SECOND QUARTER
2024 RESULTSPRESS RELEASE

24 July 2024

RESULTS AS AT 30 JUNE 2024
PRESS RELEASE
Paris, 24 July 2024

Very good performance in the 2nd quarter 2024
2024 trajectory confirmed
Revenues (€12,270m) up by +3.9% vs. 2Q231•

Excellent quarter at CIB (+12.1% vs. 2Q231) in particular at Global Markets (+17.6% vs. 2Q231)•

Stable revenues at CPBS, with positive trends at Commercial & Personal Banking (fees: +7.4% vs.
2Q231) and headwinds that will fade in the second half 2024•

Good performance at IPS, particularly at Insurance (+5.2% vs. 2Q231) and Asset Management2 (+9.8%
vs. 2Q231)

Operating efficiency and cost control (€7,176m)•

Positive jaws effect (+0.4 point) excluding the phasing effect of the DGS contribution in Italy (€51m
accounted for 2024 in 2Q24 vs. €51m accounted for 2023 in 3Q23 and 4Q23)•

Continued implementation of operational efficiency measures: €650m in 2H24, of which €350m waspart of the additional plan announced in March 2024

Gross operating income (€5,094m) up by +3.4% vs. 2Q231
Cost of risk3 below 40 bps (33 bps), thanks to the quality of the asset portfolio, despite a specific credit
situation this quarter
Net Income, group share (€3,395m) up by +1.6% vs. 2Q231, driven by very good operating performances
Earnings per share4 (€2.81) up sharply by +8.1% vs. 2Q231
A very solid financial structure (CET1 ratio of 13.0%)•

Redeployment of capital from the Bank of the West divestment on track with the announced objectives(55 bps CET1; 2025 ROIC5 >16%)•

Impact of model updates initially scheduled for 2025 (-10 bps CET1)

On the strength of its first half 2024 performances, BNP Paribas confirms its 2024 trajectory:
a revenue growth greater than 2% compared to 20231 revenues (€46.9bn), a positive jaws effect15, a costof risk below 40 bps, and Net Income, Group share greater than the 20231 net income (€11.2bn).

The Board of Directors of BNP Paribas met on 23 July 2024. The meeting was chaired by Jean
Lemierre, and the Board examined the Group’s results for the second quarter 2024.
Jean-Laurent Bonnafé, Chief Executive Officer, stated at the end of the meeting:“On the strength of its diversified and integrated model, the Group performed very well in the 2nd
quarter 2024 thanks to the business momentum of its operating divisions. We remain focused on
our commitment to serving our customers to the utmost, to deploying our platforms, particularly
in Asset Management, Wealth Management and Insurance, and to continuing to gain market
shares at CIB, while retaining a balanced allocation of capital. In the second half of 2024, we will
also continue to implement operating efficiency measures, and maintain our disciplined
management of cost of risk through the cycle. BNP Paribas is well placed in the new phase of theeconomic cycle and accordingly confirms its 2024 trajectory. I thank our teams for theircommitment.”

CONSOLIDATED GROUP RESULTS AS OF 30 JUNE 2024
Group 2nd quarter 2024 results
Revenues
In the second quarter 2024 (hereinafter: 2Q24), net banking income (NBI) came to €12,270m,
up by 3.9% compared to the second quarter 2023 on a distributable basis1 (hereinafter: 2Q23).
NBI at Corporate & Institutional Banking (CIB) rose strongly (12.1% vs. 2Q23), due to the
combined impact of a good performance from all three business lines. In particular, Global
Markets (+17.6% vs. 2Q23) benefited from the pronounced growth in revenues at Equity & Prime
Services (+57.5% vs. 2Q23), by far offsetting the decrease at FICC (-7.0% vs. 2Q23). Global
Banking revenues (+5.4% vs. 2Q23) were driven by Capital Markets (+12.5%6 vs. 2Q23) andTransaction Banking (+7.6%6/ 2Q23). Securities Services revenues also rose strongly (10.5% vs.
2Q23), driven by fee volumes and improvement in the interest margin.
NBI at Commercial, Personal Banking & Services (CPBS)7 was stable (-0.3% vs. 2Q23),
thanks to growth at Commercial & Personal Banking (+1.7% vs. 2Q23), on the back of higher fees(+7.4% vs. 2Q23) and higher interest revenues (+3.8%), excluding the impact of certain
headwinds (Belgian government bonds, non-remuneration of ECB mandatory reserves, andinflation hedges totalling €140m). The first two of these headwinds will fade away in the second
half 2024.
Specialised Businesses revenues decreased (-3.6% vs. 2Q23), due mainly to Arval and Leasing
Solutions (-5.5% vs. 2Q23), which were impacted by the change in used-car prices despite higher
volumes. Personal Finance revenues were stable (-0.9% at constant scope and exchange rates),
while New Digital Businesses and Personal Investors performed very well (+9.5% vs. 2Q23).
NBI at Investment & Protection Services (IPS) rose by 3.0% (+6.5% excluding the contributionof Real Estate and Principal Investments). Wealth Management (+6.1% vs. 2Q23), Insurance(+5.2% vs. 2Q23) and Asset Management (+9.8%8/ 2Q23) had a very good quarter and continued
to support IPS’s revenue growth.

2

Operating expenses
Operating expenses (€7,176m) were kept under control, while supporting growth in 2Q24. Their
year-on-year change (+4.2% vs. 2Q23) was driven by the phasing effect of the DGS contributionin Italy (the €51m contribution was paid in the second quarter of 2024 whereas it was paid in thethird and fourth quarters 2023). Excluding this impact, operating expenses were up by 3.5% vs.
2Q23 and the jaws effect was positive (+0.4 point). Moreover, the deployment of operational
efficiency measures is expected to continue in the second half 2024, recording 65% of the €1bn
2024 guidance, including €350m of the €400m additional measures announced in March 2024.
CIB operating expenses were up significantly (+9.4% vs. 2Q23) but less so than revenues(+12.1% vs. 2Q23). The jaws effect was thus very positive (+2.7 points) at CIB overall, as well as
at Global Markets (+6.3 points) and Securities Services (+4.8 points). Regarding Global Banking,operating expenses increased (+9.2% vs. 2Q23) compared to a low 2Q23 base.
Costs were up at CPBS7 (+5.6% vs. 2Q23), due mainly to Europe-Mediterranean. At Commercial& Personal Banking in the eurozone, operating expenses rose by 1.1% excluding the impact of
the DGS contribution in Italy. When neutralising the aforementioned headwinds, the jaws effect
was positive, above 1.5 points. Operating expenses fell by 1.0% at Specialised Businesses. The
jaws effect was positive at Personal Finance and New Digital Businesses.
IPS operating expenses were stable (+0.1% vs. 2Q23) and down markedly at Real Estate. The
jaws effect, above 2 percentage points in all business lines except Real Estate, was positive on
the whole (+2.9 points).
On this basis, the Group gross operating income came to €5,094m in 2Q24, up by +3.4%
compared to 2Q23 (€4,927m).

Cost of risk
Group cost of risk stood at €752m3 in 2Q24 (€609m in 2Q23), or 33 basis points of customer
loans outstanding – still below 40 basis points thanks to the quality and diversification of the asset
portfolio and despite a specific credit situation during the quarter. In 2Q24, the cost of risk reflects
releases of €275m in provisions on performing loans (stages 1 and 2) and a €1,027m provision
on non-performing loans (stage 3).

