RESULTSSECOND QUARTER 2024
24 JULY 2024

Second quarter 2024 results | 1

DISCLAIMER
The figures included in this presentation 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 anaccounting heading separated from cost of risk and entitled “Other net losses for risks on financial instruments”, beginning in the fourth quarter 2023. This presentation reflects
this restatement.
This presentation 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, andstatements 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. Actual results may differ materially from those projected or implied inthese forward-looking statements. Any forward-looking statement contained in this presentation speaks as of the date of this presentation.
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 thispresentation.
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 presentation 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 ofthis 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 alternative performance measures are defined in the press
release published jointly with this presentation.

Second quarter 2024 results | 2

2ND QUARTER 2024 | BNP Paribas achieves very high Net Income of €3.4bn

Strong revenue growth driven by the diversified and integrated model

2Q24 (€m)

Chg. vs. 2Q231
distributable

+3.9%

⎯

Revenues

12,270⎯Operatingexpenses

7,176• Excellent quarter at CIB (+12.1% vs. 2Q23), in particular at Global Markets(+17.6% vs. 2Q23)• Stability of revenues at CPBS, with positive trends at Commercial & Personal Banking(fees: +7.4% vs. 2Q23); headwinds expected to start fade away in 2H24
• Good performances at IPS, particularly at Insurance (+5.2% vs. 2Q23) and
Asset Management2 (+9.8% vs. 2Q23)

Operating efficiency and cost control• Positive jaws effect (+0.4 pt) excluding the phasing effect of the DGS contribution in Italy(€51m accounted in 2Q24 vs 3Q23 and 4Q23)+3.5%*(excluding DGS
contribution)• Continued implementation of operational effectiveness measures: €650m in 2H24

Gross Operating Income up

⎯

GOI

5,094

Cost of risk3 below 40 bp, due to the quality of the credit portfolio, despite a specificcredit situation this quarter⎯

Cost of risk3

33 bpsNet Income group share4 driven by very good operating performance⎯

Net Income4

3,395

+1.6%

⎯

Earnings per
share5

€2.81

+8.1%

⎯

CET1

13.0%

Earnings per share5 up sharply
Very solid financial structure+3.4%• Redeployment of capital from the Bank of the West divestment on track with the announced
target (55 bps CET1 ; 2025 ROIC6 >16%)• Impact of a model update initially scheduled for 2025 (-10 bps CET1)*+4.2% vs. 2Q23 (incl. DGS contribution)

Second quarter 2024 results | 3

2024 TRAJECTORY | On the basis of its 1H24 results, BNP Paribas confirms its 2024 trajectory

12024 trajectory

2

3

4

Revenues

Jaws effect1

Cost of risk

Net Income2

Growth > +2%
vs. 20233 revenues

Positive< 40 bps> 2023 Net Income3(€11.2bn)+0.5 pt

31 bps

€6.5bn(€46.9bn)

1H24 results€24.8bn(+1.7% vs. 1H233)— BNP Paribas has set five strategic priorities for 2H24

— BNP Paribas has key strengths in the 2H24 environment• To continue its commitment to serving clients to the utmost• A diversified and integrated model limiting its dependence on
any one business or geographical region; positioning at scale inEurope• To step up the implementation of operating efficiency
measures• To continue to manage the cost of risk through the cycle• To deploy platforms, in particular at Asset Management, WealthManagement and Insurance• To continue to gain market share at CIB while sticking to abalanced allocation of capital• Capacity to grow through the cycle• Quality of its relationships and client portfolio• Model adapted to a scenario of gradual interest-rate cuts
• Weight of fee-generating businesses

Second quarter 2024 results | 4

LONG-TERM TRAJECTORY | Growth and distribution across the cycles⎯

Revenue growth1 far greater than long-term growth of theunderlying euro zone economy⎯

As of 30 June 2024, net book value3 stood at €88.5
87,6
78,7

79,3

73,2
63,3
52,4

CAGR 2013-2023
+3.0%
2013

⎯

2014

2016

2019

2020

2021

2022

2023

2012

⎯

Growth in earnings per share2 (EPS)
through various cycles (€)

NBV 30.06.24€88.5

CAGR 2012-2023+4.8%

2Q24 Revenues
+3.9%

2016

1

2020

9,2

3,67

2,70

6,0
5,3

EPS 1H24€2.81 (+8.1%)
2020

€

3,90

2,66

1,50

CAGR 2012-2023
+5.2%
2016

2023

4,60

7,3

2012

2022

Continued increase in the cash dividend per share (€)

7,8

5,2

2021

2021

2022

2023

Distribution 4 2024-2026e€20bn

CAGR 2012-2023+10.7%
2012

2016

2020

2021

2022

2023

Second quarter 2024 results | 5

SECTION 1

2Q24 Group results

Second quarter 2024 results | 6

P&L STATEMENT | Very solid operating performances in 2Q24

2Q24

2Q23
(distributable1)

2Q23

Chg. vs. 2Q23
distributable1

12,27011,811

11,363+3.9%-7,176-6,884-6,889

+4.2%

-59

-32

-32

n.s.

