Consolidated financial statements for the year ended 31 december 2024
Information on the parent company financial statements at 31 December 2024
With its integrated and diversified model, BNP Paribas is a leader in banking and financial services in Europe. The Group leverages on strong customer franchises and business lines with strong positions in Europe and favourable positions internationally, strategically aligned to better serve customers and long-term partners.
It operates in 64 countries and has almost 178,000 employees(1), including nearly 144,000 in Europe. The Group’s activities are diversified and integrated within a distinctive model combining Commercial & Personal Banking activities in Europe and abroad, Specialised Businesses (consumer credit, mobility and leasing services, and new digital businesses), insurance, Private Banking and asset management, and banking for large corporates and institutionals.
BNP Paribas’ organisation is based on three operating divisions: Corporate & Institutional Banking (CIB), Commercial, Personal Banking & Services (CPBS) and Investment & Protection Services (IPS). These divisions include the following businesses:
BNP Paribas SA is the parent company of the BNP Paribas Group.
| 2024 | 2023 distributable(***) | 2023 reported | 2022 Restated according |
|---|---|---|---|---|
Revenues (in millions of euros) | 48,831 | 46,927 | 45,874 | 45,430 |
Gross operating income (in millions of euros) | 18,638 | 17,347 | 14,918 | 15,566 |
Net income Group share (in millions of euros) | 11,688 | 11,232 | 10,975 | 9,848 |
Earnings per share (in euros)(*) | 9.57 | 9.21 | 8.58 | 7.52 |
Return on tangible equity(**) | 10.9% | 11.0% | 10.7% | 10.2%(****) |
(****) 2022 return on tangible equity calculated on the basis of reported 2022 results, i.e. net income, Group share of EUR 10,196 million. | ||||
| 31/12/2024 | 31/12/2023 | 31/12/2022 |
|---|---|---|---|
Market capitalisation (in billions of euros) | 67.0 | 71.8 | 65.7 |
Source: Bloomberg. | |||
| Long-term and short-term ratings | Long-term and short-term ratings | Outlook | Date of last review |
|---|---|---|---|---|
Standard & Poor’s | A+/A-1 | A+/A-1 | Stable | 24 April 2023 |
Fitch | AA-/F1+ | AA-/F1+ | Stable | 16 October 2024 |
Moody’s | A1/Prime-1 | Aa3/Prime-1 | Stable | 17 December 2024 |
DBRS | AA (low)/R-1 (middle) | AA (low)/R-1 (middle) | Stable | 20 June 2024 |
The merger of BNCI and CNEP to form BNP represented the largest restructuring operation in the French banking sector since the end of the Second World War.
In the 1980s, deregulation of the banking sector and the growing tendency of borrowers to raise funds directly on the financial market transformed the banking business in France and worldwide.
With 3.8 million individual shareholders, Compagnie Financière de Paribas had more shareholders than any other company in the world. Compagnie Financière de Paribas owned 48% of the capital of Compagnie Bancaire.
BNP’s return to the private sector represented a new start. The 1990s were marked by a change in the level of profitability of the Bank, which had the highest return on equity of any major French institution in 1998. This period was marked by the launch of new banking products and services, the development of activities on the financial markets, expansion in France and at the international level, and preparation for the advent of the euro.
On 12 May 1998, the merger between Compagnie Financière de Paribas, Banque Paribas and Compagnie Bancaire was approved.
Following an unprecedented double tender offer and a stock market battle waged over six months, BNP was in a position to carry out a merger of equals with Paribas. For both groups, this was the most important event since their privatisation. It gave rise to a new Group with tremendous prospects. At a time of economic globalisation, the merger created a leading player in the European banking sector.
BNP and Paribas merged on 23 May 2000.
The new Group derived its strength from the two major financial and banking lines from which it descends. It has two goals: to create value for shareholders, clients and employees by building the bank of the future, and to become a leading global player.
BNP Paribas acquired BNL, Italy’s 6th-largest bank. This acquisition transformed BNP Paribas, providing it with access to a second Domestic Market in Europe. In both Italy and France, all of the Group’s business lines can now develop their activities by leveraging a nationwide banking network.
BNP Paribas took control of Fortis Bank and BGL (Banque Générale du Luxembourg).
in Poland, which will become BNP Paribas Bank Polska
which offers banking solutions that are accessible to all, directly online or at tobacconists, without conditions of resources
for the takeover of its Prime Brokerage business
With just over 40,000 people in 52 countries, Corporate & Institutional Banking (CIB) serves two types of clients – corporates and financial institutions (Banks, Insurance Companies, Asset Managers, etc.) – offering them tailored solutions in Capital Markets, Securities Services, Financing, Risk Management, Cash Management and Financial Advice.
Acting as a bridge between corporate and institutional clients, CIB aims to connect the financing needs of its corporate clients with the investment needs of its institutional clientele.
In 2024, approximately 37% of BNP Paribas’ revenues from operating divisions were generated by CIB. The division’s streamlined and efficient structure is designed to meet the needs of BNP Paribas’ corporate and institutional clients. CIB is thus organised around three main global business lines and three major regions:
Business lines:
Regions:
The Global Banking business is structured around two axes. On the one hand, the commercial support of around 4,400 large corporate clients of BNP Paribas to meet their banking needs via all the solutions offered by the BNP Paribas Group. On the other hand, global product and service platforms, including:
Since February 2023, Global Banking, previously organised around three independent regional platforms, has adopted a global organisation, with the aim of ensuring better commercial and operational coordination of teams and enabling better support for clients on an international scale.
This set-up supports the Group’s One Bank approach, offering clients entering a corporate business centre, access to an international Global Banking platform and ensuring they benefit from the expertise of all the other Group business centres.
In EMEA (Europe, Middle East, Africa), Global Banking activities are present in 29 countries. This set-up reinforces the One Bank for Corporates approach developed in close cooperation with the Group’s Commercial & Personal Banking.
In Asia-Pacific, Global Banking covers more than 1,100 Asian companies and more than 900 multinational clients with a presence in 12 territories.
In the Americas, Global Banking serves around 700 companies and 500 multinational clients in the United States, Canada and 6 Latin American countries.
Global Markets (GM) serves a wide range of corporate and institutional clients (institutions, private banks, distributors, etc.) with investment, hedging, financing, research and market intelligence products and services across all asset classes.
As an industry leader with significant market share on global financial markets and regularly ranked as one of the leading providers, GM offers a wide range of financial products and services on the equity, interest rate, foreign exchange, local and credit markets. With over 4,600 employees, GM has global coverage, operating in over 30 markets worldwide including a number of large-scale business centres, in particular London, Paris, New York, Hong Kong, Singapore and Tokyo.
The business comprises three global business lines, across two core activities::
Global Markets also offers a long-established foreign exchange Prime Brokerage, and a leading global Derivatives Execution and Clearing service, under the umbrella of its Technology Platforms business.
BNP Paribas Corporate & Institutional Banking is delivering on its strategy to become the leading European markets house on the world stage. Through both investment and organic growth, the Bank has built a comprehensive markets offering across its business lines.
Global Markets has continued to offer consistently excellent service across its comprehensive product range, acting as a strong, reliable European partner for global clients.
Securities Services is one of the major global players in securities services with EUR 13,249 billion in assets under custody and EUR 2,763 billion in assets under administration. With a global reach covering more than 90 markets, Securities Services’ custody network is one of the most extensive in the industry.
In its Awards for Excellence 2024, leading financial sector publication Euromoney has named BNP Paribas World’s Best Bank for Securities Services. Euromoney notably acknowledged that beyond “a strong period of new mandates and client expansion”, they awarded Securities Services at BNP Paribas for its “commitment over the much longer term”.
Securities Services offers solutions to all participants across the investment cycle:
Commercial, Personal Banking & Services includes the Group’s Commercial & Personal Banking networks and certain specialised businesses.
Employing more than 100,000 people, Commercial, Personal Banking & Services generated 53% of the revenue of BNP Paribas’ operating divisions in 2024 (61% for Commercial & Personal Banking and 39% for Specialised Businesses).
Commercial, Personal Banking & Services includes BNP Paribas’ Commercial & Personal Banking:
The CPBS division also includes specialised business lines:
With nearly 23,000 employees, Commercial & Personal Banking in France (CPBF) supports its customers in all their projects. CPBF offers innovative solutions in financing, payment, wealth & asset management, and insurance to 7.3 million individual customers, 778,000 professionals and very small enterprises, 24,500 corporate clients (SMEs, mid-sized and large corporates) and more than 54,000 associations.
CPBF thus occupies leading positions in Private Banking and Corporate Banking as well as strong positions in retail and professional banking. Combining the best in digital and human interaction, it provides its customers with broad interface capabilities, ranging from essential banking services, through a self-care solution, to customised guidance using dedicated teams and experts.
CPBF is structured around 10 regions covering 139 territories, making it possible to provide all customer bases with the right level of proximity whilst maintaining synergies between business lines.
All customer bases have dedicated areas appropriate to their needs:
CPBF also provides its customers with a full online relationship capability, based on:
Three independent studies(23) conducted in the second half of 2024 confirm CPBF’s digital leadership on the BNP Paribas and Hello bank! brands:
Furthermore, for Mindfintech, Mes Comptes was ranked as the No. 2 most innovative application in 2024 in the network banking market. And according to the Advents iBank360 survey (January 2025), BNP Paribas and Hello bank! were in the top three mobile banking applications in 2024.
In 2024, BNP Paribas Private Banking was voted “Best private bank in France” by Euromoney, The Financial Times (PWM The Banker), World Finance, Global Finance and International Investor. It was also named “Best advisor network of the year (private and expert bankers)” and “best digital Private Banking platform” by Citywire France in 2024.
BNL bc is Italy’s 6th largest Commercial and Personal bank in terms of total assets and 6th for customer loans(24).
With about 10,000 employees, BNL bc supports its customers widely. It provides a comprehensive range of banking, financial and insurance products and services to roughly 2.4 million individual customers(25), 54,000 Private Banking clients(26), 110,000 small businesses(27), 10,000 medium and large corporates(28) and 3,000 local authorities and non-profit organisations(29). This range of products and services are based on the Group’s expertise and its integrated model by developing business line cooperation.
BNL bc has innovative and client-tailored offer models, leveraging on a multi-channel distribution network, organised in 5 regions (“direzioni territoriali”) and 1 transversal direct banking area, integrating products and services for Retail Banking (including a network of more than 700 life bankers and 300 financial advisors), Private Banking and Corporate Banking. This organisation, named Rete Unica, aims at extending and strengthening the cross-selling approach to the whole distribution network, which includes:
The distribution network is completed by:
As a result of this set-up, BNL bc has a significant position in lending to households, especially residential mortgages (market share of 6.3%(30)) and has a deposit base (3.5%(31))) above the market penetration rate (3.1%(32) in terms of number of branches).
BNL bc is also well established in the corporate markets (4.2%(33)) of loans market share) and local authority, with recognised expertise in cash management, cross-border payments, project finance, structured finance and factoring, via its subsidiary Ifitalia (ranked 3rd in Italy(34)).
BNP Paribas Fortis is the No. 1 bank for retail customers in terms of market share(35) and has strong positions in the corporate and small business sector in Belgium. BNP Paribas Fortis is also the leading Private Bank in Belgium. BNP Paribas Fortis is also No. 1 in Belgium for Corporate Banking(36) and offers a full range of financial services to corporate clients, public sector entities and local authorities. On the strength of its teams’ commitment, the Bank aims to finance the specific needs of its customers, actively contribute to the development of the Belgian economy, and support the sustainable and energy transition, while affirming a deep commitment to society.
BNP Paribas Fortis has a commercial organisation organised in three segments to better meet customer expectations:
BNP Paribas Fortis serves customers through its various integrated networks, as part of a hybrid banking strategy combining physical networks and digital channels:
BNP Paribas Fortis continued its digital development and customer experience improvement, in particular with the development of remote Easy Banking services with new features and improved performance. The customer service centre building on robotics and artificial intelligence is fully deployed, allowing optimised processing of an increasing number of questions from customers and employees.
BNP Paribas Fortis received several awards for its quality of service to its customers in 2024. The bank was voted “Best bank in Belgium”, “Best investment bank in Belgium” and “Belgium’s best bank for ESG” by Euromoney, “Bank of the year in Belgium” by The Banker, and “Best private bank in Belgium” by Global Finance.
With a 15.8%(40) market share of the Retail Banking market and 19%(41) of the SME market, BGL BNP Paribas is the No. 2 commercial & personal bank in Luxembourg.
The three business lines, Luxembourg Retail Banking (LRB), Banque des Entreprises in Luxembourg (BEL) and Private Banking in Luxembourg (PBL), actively support the financing of the economy and adapt their strategy and network to changes in customer behaviour and new consumption patterns with a focus on digitisation.
With the expertise of their employees, they support their customers to bring their plan to fruition, with:
Within the CPBS division, Europe-Mediterranean (EM) brings together BNP Paribas’ commercial banking activities for individuals, professionals and companies outside the Eurozone. EM offers a full range of financial and extra-financial services, leveraging inter-business cooperation and the Group’s approach to risk diversification.
EM has been operating in 6 countries since 29 April 2023: Poland (BNP Paribas Bank Polska), Ukraine (UKRSIBBANK), Türkiye (TEB A.S.), Kosovo (TEB Sh.A), Morocco (BMCI) and Algeria (BNP Paribas El Djazaïr), and has a minority stake in China (Bank of Nanjing).
With more than 23,000 employees, EM supports its customers through three main business lines:
This year, EM banks have reaffirmed their commitment, within their respective regions, to enhance the experiences of both employees and customers. For example, TEB was recognised by Global Finance Magazine as the Best SME Banking Platform(42) in Türkiye for its mobile banking platform dedicated to corporate clients, CEPTETEB İŞTE. In addition, BNP Paribas El Djazaïr launched new innovative services in its mobile application MyDigibank(43).
EM operates in dynamic markets with significant growth potential by prioritising initiatives focused on social impact and ecological transition. UKRSIBBANK won the Most Resilient Bank award from FinAwards 2024(44) for the second consecutive year. The bank also signed charters to support veterans(45) and the restoration of energy infrastructure(46) to contribute to reconstruction of the country. In addition, BNP Paribas Bank Polska maintained its leading position in ESG rating in the banking sector of Poland(47) BMCI granted the first Inclusive and Sustainability Linked Financing (ISLF+) in the Moroccan market(48) to support financial inclusion.