Operating income, pre-tax income and Net income, Group share
Group operating income amounted to €4,251m (€4,318m in 2Q23) and Group pre-tax income
to €4,422m (€4,591m in 2Q23).
The average corporate income tax rate amounted to 20.8%, at an exceptionally low level reflecting
a tax methodology change in the US, generating a one-off reduction in the tax expense
recognised in 2Q24.
Net income, Group share came to €3,395m in 2Q24, close to its 2Q23 level (€3,343m).
On this basis, earnings per share4 amounted to 2.81 euros, up by +8.1% compared to 2Q23.

3

Artificial intelligence
In addition to this financial performance, the second quarter of 2024 showed the ongoing
ambitious and disciplined development in artificial intelligence (AI), as illustrated by the numberof use cases overall (780) and in the experimental stage (300, including 150 based on generative
AI with LLM9), as well as by the recently expanded partnership with Mistral AI.
A few figures illustrate the investments and progress made: the Group employs about 800 AI
specialists (data scientists or AI business analysts) and more than 260 initiatives/POCs10 withFintechs (including Mistral AI) are under way. 49% of applications use a cloud infrastructure(+50% since the start of the plan in 2022), with a 2025 target of 60% and more than 1 billion
transactions are carried out each month on the Group’s API platforms (+56% vs. end 2023).
Cybersecurity accounts for 9% of the Group’s total IT budget, and about 150,000 hours of training
were provided on privacy and data protection in 2023.

Sustainability
2Q24 also confirmed BNP Paribas’ leadership in Sustainability, as noted by recent rankings (andin particular the “World’s Best Bank for Financial Inclusion” award at the Euromoney Awards for
Excellence 2024). The second quarter saw the deployment of several innovative solutions toaddress client needs.
For example, the world’s first gender bond (€50m) was arranged exclusively by the Group. Thisissuance finances improvement in parental leave and the acquisition of affordable homes for
women in Iceland.
In Spain, a USD176.6m financial agreement was signed with Solarpack to build Peru’s largest
photovoltaic solar power farm, which will supply renewable energy to almost 440,000 homes from
2Q25.
Cardif has pledged to take part in launching the Fonds Objectif Biodiversité, with initial assets ofmore than €100m.
In Belgium, a €499m loan was granted to Umicore, a global specialist in recycling and clean
mobility materials that is well placed to support the growing production of electric vehicles.

Group 1st half 2024 results
In the first half, NBI came to €24,753m, up by 1.7% compared to the 1st half 2023 on a distributablebasis1 (hereinafter 1H23).
NBI at CIB (€9,158m) rose by 3.2% compared to 1H23, driven by the increase in revenues
at Global Banking (+5.8% vs. 1H23) and Securities Services (+8.7% vs. 1H23).
NBI at CPBS7 was stable at €13,450m, with positive trends, particularly within Commercial &Personal Banking (BNL: +6.5% vs. 1H23, CPBL: +6.2% vs. 1H23).
NBI at IPS amounted to €2,892m (+1.9% vs. 1H23), driven by the good revenue performance atInsurance (+4.7% vs. 1H23), Wealth Management (+5.6% vs. 1H23) and Asset Management8(+6.2% vs. 1H23).
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Group operating expenses amounted to €15,113m, up by 1.1% compared to 1H23 (€14,942m).
They included the exceptional impact of restructuring and adaptation costs (€79m) and IT
reinforcement costs (€172m) for a total of €251m. At the operating division level, operating
expenses rose by +1.4% at CIB and by +4.3% at CPBS (+6.1% in Commercial & Personal
Banking and +0.2% in the specialised businesses). They were stable at IPS.
At the Group level, the jaws effect was positive (+0.5 point).
Group gross operating income thus came to €9,640m in the first half, up by 2.5% compared to
1H23 (€9,403m).
Group cost of risk stood at €1,392m (€1,201m in 1H23).
The Group’s non-operating items (€633m in 1H24) 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 amounted to €8,785m, up from 1H23 (€8,653m).
On the basis of the 25.1% average corporate income tax rate, due mainly to the aforementioned
tax methodological change in the US, the net income, Group share came to €6,498m (vs.
€6,516m in 2023).
As of 30 June 2024, the return on non-revaluated tangible equity stood at 12.5%. This reflects
the BNP Paribas Group’s solid performances on the back of its diversified and integrated model.

A very solid financial structure as of 30 June 2024
The common equity Tier 1 ratio stood at 13.0% as of 30 June 2024, down by 10 basis points
compared to 31 March 2024 but remaining far above SREP requirements and the 12% Groupobjective.
This change is due to the combined effects of organic capital generation net of changes in riskweighted assets in 2Q24 (+40 bps), of the distribution of the 2Q24 result (-30 bps on the basis ofa 60% pay-out ratio), of the reinvestment of capital from the Bank of the West divestment (-10bps), and of the updating of models initially scheduled for 2025 (-10 bps).
The leverage ratio12 stood at 4.4% as of 30 June 2024.
The Liquidity Coverage Ratio13 (end-of-period) stood at a high level of 132% as of 30 June 2024
(134% as of 31 March 2024) and the immediately available liquidity reserve14 came to €468bn
as of 30 June 2024, equivalent to more than one year to manoeuvre in terms of wholesale funding.

2024 trajectory confirmed
On the strength of its first half 2024 performances, BNP Paribas confirms its 2024 trajectory:
revenue growth greater than 2% compared to 2023 distribuable1 revenues (€46.9bn), a positive
jaws effect15, a cost of risk below 40 bps, and Net Income, Group share greater than the 2023
distributable net income (€11.2bn).
With the second half of the year already under way, BNP Paribas benefits from key strengths incontinuing its trajectory. These include its diversified and integrated model limiting its dependence5

on any one business or geographical region, and more broadly its scaled up positioning, its ability
to grow through the cycle, and the quality of its relationships and its customer portfolio.
Furthermore, its model is suited to a scenario of gradual decline in interest rates, while feegenerating activities continue to develop.

CORPORATE AND INSTITUTIONAL BANKING (CIB)
CIB 2nd quarter 2024 results
CIB’s results were driven this quarter by very good performances in all three businesslines, in particular by Equity & Prime Services within Global Markets.
Net banking income, at €4,481m, was up by 12.1% compared to 2Q23, driven by the combined
effect of good performances in all three business lines. In particular, Global Markets (+17.6% vs.
2Q23) was driven by the strong growth at Equity & Prime Services (+57.5% vs. 2Q23), by far
offsetting the decrease at FICC (-7.0% vs. 2Q23). Global Banking (+5.4% vs. 2Q23) was also
driven by Capital Markets (+12.5%6 vs. 2Q23) and Transaction Banking (+7.6%6/ 2Q23).
Securities Services (+10.5% vs. 2Q23) was driven by fee volumes and the improvement in net
interest margin.
Operating expenses, at €2,489m, were up by 9.4% compared to 2Q23 (+8.9% at constant scopeand exchange rates), in connection with very a strong activity this quarter and a low 2Q23 baseas well as investments made to develop the platforms further. The jaws effect was very positive(+2.7 points, +3.1 points at constant scope and exchange rates).
Gross operating income amounted to €1,992m, up by 15.6% compared to 2Q23.
Cost of risk saw €106m in releases, reflecting releases of provisions on performing loans (stages
1 and 2), and stood at -17 basis points of customer loans outstanding.
Based on these good operating performances, CIB achieved pre-tax income of €2,099m, up by
16.2% compared to a very high 2Q23.