5,094

4,927

4,474

+3.4%

-752

-609

-609

+23.5%

-91

-

-80

n.s

4,251

4,318

3,785

-1.6%

171

273

273

-37.4%

4,422

4,591

4,058

-3.7%

Tax

-886

-1,078-1,078-17.8%Net Income attributable to equity holders

3,395

3,343

2,810

+1.6%

(€m)

Net Banking Income (NBI)
Operating expenses
o/w IFRIC21 taxes
Gross Operating Income
Cost of risk
Other net losses for risk on financial instruments2

Operating income
Non-operating items
Pre-tax income

Second quarter 2024 results | 7

EXCEPTIONAL ITEMS | Limited impacts in 2Q24

€m

2Q24

2Q23
(distributable1)

Provisions for litigation (Corporate Centre)

-

-125

Total NBI-

-125

Restructuring costs and adaptation costs (Corporate Centre)

-50

-57

IT reinforcement costs (Corporate Centre)

-98

-94

Total Operating expenses

-148

-151

Total exceptional items (pre-tax)

-148

-276

Total exceptional items (after-tax)

-111

-207

Impact on pre-tax income

-51

-96

Impact on Net Income, Group share

-24

-46

Effects of the hyperinflation situation in Türkiye2

Second quarter 2024 results | 8

REVENUES | 2Q24 driven by a solid performance within each division⎯ Group1⎯ Corporate & Institutional
Banking

Commercial &Personal Banking+12.1%

+3.9%

+1.7%

12,27011,811

3,998

4,481

2Q23

2Q24
€m

CIB – Robust increase in revenues(+12.1%)

2Q23

CIB



Global Banking (+5.4%)
Growth driven by Capital Markets(+12.5%3) and Transaction
Banking (+7.6%3)

Global Markets (+17.6%)
Strong growth in Equity
businesses (+57.5%). Resilienceat FICC (-7.0%)

2Q24

CPBS2

IPS

CC5


€m

Securities Services (+10.5%)
Gains driven by fee volumes andthe improvement in the netinterest margin⎯ Investment &Protection Services⎯ Commercial, Personal Banking &Services4-0.3%

Specialised
Businesses
-3.6%

+3.0%

4,157

4,229

2,625

2,530

1,430

1,472

2Q23

2Q24

2Q23

2Q24

2Q23

2Q24
€m

€m

CPBS – Stability of revenues (-0.3%), driven by
growth at Commercial & Personal Banking(+1.7%)
Commercial & Personal Banking (+1.7%)
Increase in fees (+7.4%) and interest revenues(+3.8%) excluding headwinds (Belgian
government bonds, ECB mandatory reserves,and inflation hedges: -€140m) the base effectsof which will fade gradually in 2H24

Specialised Businesses (-3.6%)
Decrease at Personal Finance (-0.9% atconstant scope and exchange rates), despite
higher volumes; Arval & Leasing Solutions
revenues (-5.5%) decreased, due to lower
used-car prices; very good performance at New
Digital Businesses and PI (+9.5%)

IPS* – Strong momentum inrevenues (+6.5%)

Very good quarter for WealthManagement (+6.1%),
Insurance (+5.2%) and
Asset Management*(+9.8%), which continue tosupport the division’s revenue
growth (+3.0%)* Excluding Real Estate and Principal Investments

Second quarter 2024 results | 9

REVENUES | 2Q24 illustrates the strength of the diversified and integrated model2024e REVENUEGROWTH⎯ The breakdown in revenues in 2Q24 illustrates
the complementarity of Group businesses>2%⎯ Cross-selling accounted for 32% of Group revenues
in 2023, up by +4%+4%

PI & NDB
Arval & Leasing Solutions

Wealth Management,
AM & Real Estate

2%
5%

8%

Personal FinanceInsurance

By type of client

7%

32%

10%
EuropeMediterranean€15.0bn€14.4bn

18%

Global Markets

6%2022
Corporate clients

6%

2023
Financial institutions clients

Retail & Private banking clients

Securities Services

27%

By type of product
Global Banking

Commercial & Personal Banking
eurozone€15.0bn€14.4bn

12%

CPBS1

IPS

CIB

52%

12%

36%

32%
2022
CPBS products

2023
CIB products

IPS products

Second quarter 2024 results | 10

OPERATINGEFFICIENCY

Operating expenses kept under control, while supporting growth in 2Q24

⎯ Group1⎯ Corporate & Institutional
Banking⎯ Commercial, Personal Banking &Services3
Commercial &Personal Banking+4.2%*
+9.4%

7,176

+5.6%

⎯ Investment & Protection
Services

Specialised
Businesses

+8.9%

+0.1%

-1.0%

6,884

2,275

2,489

2,524

2,748

1,252

1,240

878

879

2Q23

2Q24

2Q23

2Q24

2Q23

2Q24

2Q23

2Q24

€m

CIB – Increased costs related tothe steep rise in revenues and abase effect; positive jaws effect(+2.7 pts)

2Q23

2Q24

Jaws effect(excl. DGS)

+0.4 pt

Cost-income
ratio

58.5%

CIB

IPS

CPBS2

 Global Banking: Operating
expenses up compared to a lowbase in 2Q23 (+9.2%)