Furthermore, EM banks aim to strengthen their positions as leading employers in their respective markets, while reaffirming their commitment to ensuring that the well-being of their employees is a key priority. For instance, BNP Paribas Bank Polska(49), UKRSIBBANK(50), TEB(51) and BNP Paribas El Djazaïr(52) certified as Top Employers in 2024.
A major player in retail financing in Europe, BNP Paribas Personal Finance operates in some twenty countries under its commercial brands such as Cetelem, Findomestic, or Consors Finanz and has nearly 17,000 employees for 22 million customers.
BNP Paribas Personal Finance has successfully completed its strategic transformation project to drive growth and profitability initiated in 2023, including a reorganisation of its operating model and a refocusing of its activities in Europe in Europe and the United Kingdom.
BNP Paribas Personal Finance is the financial partner of its clients’ day-to-day activities, giving them the means to carry out their projects in home and personal equipment, home renovation, mobility, telecommunications and supports them in their budget management needs. BNP Paribas Personal Finance also offers its trade, distribution and mobility partners, who are looking for a financial partner, a wide range of services to promote, sell and manage financing solutions.
The financing of clean mobility and home improvement are two major pillars of the development strategy.
BNP Paribas Personal Finance is continuing to strengthen its mobility business, in particular through international partnerships with major manufacturers such as Stellantis and Jaguar Land Rover. It aims for mobility to represent 50% of assets under management by 2025, including EUR 7.5 billion in sustainable assets.
The energy renovation of housing must improve the living conditions and comfort of consumers while reducing their greenhouse gas emissions. BNP Paribas Personal Finance aims to double its production volume to reach EUR 5 billion in sustainable assets under management by 2025.
In 2023, the European Investment Bank participated in an issuance by BNP Paribas Personal Finance of asset-backed securities for a total amount of EUR 450 million. Through this financial support, BNP Paribas Personal Finance will finance EUR 627 million in subsidised loans to French households over three years, to improve the energy efficiency of housing.
BNP Paribas Personal Finance has set itself a target of EUR 13.5 billion in sustainable assets under management by 2025 in total.
To meet all these challenges, BNP Paribas Personal Finance is pursuing a collaborative and structured innovation approach, in line with new consumer requirements, by inventing value-added solutions for its customers and partners. The Company’s restructuring includes a development plan and investments in technology: artificial intelligence, data, robotisation and automation.
The continuous adaptation of processes, tools, services and products to new challenges, combined with a customer satisfaction programme developed across all international activities, aims to offer the easiest and smoothest customer experience.
Arval is a major player in long-term vehicle leasing and a specialist in mobility solutions. As a specialised business within BNP Paribas’ Commercial, Personal Banking & Services division, Arval is positioned at the heart of the Group’s integrated model. Arval offers its corporate clients (from large multinationals to small and medium-sized enterprises), its partners, their employees, and individuals customised services for their travel needs.
At the end of 2024, Arval had nearly 8,600 employees in the 29 countries where the Company operates, leasing nearly 1.8 million vehicles to its 400,000 clients, who benefit from alternative mobility solutions to individual cars such as car-sharing, mobility cards, or bike rentals. Arval is the No. 2 in the multi-brand long-term vehicle leasing sector in Europe, ranking No. 2 in France, Spain, Italy, and Belgium, No. 1 in Poland, and No. 3 in the Netherlands (Source: Frost & Sullivan as of the end of December 2023).
Arval is the founding member of the Element-Arval Global Alliance. The fleets of all Alliance members represent more than 4.5 million vehicles in 55 countries.
Arval’s CSR strategy was awarded the Platinum EcoVadis medal in 2025, placing it in the top 1% of evaluated companies.
BNP Paribas Leasing Solutions supports the development of its customers and partners by offering them leasing and financing solutions with services to preserve their working capital.
At the heart of financing the real economy, BNP Paribas Leasing Solutions provides corporate clients with the flexibility they need to remain competitive and develop in a responsible and sustainable manner in their markets (agriculture, construction, IT, telecommunications, transportation, medical, real estate, food, materials handling, mobility infrastructure, etc.).
With over 3,000 employees, the Company operates in 21 countries in Europe, China, the United States and Canada.
BNP Paribas Leasing Solutions’ team of experts support:
BNP Paribas Leasing Solutions supports the environmental transition of its partners and clients by financing sustainable equipment (for example EV chargers, industrial electric vehicles, etc.).
In 2024, BNP Paribas Leasing Solutions advanced EUR 16.3 billion in asset finance and presently manages a EUR 40.4 billion leased asset portfolio.
In 2024, BNP Paribas Leasing Solutions was recognised as “European Lessor of the Year” by Leasing Life, a magazine dedicated to leasing in Europe. (Source: 21st Annual Leasing Life Conference & Awards 2024 – Arena International (arena-international.com)).
BNP Paribas Personal Investors is a digital banking and investment services specialist. It offers a broad range of banking, credit, savings and short- to long-term investment services to 2 million customers, on mobile applications, online, by phone or face-to-face. It provides decision-making tools, advice and analyses.
BNP Paribas Personal Investors also provides services and its IT platform to independent financial advisors, asset managers and fintechs. Services include market access, transactions, account management and custody services. BNP Paribas Personal Investors today has ~1,200 employees(53): on 27 November 2024, the Indian activities were sold at 100% to Mirae Group.
With the acquisition of Nickel in 2017, BNP Paribas responded to customers’ need to pay, and be paid, via a simple and handy service. With over 11,500 tobacconists and Nickel Points in Europe, Nickel has a strong position in its market as notably the leading distributor of current accounts in France, and also in Portugal, and second in Spain. Thanks to its digital model and a distribution method that is present throughout the country, Nickel maintained a sustained rate of customer acquisition throughout the year. Nickel had nearly 4.3 million accounts opened at 31 December 2024 in Europe. In Europe, Nickel is growing rapidly in Spain, Belgium and Portugal and, since September 2023, in Germany, always with the same model combining digital with physical point of sale networks.
Key player in payment facilities, Floa is developing innovative payment facilities and financial services for consumers, merchants and fintechs. By placing innovation and customer experience at the centre of its strategy, Floa supports new consumption patterns and business activity. Its unique technological expertise enables it to guarantee simplified and secure payments for consumers and traders, both online and in-store.
Floa already has almost 4 million individual customers in Europe and more than 15,000 e-commerce partners and outlets (including Cdiscount, Veepee Voyage, Samsung, Bricomarché, SFR, Iberia, etc.). Floa employs nearly 500 people in France and Europe. Floa relies on its fintech DNA and the Group’s financial strength to become a key player in “Buy Now Pay Later” in Europe.
Floa was also voted Customer Service of the Year for 2024, for the fourth consecutive year in the credit institution category and for the second year in the payment solution category.
The Investment & Protection Services (IPS) division brings together the Group’s activities dedicated to protection, savings, investment and real estate services. It strives to design innovative and sustainable products to support individuals, professionals, corporate clients and institutions in their projects and in their desire to have a positive impact:
IPS employs nearly 18,800 people in 46 countries and holds strong positions in the Group’s key growth regions. The division works closely with CPBS to anticipate clients’ savings and investment needs (offers, technologies, quality of the client experience, quality of advice) and with CIB to co-construct the best investment solutions for institutional clients and large companies.
In 2024, IPS announced various significant external growth transactions. The most transforming project is the acquisition of AXA IM(56).
As the world leader in creditor insurance(57), BNP Paribas Cardif designs, develops, and markets savings and protection solutions to insure individuals and their assets, enabling them to plan confidently throughout their lives. Operating in 30 countries and among the global leaders in bancassurance partnerships, BNP Paribas Cardif is a major player in financing the economy.
It offers its more than 70 million insured clients(58) savings solutions to build and grow capital and prepare for the future through products tailored to individual needs and projects. It also offers property insurance, health insurance, budget protection, income and payment protection, protection against life’s uncertainties (unemployment, accident, death), and private digital data protection to meet evolving consumer needs.
In total, more than 8,800 employees(59) worldwide contribute to gross written premiums of EUR 36.4 billion in 2024. BNP Paribas Cardif relies on a unique partnership approach based on a network of more than 500 partners. This multi-sector distribution network includes financial institutions, credit organisations, car manufacturers, retail chains, telecommunications operators, as well as brokers and wealth management advisors.
The insurer supports its partners by developing the most suitable insurance solutions for their needs and those of their clients: products that are increasingly simple to understand, accessible, and inclusive, thanks to smooth and multi-channel customer journeys, as well as integrated service ecosystems around various themes: retirement, employability, housing, well-being, old age, and automotive services (warranties and maintenance contracts).
After acquiring BCC Vita, the insurance company of the Italian banking group BCC Iccrea at the end of 2024, BNP Paribas Cardif has pursued its external growth momentum with the acquisition of Neuflize Vie in France, the subsidiary dedicated to life insurance of Neuflize OBC. BNP Paribas Cardif also announced the signing of an agreement to acquire AXA Investment Managers(60), with a closing expected by mid-2025. Resolutely focused on the future, BNP Paribas Cardif also continued its transformation, leveraging in particular on data and AI for an ever more simplified customer experience, and by intensifying its partnerships with digital distribution platforms and digital players.
True to its mission of making insurance more accessible, BNP Paribas Cardif aims to have a positive impact on its partners, their clients, its employees, and society in general. Concerned about its environmental impact, BNP Paribas Cardif has committed to aligning its portfolios with a carbon neutrality trajectory by 2050, reducing the carbon intensity of its investment portfolios linked to electricity producers, and has joined the Net-Zero Asset Owner Alliance. As an investor, it contributes to giving meaning to its policyholders’ investments and has set a goal of dedicating an average of EUR 1 billion per year by 2025 to positive impact investments, with EUR 3 billion(61) invested in 2024.
BNP Paribas Wealth Management is a leading global private bank and the number one private bank in the Eurozone(62) with EUR 462 billion in assets under management as of 12/31/2024(63). Present in 3 regions (Europe, Asia, and the Middle East) and 17 countries, it employs over 6,700(64) staff and supports a clientele of entrepreneurs, family offices, and high-net-worth individuals in protecting, growing, and transferring their assets.
In Europe, the Private Bank develops by being linked to the commercial banks of the BNP Paribas Group. Across all geographies, particularly in Asia, it leverages both the Bank’s historical presence and the Corporate & Institutional Banking businesses to meet the most sophisticated needs of its entrepreneurial clients.
As a reference player in the industry due to its experience, reputation, and expertise, BNP Paribas Wealth Management offers its clients a wide range of products and services by mobilising its extensive network of experts: financial experts, wealth engineers, discretionary portfolio managers, financial analysts, private bankers specialised in family shareholding, credit structuring experts, real estate specialists, responsible investment experts, advisors in rural land, art, philanthropy, etc., as well as privileged access to the entire expertise of the BNP Paribas Group.
BNP Paribas Wealth Management stands out particularly for its proximity to the “Entrepreneurs and Families” clientele, supporting them in building, developing, and preserving their business and personal wealth, leveraging all the Group’s capabilities.
For many years, sustainable investment and responsible innovation have been at the heart of BNP Paribas Wealth Management’s culture.
Finally, in a constant effort to innovate, BNP Paribas Wealth Management’s range of digital solutions continues to develop to offer a personalised client experience. Thus, a new version of the myWealth mobile application was co-created with its clients and launched in 2024.
BNP Paribas Wealth Management was recognised in 2024 with multiple awards, including:
BNP Paribas Asset Management (BNP Paribas AM) is the BNP Paribas Group’s dedicated asset management business, employing near 2,100 employees in 34 countries(65), with a significant commercial presence in Europe and the Asia-Pacific region. Through the BNP Paribas integrated model, BNP Paribas AM serves a large international client base and has close relationships with the distribution networks within BNP Paribas’ commercial banks. Ranked the 7th asset manager in Europe(66), BNP Paribas AM manages assets totaling EUR 604 billion(67) and employs 558 investment professionals(68).
BNP Paribas AM offers investment solutions for individual investors (through internal distributors – private banks and Commercial & Personal Banking within BNP Paribas – and external distributors), corporates and institutional investors (insurance companies, pension funds, official institutions). BNP Paribas AM focuses its expertise on five core capabilities - High Conviction Active Strategies, Emerging Markets, Private Assets, Systematic, Quantitative & Index investments, and Liquidity Solutions - with investment processes incorporating quantitative, ESG(69) and fundamental research. These capabilities can be combined into multi-asset solutions aligned with our clients’ goals.
BNP Paribas AM’s priority is to deliver long-term sustainable returns to its clients, based on an investment approach that integrates sustainability. 90%(70) of assets under management of its European-based open-ended funds, representing EUR 285 billion(71), are classified under article 8 or article 9 of the European SFDR regulation(72), which identifies funds according to their sustainability potential. This positioning is also supported by its 170(73) labelled funds(74), representing EUR 135 billion(75) in assets.
Furthermore, BNP Paribas AM won multiple awards in 2024, among which:
Thanks to its wide range of services and its more than 4,000(76) employees, BNP Paribas Real Estate supports its clients at all stages of the real estate lifecycle, from the design of a construction project to its daily management, through its business lines: Property Development, Advisory (Transaction, Consulting, Valuation), REIM, and Property Management.
This multidisciplinary offering covers all asset classes, whether offices, housing, warehouses, logistics platforms, retail, hotels, serviced residences, land estates, etc.
It is offered according to the needs of clients, whether they are institutional investors, owners, corporate users (SMEs, large companies), public entities, local authorities, or individuals.
In commercial real estate, BNP Paribas Real Estate is present in 24 countries, with:
In Property Development, BNP Paribas Real Estate is mainly present in the Ile-de-France region and several major regional cities such as Bordeaux, Lyon, Marseille, and Nice. Internationally, the Property Development activity is present in Germany, the United Kingdom, and the Iberian Peninsula. All projects aim for environmental certifications.
Aware of its economic, social, and environmental responsibilities, BNP Paribas Real Estate aims for sustainable real estate in all its activities and pursues a policy of improving the environmental qualities of the assets it builds, manages, and owns.
In a constant effort to improve its services, BNP Paribas Real Estate has launched a data visualisation solution. Through an online platform, clients can explore a 3D map of Europe, benefiting from Google’s Photorealistic 3D Tiles technology, enriched with their own real estate assets and public data. The power of the solution lies in the cross-referencing of data, which allows for a review of past urban developments and anticipation of future changes at the neighbourhood, city, or country level.