CIB – Global Banking
Global Banking was driven in the 2nd quarter by very good business momentum,
as reflected by strong revenue growth.
Global Banking revenues (€1,502m) were up by 5.4% compared to 2Q23, particularly in EMEA
and the Americas. By business line, revenues rose on the Capital Markets platform (+12.5%6 vs.
2Q23), particularly in EMEA as well as in Transaction Banking in all regions (+7.6%6 / 2Q23).
Activity was very busy in origination, notably on fixed-income markets (with global transaction
volumes up by 13.0%16).
Loans, at €183bn, were up by 1.7%6 compared to 2Q23 and by 2.1%6 compared to 1Q24.
Deposits, at €213bn, rose slightly (+1.2%6 vs. 2Q23).
Global Banking confirmed its leadership positions in the 2nd quarter 2024: EMEA leader17 in6

syndicated loans and bond issuances, 4th worldwide17 in investment grade corporate bondissuances, tied for first18 in transaction banking revenues in EMEA in 1Q24 and the European andglobal leader19 in sustainable financing.

CIB – Global Markets
The 2nd quarter featured a very strong increase at Equity & Prime Services.
At €2,249m, Global Markets revenues were up very sharply, by 17.6% compared to 2Q23.
At €1,147m, Equity & Prime Services revenues rose very steeply (+57.5% vs. 2Q23) in all
business lines, with an especially strong increase in Prime Services (AuM up by about 40%
compared to 2Q23) and Equity Derivatives, driven by high client demand. Revenues rose in all
three regions.
At €1,102m, FICC revenues were down by 7.0% compared to 2Q23. Credit activities fared very
well, offset by revenues that on the whole were less robust than in 2Q23, in particular incommodities on the back of lower demand in Europe.
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 €30m. It decreased by €6mcompared to 1Q24 due to lower risk, mainly in the interest-rate perimeter.

CIB – Securities Services
The 2nd quarter featured solid business drive.
At €730m, Securities Services achieved a strong increase in NBI (+10.5% vs. 2Q23), driven by
the impact of increases in net interest margins and in fees due to the increase in average
outstandings. Two new mandates were signed (with Flossbach von Storch and Berenberg).
Meanwhile, commercial development in Private Capital continues.
Outstandings rose (+8.1% at the end of period compared to 2Q23), driven mainly by the market
rally and the implementation of new mandates. Transaction volumes rose by 6.0%, despite lower
average volatility. Securities Services confirmed its leadership with the “World’s Best Bank for
Securities Services” award at the Euromoney Awards for Excellence 2024.

CIB 1st half 2024 results
In the first half, CIB’s NBI amounted to €9,158m, up by 3.2% and its operating expenses cameto €5,230m, up by 1.4% compared to 1H23.
CIB’s gross operating income came to €3,927m, up by 5.8% compared to 1H23, and cost ofrisk came to a release of €201m.
On this basis, CIB’s Pre-tax income amounted to €4,132m, up by 9.0% compared to 1H23 andthus confirmed an excellent first half at CIB.

7

COMMERCIAL, PERSONAL BANKING & SERVICES (CPBS)
2nd quarter 2024 results at CPBS
CPBS’s performances this quarter featured strong momentum in activity, driven by thequality of franchises and partnerships.
Net banking income7, at €6,758m, decreased by 0.3% vs. 2Q23. It was impacted this quarter by
several headwinds, some of which will begin to fade in the 3rd quarter 2024: inflation hedges inFrance (-€45m, with the impact vanishing in 3Q24), the Belgian government bond issue (-€49m,
with the impact fading away in 2H24) and the ECB’s decision to stop remunerating mandatory
reserves (-€45m). The second quarter also featured the normalisation of used-car prices at a highlevel at Arval and the increased costs of medium-term financing at Personal Finance.
Commercial & Personal Banking revenues came to €4,229m (+1.7% vs. 2Q23). Net interest
revenues were up by 3.8% excluding the impact of the aforementioned headwinds20, driven by
the increased margins on deposits. Fees rose by 7.4%, driven mainly by good performances inFrance, Italy and Europe-Mediterranean. Private Banking achieved very good inflows at €5.6bn
euros (+ 9.0% vs. 2Q23), with €291bn euros in assets under management as of 30.06.2024. Hellobank! continued to develop with 3.6 million customers (+7.0% vs. 2Q23).
Specialised Businesses revenues amounted to €2,530m (-3.6% vs. 2Q23). This decline wasdue to Arval and Leasing Solutions (-5.5% vs. 2Q23) caused by used-car prices, despite theimprovement in the financial margin and the margin on services at Arval, in connection with theincrease in volumes and partnerships. Volumes rose and margins improved at Leasing Solutions.
Personal Finance revenues decreased slightly (-0.9% vs. 2Q23 at constant scope and exchange
rates). Personal Finance, which continued to implement its strategic refocusing, achieved resilient
volumes, thanks to mobility partnerships and a boost from the launch of the partnership with
Orange in Spain. Nickel continued on its growth trajectory (about 4 million accounts opened21 asof 30.06.2024).
Operating expenses7 rose by 5.6% (+4.3% vs. 2Q23, excluding the DGS contribution in Italy).
They remained under control at Commercial & Personal Banking in the eurozone (+3.5% vs.
2Q23). Excluding the impact of the afore mentioned headwinds and the DGS contribution in Italy,
the jaws effect was positive by more than 1.5 percentage points. Within Europe-Mediterranean,
they included the impact of inflation, particularly in Türkiye and Poland, and the reconsolidationof Ukraine. Operating expenses fell at Specialised Businesses (-1.0% vs. 2Q23). Jaws effects
were positive at Personal Finance, Leasing Solutions and New Digital Businesses.
Gross operating income7 amounted to €2,770m (-7.8% vs. 2Q23).
Cost of risk7 and others stood at €916m (€653m in 2Q23), due in particular to a specific credit
situation in France (€123m) and other net losses for risk on financial instruments in Poland(€91m).
As a result, after allocating one-third of Private Banking’s Net Income to Wealth Management(IPS division), CPBS achieved pre-tax income22 of €1,796m (- 24.0% vs. 2Q23). As a reminder,
2Q23 booked the positive impact of non-recurring items under “Other non-operating items” at
Personal Finance and Europe-Mediterranean.

8

CPBS – Commercial & Personal Banking in France
CPBF’s commercial activity was supported this quarter by the quality of its franchises, as
illustrated in the very strong inflows at Private Banking, customer acquisition at Hellobank!, and the development of cross-selling.
Customer loans outstanding fell by 1.6% compared to 2Q23 and volumes stabilised compared to
1Q24, with production up in 2Q24 on mortgage loans and corporate investment loans. Deposits
were down by 2.5% compared to 2Q23 but up by 1.1% compared to 1Q24, with a stabilisation in
their breakdown in the first half. Off-balance sheet savings rose by 5.7% compared to 30.06.23
and net asset inflows in life insurance were solid (+€1.6bn as of 30 June 2024). Cross-selling withBNP Paribas Cardif is developing.
Private Banking achieved very good net asset inflows of €3.8bn.
Hello bank! continues to acquire new customers at a sustained pace (about 195K in 1H24, 2.5x
compared to 1H23), driven by the pace of organic growth and by the good progress of the Orangebank operation.
Net banking income7 amounted to €1,663m, down by 3.1% compared to 2Q23. Excluding theimpacts of inflation hedges (-€45m in the process of normalising) and the non-remuneration of
mandatory reserves (-€20m), it was stable (+0.7% vs. 2Q23). Net interest revenues7 fell by 11.0%(-4.2% vs. 2Q23, excluding the impact of the headwinds). Fees7 rose (+6.1% vs. 2Q23), driven
by card and Cash Management fees and AuM-based fees in Private Banking.
At €1,118m, operating expenses7, (+0.4% vs. 2Q23) remained under control despite inflation,
thanks to the ongoing effect of cost-saving measures.
Gross operating income7 came to €545m (-9.4% vs. 2Q23).
Cost of risk7 amounted to €239m (€151m in 2Q23) or 41 basis points of customer loans
outstanding, in connection with a specific credit situation (20 bps excluding this case).
As a result, after allocating one third of Private Banking’s Net Income to Wealth Management (IPS
division), CPBF achieved pre-tax income22 of €262m (-35.5% vs. 2Q23).