CC4
€m

€m

€m

CPBS – Increase in operating expenses
mainly driven by Europe-Mediterranean
and the DGS tax in Italy

 Commercial & Personal Banking in theeuro zone: Excluding the DGS contributionin Italy, operating expenses rose by +1.1%;
positive jaws effect above +1.5 pts
 Very positive jaws effect at Global
excluding headwinds
Markets (+6.3 pts)
 Decrease of operating expenses at
 Securities Services: control ofSpecialised Businesses (-1.0%), positive
operating expenses amidst
jaws effect at Personal Finance, Leasingsustained growth (+5.7%), a
Solutions and New Digital Businesses
positive jaws effect (+4.8 pts)

IPS – Jaws effect (+2.9 pts)
 Decrease in operating expenses
at Real Estate Jaws effect above +2 pts in all
business lines except Real
Estate*+3.5% vs. 2Q23 (excl. DGS contribution)

Second quarter 2024 results | 11

OPERATINGEFFICIENCY

2Q24 change in the cost base is in line with the 2024 trajectory⎯ Operational efficiency measures 2024: €350m completed in 1H24, €650m to come in 2H24 (€m)
€1,000m

JAWS
EFFECT POSITIVE
2024e

400

Operatingefficiency
measures plannedfor 2024

200
6,9
6,9

IPS
11%

CIB
33%

50

€1,000m

600
450

•

Mutualisation (nearshoring /offshoring)•

Acceleration of deployment of
AI use cases•

Optimisation and flexibilityof premises•

Discipline in managing external
expenses•

Reinforcement of global
sourcing

300

150
1Q24

2Q24

3Q24e

Recurring measures - initial plan (€600m)

CPBS
56%

4Q24e

Additional measures (€400m)⎯ These €400m of additional measures are part of an overall
operational efficiency plan amounting to €2.7bn cumulatively
by 2025600⎯ Jaws effect1 of Commercial and Personal Banking
in the eurozone is intrinsically positive in 2Q24

400
+2.4 pts

400~+1.5 pts

+1.3 pts

600~+2.5 pts
2,300

600

-4.7 pts

500
2022

2023

2024e

2025e

e cumulative
2025
2025e
cumulé

m€

Impact of the public
Reported jaws authorities’ decisions in
Inflation hedge
effectthe eurozone

DGS Italy

Structural
jaws effectSecond quarter 2024 results | 12

COST OF RISK | Cost of risk under control, thanks to the quality and diversification of the portfolio
2024e
COST OF RISK < 40 bps⎯ Cost of risk1 / GOI2 – 2018-2025e⎯ 2Q24 illustrates the conservative and proactive risk culture

2Q24: 14.8%

Cost of risk1 /customer loans
outstanding

33 bpsStock ofprovisions

Doubtful loans/ gross
outstandings*

1.6%

Coverage ratio*€19.0bno/w €4.5bn
Stage 1&2

69.8%
* Details in appendix⎯ Limited exposure to sensitive sectors⎯ Provisions trend in 2Q24 in line with 1Q24 excluding
a specific credit situation
972

 Commercial real estate: 3.9% of total gross exposure3, or €69.9bn;

752

592

609

734

803

•
•

640
1,121

718

~45% of counterparties rated investment grade4782

 Construction: 2.0% of total gross exposure3, or €34.5bn; ~62% of

1,027

counterparties rated investment grade4

763
St 3
St 1 & 2

-126

-194

-48

-149

-123

1Q23

2Q23

3Q23

4Q23

1Q24

3.1% of customer loans outstanding classified as doubtful>90% of exposures are in Europe

3.7% of customer loans outstanding classified as doubtful
77% of customer loans outstanding in Europe

 Leveraged financing5: 0.7% of total gross exposure3, or €13.1bn

-275
2Q24

•
•

€m

Second quarter 2024 results | 13

COST OF RISK | Low cost of risk in 2Q24 in all business lines
Cost of risk1 vs. customer loans outstanding at the beginning of the period (in bps)

⎯

CPBF

•

€239m (+€88m / 2Q23), due
to a specific credit situation•

Cost of risk stable at 20 bps
excluding this specific case•Release of provisions on
performing loans (stages 1 &2) decreased from a high
2Q23 level

41
21

11

21

2021 2022 2023

⎯

26
13

20

25

1Q23 2Q23 3Q23 4Q2320

1Q24 2Q24⎯

8

62 58 53

49 41 51 72

39 53

2021 2022 2023

1Q23 2Q23 3Q23 4Q23

1Q24 2Q24•€95m (+€15m / 2Q23)•

Cost of risk at a low level•

Release of provisions on
performing loans (stages
1 & 2) decreased from ahigh 2Q23 level362021 2022 2023

39

13 19

13

0
-4

2021 2022 2023

-19 -11-20 -30

1Q23 2Q23 3Q23 4Q23

1Q24 2Q24•-€134m (-€49m / 2Q23)•

Release of provisions on
performing loans (stages
1 & 2)