In 2024, BNP Paribas Real Estate received a dozen awards and recognitions in Europe, including:
In the context of the Group’s 2014-2016 business development plan, Personal Finance’s Mortgage Business, a significant portion of which is managed in run-off, was transferred to “Corporate Centre” as at 1 January 2014.Americas, Global Banking serves around 700 companies andAmericas, Global Banking serves around 700 companies andAmericas, Global Banking serves around 700 companies andAmericas, Global Banking serves around 700 companies and
At 31 December 2023, BNP Paribas SA’s share capital stood at EUR 2,294,954,818 divided into 1,147,477,409 shares. Details of historical changes in share capital are provided in chapter 6, note 6a Transactions in share capital.
In 2024, the number of shares comprising the share capital was affected by the cancellation of 16,666,738 shares following market buybacks: thus, at 31 December 2024, the share capital of BNP Paribas stood at EUR 2,261,621,342, divided into 1,130,810,671 shares with a par value of EUR 2 each.
The shares are all fully paid-up and are held in registered or bearer form at the choice of their holders, subject to compliance with the relevant legal provisions. None of the Bank’s shares entitles their holders to an increased dividend or double voting rights or limit the exercise of voting rights.
Dates | 31/12/2022 | 31/12/2023 | 31/12/2024 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
Shareholders | Number of shares (in millions) | % of share capital | % of voting rights | Number of shares (in millions) | % of share capital | % of voting rights | Number of shares (in millions) | % of share capital | % of voting rights | |
SFPI (1) | 96.55 (2) | 7.8% | 7.8% | 63.22 (3) | 5.5% | 5.5% | 63.22 (4) | 5.6% | 5.6% | |
BlackRock Inc. | 74.46 (5) | 6.0% | 6.0% | 79.34 (6) | 6.9% | 6.9% | 67.91 (7) | 6.0% | 6.0% | |
Amundi | 74.00 (8) | 6.0% | 6.0% | 61.33 (9) | 5.4% | 5.4% | 55.95 (10) | 5.0% | 5.0% | |
Grand Duchy of Luxembourg | 12.87 | 1.0% | 1.0% | 12.87 | 1.1% | 1.1% | 12.87 | 1.1% | 1.1% | |
Employees | 52.73 | 4.3% | 4.3% | 57.65 | 5.0% | 5.0% | 50.91 | 4.5% | 4.5% | |
|
| 40.78 | 3.3% | 3.3% | 40.83 | 3.5% | 3.5% | 40.27 | 3.6% | 3.6% |
|
| 11.95 | 1.0% (*) | 1.0% (*) | 16.82 | 1.5% (*) | 1.5% (*) | 10.64 | 0.9% (*) | 0.9% (*) |
Corporate officers | 0.3 | NS | NS | 0.3 | NS | NS | 0.3 | NS | NS | |
Treasury shares (12) | 1.4 | 0.1% | - | 1.49 | 0.1% | - | 1.53 | 0.1% | - | |
Individual shareholders (13) | 68.6 | 5.6% | 5.6% | 66.52 | 5.8% | 5.9% | 79.89 | 7.1% | 7.1% | |
Institutional investors (13) | 853.42 | 69.2% | 69.3% | 804.76 | 70.2% | 70.2% | 798.52 | 70.6% | 70.7% | |
|
| 464.59 | 37.7% | 37.7% | 431.87 | 37.7% | 37.7% | 421.77 | 37.3% | 37.3% |
|
| 388.83 | 31.5% | 31.6% | 372.89 | 32.5% | 32.5% | 376.76 | 33.3% | 33.4% |
TOTAL | 1,234.33 | 100.0% | 100.0% | 1,147.48 | 100.0% | 100.0% | 1,130.81 | 100.0% | 100.0% | |
(*) Of which 0.4% for the shares referred to in article L.225-102 of the French Commercial Code to determine the threshold above which the appointment of a director representing employee shareholders must be proposed. | ||||||||||
The sum of the values indicated in the tables may differ slightly from the reported total due to rounding.
To the Company’s knowledge, there are no shareholders, other than SFPI and BlackRock Inc., who held more than 5% of the share capital or voting rights as at 31 December 2024.
The Société Fédérale de Participations et d’Investissement (SFPI) became a shareholder of BNP Paribas on the occasion of the merger with the Fortis group, which took place in 2009; during the same year, it made two declarations of threshold crossing to the Autorité des Marchés Financiers (AMF):
On 27 April 2013, the Belgian government announced the buy-back via SFPI of the purchase option that had been granted to Ageas.
On 6 June 2017 (AMF Disclosure No. 217C1156), SFPI disclosed that it owned 7.74% of the share capital and voting rights of BNP Paribas; this drop below the 10% capital and voting rights thresholds resulted from the sale of shares on the market. Since that date, SFPI has disclosed statutory threshold crossings without crossing legal thresholds.
On 9 May 2017 (AMF Disclosure No. 217C0939), BlackRock Inc. disclosed that its interest in BNP Paribas’ capital and voting rights had risen, as at 8 May 2017 above the 5% disclosure thresholds. On this date, BlackRock Inc. held 63,223,149 BNP Paribas shares on behalf of its clients and the funds it manages.
On 18 June 2019 (AMF Disclosure No. 219C0988), BlackRock Inc. stated that it held 62,764,366 BNP Paribas shares. Since that date, BlackRock Inc. has disclosed statutory threshold crossings without crossing legal thresholds.
On 6 January 2022 (AMF Disclosure No. 222C0046), Amundi, acting on behalf of the funds it manages, disclosed that its interest in BNP Paribas’ capital and voting rights had risen above the 5% legal thresholds on 31 December 2021 and that it held 74,482,498 BNP Paribas shares.
On 9 December 2024 (AMF Disclosure No. 224C2592), Amundi, acting on behalf of the funds it manages, disclosed that its interest in BNP Paribas’ capital and voting rights had fallen below the 5% legal thresholds on 4 December 2024 and that it held 55,951,643 BNP Paribas shares.
When the shareholders of BNP and Paribas approved the merger between the two banks at the Shareholders’ Combined General Meeting of 23 May 2000, BNP shares became BNP Paribas shares. The Euroclear-France code for BNP Paribas is the same as the previous BNP code (13110). Since 30 June 2003, BNP Paribas shares have been registered under ISIN code FR0000131104. To help increase the number of shares held by individual shareholders, BNP Paribas carried out a two-for-one share split on 20 February 2002, reducing the par value of the shares to EUR 2.
BNP shares were first listed on the Cash Settlement Market of the Paris Stock Exchange on 18 October 1993, following privatisation, before being transferred to the Monthly Settlement Market on 25 October of that year. When the monthly settlement system was discontinued on 25 September 2000, BNP Paribas shares became eligible for the Deferred Settlement Service (SRD).
Since privatisation, a Level 1 144A ADR (American Depositary Receipt) programme has been active in the United States, where JP Morgan Chase is the depositary bank (two ADRs correspond to one BNP Paribas share).
The ADRs have been traded on OTCQX International Premier since 14 July 2010 in order to provide better liquidity and visibility to US investors.
BNP Paribas has been part of the CAC 40 index since 17 November 1993 and became part of the EURO STOXX 50 index on 1 November 1999. Since 18 September 2000, the Bank's shares have been included in the STOXX EUROPE 600 index. BNP Paribas also joined the DJ BANKS TITANS 30 Index, an index comprising the thirty largest banks worldwide. It is also included in the EURO STOXX Banks and STOXX Banks indices. Lastly, BNP Paribas shares are also included in the main sustainable development benchmarks, including Euronext Sustainable World 120, Europe 120, Euro 120 and France 20 indices, FTSE4Good Index Series, and Stoxx Global ESG Leaders Index.
All of these elements foster liquidity and share price appreciation, as the BNP Paribas share is necessarily a component of every portfolio and fund that tracks the performance of these indexes.
Source: Bloomberg.
Over a fifteen-year period, from 31 December 2009 to 31 December 2024, despite geopolitical, financial and health crises, the increase in the BNP Paribas share price (+5.9%) was significantly higher than the performance of the Eurozone banks (EURO STOXX Banks: -33.6%) and European banks (STOXX Banks: -4.1%), demonstrating the long-term resilience of the diversified and integrated model.
Source: Bloomberg Composite EU Quote BNPP.
In euros | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
Net income attributable to the shareholders per share(1) | 5.31 | 7.26 | 7.80 | 9.21 | 9.57 |
Net book value per share(2) | 82.3 | 88.0 | 89.0 | 96.0 | 102.5 |
Net dividend per share | 2.66 (3) | 3.67 (5) | 3.90 (6) | 4.60 (7) | 4.79 (8) |
Cash pay-out ratio (%)(9) | 50.00 (4) | 50.00 (5) | 50.00 (6) | 50.00 (7) | 50.00 (8) |
Share price |
|
|
|
|
|
Highest(10) | 54.22 | 62.55 | 68.07 | 67.02 | 73.08 |
Lowest(10) | 24.51 | 39.71 | 40.67 | 47.02 | 53.08 |
Year-end | 43.105 | 60.77 | 53.25 | 62.59 | 59.22 |
CAC 40 index on 31 December | 5,551.41 | 7,153.03 | 6,473.76 | 7,543.18 | 7,380.74 |
| |||||
The following table indicates, for various periods ending on 31 December 2024, the total return on a BNP share, then on a BNP Paribas share, as well as the effective annual rate of return.
Holding period | Investment date | Share price at the investment date (in euros) | Number of shares at the end of the calculation period | Initial investment multiplied by | Effective annual rate of return |
|---|---|---|---|---|---|
Since privatisation of BNP | 18/10/93 | 36.59 | 7.3351 | 11.8717 | 8.25% |
30 years | 03/01/95 | 37.20 | 6.5576 | 10.4393 | 8.13% |
Since the creation of BNP Paribas | 01/09/99 | 72.70 | 5.7552 | 4.6881 | 6.28% |
25 years | 03/01/00 | 92.00 | 5.7552 | 3.7046 | 5.38% |
20 years | 03/01/05 | 53.40 | 2.4170 | 2.6804 | 5.05% |
16 years | 02/01/09 | 30.50 | 2.0541 | 3.9883 | 9.03% |
13 years | 02/01/12 | 30.45 | 1.8251 | 3.5494 | 10.23% |
10 years | 02/01/15 | 49.43 | 1.6449 | 1.9707 | 7.02% |
8 years | 02/01/17 | 60.12 | 1.5268 | 1.5040 | 5.23% |
6 years | 02/01/19 | 38.73 | 1.3882 | 2.1227 | 13.37% |
5 years | 02/01/20 | 53.20 | 1.2921 | 1.4383 | 7.54% |
4 years | 04/01/21 | 43.86 | 1.2921 | 1.7446 | 14.96% |
3 years | 03/01/22 | 61.11 | 1.2311 | 1.1930 | 6.07% |
2 years | 02/01/23 | 53.91 | 1.1499 | 1.2632 | 12.41% |
1 year | 02/01/23 | 61.67 | 1.0751 | 1.0324 | 3.25% |
BNP Paribas endeavours to provide all shareholders with clear, consistent, high-quality information at regular intervals, in accordance with best market practice and the recommendations of stock market authorities.
The Investor Relations team informs institutional investors and financial analysts about the Group’s strategy, major events concerning the Group’s business and the Group’s quarterly results.
In 2025, the timetable is as follows(77):
Informative briefings are organised several times a year for all market participants, in particular when the annual and half-year results are released, or on specific topics, providing General Management with an opportunity to present the BNP Paribas Group and its strategy. Deep Dive meetings focused on presenting in detail a Métier or an activity of the Group have been organised in 2024 regarding Insurance, Equity & Prime Services and Corporate and Retail Payments. More specifically, an Investor Relations Officer is responsible for liaising with managers of ethical and socially responsible funds.
The Shareholder Relations team provides information and deals with queries from the Bank’s 416,300 individual shareholders (internal sources and SRD2 Survey at 31 December 2024). Twice a year, shareholders receive a financial newsletter outlining the Group’s main developments, and the minutes of the Annual General Meeting are sent in early July. During the year, shareholders are invited to meetings in various French cities where the Company’s achievements and strategy are presented by Executive Management (in 2024, for example, in Toulouse on 11 June and Lille on 8 October).
The members of the Cercle des actionnaires de BNP Paribas (BNP Paribas Shareholders’ Club), set up in 1995, are the 46,500 shareholders holding at least 200 shares. They receive the financial newsletters each half-year and the minutes of the Annual General Meeting. They also receive regular emails informing them of new events offered by the Club, all of which can be found on the website https://cercle-actionnaires.bnpparibas/, which also features all the available services. Each Club member has a personal and secure access to manage his/her registrations and retrieve his/her invitations.
In 2024, the Club offered nearly 300 face-to-face events (guided tours, concerts, live shows, film screenings, tennis competitions, workshops to raise awareness of climate issues, etc.), thematic videoconferences (for example, cybersecurity, history) and podcasts (interviews with art historians, etc.). In addition, the site’s Magazine pages contain articles related to the programming and BNP Paribas Group’s commitments.
A French toll-free phone number, 0800 666 777, provides the BNP Paribas share market price and allows members to leave a voice message for the Club team. Messages can also be sent by email to cercle.actionnaires@bnpparibas.com.
The BNP Paribas website (https://invest.bnpparibas/), available in French and English, offers users access to all information on the BNP Paribas Group (including press releases, key figures, coverage of the main events, etc.). All documents such as integrated reports and Reference documents or Universal registration documents, can also be viewed and downloaded. The financial calendar gives the dates of important forthcoming events, such as the Annual General Meeting, results announcements and shareholder meetings. The website also features the latest share performance data and comparisons with major indexes, as well as a tool for calculating performance.
Reports and presentations relating to BNP Paribas’ business and strategy aimed at all audiences (institutional investors, asset managers and financial analysts) are also available. The “Individual Shareholders” section shows information and features specifically designed for individual investors, in particular, access to information such as proposed events.
A section dedicated to social and environmental responsibility describes the Bank’s goals, the policy followed and the main achievements in this area.
In addition, there is a specific section dedicated to the Annual General Meeting which includes information regarding attendance at the meeting, ways to vote and practical matters, as well as a presentation of the resolutions and the complete text of all speeches made by corporate officers. Webcasts of the Annual General Meeting can be viewed on the Bank’s website.
In response to the expectations of individual shareholders and investors, and to meet strict regulatory transparency and disclosure requirements, BNP Paribas regularly adds sections to its website and improves existing sections with enhanced content and new functions.
After its formation in 2000, BNP Paribas decided to create a Shareholder Liaison Committee to help the Group improve communications with its retail shareholders. At the Annual General Meeting that approved the merger between BNP and Paribas, the Chairman of BNP Paribas initiated the process of appointing members to this committee, which was fully established in late 2000.