CPBS – BNL Banca Commerciale (BNL bc)
BNL bc continued to demonstrate its good intrinsic performance, driven in this quarter by
the increase in deposits and ongoing improvement in margins on deposits across all
customer segments.
Customer loans outstanding decreased by 7.1% overall compared to 2Q23 and by 6.0% on theperimeter excluding non-performing loans. This was due in particular to the disciplined
management of margins at production in a competitive environment. Deposits rose by 5.9%
compared to 2Q23, with, on the one hand, an increase in Corporate and Private Banking customer
deposits, and, on the other hand, an ongoing improvement in margins on deposits across all
segments. Off-balance sheet savings fell by 3.9% compared to 30.06.2023.
Net banking income7 amounted to €722m (+5.0% vs. 2Q23). Net interest revenues rose by 3.7%,
driven by the margin on deposits partly offset by the decrease in volumes and loan margins. Fees
are also up sharply, by 7.0% compared to 2Q23, in connection with the strong increase in financial
fees, mainly in life insurance, combined with improved Cash Management fees.
9At €486m, operating expenses7 rose by 13.6% (+1.1% excluding IFRIC; DGS contribution of€51m paid in 2Q2423). The jaws effect was positive excluding IFRIC.
Gross operating income7 fell by 9.2%, to €235m.
At €95m, cost of risk7 rose by 18.4% from a low 2Q23 base, amounting to 53 basis points ofcustomer loans outstanding.
As a result, after allocating one third of Private Banking’s Net Income to Wealth Management (IPS
division), BNL bc achieved pre-tax income22 of €133m, down sharply by 22.5%.

CPBS – Commercial & Personal Banking in Belgium (CPBB)CPBB’s activity was resilient, and it continued to transform its operating model, driven by
the successful integration of Bpost bank.
Customer loans outstanding rose by 2.1% compared to 2Q23, driven by an increase in mortgage
and corporate loans. Deposits fell 3.8% compared to 2Q23 (+0.5% excluding the impact of theBelgian government bonds issuance maturing in September 2024). Corporate customer deposits
rose by +3.6% compared to 2Q23. Off-balance sheet savings24 increased by 5.5% compared to
30.06.2023, driven by mutual funds. Private Banking achieved net asset inflows of €1.2bn euros
this quarter.
Net banking income7 decreased by 3.4% to €972m (+3.1% excluding the impact of the nonremuneration of mandatory reserves and the Belgian government bonds (combined impact of €65m)). Net interest revenues7 decreased by 4.0% (+5.2%25 vs. 2Q23), in connection with theaforementioned impact of Belgian government bonds and the tightening in loan margins. The
specialised subsidiaries performed well. Fees7 were down by 1.8%, due to regulatory andcommercial impacts on payment fees and to a high level of savings activity by individual
customers in 2023, partly offset by the increase of financial fees in Private Banking.
At €577m, operating expenses7 rose by 1.6%, driven by inflation, partly offset by cost-saving
measures and the transformation of the operating model, with the successful integration of Bpost
bank.
Gross operating income7 amounted to €395m, down by 9.8%.
With €11m in releases (€19m in 2Q23), cost of risk7 is still very low and amounted to -3 basis
points of customer loans outstanding, in connection with releases of provisions on performing
loans (stages 1 and 2) and lower stage 3 provisioning.
As a result, after allocating one third of Private Banking’s Net Income to Wealth Management (IPS
division), CPBB achieved pre-tax income22 of €387m.

CPBS – Commercial & Personal Banking in Luxembourg (CPBL)
CPBL continued to achieve very good performances, driven by net interest revenues.
Net banking income7 increased by 5.5% to €153m. Net interest revenues7 rose by 6.2%, in
connection with good resiliency of margins on deposits, particularly in corporate deposits, andcapital gains on divestment of securities. CPBL achieved good growth in fees, particularly in
Private Banking. They rose by 1.9%7 compared to 2Q23.

10

At €73m, operating expenses7 rose by 6.0%, in connection with inflation and a base effect related
to banking taxes. The jaws effect was positive excluding IFRIC (+1.1 point).
Gross operating income7 rose sharply to €79m (+5.2%).
With €4m in releases, cost of risk7 is still very low.
After allocating one third of Private Banking’s Net Income to Wealth Management (IPS division),
CPBL achieved a pre-tax income22 of €81m, up very sharply by 11.5%.

CPBS – Europe-Mediterranean
Despite strong business momentum in Poland and Türkiye, Europe-Mediterranean’s pretax income fell sharply, due to provisioning in Poland. In contrast, the impact of thehyperinflation situation in Türkiye remains moderate, in relative terms, compared to 2Q23.
Customer loans outstanding rose by 6.3%6 compared to 2Q23, in connection with increased
volumes. Origination is prudent with individual customers in Poland, and production momentumis recovering in Türkiye across all customer segments. Deposits rose by 9.9%6 compared to
2Q23, driven by good momentum in Türkiye and in Poland.
Net banking income7, at €718m, rose by 3.2%26, due in particular to the strong increase of net
interest revenues in Poland and increased fees in Türkiye.
Operating expenses7, at €493m, rose by 31.6%26 due to high inflation.
Gross operating income7 fell by 33.2%26 to €226m.
Cost of risk7 stood at 18 basis points of customer loans outstanding, up from a low 2Q23 base(releases of stage 1 and 2 provisions).
Other net losses for risk on financial instruments26 include the impact of the “Act on Assistance toBorrowers” in Poland (-€47m) and other provisions in Poland (-€44m).
After allocating one third of Private Banking’s Net Income to Wealth Management (IPS division),
Europe-Mediterranean achieved pre-tax income22 of €134m, down sharply, by 60.6%26 (-58.2%
compared to 2Q23 excluding the effect of the hyperinflation situation in Türkiye).

CPBS – Specialised Businesses – Personal FinanceIn the 2nd quarter 2024, Personal Finance benefited from the initial impacts of thetransformation of the operating model, causing a positive jaws effect.
Customer loans outstanding rose by 3.3%6 compared to 2Q23 driven particularly by an increasein mobility, with greater selectivity at origination. Margins at production continued to improve
despite ongoing competitive pressure.
The effects of the implementation of partnerships with Orange in Spain and France and the goodincrease achieved by partnerships in auto loans favourably impact the volumes increase and thestructural improvement in the risk profile.
The geographical refocusing of activities and the reorganisation of the operating model continued.

11

Net banking income, at €1,266m, decreased by -0.9%6 (-4.6% at historical scope and exchange
rates), mainly due to higher medium-term financing costs, partly offset by pricing initiatives andvolume growth.
Operating expenses, at €684m, fell by 4.8%6 (-6.7% at historical scope and exchange rates), in
connection with the effect of cost-saving measures. The jaws effect was therefore positive on thequarter (+3.9 points6).
Gross operating income decreased by 2.0% to €581m.
Cost of risk stood at €409m (€363m in 2Q23), increasing slightly despite the structural
improvement in the risk profile. As of 30.06.2024, it stood at 152 basis points of customer loans
outstanding.
Pre-tax income thus came to €184m, down sharply by 30.9%6 (-36.4% at historical scope andexchange rates). Reminder: Personal Finance booked the positive impact of a non-recurring item
in “Other non-operating items” in 2Q23.