6

1Q23 2Q23 3Q23 4Q23-€11m (-€30m vs. 2Q23)•

Decrease in cost of risk•

Release of provisions on
performing loans (stages 1& 2)•

Decrease in stage 3
provisions•€16m (+€40m vs. 2Q23)•

Cost of risk at a low level•

Reminder: release ofprovisions in 2Q23•€409m (+€46m vs. 2Q23)•

Increase in cost of risk due
to the current cycle despite
the structural improvementin the risk profile

8

1Q24 2Q24

41

57

13

23

45

18

-1 -26⎯

Global Banking

5•

Europe-Mediterranean

2021 2022 2023

⎯

2

10

-3

⎯

BNL

CPBB

1Q23 2Q23 3Q23 4Q23

1Q24 2Q24

Personal Finance

141 143 155

145 145147 179

143 1522021 2022 2023

1Q23 2Q23 3Q23 4Q23

1Q24 2Q24

Second quarter 2024 results | 14

Confirmation of the capital trajectory out to 2025
and anticipation in 2Q24 of model updates initially planned in 2025

FINANCIAL STRUCTURE |⎯ Change in CET1 ratio between 31 March 24 and 30 June 24
13.10%+40 bps

LCR2

13.0%
-30 bps-10 bps-10 bps

10.27%1

30.06.24

132%

Leverage
4.4%
ratio330.06.24

CET1
31.03.24

Organic
capitalgeneration(net of RWA)

Distribution

BW reinvestment

2Q24•

Organic generation: +40 bps•

Distribution: -30 bps•

Redeployment of Bank of the West proceeds:-10 bpsModel update
and other

CET1
30.06.24

SREP
requirement asof 30.06.24

Trajectory out to end-2025

CET1
31.12.25e

12%2026 & MT prudential outlook•

Organic capital generation•

Capital distribution – pay-out ratio = 60%• FRTB (-30 bps): impact and application
depending on the outcome of “levelplaying field” (US/ Europe) discussions•

Redeployment of Bank of the West proceeds• Main EBA consultation papers (Market

Prudential impacts: -10 bps anticipated

Prudential impacts: -80 bps by 2025•

Anticipation of model updates initially planned in
2025: -10 bps•

Arval: prudential consolidation (-30 bps) as of
1 July 2024•

Limited impact of OCI•

Basel 4 (excl. FRTB) : impact of the
finalisation on 1 January 2025 (-50 bps)

risk / Prudent valuation; Credit risk / Offbalance sheet items; etc.)• Capital Markets Union / Securitisation:
potential publication of initial text by theCommission in 2H25 (average duration oflegislative process: ~18 months)

Second quarter 2024 results | 15

TECHNOLOGICAL INNOVATION | Continued deployment of AI⎯ AI strategy embedded into the Group’s transformation

780

AI use cases⎯ An open-ended and secured technological foundation•

business analysts) in the Groupas at 30.06.24

 Pipeline of ~300 use cases in the experimental phase,of which ~150 based on generative AI with LLM1~800 artificial intelligence specialists (data scientists or•+260 initiatives / POCs2 with fintechs, including Mistral.ai•

49% of applications using a cloud infrastructure (+50% since
the start of the plan) with a 2025 target of 60%

1,000

•

More than 1 billion transactions per month on theGroup’s API platforms (+56% vs. end-2023)

761•

2024 budget allocated to cybersecurity accounts for 9% of
the Group’s total IT budget

427•

protection in 2023

141
•

2019

~150,000 hours of training provided on privacy and data

2021

2023

2025e

Preparation of the Group for the release of EU requirements
under the Artificial Intelligence Act (EU AI Act)

Number of AI use cases in production (2019-2025e)

Second quarter 2024 results | 16

ESG | 2Q24 BNP Paribas confirmed its leadership in sustainability

World’s Best Bank for Financial Inclusion⎯ 2Q24: Examples of innovative solutions

World’s first gender bond: 50 million euros (Iceland)• Finances improvement in parental leave andacquisition of affordable homes for women• Arranged exclusively by the Groupthe

Financial agreement signed for Solarpack (Spain) for
US$176.6 million⎯ New objectives and binding strategic indicators
Finalised the Group’s net-zero objectives• 3 new objectives set in May 2024: aviation, shipping andcommercial real estate (by 2030)• Construction of Peru’s largest photovoltaic solar park

Monitoring of strategic indicators impacting compensation• Renewable energy supply tohouseholds from 2nd quarter 2025

• 10 specific CSR KPIs for end-2025 taken into account in 20% of
the differed variable compensation1 of more than 8,200 key staff
members and in part of the variable compensation of executive
corporate officers

nearly440,000

BNP Paribas Cardif’s participation in the launch of“Fonds Objectif Biodiversité”• Taking into account the impact on biodiversity• Initial AuM of more than €100 million
Loan of 499 million euros to Umicore (Belgium)• Global specialist in recycling and clean mobility materials,
well placed to support the growing production of electricvehiclesAgency2RatingRanking

4.9/5

In the top 1% of banking industry ratings

AA

Among the top financial institutions
No.1 in the environmentA

On the A-list (i.e., the 1.5% top-rated companies on
the climate questionnaire)

Second quarter 2024 results | 17

SECTION 2

OPERATING DIVISIONS

Second quarter 2024 results | 18

CIB | Very good performances in all business lines, very steep increase in Global Markets revenues
CIB (€m)

2Q24

2Q23

Chg.