Chaired by Mr Jean Lemierre, it includes ten shareholders who are both geographically and socio-professionally representative of the retail shareholder population, along with two employees or former employees. Each member serves a three-year term. When their terms expire, announcements are published in the Group’s various financial publications; any shareholder may apply.
At end 2024, the Liaison Committee was composed of:
In accordance with the provisions of the charter, to which all participants have adhered and which serves as the Internal Rules, the members of the committee met twice in 2024, on 27 March and 27 September.
The main topics of discussion in 2024 included:
At the Annual General Meeting of 13 May 2025, the Board of directors will propose a dividend of EUR 4.79 per share (up by 4.1% compared to EUR 4.60 distributed in 2024). The ex-dividend date and the payment of the coupon would then take place on 19 May and 21 May 2025 respectively in the event of a positive vote by the AGM.
The total amount of the proposed cash distribution amounts to EUR 5,411 million, compared to a total of EUR 5,198 million in cash distributed in 2024.
Additionally, on 3 February 2025, BNP Paribas’ Board of directors, chaired by Jean Lemierre, approved the principle of a semi-annual interim dividend starting in the 2025 financial year, which would be paid out in late September. Each interim dividend would amount to 50% of the net earnings per share of the first half-year, in accordance with BNP Paribas’ cash payout distribution policy.
The first interim dividend related to the 2025 financial statements would be paid on 30 September 2025 and calculated on the basis of 50% of the net earnings per share of the first half of 2025.
Limitation period for dividends: any dividend unclaimed five years after its due date is forfeited, as provided by law. Dividends for which payment has not been sought are paid to the Public Treasury.
At 31 December 2024, 22,326 shareholders held BNP Paribas registered shares.
Shareholders who hold registered shares directly with BNP Paribas:
Registered shares held directly with BNP Paribas cannot be registered in a PEA (Share Savings Plan), given the regulations and procedures applicable to this vehicle. Investors whose shares are held in a PEA and who want to hold them in “registered” form can opt to hold them in an administered account (see below).
BNP Paribas is also extending its administered share account services to institutional shareholders. For institutional shareholders, this type of account combines the main benefits of holding shares in bearer form with those of holding registered shares directly with BNP Paribas:
The procedures for BNP Paribas’ Annual General Meetings are defined in article 18 of the Bank’s Articles of association.
The Board of directors calls an Ordinary General Meeting at least once a year to vote on the agenda set by the Board.
The Board may call Extraordinary General Meeting for the purpose of amending the Articles of association, and especially to increase the Bank’s share capital. Resolutions are adopted by a two-third majority of shareholders present or represented.
The Shareholders’ Combined General Meeting may be called in a single notice of meeting and held on the same date.
The Bank’s last Shareholders’ Combined General Meeting took place on 14 May 2024 on first notice. The text of the resolutions and the video of the meeting can be viewed on the BNP Paribas website, where the original live webcast was shown. The composition of the quorum and the results of the votes cast on resolutions were posted online the day after the meeting. A specific letter to shareholders included the minutes of this meeting.
The quorum broke down as follows:
| Number of shareholders | (%) | Shares | (%) |
|---|---|---|---|---|
Present | 952 | 4.96% | 615,244 | 0.08% |
Appointment of proxy | 636 | 3.31% | 161,760 | 0.02% |
Proxy given to Chairman | 7,882 | 41.03% | 15,990,100 | 1.95% |
Postal votes | 9,742 | 50.71% | 801,510,188 | 97.95% |
Total | 19,212 | 100.00% | 818,277,292 | 100.00% |
of which online | 17,283 | 89.96% | 685,958,335 | 83.83% |
Quorum | ||||
Number of ordinary shares (excluding treasury stock) | 1,129,261,693 | 72.46% | ||
Of the 17,283 shareholders who took part in our last Shareholders’ Combined General Meeting online:
All resolutions proposed to the shareholders were approved.
Results of the votes | Rate of approval |
|---|---|
ORDINARY MEETING |
|
First resolution: approval of the parent company financial statements for 2023 | 99.66% |
Second resolution: approval of the consolidated financial statements for 2023 | 99.70% |
Third resolution: appropriation of net income for the 2023 financial year and distribution of dividends | 99.95% |
Fourth resolution: Statutory Auditor's special report on agreements and commitments referred to in articles L.225-38 et seq. of the French Commercial Code | 99.79% |
Fifth resolution: authorisation for BNP Paribas to buy back its own shares | 98.63% |
Sixth resolution: reappointment of a Statutory Auditor with the mandate of certifying accounts and of certifying sustainability information (Deloitte & Associés) | 92.17% |
Seventh resolution: non-reappointment of two Statutory Auditors (PriceWaterHouseCoopers Audit and Mazars) and three Alternate Auditors (BEAS, Mr. Jean-Baptiste Deschryver and Mr Charles de Boisriou), and appointment of a Statutory Auditor with the mandate of certifying accounts and of certifying sustainability information (Ernst & Young et Autres) | 98.65% |
Eighth resolution: reappointment of a Director (Mr. Christian Noyer) | 98.49% |
Ninth resolution: ratification of the co-option of a Director and renewal of her mandate (Ms. Marie-Christine Lombard) | 99.16% |
Tenth resolution: appointment of a Director (Ms. Annemarie Straathof) | 99.85% |
The eleventh resolution and resolutions A to C aim to appoint a director representing employee shareholders and his/her replacement. As only one director’s seat is to be filled, only the candidate who obtains the most votes from shareholders that voted and at least the majority of those votes will be appointed |
|
Eleventh resolution: reappointment of a Director representing employee shareholders (Ms. Juliette Brisac) and of her replacement (Mr. Axel Joly) | 99.06% |
Resolution A not approved by the Board of directors: appointment of a Director representing employee shareholders (Ms. Isabelle Coron) and of her replacement (Mr. François Buisson) | 2.20% |
Resolution B not approved by the Board of directors: appointment of a Director representing employee shareholders (Mr. Thierry Schwob) and of his replacement (Mr. François Labrot) | 2.19% |
Resolution C not approved by the Board of directors: appointment of a Director representing employee shareholders (Mr. Frédéric Mayrand) and of his replacement (Ms. Catherine Magnier) | 2.19% |
Ms. Juliette Brisac is therefore appointed Director representing employee shareholders, |
|
Twelfth resolution: vote on the components of the compensation policy attributable to directors | 99.26% |
Thirteenth resolution: vote on the components of the compensation policy attributable to the Chairman of the Board of directors | 96.82% |
Fourteenth resolution: Vote on the components of the compensation policy attributable to the Chief Executive Officer | 91.00% |
Fifteenth resolution: vote on the components of the compensation policy attributable to the Chief Operating Officers | 88.53% |
Sixteenth resolution: vote on disclosures relating to compensation paid in 2023 or awarded in respect of the same year to all directors and corporate officers | 95.68% |
Seventeenth resolution: vote on the components of the compensation paid or granted in respect of 2023 to Mr. Jean Lemierre, Chairman of the Board of directors | 96.10% |
Eighteenth resolution: vote on the components of the compensation paid or granted in respect of 2023 to Mr. Jean-Laurent Bonnafé, Chief Executive Officer | 91.25% |
Nineteenth resolution: vote on the components of the compensation paid or granted in respect of 2023 to Mr. Yann Gérardin, Chief Operating Officer | 92.86% |
Twentieth resolution: vote on the components of remuneration paid or granted in 2023 to Mr. Thierry Laborde, Chief Operating Officer | 92.86% |
Twenty-first resolution: determination of the global annual amount of Directors’ fees | 98.25% |
Twenty-second resolution: advisory vote on the overall amount of compensation of any kind paid during 2023 to Executive Officers and certain categories of staff | 99.78% |
Twenty-third resolution: setting the upper limit of the variable portion of remuneration payable to Executive Officers and certain categories of personnel | 99.56% |
EXTRAORDINARY MEETING |
|
Twenty-fourth resolution: Delegation of authority to the Board of directors to increase the share capital, maintaining preferential subscription rights for existing shareholders, through the issue of ordinary shares and securities granting immediate or future access to new shares | 94.79% |
Twenty-fifth resolution: Delegation of authority to the Board of directors to increase the share capital, with the removal of preferential subscription rights for existing shareholders, through the issue of ordinary shares and securities granting immediate or future access to new shares | 92.33% |
Twenty-sixth resolution: Delegation of authority to the Board of directors to increase the share capital, without preferential subscription rights for existing shareholders, through the issue of ordinary shares and securities granting immediate or future access to new shares issued in consideration of securities tendered, within the limit of 10% of the share capital | 94.79% |
Twenty-seventh resolution: Overall limit on authorisations to issue shares with the removal of, or without, preferential subscription rights for existing shareholders | 99.42% |
Twenty-eighth resolution: Delegation of authority to the Board of directors to increase the share capital by capitalisation of reserves or earnings, share premiums or additional paid-in capital | 99.70% |
Twenty-ninth resolution: Overall limit on authorisations to issue shares with, without, or with the removal of, preferential subscription rights for existing shareholders | 94.49% |
Thirtieth resolution: Delegation of authority to the Board of directors to conduct transactions reserved for the members of the BNP Paribas Group Company Savings Plan, with the removal of preferential subscription rights, which may take the form of capital increases and/or reserved sales of securities | 99.70% |
Thirty-first resolution: Delegation of authority to the Board of directors to increase the share capital, without preferential subscription rights, by issuing super-subordinated contingent convertible bonds, that would only be converted into ordinary shares, within the limit of 10% of the share capital, if the CET1 ratio becomes equal to or lower than 5.125% | 96.59% |
Thirty-second resolution: Authorisation for the Board of Directors to reduce the share capital by cancelling shares | 99.77% |
Thirty-third resolution: powers for formalities | 99.98% |
BNP Paribas will hold its next Shareholders’ Combined General Meeting on 13 May 2025(79).
The meeting notices and invitations are available on the “invest.bnpparibas.com” website in French and English from the time of their publication in the French Bulletin of Compulsory Legal Announcements (Balo). Staff at all BNP Paribas branches are specifically trained to provide the necessary assistance and carry out the required formalities.
Holders of registered shares are automatically notified, regardless of the number of shares held, with a complete notice of meeting containing in particular the agenda, the draft resolutions and a voting form. A significant and fast-growing proportion (21.0% for the AGM of 14 May 2024, compared to 20.4% for the AGM of 2023) of notices of meeting to registered shareholders were sent via the internet after the shareholders concerned had given their prior agreement to this information procedure.
BNP Paribas informs holders of bearer shares via the internet regardless of the number of shares held, subject to their custodians being part of the Votaccess market system. Shareholders notified of the Annual General Meeting may take part quickly and easily. The Bank also provides custodians with notices of meetings and printed postal voting forms, which can then be sent to those shareholders who request them.
Holders of shares may gain admittance to a General Meeting provided these shares are recorded in their accounts two trading days before the Meeting(80). Holders of bearer shares must also present an entry card or certificate proving their ownership of the shares.
Using the Votaccess internet voting platform gives shareholders access to the notice of the Annual General Meeting. They can then either vote or appoint a proxy, or print their admission card if they wish to attend the Annual General Meeting in person.
Around 90% of the shareholders who took part in the vote in May 2024 used the platform set up.
Shareholders not using the online platform return the printed form enclosed with the notice of meeting to BNP Paribas. Before the Annual General Meeting, this document may be used to:
In addition to the legal thresholds, and in accordance with article 5 of the Articles of association, any shareholder, whether acting alone or in concert, who owns or may hold directly or indirectly at least 0.5% of the capital or voting rights of BNP Paribas, or any multiple of that percentage up to 5%, is required to notify BNP Paribas by registered letter with return receipt.
Once the 5% threshold is reached, shareholders are required to disclose any increase in their interest representing a multiple of 1% of the share capital or voting rights of BNP Paribas.
The disclosures described in the previous two paragraphs shall also apply when the shareholding falls below the above-mentioned thresholds.
In the case of failure to comply with these disclosure requirements, either legal or statutory, the undisclosed shares will be stripped of voting rights at the request of one or more shareholders who hold a combined interest of at least 2% of the share capital or voting rights of BNP Paribas.
This Corporate governance report was prepared by the Board of directors in accordance with the last paragraph of article L.225-37 of the French Commercial Code.
The information contained herein notably takes into account annex 1 of the Commission Delegated Regulation (EU) 2019/980 of 14 March 2019, AMF Recommendation No. 2012-02(1) amended on 28 July 2023, the 2024 AMF(2) report and the November 2024 Annual Report of the High Committee for Corporate governance (Haut Comité de Gouvernement d’Entreprise – HCGE).