CPBS – Specialised Businesses – Arval and Leasing Solutions
The 2Q24 featured the normalisation of used-car prices and the improvement in thefinancial margin and margin on services at Arval.
Arval’s financed fleet rose sharply (+6.4%27 vs. 30.06.2023), as did its outstandings (+22.8% vs.
2Q23). The offering for individuals (+16.3%27 vs. 30.06.2023) is being developed throughpartnerships with automakers. Internationally, momentum is good with large international clients,
mainly due to the global coverage provided by the Element-Arval-Sumitomo Mitsui alliance. The
gradual normalisation of used-car prices at a high level continues, offset partly by the favourable
volume effect on vehicle sales (110,000 vehicles sold in 2Q24).
Outstandings at Leasing Solutions rose by 2.6% compared to 2Q23, and margins improved.
Business drive was also good with production volumes up by 16.0% compared to 2Q23. A
partnership was signed with HP Inc. for equipment financing and an offering of lifecycle
management solutions.
Combined net banking income of Arval and Leasing Solutions, at €989m, fell by 5.5%. Overall,
the normalisation of used-car prices was partly offset by the higher financial margin and margin
on services at Arval. Leasing Solutions revenues are increasing due to a volume impact andimproved margins.
Operating expenses rose by 5.9% to €379m, in connection with inflation and business drive.
Pre-tax income at Arval and Leasing Solutions fell by 18.1% to €539m.

CPBS – Specialised Businesses – New Digital Businesses and Personal Investors
Activity was very robust this quarter.
The number of Nickel points of sale rose (+16.1% vs. 30.06.2023) and Nickel continued to expandin Europe. Nickel developed its offering of services and products (e.g. 100% digital accountopening path in France), expanded its payment offerings (e.g. Apple Pay, Google Pay) andcontinued its diversification offers in partnership with the rest of the Group (e.g., the “coup depouce” loans with Floa28).

12

Regarding Floa, numerous partnerships have been signed in France, and activity is developing
internationally (number of active partnerships: 2.3x compared to 2Q23).
Personal Investors achieved a strong increase in assets under management (+14.7% vs.
30.06.2023), driven by the favourable impact of financial market trends and the number oftransactions remaining at a high level.
On this basis, net banking income7, at €275m, rose by 9.5%, reflecting the efficient organic growthat Nickel and the good resiliency in revenues at Personal Investors to the interest-rateenvironment.
Operating expenses7, at €176m, rose by 10.1%, due to the business development strategy.
Gross operating income7 amounted to €99m (+8.3% vs. 2Q23) and cost of risk7 amounted to€22m (€30m in 2Q23).
Pre-tax income22 at New Digital Businesses and Personal Investors after allocating one third of
the Private Banking result in Germany to Wealth Management (IPS division), rose very sharply
by 30.0%, to €76m.

CPBS 1st half 2024 results
In the first half, NBI7 amounted to €13,450m, stable compared to 1H23.
Operating expenses7 rose by 4.3% compared to the first half of 2023, at €8,470m.
Gross operating income7 amounted to €4,980m and decreased by 6.5% compared to 1H23.
Cost of risk7 amounted to €1,642m (€1,253m in 1H23).
Pre-tax income22 amounted to €3,313m€ (€4,116m in 1H23).

INVESTMENT & PROTECTION SERVICES (IPS)
IPS 2nd quarter 2024 results
IPS’s assets under management and revenues achieved solid growth this quarter, driven
by market performance effects and net asset inflows.
As of 30 June 2024, assets under management29 amounted to €1,312bn (+6.1% compared to
31 December 2023, +2.2% compared to 31.03.2024). They reflected the combined effects of net
asset inflows (+€42.1bn euros), market performance (+€28.2bn euros), and a moderate exchange
rate impact (+€2.4bn). Net asset inflows were robust in all business lines, driven by the diversityof the distribution networks.
Wealth Management, in particular, achieved very good momentum in inflows in Commercial &Personal Banking and internationally with high-net-worth individuals. Asset Management alsoachieved strong inflows, driven mainly by money-market funds. Insurance achieved strong
inflows in Savings, particularly in France. As of 30 June 2024, assets under management29 broke13

down as follows: €601bn at Asset Management and Real Estate30, €446bn at WealthManagement and €265bn at Insurance.
Revenues, at €1,472m, rose by 3.0% (+6.5% excluding the contribution of Real Estate andPrincipal Investments). They were driven by the very good momentum in Insurance, AssetManagement and Wealth Management. Revenues were down at Principal Investments, due to ahigh base, and revenues decreased at Real Estate, due to a very lacklustre market.
At €879m, operating expenses rose by 0.1% (+2.6% excluding the contribution of Real Estate
and Principal Investments), kept under control with efficiency and savings measures offsetting
targeted investments. The jaws effect was positive (+2.9 points) and very positive excluding thecyclical impact from Real Estate and Principal Investments (+3.9 points).
Gross operating income rose by +7.5% to €593m.
At €638m, pre-tax income was up by 5.0% (+10.6% excluding the contribution of Real Estate
and Principal Investments). It included a lower contribution from associates.

IPS – Insurance
The 2nd quarter featured strong business drive and an increase in revenues.
Savings achieved a very good performance in France and internationally with gross inflows up
sharply (+11.6% compared to 2Q23). Net asset inflows rose sharply, driven by a strong businessdrive, particularly in France in internal networks and via external distribution.
Protection’s gross written premiums rose by 8.1% compared to 2Q23. It continued its strong
increase internationally, driven by the strength of partnerships and the multi-channel model.
Protection continued to develop its offering with the launch of a new individual protection range inFrance, as well as an extension of home insurance with Lemonade and affinity insurance with
Orange.
Revenues rose by 5.2%, to €586m, driven by the strong performance in France and thedeployment of the model.
Operating expenses, at €204m, were stable, with targeted investments offset by efficiency
measures. The jaws effect was strongly positive (+5.0 points).
At €428m, pre-tax income at Insurance was up by 6.9%.

IPS – Wealth & Asset Management31
The 2nd quarter featured strong growth in assets and revenues at Wealth Management andAsset Management8.
Wealth Management achieved very good net asset inflows (€12.9bn in the 2Q24), especially in
Commercial & Personal Banking and with high-net-worth individuals. Transaction activity wasstrong in all geographies.
Asset Management8 also achieved very strong inflows (€10.9bn in 2Q24), driven by moneymarket funds. Assets under management classified Article 8 or 932 rose sharply (+€17bn in thefirst half 2024).

14

Wealth Management revenues, at €419m, rose by +6.1%, driven by increased fees and resiliencein net interest revenues. Revenues at Asset Management8 were also up sharply, by +9.8%, driven
by the increase in assets under management. Revenues were down with a high base effect at
Principal Investments and a market that has slowed considerably at Real Estate.
Operating expenses were stable, at €675m.
The jaws effect was positive (+4.1 points) excluding the cyclical impact from Real Estate andPrincipal Investments.
Pre-tax income at Wealth & Asset Management thus came to €210m, up by 1.4%.

IPS 1st half 2024 results
In the first half, revenues came to €2,892m, up by 1.9% compared to the first half of 2023.
Operating expenses amounted to €1,762m, stable compared to the first half of 2023.
Gross operating income amounted to €1,130m, up by 4.9% compared to the first half of 2023.
Pre-tax income came to €1,211m, up by 1.0% compared to the first half of 2023.

CORPORATE CENTRE
Restatements related to insurance in 2Q24
Net banking income of restatements related to insurance at Corporate Centre came to -€277m(-€305m in 2Q23), operating expenses to €283m (€271m in 2Q23), and pre-tax income to €6m(-€33m in 2Q23).