• Global Banking – NBI: €1,502m (+5.4% vs. 2Q23)

Net Banking Income (NBI)

4,481

3,998

+12.1%• Global Markets – NBI: €2,249m (+17.6% vs. 2Q23)

Operating expenses-2,489-2,275+9.4%

FICC: €1,102m (-7.0% vs. 2Q23);

Gross Operating Income

1,992

1,723

+15.6%

Equity & Prime Services: €1,147m (+57.5% vs. 2Q23)

Cost of risk & other provisions

106

78

n.s.

• Securities Services – NBI: €730m (+10.5% vs. 2Q23)

Other

2

5

n.s.

Pre-tax income

2,099

1,806

+16.2%

Cost-income ratio

55.6%

56.9%

⎯

Change in pre-tax income⎯ Global Banking• Steep increase in Capital Markets activity, particularly in EMEA and theAmericas2,033• Strong activity in Transaction Banking, both in Cash Management andTrade Finance

2,099⎯ Global Markets• Very strong increase in Equity & Prime Services, particularly in Prime
Services and Equity Derivatives; solid activity in Cash Equities

1,575• Marked increase in credit markets activity, particularly on primarymarkets⎯ Securities Services
1Q23

2Q23

3Q23

- - - 2023 quarterly average €m

4Q23

1Q24

• ~8% increase in end-of-period outstandings vs. 2Q23, driven by market
performance effects and the implementation of new mandates

2Q24

€m

Second quarter 2024 results | 19

CIB | Equity & Prime Services: a scaled-up and fast-expanding platform
at the service of the Group’s strategy⎯

DEEP DIVEEQUITY & PRIME 17 Sept.
SERVICES

A comprehensive platform to serve clients, articulated around three business lines•

A global Top 5 Equity Derivatives franchise that is growing strongly in all regions•

Supplemented in Prime Brokerage by the successful migration of activities and technological platforms with acknowledged leadership•

And in Cash Equities by the integration of Exane: leading electronic execution platforms and sector equity research in Europe— Equity Derivatives
Revenues (€m)

— Prime Brokerage
Balances (base: 100 in
2019)— Cash Equities
Recognised leadership
positions

Completion of migration ofPrime Brokerage

~x2
220

— Global Equities
Share of peer revenues in
Equities2 (%)

BNP Paribas Exane

N# 1 in equity research in Europe+100 bps+60 bpsfor seven consecutive years~+40%

Institutional Investor1/ 2Q23

Electronic execution

N# 1 in equity research overall for
five consecutive years
2019

⎯

2023

0
2019

2021

2023

The TRADE Algorithmic Trading Survey,
Long-only 2024

2019

2021

2023

Business lines at the heart of BNP Paribas’ strategy•

An enhanced strategic dialogue with European companies to serve them globally•

Strengthened proximity with major international investors making it possible to implement the integrated model by offering them all of
CIB and Group activities and to accelerate the “Originate and Distribute” strategy

Second quarter 2024 results | 20

CPBS | Solid momentum in activity, driven by the quality of franchises and partnerships
CPBS1 (€m)

2Q24

2Q23

Chg.

Net Banking Income (NBI)

6,758

6,782

-0.3%

Operating expenses-3,988-3,776+5.6%

Gross Operating Income

2,770

3,006

-7.8%

Cost of risk & other provisions

-916

-653

+40.2%

Others34

101-65.9%

Income attributable to WAM

-93

-90

+2.4%

Pre-tax income

1,796

2,363

-24.0%

Cost-income ratio• Fees up (+7.4%1 vs. 2Q23), driven mainly by a good performance in France, Italy
and Europe-Mediterranean

59.0%

55.7%

Loans (€bn)

640

635

+0.8%

• Private Banking: Very strong inflows in 2Q24 at €5.6bn (+9.0% vs. 2Q23). 7.6%
inflow rate and €291bn in AuM as at 30.06.24

Deposits (€bn)

566

565

+0.2%

• Hello bank!: continued expansion in customer base to 3.6 million (+7.0% vs. 2Q23)• Commercial & Personal Banking – NBI1: €4,229m (+1.7% vs. 2Q23)• Specialised Businesses – NBI1: €2,530m (-3.6% vs. 2Q23)⎯ Commercial & Personal Banking• Net interest revenues up excluding the impact of headwinds2 (+3.8%1), driven by
growth of margins on deposits⎯ Specialised Businesses• Arval & Leasing Solutions: improvement in the financial margin and in the margin
on services at Arval, driven by higher volumes and partnerships; expanded
volumes and improvement in Leasing Solutions margins⎯ Increase of outstandings of Specialised
Businesses€bn+ 5.4%• Personal Finance: Volumes held up well, thanks to mobility partnerships. Boost
from the partnership with Orange in Spain and France171• Nickel: further profitable development (~4 million accounts opened3 as at 30.06.24)

