation, amortisation and
impairment of property, plant, and equipment. Throughout the document, the terms “operating expenses” and “costs” may be used
indifferently.
There are three operating divisions:
o Corporate and Institutional Banking (CIB) including Global Banking, Global Markets, and Securities Services.
o Commercial, Personal Banking and Services (CPBS) including:
• Commercial & Personal Banking in France, in Belgium, in Italy, in Luxembourg, in Europe-Mediterranean;
• Specialised Businesses, with Arval & Leasing Solutions; BNP Paribas Personal Finance; New Digital Businesses
(including Nickel, Lyf…) & Personal Investors;
o Investment & Protection Services (IPS) including Insurance, Wealth & Asset Management, which includes Wealth
Management, Asset Management, Real Estate and Principal Investments




24
The figures included in this press release are unaudited.
As a reminder, on 29 February 2024 BNP Paribas reported restated quarterly series for 2023 to reflect, in
particular, the end of the build-up of the Single Resolution Fund (SRF), effective 1 January 2024, and the
assumption of a similar contribution to local bank taxes at a level estimated at about 200 million euros annually
beginning in 2024, as well as an accounting heading separated from cost of risk and entitled “Other net losses
for risks on financial instruments”, beginning in the fourth quarter 2023. This press release reflects this
restatement.
This press release includes forward-looking statements based on current beliefs and expectations about future
events. Forward-looking statements include financial projections and estimates and their underlying assumptions,
statements regarding plans, objectives, and expectations with respect to future events, operations, products and
services, and statements regarding future performance and synergies. Forward-looking statements are not
guarantees of future performance and are subject to inherent risks, uncertainties and assumptions about BNP
Paribas and its subsidiaries and investments, developments of BNP Paribas and its subsidiaries, banking industry
trends, future capital expenditures and acquisitions, changes in economic conditions globally, or in BNP Paribas’
principal local markets, the competitive market and regulatory factors. Those events are uncertain; their outcome
may differ from current expectations, which may in turn significantly affect expected results. Consequently, actual
results may differ from those projected or implied in these forward-looking statements due to a variety of factors.
These factors include among others: i) BNP Paribas’s ability to achieve its objectives, ii) the impacts from central
bank interest rate policies, whether due to continued elevated interest rates or potential significant reductions in
interest rates, iii) changes in regulatory capital and liquidity rules, iv) continued elevated levels of, or any
resurgence in, inflation and its impacts, v) the various geopolitical uncertainties and impacts related notably to
the invasion of Ukraine and the conflict in the Middle East, or vi) the precautionary statements included in this
press release.
BNP Paribas undertakes no obligation to publicly revise or update any forward-looking statements in light of new
information or future events. It should be recalled in this regard that the Supervisory Review and Evaluation
Process is carried out each year by the European Central Bank, which can modify each year its capital adequacy
ratio requirements for BNP Paribas.
The information contained in this press release as it relates to parties other than BNP Paribas or derived from
external sources has not been independently verified and no representation or warranty expressed or implied is
made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the
information or opinions contained herein. Neither BNP Paribas nor its representatives shall have any liability
whatsoever in negligence or otherwise for any loss however arising from any use of this presentation or its
contents or otherwise arising in connection with this presentation or any other information or material discussed.
The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding.
The percentage changes stated for indicators in the second quarter 2024 profit-and-loss statement have been
calculated with reference to the profit-and-loss statement on a distributable base for the second quarter of 2023,
using the restatement of quarterly series reported on 29 February 2024. The 2023 distributable result serves as
a basis for calculating the distribution in 2023 and reflects the Group’s intrinsic performance post impact of the
Bank of the West sale and post ramp-up of the Single Resolution Fund (SRF) excluding extraordinary items.
BNP Paribas’ financial disclosures of the third quarter 2024 and first nine months 2024 consist of this press
release, the attached presentation, and quarterly series. For a detailed information, the quarterly series are
available at the following address: https://invest.bnpparibas/document/3q24-quarterly-series. All legally required
disclosures, including the Universal Registration document, are available online at https://invest.bnpparibas.com
in the “Results” section and are made public by BNP Paribas pursuant to the requirements under Article L.451-
1-2 of the French Monetary and Financial Code and Articles 222-1 and seq. of the French Financial Markets
Authority General Regulations.




25
Investor Relations
Bénédicte Thibord - benedicte.thibord@bnpparibas.com

Equity
Raphaëlle Bouvier-Flory - raphaelle.bouvierflory@bnpparibas.com
Lisa Bugat - lisa.bugat@bnpparibas.com
Didier Leblanc - didier.m.leblanc@bnpparibas.com
Olivier Parenty - olivier.parenty@bnpparibas.com


Debt & Rating agencies
Didier Leblanc - didier.m.leblanc@bnpparibas.com
Olivier Parenty - olivier.parenty@bnpparibas.com


Retail & ESG
Antoine Labarsouque - antoine.labarsouque@bnpparibas.com


E-mail: investor.relations@bnpparibas.com
https://invest.bnpparibas/en/