Jean LEMIERRE Principal function: Chairman of the Board of directors of BNP Paribas | |||
|---|---|---|---|
Date of birth: 6 June 1950 Nationality: French Term start and end dates: 16 May 2023 – 2026 AGM Date first appointed to the Board of directors: 1 December 2014 ratified by the Annual General Meeting of 13 May 2015 | Offices(1) held in listed or unlisted companies of the BNP Paribas Group, in France or abroad BNP Paribas(*), Chairman of the Board of directors TEB Holding AS, director Offices(1) held in listed or unlisted companies outside the BNP Paribas Group, in France or abroad TotalEnergies(*), director Participation(1) in specialised committees of French or foreign companies TotalEnergies(*), member of the Corporate Governance and Ethics Committee and member of the Strategy & CSR Committee Others(1) Centre d’Études Prospectives et d’Informations Internationales (CEPII), Chairman Paris Europlace, Vice-Chairman Association française des entreprises privées (Afep), member of the Board of directors Institut de la Finance durable (IFD), member of the Board of directors Institute of International Finance (IIF), member International Advisory Council of China Development Bank (CDB), member International Advisory Council of China Investment Corporation (CIC), member International Advisory Panel (IAP) of the Monetary Authority of Singapore (MAS), member | ||
Number of BNP Paribas shares held(1): 46,943(2) Business address: 16 boulevard des Italiens 75009 Paris France | |||
Education Graduate of the Institut d’Études Politiques de Paris Graduate of École Nationale d’Administration Law degree | |||
Offices held at 31 December in previous financial years (the companies mentioned are the parent companies of the groups in which the functions were carried out) | |||
2023: Chairman of the Board of directors: BNP Paribas Director: TEB Holding AS, TotalEnergies SA Chairman: Centre d’Études Prospectives et d’Informations Internationales (CEPII) Vice-Chairman: Paris Europlace Member: Board of directors of the Association française des entreprises privées (Afep), Board of directors of the Institut de la Financial durable (IFD), Institute of International Finance (IIF), International Advisory Council of China Development Bank (CDB), International Advisory Council of China Investment Corporation (CIC), International Advisory Panel (IAP) of the Monetary Authority of Singapore (MAS) | 2022: Chairman of the Board of directors: BNP Paribas Director: TEB Holding AS, TotalEnergies SA Chairman: Centre d’Études Prospectives et d’Informations Internationales (CEPII) Vice-Chairman: Paris Europlace Member: Board of directors of the Association française des entreprises privées (Afep), Board of directors of the Institut de la Financial durable (IFD), Institute of International Finance (IIF), International Advisory Council of China Development Bank (CDB), International Advisory Council of China Investment Corporation (CIC), International Advisory Panel (IAP) of the Monetary Authority of Singapore (MAS) | 2021: Chairman of the Board of directors: BNP Paribas Director: TEB Holding AS, Total SA Chairman: Centre d’Études Prospectives et d’Informations Internationales (CEPII) Vice-Chairman: Paris Europlace Member: Board of directors of the Association française des entreprises privées (Afep), Institute of International Finance (IIF), Orange International Advisory Board, International Advisory Council of China Development Bank (CDB), International Advisory Council of China Investment Corporation (CIC), International Advisory Panel (IAP) of the Monetary Authority of Singapore (MAS) | 2020: Chairman of the Board of directors: BNP Paribas Director: TEB Holding AS, Total SA Chairman: Centre d’Études Prospectives et d’Informations Internationales (CEPII) Vice-Chairman: Paris Europlace Member: Board of directors of the Association française des entreprises privées (Afep), Institute of International Finance (IIF), Orange International Advisory Board, International Advisory Council of China Development Bank (CDB), International Advisory Council of China Investment Corporation (CIC), International Advisory Panel (IAP) of the Monetary Authority of Singapore (MAS) |
(*) Listed company. | |||
Jean-Laurent BONNAFÉ Principal function: Director and Chief Executive Officer of BNP Paribas | |||
|---|---|---|---|
Date of birth: 14 July 1961 Nationality: French Term start and end dates: 17 May 2022 – 2025 AGM Date first appointed to the Board of directors: 12 May 2010 | Offices(1) held in listed or unlisted companies of the BNP Paribas Group, in France or abroad BNP Paribas(*), Director and Chief Executive Officer Offices(1) held in listed or unlisted companies outside the BNP Paribas Group, in France or abroad Pierre Fabre Group: Pierre Fabre SA, director Pierre Fabre Participations, director Participation(1) in Specialised committees of French or foreign companies Pierre Fabre SA, member of the Strategic Committee Others(1) Association Française des Banques (AFB), Chairman Fédération Bancaire Française (FBF), member of the Executive Committee Association pour le Rayonnement de l’Opéra de Paris, Chairman Entreprises pour l’Environnement, Vice-Chairman La France s’engage Foundation, member of the Board of directors | ||
Number of BNP Paribas shares held(1): 113,622(2) Business address: 16 boulevard des Italiens 75009 Paris France | |||
Education Graduate of the École Polytechnique Ingénieur en chef des Mines | |||
Offices held at 31 December in previous financial years (the companies mentioned are the parent companies of the groups in which the functions were carried out) | |||
2023: Director and Chief Executive Officer: BNP Paribas Chairman: Association Française des Banques (AFB), Association pour le Rayonnement de l’Opéra de Paris Vice-Chairman: Entreprises pour l’Environnement Director: Pierre Fabre Group Member: Executive Committee of the Fédération Bancaire Française (FBF), Board of directors of La France s’engage Foundation | 2022: Director and Chief Executive Officer: BNP Paribas Chairman: Association Française des Banques (AFB), Association pour le Rayonnement de l’Opéra de Paris Vice-Chairman: Entreprises pour l’Environnement Director: Pierre Fabre Group Member: Executive Committee of the Fédération Bancaire Française (FBF), Board of directors of the Bank Policy Institute, Board of directors of La France s’engage Foundation | 2021: Director and Chief Executive Officer: BNP Paribas Chairman: Association pour le Rayonnement de l’Opéra de Paris, Entreprise pour l’Environnement Director: Pierre Fabre SA Vice-Chairman of the Executive Committee: Fédération Bancaire Française (FBF) Member: Board of directors of La France s’engage Foundation | 2020: Director and Chief Executive Officer: BNP Paribas Chairman: Association pour le Rayonnement de l’Opéra de Paris, Entreprise pour l’Environnement Director: Pierre Fabre SA Member of the Executive Committee: Fédération Bancaire Française (FBF) Member: Board of directors of La France s’engage Foundation |
(*) Listed company. | |||
Jacques ASCHENBROICH Principal function: Chairman of the Board of directors of Orange | |||
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Date of birth: 3 June 1954 Nationality: French Term start and end dates: 16 May 2023 – 2026 AGM Date first appointed to the Board of directors: 23 May 2017 | Offices(1) held in listed or unlisted companies of the BNP Paribas Group, in France or abroad BNP Paribas(*), director Offices(1) held under the principal function Orange(*), Chairman of the Board of directors Other offices(1) held in listed or unlisted companies outside the BNP Paribas Group, in France or abroad TotalEnergies(*), lead director Participation(1) in specialised committees of French or foreign companies BNP Paribas, Chairman of the Corporate Governance, Ethics, Nominations and CSR Committee and member of the Financial Statements Committee TotalEnergies, Chairman of the Corporate Governance and Ethics Committee and member of the Remuneration Committee and Strategy & CSR Committee Others(1) Club d’affaires franco-japonais, Co-Chairman French-American Foundation, Chairman of the Executive Committee | ||
Number of BNP Paribas shares held(1): 1,000 Business address: 111 quai du Président-Roosevelt 92130 Issy-les-Moulineaux France | |||
Education Graduate of the École des Mines Corps des Mines | |||
Offices held at 31 December in previous financial years (the companies mentioned are the parent companies of the groups in which the functions were carried out) | |||
2023: Chairman of the Board of directors: Orange Director: BNP Paribas, TotalEnergies Chairman: École Nationale Supérieure Mines ParisTech Co-Chairman: Club d’affaires franco-japonais Vice-Chairman: Institut de la Finance Durable (IFD)
| 2022: Chairman of the Board of directors: Orange Director: BNP Paribas, TotalEnergies Chairman: École Nationale Supérieure Mines ParisTech Co-Chairman: Club d’affaires franco-japonais Member: Board of directors of the Association française des entreprises privées (Afep) | 2021: Chairman and Chief Executive Officer: Valeo Group Director: BNP Paribas, TotalEnergies Chairman: École Nationale Supérieure Mines ParisTech Co-Chairman: Club d’affaires franco-japonais Member: Board of directors of the Association française des entreprises privées (Afep) | 2020: Chairman and Chief Executive Officer: Valeo Group Director: BNP Paribas, Veolia Environnement Chairman: École Nationale Supérieure Mines ParisTech Co-Chairman: Club d’affaires franco-japonais Member: Board of directors of the Association française des entreprises privées (Afep) |
(*) Listed company. | |||
Juliette BRISAC Principal function: Chief Operating Officer of the Corporate Engagement Department of the BNP Paribas Group(1) | |||
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Date of birth: 22 May 1964 Nationality: French Term start and end dates: 14 May 2024 – 2027 AGM Date first appointed to the Board of directors: 18 May 2021 | Offices(2) held in listed or unlisted companies of the BNP Paribas Group, in France or abroad BNP Paribas(*), director representing employee shareholders Supervisory Board of the Group profit sharing scheme mutual fund “BNP Paribas Actionnariat Monde”, Chairwoman Bénévolat de Compétences et Solidarité (BCS) by BNP Paribas, director Participation(2) in specialised committees of French or foreign companies BNP Paribas, member of the Financial Statements Committee
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Number of BNP Paribas shares held(2): 10,877(3) Business address: Millénaire 4 35 rue de la Gare 75019 Paris France | |||
Education Master’s degree in Economics and DESS in Banking & Finance from the University of Paris I Panthéon Sorbonne Graduate of the Institut français des administrateurs (IFA) Certified auditor of the Cycle des hautes études pour le développement économique (CHEDE) | |||
Offices held at 31 December in previous financial years (the companies mentioned are the parent companies of the groups in which the functions were carried out) | |||
2023: Director: BNP Paribas Chairwoman: Supervisory Board of the Group profit sharing scheme mutual fund “BNP Paribas Actionnariat Monde” | 2022: Director: BNP Paribas Chairwoman: Supervisory Board of the Group profit sharing scheme mutual fund “BNP Paribas Actionnariat Monde” | 2021: Director: BNP Paribas Chairwoman: Supervisory Board of the Group profit sharing scheme mutual fund “BNP Paribas Actionnariat Monde” |
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(*) Listed company. | |||
Pierre-André de CHALENDAR (until 14 May 2024) Principal function: Chairman of the Board of directors of Compagnie de Saint-Gobain(1) | |||
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Date of birth: 12 April 1958 Nationality: French Term start and end dates: 18 May 2021 – 2024 AGM Date first appointed to the Board of directors: 23 May 2012 | Offices(1) held in listed or unlisted companies of the BNP Paribas Group, in France or abroad BNP Paribas(*), director Offices(1) held under the principal function Compagnie de Saint-Gobain(*), Chairman of the Board of directors Saint-Gobain Corporation, director Other offices(1) held in listed or unlisted companies outside the BNP Paribas Group, in France or abroad Veolia Environnement(*), lead director Bpifrance, director Participation(1) in specialised committees of French or foreign companies BNP Paribas, Chairman of the Remuneration Committee and member of the Corporate Governance, Ethics, Nominations and CSR Committee Veolia Environnement, Chairman of the Nominations Committee, member of the Remuneration Committee and member of the Corporate Purpose Committee Bpifrance, Chairman of the Remuneration Committee, Chairman of the Climate Committee Others(1) Institut de l’entreprise, Chairman Essec, Chairman of the Supervisory Board La Fabrique de l’Industrie, Co-Chairman Association française des entreprises privées (Afep), member of the Board of directors | ||
Number of BNP Paribas shares held(1): 7,000 Business address(1): Tour Saint-Gobain 12 place de l’Iris 92400 Courbevoie France | |||
Education Graduate of École Supérieure des Sciences Économiques et Commerciales (“Essec“) Graduate of École Nationale d’Administration | |||
Offices held at 31 December in previous financial years (the companies mentioned are the parent companies of the groups in which the functions were carried out) | |||
2023: Chairman of the Board of directors: Compagnie de Saint-Gobain Director: BNP Paribas, Veolia Environnement, Bpifrance, Saint-Gobain Corporation Chairman: Institut de l'entreprise, Board of overseers of Essec Co-Chairman: La Fabrique de l’Industrie Member: Board of directors of the Association française des entreprises privées (Afep) | 2022: Chairman of the Board of directors: Compagnie de Saint-Gobain Director: BNP Paribas, Veolia Environnement, Saint-Gobain Corporation Chairman: Board of overseers of Essec Co-Chairman: La Fabrique de l’Industrie Member: Board of directors of the Association française des entreprises privées (Afep) | 2021: Chairman of the Board of directors: Compagnie de Saint-Gobain Director: BNP Paribas, Veolia Environnement, Saint-Gobain Corporation Chairman: Board of overseers of Essec Co-Chairman: La Fabrique de l’Industrie Member: Board of directors of the Association française des entreprises privées (Afep) | 2020: Chairman and Chief Executive Officer: Compagnie de Saint-Gobain Director: BNP Paribas, Saint-Gobain Corporation Chairman: Board of overseers of Essec Co-Chairman: La Fabrique de l’Industrie Member: Board of directors of the Association française des entreprises privées (Afep) |
(*) Listed company. | |||
Monique COHEN Principal function: Director of companies | |||
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Date of birth: 28 January 1956 Nationality: French Term start and end dates: 16 May 2023 – 2026 AGM Date first appointed to the Board of directors: 12 February 2014, ratified by the Annual General Meeting of 14 May 2014 | Offices(1) held in listed or unlisted companies of the BNP Paribas Group, in France or abroad BNP Paribas(*), director Other offices(1) held in listed or unlisted companies outside the BNP Paribas Group, in France or abroad Hermès International(*), Vice-Chairwoman of the Supervisory Board Safran(*), lead director Participation(1) in specialised committees of French or foreign companies BNP Paribas, Chairwoman of the Internal Control, Risk Management and Compliance Committee and member of the Corporate Governance, Ethics, Nominations and CSR Committee Hermès International, Chairwoman of the Audit and Risks Committee Safran, Chairwoman of the Nominations and Remuneration Committee Comgest Global Investors, member of the Board of Partners | ||
Number of BNP Paribas shares held(2): 9,620 Business address: 16 boulevard des Italiens 75009 Paris France | |||
Education Graduate of the École Polytechnique Master’s degree in Mathematics Master’s degree in Business Law | |||
Offices held at 31 December in previous financial years (the companies mentioned are the parent companies of the groups in which the functions were carried out) | |||
2023: Chairwoman of the Board of directors: Proxima Investissement SA, Fides Holdings Vice-Chairwoman: Supervisory Board of Hermès International Director: BNP Paribas, Safran Member: Supervisory Board of Fides Acquisitions | 2022: Chairwoman of the Board of directors: Proxima Investissement SA, Fides Holdings Vice-Chairwoman: Supervisory Board of Hermès International Director: BNP Paribas, Safran Member: Supervisory Board of Fides Acquisitions | 2021: Chairwoman of the Board of directors: Proxima Investissement SA, Fides Holdings Vice-Chairwoman: Supervisory Board of Hermès International Director: BNP Paribas, Safran Member: Supervisory Board of Fides Acquisitions | 2020: Chairwoman of the Board of directors: Proxima Investissement SA, Fides Holdings Vice-Chairwoman: Supervisory Board of Hermès International Director: BNP Paribas, Safran Member: Supervisory Board of Fides Acquisitions |
(*) Listed company. | |||
Hugues EPAILLARD Principal function: BNP Paribas Real Estate Business Manager | |||
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Date of birth: 22 June 1966 Nationality: French Term start and end dates: elected by BNP Paribas executive employees for three years from 16 February 2024 – 15 February 2027 Date first appointed to the Board of directors: 16 February 2018 | Offices(1) held in listed or unlisted companies of the BNP Paribas Group, in France or abroad BNP Paribas(*), director Other offices(1) held in listed or unlisted companies outside the BNP Paribas Group, in France or abroad Action Logement Services, director Participation(1) in specialised committees of French or foreign companies BNP Paribas, member of the Internal Control, Risk Management and Compliance Committee and of the Remuneration Committee Action Logement Services, Chairman of the Risk Committee Others(1) Institut français des administrateurs (IFA), Co-Chairman of the Club of directors representing employees Judge at the Marseille Employment Tribunal, Management section Commission paritaire de la Banque (AFB – Recourse Commission), member | ||
Business address: France | |||
Offices held at 31 December in previous financial years (the companies mentioned are the parent companies of the groups in which the functions were carried out) | |||
2023: Director: BNP Paribas, Action Logement Services | 2022: Director: BNP Paribas, Action Logement Services | 2021: Director: BNP Paribas | 2020: Director: BNP Paribas |
(*) Listed company. | |||
Marion GUILLOU Principal function: Independent Director | |||