162• Commercial and Personal banking in the euro zone: impact of the Belgian
government bonds issuance (-€49m) and the non-remuneration of ECB mandatory
reserves (-€45m), the base effect of which is expected to fade away in 4Q24;
unfavourable base effect due to inflation hedges in France (-€45m), which is
expected to vanish in 3Q24
• Arval: Change in used-car prices at a level remaining high
1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

• Personal Finance: medium-term refinancing costs still at a high level

Second quarter 2024 results | 21

CPBS | Commercial & Personal Banking in the eurozone – Solid positions and positive trends⎯⎯

Higher fees

€1.5bn€1.4bnIncrease in cross-selling revenues between Commercial &Personal Banking and the rest of the Group€10.2bn€9.7bn

+4.5%
2Q23

+5.2%
2022

2Q24

CPBF (France)
BNL (Italy)
BCEF

CPBB (Belgium)

2023

Cross-selling within CPBSCPBL
BNL(Luxembourg)

Cross-selling between CPBS and CIB

Cross-selling between CPBS and IPS⎯

No. 1 euro zone private bank1– Steep increase in net inflows€5.3bn€4.9bn⎯No. 1 in Europe on the corporate market2 – Increased revenues incollaboration with CIB

+9.6%

2Q23
CPBF (France)

+6.2%
2Q24

CPBB (Belgium)

BNL (Italy)€1.4bn€1.3bnCPBL (Luxembourg)

2Q23
CPBF (France)

2Q24
BNL (Italy)

CPBB (Belgium)

CPBL (Luxembourg)

Second quarter 2024 results | 22

IPS | Good increase in AuM and revenues at IPS

IPS (€m)

2Q24

2Q23

Chg.

Chg. excl.
RE and PI•

Insurance – NBI: €586m (+5.2% vs. 2Q23)

Net Banking Income (NBI)

1,472

1,430

+ 3.0%+6.5%•

Wealth Management – NBI: €419m (+6.1% vs. 2Q23)

Operating expenses

-879

-878

+0.1%

+2.6%

•

Asset Management – NBI: €467m (+9.8%1 vs. 2Q23)

Gross Operating Income

593

551

+7.5%

+11.6%

Cost of risk & other provisions

2

-2

n.s.

n.s.

Others43

58-25.7%-9.5%

Pre-tax income

638

608

+5.0%

+10.6%

Cost-income ratio

59.7% 61.4%

AuM (€ bn)

1,312

1,218

+7.6%

⎯ Insurance
Gross asset inflows up sharply in Savings in France and internationally(+11.6% vs. 2Q23)
Strong growth in Protection, driven by the deployment of partnerships indomestic markets and internationally⎯ Wealth Management⎯

Strong growth in assets under management2

Higher fees driven by the increase in transactions
Increase in AuM (+7.6% vs. 31.12.23) in Commercial and Personal Banking
and from high-net-worth individuals, in all geographies+6.1%⎯ Asset Management
Increase in fees driven by the growth in assets under management
Strong sales & marketing drive and high inflows, particularly inmoney-market funds

31.12.2023

30.06.2024• Real Estate: slower activity in a lacklustre market€bn

Second quarter 2024 results | 23

IPS |

DEEP DIVE
INSURANCE

Insurance – Pace of growth driven by the strength of thepartnership model⎯ A unique distribution model based on a broad network of partners and internal
distribution channels
Group networks

50%•⎯ A strategic development axis
• Closing in 2Q24 of the acquisition of 51% of BCC
Vita, along with a life insurance distribution
contract with BCC Banca Iccrea (5m potential
customers) in Italy

External distribution

50%•

Internal distribution channels:
CPBF (France), BNL (Italy),
Personal Finance, BGL(Luxembourg), BNP Paribas Polska,
TEB (Türkiye), Private Banking• Exclusive negotiations with Neuflize OBC on a
strategic distribution partnership and theacquisition of Neuflize Vie>500 distribution partners:
banks and financial institutions,wealth management advisors,
brokers, mobility, telecoms andretailers• Development of partnerships: Magazine Luiza(Brazil) and pet insurance JV with JAB• Savings initiative via cross-selling with Groupbusiness lines

1H24 revenues1 by distribution network⎯ A growth model balanced between
Protection and Savings
Protection

Savings

46%

54%

1H24 NBI

Q4 2024

Savings Gross Written Premiums

Protection Gross Written Premiums

CAGR +4.3%

CAGR +4.7%

12 717

1H21

14 448

13 596
11 698

1H22

1H23

3 524

1H24

€m

1H21

3 701

3 779

1H22

1H23

4 042

1H24

Second quarter 2024 results | 24€m

A REINFORCED INTERNAL CONTROL SET-UP
An even more solid compliance, conduct and control set-up and ongoing insertion of reinforced conduct culture into daily operations• Ongoing improvement of the operating model for combating money laundering and terrorism financing•

A standards-based, risk-adjusted approach, with a risk management set-up shared between business lines and Compliance officers (know-your-client,reviewing unusual transactions, etc.)•

Group-level steering with regular reporting to supervisory bodies• Ongoing reinforcement of set-up for complying with international financial sanctions•