2Q24 Corporate Centre results (excluding restatements related to insurance)
Net banking income amounted to €22m (€87m in 2Q23), and operating expenses to -€198m(-€313m in 2Q23). The latter included the impact of €50m in restructuring and adaptation costs(€57m in 2Q23) and €98m in IT reinforcement costs (€94m in 2Q23).
Cost of risk amounted to €35m (€33m in 2Q23).
Pre-tax income of Corporate Centre excluding restatements related to insurance thus came to-€119m.

15

CONSOLIDATED PROFIT & LOSS STATEMENT – GROUP

2Q24

2Q23
Distributable

€m
Group

2Q24 /
2Q23
Dist.

2Q23

1H24

1H23
Distributable

1H24 /
1H23
Dist.

1H23

Revenues
Operating Expenses and Dep.

12,270-7,176

11,811-6,884

+3.9%
+4.2%

11,363-6,88924,753
15,11324,345-14,942

+1.7%
+1.1%

23,395-16,080

Gross Operating Income
Cost of Risk
Other net losses for risk on financial
instruments
Operating Income
Share of Earnings of Equity-Method
Entities
Other Non Operating Items

5,094
-752

4,927
-609

+3.4%
+23.5%

4,474
-609

9,640
-1,392

9,403-1,201+2.5%+15.9%

7,315-1,201

-91
4,251

0
4,318

n.s.
-1.6%

-80
3,785

-96
8,152

0
8,202

n.s.
-0.6%

-130
5,984

164

149

+10.1%

149

385

327

+17.7%

327

7

124

n.s.

124

248

124

n.s.

124

Pre-Tax Income
Corporate Income Tax
Net Income Attributable to Minority
Interests
Net Income from discontinued
activities
Net Income Attributable to Equity
Holders

4,422
-886

4,591
-1,078-3.7%-17.8%

4,058-1,078

8,785-2,052

8,653-1,869

+1.5%
+9.8%

6,435
-1,869-141-170-17.1%

-170

-235

-268

-12.3%

-268

0

0

n.s.

0

0

0

n.s.

2,947

3,395

3,343

+1.6%

2,810

6,498

6,516

-0.3%

7,245

Cost/income

58.5%

58.3%

+0.2 pt

60.6%

61.1%

61.4%

-0.3 pt

68.7%

16

RESULTS BY BUSINESS LINES FOR THE 2ND QUARTER
2024€m
Revenues%Change2Q23 Dis%Change1Q24
Operating Expenses and Dep.
%Change2Q23 Dis%Change1Q24
Gross Operating Income%Change2Q23 Dis%Change1Q24
Cost of Risk
%Change2Q23 Dis%Change1Q24
Operating Income%Change2Q23 Dis%Change1Q24
Share of Earnings of Equity-Method Entities
Other Non Operating Items
Pre-Tax Income%Change2Q23 Dis%Change1Q24€m
Revenues
2Q23 Dis
1Q24
Operating Expenses and Dep.
2Q23 Dis
1Q24
Gross Operating Income
2Q23 Dis
1Q24
Cost of Risk
2Q23 Dis
1Q24
Operating Income
2Q23 Dis
1Q24
Share of Earnings of Equity-Method Entities
2Q23 Dis
1Q24
Other Non Operating Items
2Q23 Dis
1Q24
Pre-Tax Income
2Q23 Dis
1Q24
Corporate Income Tax
Net Income Attributable to Minority Interests
Net Income from discontinued activities
Net Income Attributable to Equity
Holders

Commercial,
Personal Banking& Services (2/3 ofPrivate Banking)Investment&
Protection
Services

6,572
-0.4%
+1.0%
-3,892+5.5%-11.0%
2,681-7.9%+25.6%-917+40.5%+26.4%
1,764-21.9%+25.2%
83-48
1,798-23.8%+18.4%

1,472
+3.0%
+3.7%
-879
+0.1%
-0.4%
593
+7.5%
+10.4%
2
n.s.
n.s.
595
+8.2%
+11.7%
44
-1
638
+5.0%
+11.3%

Commercial,
Personal Banking& Services (2/3 ofPrivate Banking)Investment&
Protection
Services

6,572
6,600
6,507
-3,892-3,689-4,373
2,681
2,911
2,134
-917
-652
-725
1,764
2,259
1,409
83
71
96
-48
29
14
1,798
2,360
1,519
0
0
0

1,472
1,430
1,420
-879
-878
-883
593
551
537
2
-2
-4
595
550
533
44
58
40
-1
0
1
638
608
573
0
0
0

4,481
3,998
4,677
-2,489-2,275-2,741
1,992
1,723
1,936
106
78
95
2,097
1,801
2,031
4
3
3
-2
2
0
2,099
1,806
2,033
0
0
0

12,525
12,02812,604-7,260-6,842-7,997
5,265
5,186
4,607
-809
-576
-635
4,456
4,610
3,972
130
132
139
-51
31
14
4,535
4,774
4,125
0
0
0

-255
-217
-121
84
-42
60
-171
-259
-61
-34
-33
-10
-205
-292
-71
34
17
82
58
93
227
-113
-183
238
0
0
0

12,27011,811
12,483-7,176-6,884-7,937
5,094
4,927
4,546
-843
-609
-645
4,251
4,318
3,901
164
149
221
7
124
241
4,422
4,591
4,363
-886
-141
0

1,739

593

1,896

4,228

-256

3,395

CIB

4,481
+12.1%-4.2%-2,489
+9.4%
-9.2%
1,992
+15.6%+2.9%
106+35.2%+11.6%
2,097+16.4%
+3.3%
4
-2
2,099
+16.2%+3.2%

CIB

Operating
Divisions

12,525+4.1%-0.6%-7,260
+6.1%
-9.2%
5,265
+1.5%
+14.3%-809+40.5%+27.4%
4,456-3.3%+12.2%
130
-51
4,535
-5.0%
+9.9%

Operating
Divisions

Corporate
Center-255+17.6%
n.s.
84
n.s.
+40.5%-171-33.9%
n.s.
-34
+3.2%
n.s.
-205
-29.7%
n.s.
34
58
-113
-38.0%
n.s.

Corporate
CenterGroup

12,270+3.9%-1.7%-7,176
+4.2%
-9.6%
5,094
+3.4%
+12.1%-843+38.4%+30.7%
4,251
-1.6%
+9.0%
164
7
4,422
-3.7%
+1.4%

Group

17

RESULTS BY BUSINESS LINESFOR THE 1ST HALF OF 2024

Commercial,
Personal Banking& Services (2/3 ofPrivate Banking)Investment &Protection
Services

13,079

2,892

9,158

25,129

-376

-0.1%

+1.9%

+3.2%

+1.3%

-18.0%+1.7%-8,264-1,762-5,230-15,257

144-15,113

+4.2%

-0.0%

+1.4%

+2.7%

n.s.

+1.1%

4,815

1,130

3,927

9,872

-232

9,640

Operating
Divisions

CIB

Corporate
CenterGroup€m
Revenues%Change1H23 Dis

Operating Expenses and Dep.
%Change1H23 Dis

Gross Operating Income%Change1H23 Dis

24,753

-6.7%

+4.9%

+5.8%

-0.8%

-57.7%+2.5%-1,642-2

201-1,443-45-1,488+31.5%-14.8%

n.s.