|---|---|---|---|
Date of birth: 17 September 1954 Nationality: French Term start and end dates: 17 May 2022 – 2025 AGM Date first appointed to the Board of directors: 15 May 2013 | Offices(1) held in listed or unlisted companies of the BNP Paribas Group, in France or abroad BNP Paribas(*), director Offices(1) held in listed or unlisted companies outside the BNP Paribas Group, in France or abroad Veolia Environnement(*), director Participation(1) in specialised committees of French or foreign companies BNP Paribas, member of the Corporate Governance, Ethics, Nominations and CSR Committee and of the Remuneration Committee Veolia Environnement, member of the Research, Innovation and Sustainable Development Committee and the Remuneration Committee Others(1) Fonds de dotation pour la préservation de la biodiversité des espèces cultivées et de leurs apparentées sauvages, Chairwoman Care – France (NGO), Chairwoman Académie d’Agriculture de France, Chairwoman Africa Europe Foundation, Co-Chairwoman of the food systems strategic group Bioversity International, member of the Board of directors International Centre for Tropical Agriculture (CIAT), member of the Board of directors Bioversity International – CIAT Alliance, member of the Board of directors and Chairwoman of the Strategic Committee (ASPAC) Accelerating Impacts of CGIAR Climate Research for Africa (AICCRA), member of the Independent Steering Committee (ISC) Institut français des relations internationales (IFRI), member of the Board of directors Haut Conseil pour le climat, member | ||
Number of BNP Paribas shares held(1): 1,000 Business address: 16 boulevard des Italiens 75009 Paris France | |||
Education Graduate of the École Polytechnique Graduate of the École du Génie rural, des Eaux et des Forêts Doctor of Food Sciences Graduate of the Institut français des administrateurs (IFA) | |||
Offices held at 31 December in previous financial years (the companies mentioned are the parent companies of the groups in which the functions were carried out) | |||
2023: Director: BNP Paribas, Veolia Environnement Chairwoman: Fonds de dotation pour la préservation de la biodiversité des espèces cultivées et de leurs apparentées sauvages Vice-Chairwoman: Académie d'Agriculture de France, Care - France (NGO) Member: Board of directors of Bioversity International, Board of directors of the International Centre for Tropical Agriculture (CIAT), Board of directors of Bioversity – CIAT Alliance, Board of directors of IFRI, Haut Conseil pour le climat | 2022: Director: BNP Paribas, Veolia Environnement Chairwoman: Fonds de dotation pour la préservation de la biodiversité des espèces cultivées et de leurs apparentées sauvages Vice-Chairwoman: Care – France (NGO) Member: Board of directors of Bioversity International, Board of directors of the International Centre for Tropical Agriculture (CIAT), Board of directors of Bioversity – CIAT Alliance, Board of directors of IFRI, Haut Conseil pour le climat | 2021: Director: BNP Paribas, Veolia Environnement Chairwoman: Fonds de dotation pour la préservation de la biodiversité des espèces cultivées et de leurs apparentées sauvages Vice-Chairwoman: Care – France (NGO) Member: Board of directors of Bioversity International, Board of directors of the International Centre for Tropical Agriculture (CIAT), Board of directors of Bioversity – CIAT Alliance, Board of directors of IFRI, Haut Conseil pour le climat | 2020: Director: BNP Paribas, Veolia Environnement Vice-Chairwoman: Care – France (NGO) Member: Board of directors of Bioversity International, Board of directors of the International Centre for Tropical Agriculture (CIAT), Board of directors of Bioversity – CIAT Alliance, Board of directors of IFRI |
(*) Listed company. | |||
Vanessa LEPOULTIER Principal function: Asset Advisor BNP Paribas | |
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Date of birth: 20 January 1983 Nationality: French Term start and end dates: elected by BNP Paribas technician employees for three years from 16 February 2024 – 15 February 2027 Date first appointed to the Board of directors: 16 February 2024 | Offices(1) held in listed or unlisted companies of the BNP Paribas Group, in France or abroad BNP Paribas(*), director Other offices(1) held in listed or unlisted companies outside the BNP Paribas Group, in France or abroad Action Logement Services, alternate director Participation(1) in specialised committees of French or foreign companies BNP Paribas, member of the Financial Statements Committee |
Number of BNP Paribas shares held(1): 85(2) Business address: 150 rue du Faubourg-Poissonnière 75010 Paris France | |
Offices held at 31 December in previous financial years (the companies mentioned are the parent companies of the groups in which the functions were carried out) | |
N/A | |
(*) Listed company. | |
Lieve LOGGHE Principal function: Administrative and Financial Director of Boortmalt International | |||
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Date of birth: 11 July 1968 Nationality: Belgian Term start and end dates: 17 May 2022 – 2025 AGM Date first appointed to the Board of directors: 17 May 2022 | Offices(1) held in listed or unlisted companies of the BNP Paribas Group, in France or abroad BNP Paribas(*), director Offices(1) held in listed or unlisted companies outside the BNP Paribas Group, in France or abroad TINCC BV, director Participation(1) in specialised committees of French or foreign companies BNP Paribas, member of the Financial Statements Committee and member of the Remuneration Committee Others(1) ODISEE, member of the Board of directors and member of the Audit Committee | ||
Number of BNP Paribas shares held(1): 1,000 Business address: Zandvoort 2, Haven 350 2030 Antwerp Belgium | |||
Education Master’s degree in economics from the University of Brussels Master’s degree in accounting from the Vlerick School for Management Master’s degree in taxation from the EHSAL Management School | |||
Offices held at 31 December in previous financial years (the companies mentioned are the parent companies of the groups in which the functions were carried out) | |||
2023: Director: BNP Paribas, TINCC BV Member: Board of directors of ODISEE | 2022: Director: BNP Paribas, TINCC BV Member: Board of directors of ODISEE |
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(*) Listed company. | |||
Marie-Christine LOMBARD Principal function: Chairwoman of the Management Board of Geodis SA |
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Date of birth: 6 December 1958 Nationality: French Term start and end dates: 14 May 2024 – 2027 AGM Date first appointed to the Board of directors: 10 January 2024 ratified by the Annual General Meeting of 14 May 2024 | Offices(1) held in listed or unlisted companies of the BNP Paribas Group, in France or abroad BNP Paribas(*), director Offices(1) held under the principal function Geodis SA, Chairwoman of the Management Board SNCF, member of the Executive Committee Offices(1) held in listed or unlisted companies outside the BNP Paribas Group, in France or abroad Vinci(*), director Participation(1) in specialised committees of French or foreign companies BNP Paribas, Chairwoman of the Remuneration Committee Vinci, Chairwoman of the Remuneration Committee and member of the Nominations and Governance Committee |
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Number of BNP Paribas shares held(1): 1,000 Business address: 26 quai Charles-Pasqua 92110 Levallois-Perret France |
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Education Graduate of École Supérieure des Sciences Économiques et Commerciales (“Essec“) |
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Offices held at 31 December in previous financial years (the companies mentioned are the parent companies of the groups in which the functions were carried out) |
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N/A |
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(*) Listed company. |
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Christian NOYER Principal function: Director of companies | |||
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Date of birth: 6 October 1950 Nationality: French Term start and end dates: 14 May 2024 – 2027 AGM Date first appointed to the Board of directors: 18 May 2021 (Mr. Christian Noyer served as non-voting director of BNP Paribas from 1 May 2019 to 17 May 2021) | Offices(1) held in listed or unlisted companies of the BNP Paribas Group, in France or abroad BNP Paribas(*), director Offices(1) held in listed or unlisted companies outside the BNP Paribas Group, in France or abroad Setl Ltd, director(2) Participation(1) in specialised committees of French or foreign companies BNP Paribas, Chairman of the Financial Statements Committee and member of the Internal Control, Risk Management and Compliance Committee(3) Others(1) Institut pour l’Education Financière du Public (IEFP), Chairman Institut Français des Relations Internationales (IFRI) Foundation, member of the Board of directors Group of Thirty (G30), member Mission dedicated to the relaunch of the Capital Markets Union, Chairman of the Committee of Experts | ||
Number of BNP Paribas shares held(1): 2,000 Business address: 16 boulevard des Italiens 75009 Paris France | |||
Education Graduate of École Nationale d’Administration Graduate of the Institut d’Études Politiques de Paris Masters in Law from the University of Paris Master’s Degree from the University of Rennes | |||
Offices held at 31 December in previous financial years (the companies mentioned are the parent companies of the groups in which the functions were carried out) | |||
2023: Director: BNP Paribas, Power Corporation of Canada, Setl Ltd Chairman: Institut pour l’Education Financière du Public (IEFP) Member: Institut Français des Relations Internationales (IFRI) Foundation, Group of Thirty (G30) | 2022: Director: BNP Paribas, Power Corporation of Canada, Setl Ltd Chairman: Institut pour l’Education Financière du Public (IEFP) Member: Institut Français des Relations Internationales (IFRI), Group of Thirty (G30) | 2021: Director: BNP Paribas, Power Corporation of Canada, NSIA Banque Group, Setl Ltd Chairman: Institut pour l’Education Financière du Public (IEFP) Member: Institut Français des Relations Internationales (IFRI), Group of Thirty (G30) | 2020: Director: Power Corporation of Canada, NSIA Banque Group, Lloyd’s of London, Setl Ltd |
(*) Listed company. | |||
Daniela SCHWARZER Principal function: Member of the Executive Board of the Bertelsmann Foundation | |||
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Date of birth: 19 July 1973 Nationality: German Term start and end dates: 16 May 2023 – 2026 AGM Date first appointed to the Board of directors: 14 May 2014 | Offices(1) held in listed or unlisted companies of the BNP Paribas Group, in France or abroad BNP Paribas(*), director Offices(1) held in listed or unlisted companies outside the BNP Paribas Group, in France or abroad Covivio(*), director Participation(1) in specialised committees of French or foreign companies BNP Paribas, member of the Corporate Governance, Ethics, Nominations and CSR Committee, member of the Internal Control, Risk Management and Compliance Committee and member of the Financial Statements Committee Others(1) Institut Jacques-Delors, member of the Board of directors Deutsche Gesellschaft für Auswärtige Politik, member of the Board of directors Institut Jean Monnet, member of the Board of directors | ||
Number of BNP Paribas shares held(1): 1,000 Business address: Werderscher Markt 6 10117 Berlin Germany | |||
Education Doctorate in Economics from the Free University of Berlin Master’s degree in Political Science and in Linguistics, University of Tübingen | |||
Offices held at 31 December in previous financial years (the companies mentioned are the parent companies of the groups in which the functions were carried out) | |||
2023: Director: BNP Paribas, Covivio Member of the Management Board: Bertelsmann Foundation Member: Board of directors of Institut Jacques-Delors, Board of directors of Deutsche Gesellschaft für Auswärtige Politik, Board of directors of the Institut Jean Monnet | 2022: Director: BNP Paribas, Covivio Executive Director: Open Society Foundation for Europe and Central Asia Member: Board of directors of the Institut Jacques-Delors, Board of directors of the United Europe Foundation, Board of directors of the Deutche Gesellschaft für Auswärtige Politik, Board of directors of the Institut Jean Monnet | 2021: Director: BNP Paribas Executive Director: Open Society Foundation for Europe and Central Asia Member: Board of directors of the Institut Jacques-Delors, Board of directors of the United Europe Foundation, Advisory Committee of the Open Society Foundation, Board of directors of the Deutsche Gesellschaft für Auswärtige Politik, Board of directors of the Institut Jean Monnet | 2020: Director: BNP Paribas Director: Deutsche Gesellschaft für Auswärtige Politik Member: Board of directors of the Institut Jacques-Delors, Board of directors of the United Europe Foundation, Advisory Committee of the Open Society Foundation, Federal Security Academy, Advisory Committee |
(*) Listed company. | |||
Annemarie STRAATHOF Principal function: Director of companies |
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Date of birth: 2 August 1962 Nationality: Dutch Term start and end dates: 14 May 2024 – 2027 AGM Date first appointed to the Board of directors: 14 May 2024 | Offices(1) held in listed or unlisted companies of the BNP Paribas Group, in France or abroad BNP Paribas(*), director Participation(1) in specialised committees of French or foreign companies BNP Paribas, member of the Internal Control, Risk Management and Compliance Committee |
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Number of BNP Paribas shares held(1): 1,000 Business address: 16 boulevard des Italiens 75009 Paris France |
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Education Holder of a Bachelor of Arts in English Literature from the University of Amsterdam Holder of a Master in Business Administration from the Rotterdam School of Management |
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Offices held at 31 December in previous financial years (the companies mentioned are the parent companies of the groups in which the functions were carried out) |
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N/A |
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(*) Listed company. |
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Michel TILMANT Principal function: Director of companies | |||
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Date of birth: 21 July 1952 Nationality: Belgian Term start and end dates: 17 May 2022 – 2025 AGM Date first appointed to the Board of directors: 12 May 2010 (Mr. Michel Tilmant served as non-voting director of BNP Paribas from 4 November 2009 to 11 May 2010) | Offices(1) held in listed or unlisted companies of the BNP Paribas Group, in France or abroad BNP Paribas(*), director Offices(1) held under the principal function Strafin sprl, manager Other offices(1) held in listed or unlisted companies outside the BNP Paribas Group, in France or abroad Groupe Lhoist SA, director Foyer Finance SA, director Participation(1) in specialised committees of French or foreign companies BNP Paribas, member of the Internal Control, Risk Management and Compliance Committee Groupe Lhoist SA, Chairman of the Audit Committee Others(1) Royal Automobile Club of Belgium, member of the Board of directors Zoute Automobile Club, member of the Board of directors | ||
Number of BNP Paribas shares held(1): 1,000 Business address: Rue du Moulin 10 B-1310 La Hulpe Belgium | |||
Education Graduate of the University of Louvain | |||
Offices held at 31 December in previous financial years (the companies mentioned are the parent companies of the groups in which the functions were carried out) | |||
2023: Chairman of the Board of directors: CapitalatWork Foyer Group SA Director: BNP Paribas, Foyer Finance SA, Groupe Lhoist SA, Manager: Strafin sprl Member: Board of directors of Royal Automobile Club of Belgium, Board of directors of Zoute Automobile Club | 2022: Chairman of the Board of directors: CapitalatWork Foyer Group SA Director: BNP Paribas, Foyer SA, Foyer Finance SA, Groupe Lhoist SA Manager: Strafin sprl Member: Board of directors of Royal Automobile Club of Belgium, Board of directors of Zoute Automobile Club | 2021: Chairman of the Board of directors: CapitalatWork Foyer Group SA Director: BNP Paribas, Foyer SA, Foyer Finance SA, Groupe Lhoist SA, Sofina SA Manager: Strafin sprl Member: Board of directors of Royal Automobile Club of Belgium, Board of directors of Zoute Automobile Club | 2020: Chairman of the Board of directors: CapitalatWork Foyer Group SA Director: BNP Paribas, Foyer SA, Foyer Finance SA, Groupe Lhoist SA, Sofina SA Manager: Strafin sprl Member: Board of directors of Royal Automobile Club of Belgium, Board of directors of the Zoute Automobile Club, Board of directors of Université Catholique de Louvain |
(*) Listed company. | |||
Sandrine VERRIER (until 15 February 2024) Principal function: BNP Paribas Production and Sales Support Assistant(1) | |||
|---|---|---|---|
Date of birth: 9 April 1979 Nationality: French Term start and end dates: elected by BNP Paribas technician employees for three years from 16 February 2021 – 15 February 2024 Date first appointed to the Board of directors: 16 February 2015 | Offices(1) held in listed or unlisted companies of the BNP Paribas Group, in France or abroad BNP Paribas(*), director Other offices(1) held in listed or unlisted companies outside the BNP Paribas Group, in France or abroad Action Logement Services, director Participation(1) in specialised committees of French or foreign companies BNP Paribas, member of the Financial Statements Committee Action Logement Services, member of the Tender Committee Others(1) Conseil Économique, Social et Environnemental Régional d’Île-de-France, advisor | ||
Business address: 150 rue du Faubourg-Poissonnière 75010 Paris France | |||
Offices held at 31 December in previous financial years (the companies mentioned are the parent companies of the groups in which the functions were carried out) | |||
2023: Director: BNP Paribas, Action Logement Services | 2022: Director: BNP Paribas | 2021: Director: BNP Paribas | 2020: Director: BNP Paribas |
(*) Listed company. | |||
On the Board’s proposal, the Shareholders’ Annual General Meeting of 23 May 2000 decided to limit the term of office of new directors to three years.