Thorough and diligent implementation of measures necessary for enforcing international sanctions as soon as they have been published•

Broad dissemination of the procedures and intense centralisation, guaranteeing effective and consistent coverage of the surveillance perimeter•

Continuous optimisation of cross-border transaction filtering and relationship databases screening tools• Ongoing improvement of the anti-corruption framework with integration into the Group’s operational processes• Strengthening of the conduct and market transactions supervision framework• Intensified on-line training programme: compulsory programmes for all employees on financial security (Sanctions & Embargos, Combating Money
Laundering & Terrorism Financing and on Combating Corruption), protecting clients’ interests, market integrity, and all topics dealt in the Group’s Code of
Conduct.
• Ongoing regular missions of the General Inspection dedicated to auditing financial security within entities generating USD flows. These
successive missions have been conducted since the start of 2015 in the form of 18-month cycles. The first six cycles achieved a steady improvement inprocessing and control mechanisms. The trend has been confirmed during the seventh cycle, which began in January 2024.

Second quarter 2024 results | 25

CONCLUSION

On the strength of its diversified and integrated model, BNP Paribas achieveda very good second quarter 2024
Net income of €3.4bn
supported by a solid operating perfomance

The 2024 trajectory is confirmed

Thanks to its teams’ strong commitment to serving customers,
BNP Paribas is well-placed for the new phase of the economic cycle

Second quarter 2024 results | 26

ENDNOTES (1/2)•

Slide 3
1.

2.
3.
4.
5.

6.

•

•

Slide 7
1.

2.

•

2.
3.

Increase in Group revenues between 2023 (distributable) and 2024 minus the increase inGroup operating expenses between 2023 (distributable) and 2024
Attributable to equity holders
Restated quarterly series published on 29 February 2024. Results serving as a basis forcalculating the 2023 distribution and reflecting the Group’s intrinsic performance post Bankof the West divestment and post contribution to the ramp-up of the Single Resolution Fund(SRF), excluding extraordinary items

1.

2.

Slide 5
1.

2.

3.
4.

Restated quarterly series published on 29 February 2024. Results serving as a basis forcalculating the 2023 distribution and reflecting the Group’s intrinsic performance post Bankof the West divestment and post contribution to the ramp-up of the Single Resolution Fund(SRF), excluding extraordinary items. Percentage change in 2Q24 in comparison with 2Q23
on a distributable basis
EPS: Earnings per share calculated on the basis of 2nd quarter 2024 Net Income adjusted forthe remuneration of undated super-subordinated notes and the average number of shares atthe end of the period. 2023 earnings per share calculated on the basis of 2023 distributable
income and the number of shares at the end of the period. See slide in appendices.
Percentage change in 2Q24 in comparison with 2Q23 on a distributable basis
Net Book Value, revalued at the end of the period, in euros
Distribution based on a 60% pay-out ratio applied to 2023 results and net income Group
share 2024 and 2025, after taking into account the remuneration of Undated SuperSubordinated Notes subject to approval at Annual General Meetings and regulatory
approvals (for share buybacks)•

Distributable base for 2Q23
Including 2/3 of Private Banking
At constant scope and exchange rates
Including 100% of Private Banking (excluding PEL/CEL effects in France)
Corporate Centre

Slide 10
1.

•

Restated quarterly series published on 29 February 2024. Results serving as a basis forcalculating the 2023 distribution and reflecting the Group’s intrinsic performance post
Bank of the West divestment and post contribution to the ramp-up of the Single Resolution
Fund (SRF), excluding extraordinary items
Impact of the implementation of IAS 29 and taking into account the efficiency of the hedge
in Türkiye (CPI linkers)

Slide 9
1.
2.
3.
4.
5.

•

Restated quarterly series published on 29 February2024. Results serving as a basis forcalculating the 2023 distribution and reflecting the Group’s intrinsic post Bank of the Westdivestment and post contribution to the ramp-up of the Single Resolution Fund (SRF),
excluding extraordinary items
Charges related to the risk of invalidation or non-enforceability of financial instruments
granted (extraordinary provisions on mortgage loans in Poland)

Slide 8Slide 4
1.

•

Restated quarterly series published on 29 February 2024. Results serving as a basis forcalculating the 2023 distribution and reflecting the Group’s intrinsic performance post-Bank of
the West divestment and post contribution to the ramp-up of the Single Resolution Fund(SRF), excluding extraordinary items
Excluding Real Estate and Principal Investments
The cost of risk does not include “Other net losses for risk on financial instruments”
Net Income attributable to equity holders
Earnings per share calculated on the basis of 2nd quarter 2024 Net Income adjusted for the
remuneration of undated super-subordinated notes and the average number of shares at theend of the period; % of evolution calculated on the basis of the 2023 restated distributable
resultReturn on invested capital: estimated 2025 Net Income generated by the capital redeployedsince 2022 compared to allocated capital (CET1)

Including 2/3 of Private Banking for the CPBS division and business lines

Slide 11
1.
2.
3.
4.