+23.0%+65.0%+23.9%

3,173

1,128

4,128

8,428

-276

8,152

-18.9%

+5.0%

+8.9%

-4.0%

-51.9%-0.6%

Share of Earnings of Equity-Method Entities

179

83

6

269

116

385

Other Non Operating Items

-34

0

-2

-37

285

248
8,785

Cost of Risk
%Change1H23 Dis

Operating Income%Change1H23 Dis

Pre-Tax Income

3,317

1,211

4,132

8,660

125

-19.4%

+1.0%

+9.0%

-4.9%

n.s.

+1.5%

Corporate Income Tax

0

0

0

0

-1,166-2,052Net Income Attributable to Minority Interests

0

0

0

0

-94

-235

Net Income from discontinued activities

0

0

0

0

0

0

3,258

1,166

3,929

8,354

-1,2786,498%Change1H23 Dis

Net Income Attributable to Equity Holders

18

BALANCE SHEET AS OF 30 JUNE 2024
30/06/2024

31/12/2023

In millions of euros
ASSETSCash and balances at central banks
Financial instruments at fair value through profit or loss
Securities
Loans and repurchase agreements
Derivative financial Instruments
Derivatives used for hedging purposes
Financial assets at fair value through equity
Debt securities
Equity securities
Financial assets at amortised cost
Loans and advances to credit institutions
Loans and advances to customers
Debt securities
Remeasurement adjustment on interest-rate risk hedged portfolios
Investments and other assets related to insurance activities
Current and deferred tax assets
Accrued income and other assets
Equity-method investments
Property, plant and equipment and investment property
Intangible assets
Goodwill

184,461

288,259

308,256
275,205
278,668
26,562

211,634
227,175
292,079
21,692

57,141
1,660

50,2742,275

48,361
872,147
137,899(4,683)
267,395
6,253
174,871
7,219
47,8754,372
5,596

24,335859,200
121,161(2,661)
257,098
6,556
170,758
6,751
45,222
4,142
5,549

2,699,258

2,591,499

3,637

3,374

99,377351,11098,017
264,751
40,046104,910273,61483,763278,892
38,01189,0081,003,053
201,431
26,912(14,247)3,470
149,182
227,865
18,553
9,326

95,175988,549
191,482
24,743(14,175)
3,821
143,673
218,043
18,23910,5182,571,491

2,462,632

Share capital, additional paid-in capital and retained earnings

119,111

115,809

Net income for the period attributable to shareholders
Total capital, retained earnings and net income for the period
attributable to shareholders
Changes in assets and liabilities recognised directly in equity
Shareholders' equity

6,498

10,975

125,609126,784(3,427)122,182(3,042)
123,742

Minority interests

5,585

5,125

TOTAL EQUITY

127,767

128,867

TOTAL LIABILITIES AND EQUITY

2,699,258

2,591,499

TOTAL ASSETSLIABILITIES
Deposits from central banks
Financial instruments at fair value through profi t or loss
Securities
Deposits and repurchase agreements
Issued debt securities
Derivative financial instruments
Derivatives used for hedging purposes
Financial liabilities at amortised cost
Deposits from credit institutions
Deposits from customers
Debt securities
Subordinated debt
Remeasurement adjustment on interest-rate risk hedged portfolios
Current and deferred tax liabilities
Accrued expenses and other liabilities
Liabilities related to insurance contracts
Financial liabilities related to insurance activities
Provisions for contingencies and charges
TOTAL LIABILITIESEQUITY19

ALTERNATIVE PERFORMANCE INDICATORSARTICLE 223-1 OF THE AMF GENERAL REGULATIONS
Alternative
performancemeasuresDefinition

Reason for use

Insurance P&L
aggregates(Revenues,
Operatingexpenses, Gross
operating income,Operatingincome, Pre-tax
income)Insurance P&L aggregates (Revenues, Gross operating
income, Operating income, Pre-tax income) excluding thevolatility generated by the fair value accounting of certain
assets through profit and loss (IFRS 9) transferred to
Corporate Centre; Gains or losses realised in the event ofdivestments, as well as potential long-term depreciations
are included in the Insurance income profit and loss
account.

Presentation of the Insurance result
reflecting
operational
andintrinsic
performance (technical and financial)

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

Corporate Centre
P&L aggregates

P&L aggregates of Corporate Centre, including restatementof the volatility (IFRS 9) and attributable costs (internal
distributors) related to Insurance activities”, following theapplication from 01.01.23 of IFRS 17 “insurance contracts”
in conjunction with the application of IFRS 9 for insurance
activities, including:•
Restatement in Corporate Centre revenues of thevolatility to the financial result generated by the
IFRS 9 fair value recognition of certain Insurance
assets;•Operating expenses deemed “attributable toinsurance activities,” net of internal margin, arerecognized in deduction from revenues and nolonger booked as operating expenses. These
accounting entries relate exclusively to theInsurance business and Group entities (excluding
the Insurance business) that distribute insurance
contracts (known as internal distributors) and haveno effect on gross operating income. The impact ofentries related to internal distribution contracts isborne by the “Corporate Centre.”

Transfer to Corporate Centre of the impactof operating expenses “attributable toinsurance activities” on internal distribution
contracts in order not to disrupt readabilityof the financial performance of the various
business lines.

A reconciliation with Group P&L aggregates is provided in
the “Quarterly Series” tables.
Operatingdivision profit
and loss accountaggregates(Revenues, Netinterest revenue,
Operatingexpenses, Gross
operating income,Operatingincome, Pre-tax
income)Sum of CPBS’ profit and loss account aggregates (withCommercial & Personal Banking’ profit and loss accountaggregates, including 2/3 of private banking in France,
Italy, Belgium, Luxembourg, Germany, Poland and in
Türkiye), IPS and CIB.

Representative measure of the BNPParibas Group’s operating performance

BNP Paribas Group profit and loss account aggregates= Operating division profit and loss account aggregates+ Corporate Centre profit and loss account aggregates.
Reconciliation with Group profit and loss accountaggregates is provided in the tables “Results by Corebusinesses.”
Net interest revenue mentioned in Commercial &Personal Banking includes the net interest margin (asdefined in Note 3.a of the financial statements), as wellas, to a lesser extent, other revenues (as defined in
Notes 3.c, 3.d and 3.e of the financial statements),

20

Alternative
performancemeasuresDefinition

Reason for use

excluding fees (Note 3.b of the financial statements).
P&L aggregates of Commercial & Personal Banking orSpecialized Businesses distributing insurance contracts
exclude the impact of the application of IFRS 17 on theaccounting presentation of operating expenses deemed“attributable to insurance activities” in deduction ofrevenues and no longer operating expenses, with theimpact carried by Corporate Centre.

Profit and loss
account
aggregates ofCommercial &Personal Banking
activity with 100%of Private
Banking

Profit and loss account aggregate of a Commercial &Personal Banking activity including the whole profit and loss
account of Private Banking

Profit and loss
account
aggregates,
excluding
PEL/CEL effects(Revenues, Gross
operating income,Operatingincome, Pre-tax
income)Profit and loss account aggregates, excluding PEL/CEL
effects.

Cost-income ratio

Ratio of costs to income

Measure of operating efficiency in thebanking sector

Cost ofrisk/customer
loans outstandingat the beginningof the period(in basis points)

Ratio of cost of risk (in €m) to customer loans outstandingat the beginning of the period

Measure of the risk level by business inpercentage of the volume of loans
outstanding

Change inoperatingexpenses
excluding IFRIC
21 impact

Change in operating expenses excluding taxes andcontributions subject to IFRIC 21

Representative measure of the change inoperating expenses excluding taxes andcontributions subject to IFRIC 21 bookedalmost entirely in the 1st half of the year,
given in order to avoid any confusioncompared to other quarters

Return on equity(ROE)

Details of the ROE calculation are disclosed in the Appendix“Return on Equity and Permanent Shareholders’ Equity” ofthe results’ presentation.