Directors | 2025 (AGM called to approve the 2024 financial statements) | 2026 (AGM called to approve the 2025 financial statements) | 2027 (AGM called to approve the 2026 financial statements) |
|---|---|---|---|
J. Lemierre |
| ✓ |
|
J.-L. Bonnafé | ✓ |
|
|
J. Aschenbroich |
| ✓ |
|
J. Brisac (i) |
|
| ✓ |
M. Cohen |
| ✓ |
|
H. Epaillard (ii) |
|
| ✓ |
M. Guillou | ✓ |
|
|
V. Lepoultier (III) |
|
| ✓ |
L. Logghe | ✓ |
|
|
M.-C. Lombard |
|
| ✓ |
C. Noyer |
|
| ✓ |
D. Schwarzer |
| ✓ |
|
A. Straathof |
|
| ✓ |
M. Tilmant | ✓ |
|
|
| |||
Yann GÉRARDIN Principal function: Chief Operating Officer of BNP Paribas | ||
|---|---|---|
Date of birth: 11 November 1961 Nationality: French Number of BNP Paribas shares held(1): 166,413(2) Business address: 16 boulevard des Italiens 75009 Paris France | Offices(1) held under the principal function BNP Paribas(*), Chief Operating Officer, Head of Corporate & Institutional Banking | |
Education Degree in Economic Science Institut d’Études Politiques de Paris HEC Paris | ||
Offices held at 31 December in previous financial years (the companies mentioned are the parent companies of the groups in which the functions were carried out) | ||
2023: Chief Operating Officer: BNP Paribas | 2022: Chief Operating Officer: BNP Paribas | 2021: Chief Operating Officer: BNP Paribas |
(*) Listed company. | ||
Thierry LABORDE Principal function: Chief Operating Officer of BNP Paribas | ||
|---|---|---|
Date of birth: 17 December 1960 Nationality: French Number of BNP Paribas shares held(1): 20,350(2) Business address: 16 boulevard des Italiens 75009 Paris France | Offices(1) held under the principal function BNP Paribas(*), Chief Operating Officer, Head of Commercial, Personal Banking & Services BNP Paribas Personal Finance, Chairman of the Board of directors BNL SpA, director Arval Service Lease, director BNP Paribas Leasing Solutions, director BNP Paribas Lease Group, director Others(1) European Payments Initiative, director | |
Education Master’s degree in Economic Science | ||
Offices held at 31 December in previous financial years (the companies mentioned are the parent companies of the groups in which the functions were carried out) | ||
2023: Chief Operating Officer: BNP Paribas Chairman of the Board of directors: BNP Paribas Personal Finance Director: BNL SpA, Arval Service Lease, BNP Paribas Leasing Solutions, BNP Paribas Lease Group, European Payments Initiative | 2022: Chief Operating Officer: BNP Paribas Chairman of the Board of directors: BNP Paribas Personal Finance Director: BNL SpA, Arval Service Lease, BNP Paribas Leasing Solutions, BNP Paribas Lease Group, European Payments Initiative | 2021: Chief Operating Officer: BNP Paribas Chairman of the Board of directors: BNP Paribas Personal Finance Director: BNL SpA, Arval Service Lease, BNP Paribas Leasing Solutions, BNP Paribas Lease Group, European Payments Initiative |
(*) Listed company. | ||
Bertrand de MAZIÈRES Principal function: Independent Director |
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| |
|---|---|---|---|---|
Date of birth: 3 July 1957 Nationality: French Term start date: 1 October 2024 | Others(1) International Finance Facility for Immunisation, member of the Board of directors and Chairman of the Audit Committee |
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Business address: 7 bd Dr Charles-Marx L-2130 Luxembourg Luxembourg |
|
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| |
Education École Nationale d’Administration Graduate of HEC Paris Master’s Degree in law from the University of Paris I Panthéon Sorbonne |
| |||
Offices held at 31 December in previous financial years (the companies mentioned are the parent companies of the groups in which the functions were carried out) |
|
|
| |
N/A |
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| |
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| |
The Corporate Governance Code that BNP Paribas refers to on a voluntary basis in this report is the Corporate Governance Code of Listed Companies, published by the French employers’ organisations, Association Française des Entreprises Privées (Afep) and the Mouvement des Entreprises de France (MEDEF). BNP Paribas declares that it complies with all of the recommendations of this Code, hereinafter referred to as the Corporate Governance Code or Afep-MEDEF Code, which can be viewed on the BNP Paribas website (http://invest.bnpparibas.com/en), the Afep website (http://www.afep.com/en) and the MEDEF website (http://www.MEDEF.com/en).
The detailed rules on the participation of shareholders at the Shareholders’ Annual General Meeting are laid out in article 18, Title V “Shareholders’ Meetings”, of BNP Paribas’ Articles of association published in the Universal registration document in the section entitled Founding documents and Articles of association. Moreover, a summary of these rules and a report on the organisation and running of the Shareholders’ Combined General Meeting of 14 May 2024 are provided in the section entitled "BNP Paribas and its shareholders" of said document.
In addition to the above, BNP Paribas is governed in accordance with French and European banking regulations, and the guidelines issued by the European Banking Authority (EBA) and is subject to permanent supervision of the European Central Bank (ECB) pursuant to the Single Supervisory Mechanism (SSM).
The Internal Rules adopted by the Board of directors define the duties of the Board and of its specialised committees. They are updated periodically to comply with current laws, regulations and market guidelines, and to keep pace with best practice in the area of Corporate governance.
The Internal Rules were extensively revised in 2015 to reflect the provisions of Directive 2013/36/EU on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms (hereinafter “CRD 5”) then amended on various occasions to take into account changes in regulations and supervisor expectations. Two procedures complete the Internal Rules: a "Policy on the suitability of Members of the management body and Key function holders", hereinafter referred to as the “Suitability policy”, and the “Implementation procedure for conflicts of interest in respect to loans and other transactions granted to the Members of the management body and their related parties”.
The Group Code of conduct, approved by the Board of directors, was introduced in 2016. The latter as well as the addendum on anti-corruption were the subject of an update in December 2021, then in December 2024, approved by the Board of directors.
Code of conduct (article 1.2 of the Internal Rules)
The Code of conduct is the result of BNP Paribas’ Board of directors and Executive Management’s shared conviction that the success of the Bank depends on the behaviour of each employee. The Code of conduct “sets out the rules to uphold our values and perform the Bank’s missions. This Code, which shall be integrated by each business line and each employee, governs the actions of each employee, and guides the decisions at every level of the organisation. For this purpose, the Board ensures the Executive Management implements this Code in business lines, countries and regions.”
Note that the Internal Rules emphasise the collegial nature of the Board of directors, which jointly represents all shareholders and must act in the Company’s best interest at all times. It details the Board responsibilities (article 1).
The Board of directors is backed by four specialised committees (the Financial Statements Committee, the Internal Control, Risk Management and Compliance Committee, the Corporate Governance, Ethics, Nominations and CSR Committee, and the Remuneration Committee) as well as any ad hoc committees. The Internal Rules detail each committee’s missions, in line with the provisions of the CRD 5 and EBA Guidelines. They provide for joint meetings between the Financial Statements Committee and the Internal Control, Risk and Compliance Committee whenever required.
Neither the members of the Executive Management nor the Chairman of the Board of directors have been members of a Specialised committee since 1997.
As far as the Board is aware, no agreement has been entered into, directly, or through an intermediary, between on the one hand, one of BNP Paribas’ directors and corporate officers and, on the other, another company in which BNP Paribas owns, directly or indirectly, over half of the share capital (articles L.22-10-10 and L.225-37-4 paragraph two of the French Commercial Code), without prejudice to any agreements relating to current operations concluded under normal conditions.
The Internal Rules and Suitability policy mentioned above have been adopted by the Board of directors and are included in this report.
Each committee is composed of members with expertise in the relevant areas and complies with the provisions of the French Monetary and Financial Code and the recommendations of the Afep-MEDEF Code. Thus, at 31 December 2024:
The Chairman of the Board of directors is not a member of any Specialised committee, but attends the meetings to ensure the consistency of the Board of directors' work and may add any subject he considers relevant to the agenda.
European and French regulations applicable to BNP Paribas require members of the Board of directors and executive corporate officers to demonstrate integrity at all times, and to have the knowledge skills, experience and time needed to perform their duties. The ECB is notified of their appointment or re-appointment so that it can assess them on the basis of these criteria.
The ECB did not object to the composition of the Board of directors or its Specialised committees.
At 11 June 2003, BNP Paribas dissociated the offices of Chairman of the Board and Chief Executive Officer. This decision is in line with the obligations imposed on credit institutions since 2014 by the French law transposing Directive 2013/36/EU on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms.
They are described in article 3.1 of the Internal Rules.
The Chairman is responsible for ensuring that the quality of the relationship with shareholders is maintained, coordinating closely with any steps taken by the Executive Management in this area. In this connection, the Chairman chairs the Shareholder Liaison Committee, whose task is to assist the Bank in its communications with individual shareholders; several times a year, he invites the shareholders to meetings where the Company’s strategy is explained. He reports on his duties to the Board of directors.
The Chairman maintains a close and trusting relationship with the Executive Management and provides the team with assistance and advice while respecting its executive responsibilities. The Chairman organises his activities so as to ensure his availability and put his experience to the Group’s service. His duties are contributory in nature and do not confer any executive power on him. They do not in any way restrict the powers of the Chief Executive Officer, who has sole operational responsibility for the Group.
Coordinating closely with the Executive Management, the Chairman can represent the Group in its high-level relationships, particularly with major clients, public authorities and institutions, at national, European and international levels. He plays an active part in discussions concerning regulatory developments and public policies affecting BNP Paribas, and, more generally, the financial services sector.
The Chairman contributes to promoting the values and image of BNP Paribas, both within the Group and externally. He contributes to enhancing the Group’s image through the responsibilities he exercises personally in national or international public bodies.
At the request of the Chief Executive Officer, he can take part in any internal meeting on subjects relating to strategy, organisation, investment or disinvestment projects, risks and financial information. He expresses his opinions without prejudice to the remit of the Board of directors; he provides support to the teams responsible for covering major companies and international financial institutions; he also contributes to the development of BNP Paribas’ advisory activities, particularly by assisting in the completion of major corporate finance transactions.
He ensures that principles of Corporate governance are defined and implemented.
The Chairman is the custodian of the proper functioning of the Board of directors of BNP Paribas. As such:
The Chief Executive Officer has the broadest powers to act in all circumstances on behalf of BNP Paribas, and to represent the Bank in its relations with third parties. He is responsible for the organisation of internal control procedures and for all the information required by regulations in that regard.
He exercises his powers within the limitations of the corporate object, and subject to any powers expressly attributed by law to the Shareholders’ Annual General Meeting and Board of directors.
The Internal Rules of the Board of directors provide that the Chief Executive Officer shall request its prior approval for all investment or disinvestment decisions (other than portfolio transactions) in excess of EUR 250 million, and for any proposal to acquire or dispose of shareholdings in excess of that threshold (other than portfolio transactions) (article 1.1). The Chief Executive Officer must also ask the Board’s Financial Statements Committee for prior approval of any non-audit related assignment involving fees in an amount of over EUR 1 million (excluding taxes) (article 7.1.4).
The Board of directors, after consulting the Governance, Ethics, Nominations and CSR Committee, co-opted Ms. Marie-Christine Lombard as a director as of 10 January 2024, to replace Ms. Rajna Gibson-Brandon(4).