Distributable base for 2Q23
Including 2/3 of Private Banking
Including 100% of Private Banking (excluding PEL/CEL effects in France)
Corporate Centre

Slide 12
1. Revenue growth between 2Q23 and 2Q24 minus management fees growth between 2Q23
and 2Q24. Scope of commercial banks in the euro zone, at 100% of private banking,excluding PEL/CEL effect in France. The impact of public authorities’ decisions in the eurozone concerns the end of the remuneration of minimum reserves and the issuance ofBelgian government bonds.

Second quarter 2024 results | 27

NOTES (2/2)•

Slide 13
1.
2.

3.

4.
5.

•

Slide 14
1.

•

Slide 23
1.
2.

•

Excluding Real Estate and Principal Investments
Including distributed assets

Slide 24
1.

Internal management figures as of 30.06.24

Cost of risk excluding “Other net losses for risk on financial instruments”

CET1 SREP requirement, including a countercyclical buffer of 65 bps as of 30.06.24;
End of period LCR calculated in accordance with Regulation (CRR) 575/2013 art. 451a
Leverage: Calculated in accordance with Regulation (EU) n°2019/876

LLM: large language model
POC: proof of concept

Deferred variable remuneration awarded under the loyalty scheme in 2023
Source: rating agency reports (MSCI, March 2024;CDP, 2023; FTSE, June 2024)

Slide 20
1.
2.

•

•

Amount of AuM as reported by the main euro zone banks for 1Q24
Source: ranking based on a penetration rate – Coalition Greenwich Share Leaders
European vs. Large Corporate Banking 2024

Slide 17
1.
2.

•

1.
2.

Slide 16
1.
2.

•

Slide 22

Slide 15
1.
2.
3.

•

Cost of risk excluding “Other net losses for risk on financial instruments”
GOI: excluding exceptional items, excluding contribution of Bank of the West and 2023
distributable base to reflect the Group’s intrinsic performance post Bank of the Westdivestment and post contribution to the ramp-up of the Single Resolution Fund (SRF);
application of IFRS 17 and IFRS 5, effective from 2022
Gross credit exposure, on- and off-balance sheet, not weighted as of the end of March2024 (Total Group: €1,770bn)
Investment grade – external or equivalent internal rating
Leveraged buyouts with financial sponsors – Alignment with European regulatory
standards applied as of 31.12.22•

Institutional Investor Industry Research in Europe (‘Developed Europe’)
Coalition Greenwich FY23 Competitor Analytics, Global Equities excluding Platforms.
Peers’ market share based on internal revenues and BNP Paribas taxonomy. Peers of the
Coalition index: BofA, BARC, BNPP (Private), Citi, DB, GS, HSBC, JPM, MS, SG, UBS.
Coalition Greenwich Analysis is strictly confidential and should not be distributed further orshared with any other third party

Slide 211.
2.
3.

Including 100% of Private Banking excluding PEL/CEL effects for all line except ‘pre-tax
income’Issuance of Belgian government bonds, inflation hedges in France and non-remunerationof mandatory reserves
Accounts opened since inception, total in all countries

Second quarter 2024 results | 28

APPENDICES |⎯Presentation contents – Details by division and other items

Details by division (2Q24 and 1H24)⎯

Other items⎯ CIB• Corporate Centre• Global Banking• Number of shares and Earnings Per Share• Global Markets• Book value per share• Securities Services• Return on Equity and Permanent Shareholders’ equity⎯ CPBS• Doubtful loans / gross outstanding; coverage ratio

Commercial & Personal Banking• Common Equity Tier 1 ratio• Commercial & Personal Banking in France (CPBF)• Medium / long-term regulatory funding• BNL banca commerciale• MREL ratio• Commercial & Personal Banking in Belgium (CPBB)• TLAC ratio• Commercial & Personal Banking in Luxembourg (CPBL)• Distance to MDA• Europe-Mediterranean• Basel 3 risk-weighted assets

Specialised Businesses• Liquidity• Personal Finance• Arval / Leasing Solutions• New Digital Businesses and Personal Investors⎯ IPS• Insurance• Wealth and Asset Management

Second quarter 2024 results | 29

CONTACTS AND UPCOMING EVENTS⎯

Investor Relations and Financial Information

Bénédicte Thibord, Head of Investor Relations and Financial
Information
EquityRaphaëlle Bouvier-Flory
Lisa Bugat
Didier LeblancOlivier Parenty⎯

Upcoming events in 2024 and 2025

16 Oct. 2024

Quiet period begins

31 Oct. 2024

3Q 2024 earnings reporting date

04 Feb. 2025

4Q 2024 earnings reporting date

2024 Deep Dives
26 June 2024 Payments (transcript online)

Debt & ratings agencies

17 Sept. 2024 Equity & Prime Services

Didier LeblancOlivier Parenty

Q4 2024

Insurance

Individual shareholders & ESG
Patrice Menard
Antoine Labarsouque
Investor.relations@bnpparibas.com

The consensus, compiled and aggregated by the Investor Relations team, is now available via the following link: Equity BNP Paribas |Investors & Shareholders | BNP Paribas GroupIt reflects the arithmetic average of forecasts for the Group, sent by analysts invited by BNP Paribas to contribute to the consensus.

Second quarter 2024 results | 30