Measure of the BNP Paribas Group’s returnon equity

Return on tangible
equity (ROTE)

Details of the ROTE calculation are disclosed in the
Appendix “Return on Equity and Permanent Shareholders’Equity” of the results’ presentation.

Measure of the BNP Paribas Group’s returnon tangible equity

Distributable Net
Income, Groupshare

P&L aggregates up to Net Income adjusted in accordancewith the announcements made in February 2023 to reflect
the Group’s intrinsic performance in 2023, pivotal year, after
the sale of Bank of the West on 01.02.2023 but also as thelast expected year of the ramp up of the Single Resolution
Fund, marked by extraordinary items.
Adjustments are detailed in the 2023 results’ presentation:
include the effect of the anticipation of the end of

Measure of BNP Paribas Group’s Net
Income reflecting the Group’s intrinsic
performance in 2023, pivotal year, postimpact of the sale of Bank of the West andthe last expected year of the contribution to
the ramp-up of the Single Resolution Fund,marked by extraordinary items.

Reconciliation with Group profit and loss accountaggregates is provided in the “Quarterly series” tables.

Reconciliation with Group profit and loss accountaggregates is provided in the “Quarterly series” tables.

Representative
measureoftheperformance of Commercial & Personal
Banking activity including the total
performance of Private Banking (before
sharing the profit & loss account with theWealth Management business, Private
Banking being under a joint responsibility ofCommercial & Personal Banking (2/3) and
Wealth Management business (1/3))
Representative measure of the aggregatesof the period excluding changes in theprovision that accounts for the risk
generated by PEL and CEL accounts
throughout their lifetime.

Cost of risk does not include “Other net losses for risk on
financial instruments.”

21

Alternative
performancemeasuresDefinition

Reason for use

the ramp-up of the Single Resolution Fund in 2023
exclude the Net Income of entities intended to be
sold (application of IFRS 5) (notably the capital gain on thesale of Bank of the West) and additional items related to thesale of Bank of the Westexclude extraordinary items such as theextraordinary 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 forlitigation
The distributable Net Income is used to calculate theordinary distribution in 2023 as well as to monitor theGroup’s performance in 2023.
Net Income,Group shareexcluding
exceptional items

Net Income attributable to equity holders excluding
exceptional items.

Coverage ratio of
non-performing
loans

Relationship between stage 3 provisions and impaired
outstandings (stage 3), balance sheet and off-balance
sheet, netted for collateral received, for customers andcredit institutions, including liabilities at amortised cost anddebt securities at fair value through equity (excluding
Insurance)

Details of exceptional items are disclosed in the slide “MainExceptional Items” of the results’ presentation.

Measure of BNP Paribas Group’s Net
Income excluding non-recurring items of asignificant amount or items that do notreflect
theunderlying
operatingperformance,
notably
restructuring,
adaptation,ITreinforcement
andtransformation costs.
Measure of provisioning of non-performing
loans

22

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 currentyear 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’sreporting currency.
ReminderNet banking income (NBI): throughout the document, the terms “net banking income” and “Revenues” are usedinterchangeably.
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:oCorporate and Institutional Banking (CIB) including Global Banking, Global Markets, and Securities
Services.

oCommercial, Personal Banking and Services (CPBS) including:o▪

Commercial & Personal Banking in France, in Belgium, in Italy, in Luxembourg, in EuropeMediterranean;▪

Specialised Businesses, with Arval & Leasing Solutions; BNP Paribas Personal Finance; New Digital
Businesses (including Nickel, Lyf…) & Personal Investors;

Investment & Protection Services (IPS) including Insurance, Wealth & Asset Management, which includes
Wealth Management, Asset Management, Real Estate and Principal Investments

23

NOTES
1

2
3
4

5

6
7
8
9
10
11
12
13
14

15

16
17

18

19

20
21
22
23
24
25
26

27
28
29
30
31
32

2023 distributable income based on the restatement of quarterly series released on 29 February 2024. Results
serving as a basis for calculating the 2023 distribution reflecting the Group’s intrinsic performance post impact of the
Bank of the West divestment and post contribution to the build-up of the Single Resolution Unique (SRF) excluding
extraordinary items
Excluding Real Estate and Principal Investments
Cost of risk does not include “Other net losses for risk on financial instruments”.
Earnings per share at end of period calculated on the basis of 2Q24 Net Income adjusted for the remuneration ofundated super subordinated notes and the average number of shares outstanding during the period
Return on invested capital: estimated 2025 Net Income generated by the capital redeployed since 2022 comparedto allocated capital (CET1)
At constant scope and exchange rates
Including 100% of Private Banking (excluding PEL/CEL effects in France)
Excluding Real Estate and Principal Investments
LLM: large language model
POC: proof of concept
60% stake in Ukrsibbank, the remaining 40% being held by the European Bank for Reconstruction and Development
Calculated in accordance with Regulation (EU) n°2019/876
Calculated in accordance with Regulation (CRR) 575/2013, Art. 451a
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
Increase in Group revenues between 2023 (distributable) and 2024 minus the increase in Group operating
expenses between 2023 (distributable) and 2024
Dealogic, Global DCM as of 30.06.24, transaction volumes
Dealogic, Debt Capital Markets rankings, Syndicated Loans rankings as of 30.06.24, bookrunner rankings byvolumeCoalition Greenwich 1Q24 Competitor Analytics; tied for #1. Rankings based on revenues of banks in the Top 12
Coalition Index in Transaction Banking (Cash Management and Trade Finance, excluding Correspondent Banking)in 1Q24 in EMEA: Europe, Middle East, Africa
Dealogic, All ESG Bonds & Loans, EMEA and Global, bookrunner rankings by volume, based on data retrieved on
12 July 2024. Data may differ in the 1G24 Dealogic Sustainable Finance Review
Belgian government bond issue, inflation hedges in France and non-remuneration of mandatory reserves
Accounts opened since inception, in all countries
Including 2/3 of Private Banking (excluding PEL/CEL effects in France)
Paid in the third and fourth quarter of 2023
Life insurance and mutual funds
Excluding the impact of non-remuneration of mandatory reserves and Belgian government bonds (-€65m)
At constant scope and exchange rates, with the exception of Türkiye at historical scope and exchange rates inaccordance with IAS29
End-of-period increase in the fleet
Online mini-loan offering, with repayment in four installations, fees included
Including distributed assets
Assets under management at Real Estate: €25bn
Asset Management, Wealth Management, Real Estate and Principal Investments
Assets under management of open-ended funds distributed in Europe and classified Article 8 or 9 by SFDR

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, inparticular, the end of the build-up of the Single Resolution Fund (SRF), effective 1 January 2024, and theassumption 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 thisrestatement.
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 andservices, and statements regarding future performance and synergies. Forward-looking statements are notguarantees of future performance and are subject to inherent risks, uncertainties and assumptions about BNPParibas 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 ininterest 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 tothe invasion of Ukraine and the conflict in the Middle East, or vi) the precautionary statements included in thispress 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 fromexternal sources has not been independently verified and no representation or warranty expressed or implied ismade as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of theinformation 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 asa 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 second quarter 2024 and first half 2024 consist of this press release,
the attached presentation, and quarterly series. For a detailed information, the quarterly series are available atthe following address: https://invest.bnpparibas/document/2q24-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 ofthe 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

EquityRaphaëlle 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
Patrice Ménard - patrice.menard@bnpparibas.com
Antoine Labarsouque - antoine.labarsouque@bnpparibas.com
E-mail: investor.relations@bnpparibas.com
https://invest.bnpparibas/en/