On the proposal of the Board of directors, the Shareholders’ Annual General Meeting of 14 May 2024 renewed the terms of office as directors for a period of three years of Ms. Juliette Brisac and Mr. Christian Noyer, ratified the co-option and renewed the term of office of Ms. Marie-Christine Lombard for a period of three years and appointed Ms. Annemarie Straathof as an independent director, replacing Mr. Pierre André de Chalendar, whose term of office expired at the end of the Annual General Meeting.
At 31 December 2024:
The Board of directors, after consulting the Governance, Ethics, Nominations and CSR Committee, also appointed Mr. Bertrand de Mazières as a non-voting director as of 1 October 2024, in accordance with Article 17, Title IV “Powers of the Board of directors, the Chairman, the Executive Management and the Non-voting directors” of the Articles of association of BNP Paribas published in the Universal registration document in the section Founding documents and Articles of association.
Mr. Bertrand de Mazières participates in the meetings of the Board of directors without voting rights, as well as in the meetings of the Financial Statements Committee and the Internal Control, Risk Management and Compliance Committee. He will serve as a non-voting director until the Shareholders’ Annual General Meeting of May 2025, during which the Board of directors will propose his appointment as an independent director.
The table below shows the position of each director with regard to the independence criteria provided by the Afep-MEDEF Code to define an independent director:
Criteria | Jean LEMIERRE | Jean-Laurent BONNAFÉ | Jacques ASCHENBROICH | Juliette BRISAC | Monique COHEN | Hugues EPAILLARD | Marion GUILLOU | Vanessa LEPOULTIER | Marie-Christine LOMBARD | Lieve LOGGHE | Christian NOYER | Daniela SCHWARZER | Annemarie STRAATHOF | Michel TILMANT | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1 | Not be, or have been, in the last five years (i) an employee or corporate officer of the Company or of a consolidated subsidiary of the Company; (ii) a director of a consolidated subsidiary | 0 | 0 | ✓ | 0 | ✓ | 0 | ✓ |
0 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
2 | Whether or not corporate offices are held in another company | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
3 | Whether or not significant business relationships exist | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
4 | Whether or not there are close family ties to a corporate officer | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
5 | Not have been a Statutory Auditor of the Company in the previous five years | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
6 | Not have been a director of the Company for more than twelve years | ✓ | 0 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 0 |
7 | No variable remuneration for non-executive corporate officers | ✓ | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
8 | Major shareholder status | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
✓represents an independence criterion of the Afep-MEDEF Code that is met. O represents an independence criterion of the Afep-MEDEF Code that is not met. | |||||||||||||||
Over half of the directors of BNP Paribas (73%) are therefore independent in terms of the criteria for independence contained in the Afep-MEDEF Code and the Board of directors’ assessment.
When the Corporate Governance, Ethics, Nominations and CSR Committee (CGEN) reviews the skills and experience of potential directors, it is careful to maintain the diversity and collective skills of the Board of directors in light of changes to the Bank’s strategy and in accordance with the Suitability policy.
These candidates are identified and recommended on the basis of criteria that combine personal and collective skills, according to the procedures in the Internal Rules (article 4.2.1) and by the Suitability policy (section II Identification of selection of and succession plan for Members of the management body and Key function holders), which ensure their independence of mind.
To make informed and judicious decisions in all circumstances, the Board of directors has established individual expertise in the banking and financial fields (including risk management, banking regulation and compliance, particularly as regards anti-money laundering and combating the financing of terrorism), as well as recognised individual experience acquired within the General Management of large international companies, to understand the Group’s business model and the associated risks.
The Board of directors also ensures complementarity between directors, with members able to understand the major issues, challenges and emerging risks that the Bank is currently facing, and more specifically:
In terms of diversity, the Board of directors also complies with both quantitative and qualitative criteria that it has set for itself, relating to the number of directors, the balanced representation of women and men, international experience and the diversity of nationalities, age and seniority, which are added to the criteria of personal and collective qualities(8).
Thus:
The table below reflects this diversity within the Board of directors and lists more specific contributions made by each of the directors.
Director | Age(1) | Gender | Nationality |
| Areas of expertise | End of term of office |
|---|---|---|---|---|---|---|
Jean LEMIERRE (Chairman) | 74 | M | French |
| Banking/Finance Risks/Regulation monitoring International business operations CSR Geopolitics AML/CFT | 2026 |
Jean-Laurent BONNAFÉ (Director and Chief Executive Officer) | 63 | M | French |
| Banking/Finance Risks/Regulation monitoring International business operations CSR AML/CFT | 2025 |
Jacques ASCHENBROICH | 70 | M | French |
| International business operations Transformation CSR Digital/Cybersecurity | 2026 |
Juliette BRISAC (Director representing employee shareholders) | 60 | F | French |
| Banking/Finance Risks/Regulation monitoring CSR | 2027 |
Monique COHEN | 68 | F | French |
| Banking/Finance Risks/Regulation monitoring CSR AML/CFT | 2026 |
Vanessa LEPOULTIER (Director representing employees) | 41 | F | French |
| Organisation representing employees | 2027 |
Marie-Christine LOMBARD | 66 | F | French |
| Banking/Finance International business operations Transformation Digital/Cybersecurity | 2027 |
Lieve LOGGHE | 56 | F | Belgian |
| Banking/Finance International business operations Transformation | 2025 |
Hugues EPAILLARD (Director representing employees) | 58 | M | French |
| Organisation representing employees | 2027 |
Marion GUILLOU | 70 | F | French |
| Risks/Regulation monitoring CSR Technology | 2025 |
Christian NOYER | 74 | M | French |
| Banking/Finance Economy/Monetary policies Risks/Regulation monitoring International business operations AML/CFT | 2027 |
Daniela SCHWARZER | 51 | F | German |
| Economy/Monetary policies CSR Geopolitics AML/CFT | 2026 |
Annemarie STRAATHOF | 62 | F | Dutch |
| Banking/Finance Risks/Regulation monitoring AML/CFT | 2027 |
Michel TILMANT | 72 | M | Belgian |
| Banking/Finance Risks/Regulation monitoring International business operations AML/CFT | 2025 |
| ||||||
Furthermore, the additional information referred to in article L.22-10-10 of the French Commercial Code relating to employees is shown in sections 7.1.4 Significant actions in the area of gender equality and 7.2 The system concerning employees of this document(14).
As far as the Board is aware, there are no potential conflicts of interests between BNP Paribas and any of the directors. The Suitability policy requires directors to report any situation likely to constitute a conflict of interest to the Chairman, the Board of directors may then ask the director in question to refrain from taking part in voting on the relevant issues.
As far as the Board is aware, none of the Board members has been found guilty of fraud or been associated, as member of an administrative, management or supervisory body, or as Chief Executive Officer, with any insolvency, receivership or liquidation proceedings during at least the last five years.
As far as the Board is aware, no member of the Board of directors is subject to any official public accusation and/or penalty. No director has been prohibited from acting in an official capacity during at least the last five years.
There are no arrangements or agreements with key shareholders, customers, suppliers or other persons that involve the selection of any member of the Board of directors.
The directors must carry out their duties in a responsible manner, particularly as regards the regulations relating to insider dealing. They are notably required to comply with legal requirements relating to being in possession of insider information. Under the terms of the Internal Rules, they must also refrain from carrying out any transactions in BNP Paribas shares that could be regarded as speculative (article 4.3.1 of the Internal Rules). They are informed of the periods during which they may, except in special circumstances, carry out any transactions in BNP Paribas shares (article 4.3.1 of the Internal Rules).
Pursuant to the Internal Rules, every director can ask the Chairman or the Chief Executive Officer to provide them with all the documents and information required to enable them to carry out their duties, to participate effectively in the meetings of the Board of directors and to make informed decisions, provided that such documents are necessary to the decisions to be taken and connected with the Board’s powers (article 3.4.1 of the Internal Rules).
The directors have unrestricted and continuous access to the minutes of meetings of the Board’s specialised committees and the minutes of Board meetings using a special digital tool. This system also provides directors with a range of useful information in a secure and timely manner to facilitate them in their work. It is possible to use this system to provide e-learning training modules to directors.
Committee meetings provide an opportunity to update the directors on the topical issues on the agenda. In addition, the Board is kept informed of changes in the banking regulations and reference texts concerning governance and can be trained on such occasions.
The Company also dedicates the human and financial resources required for the training of the directors. Thus, each year, three half-days of training (each with two sessions) are organised for directors (generally in March, June and September). On this occasion, presentations may be organised by internal experts on various topics related to banking and finance, accounting and prudential matters, regulations applicable to the Bank, any area related to the Group’s strategy, as well as on current topics related in particular to CSR (for example, Taxonomy; Green Asset Ratio; Corporate Sustainability Reporting Directive; Sustainable Finance Disclosure Regulation (SFDR)) and digital transformation (e.g. digital assets and blockchain; fintech partnerships and investments; artificial intelligence). [sustainability statements]
In 2024, Directors received training on (i) the Corporate Sustainability Reporting Directive (CSRD), (ii) the Group’s activities in the Nordic countries, (iii) the activities of BNP Paribas Cardif, (iv) IFRS 17 and IFRS 9 accounting standards on insurance and the prudential treatment of insurance activities, (v) artificial intelligence and (vi) regulatory issues related to elections in the United States. It was also the opportunity for directors to meet with the relevant managers in the Group.
In respect of 2024, one of the directors representing the employees attended two external training sessions dedicated respectively to employee directors and directors in the banking sector, and started a certification training course as a company director. The directors representing employees and the director representing employee shareholders also benefit, like any other director, from trainings provided by BNP Paribas as described above, in addition to their external training.
Director | Board of directors | Specialised committees | Individual attendance rates |
|---|---|---|---|
J. LEMIERRE | 100% |
| 100% |
J.-L. BONNAFÉ | 100% |
| 100% |
J. ASCHENBROICH | 100% | 100% | 100% |
J. BRISAC | 100% | 100% | 100% |
P. A. de CHALENDAR(1) | 100% | 100% | 100% |
M. COHEN | 100% | 100% | 100% |
H. EPAILLARD | 100% | 100% | 100% |
M. GUILLOU | 100% | 100% | 100% |
V. LEPOULTIER(2) | 100% | 100% | 100% |
M.-C. LOMBARD | 83% | 100% | 88% |
L. LOGGHE | 100% | 100% | 100% |
C. NOYER | 100% | 81% | 89% |
D. SCHWARZER | 100% | 100% | 100% |
A. STRAATHOF(3) | 100% | 100% | 100% |
M. TILMANT | 100% | 100% | 100% |
S. VERRIER(4) | 100% | 100% | 100% |
Average | 99% | 99% | 99% |
| |||
The Board of directors, which determines BNP Paribas’ strategy and overall business objectives based on proposals submitted by the Executive Management and with the aim of promoting long-term value creation in the light of social and environmental issues:
As in previous years, Single Supervisory Mechanism (SSM) representatives from the ECB and representatives of the French Autorité de contrôle prudentiel et de résolution (ACPR) attended the Board of directors’ meeting of 27 February 2024. They outlined their priorities for banking supervision for 2024, which were followed by an exchange of views with the members of the Board.
The Board of directors met on 18 December 2024 for an annual strategic seminar devoted, among other things, to the execution of the GTS 2025 Plan and the issues faced by the business lines within Commercial, Personal Banking & Services, Corporate & Institutional Banking and Investment & Protection Services.
In addition to the assessments of the performance and compensation of the executive corporate officers, which were discussed outside their presence, five meetings of directors were held in the form of “executive sessions” on the Group’s challenges and operations, of which three as a follow-up to the training sessions provided during the year. During these three sessions, the directors had the opportunity to interact with the operational managers concerned.
Finally, the Chairman and the non-executive directors had discussions both on strategy and on their perception of interactions between the Board of directors and the Group’s Executive Management.
The Financial Statements Committee:
Each quarter, when reviewing the results, the Financial Statements Committee:
It reviewed the section of the management report concerning the internal control procedures relating to the preparation and processing of accounting and financial information in respect of 2023; it recommended its approval by the Board of directors.
The Board:
The Financial Statements Committee received their annual certificate of independence from the Statutory Auditors.
It took note of the draft engagement letter of both the Statutory Auditors and the sustainability auditors for the year ended 31 December 2024.
In the absence of the Statutory Auditors, the Financial Statements Committee:
The Board:
The committees:
The Board:
Since 19 May 2020, the Internal Control, Risk Management and Compliance Committee and the Financial Statements Committee have at least one joint member to support the work of the committees on the appropriateness of the risks and provisions recognised by the Bank.
The Internal Control, Risk Management and Compliance Committee:
The Board:
The Internal Control, Risk Management and Compliance Committee:
The Internal Control, Risk Management and Compliance Committee and the Corporate Governance, Ethics, Nominations and CSR Committee, at a joint meeting, also examined the progress made in 2024 in terms of the operational integration of ESG risk factors as part of the Bank’s risk management framework.
The Board was informed of all the ad hoc work of the Committee.
The Internal Control, Risk Management and Compliance Committee:
The Board:
The committee interviewed the Heads of the RISK, Compliance, LEGAL and General Inspection Functions, without the presence of the Executive Management.
The Board heard the reports of the interviews.
The Corporate Governance, Ethics, Nominations and CSR Committee:
The Board:
The Corporate Governance, Ethics, Nominations and CSR Committee:
The Board:
The Committee:
The Board approved the action plan following the 2023 assessment.
The Corporate Governance, Ethics, Nominations and CSR Committee, in accordance with its powers, devoted one meeting to reviewing the main actions taken during the past year to strengthen the Conduct framework within the Group. In particular, it reviewed the results of the various Conduct indicators, including those related to respect for people and customer perception and examined the implementation of standards, decision-making processes and incident management frameworks within the Group.
It examined the proposals for updating the Code of conduct and its annex on corruption, in particular the update of the illustrative cases described in the code, and proposed its approval to the Board of directors.
The Board:
Prior to the Board of director’s approval of the allocation of compensation to each director as well as the non-voting director for 2024, the Corporate Governance, Ethics, Nominations and CSR Committee reviewed the actual attendance of each director and the non-voting director at the Board and Committee meetings.
The Committee:
The Governance, Ethics, Nominations and CSR Committee and the Financial Statements Committee, meeting jointly, examined the publication of the estimates of greenhouse gas emissions financed by the counterparties, the preliminary results of the analysis of double materiality under the CSRD directive, as well as the draft plan and content of the new sustainability report to be published for the first time in 2025 with respect to 2024.
The Board:
One member of the Remuneration Committee is also a member of the Internal Control, Risk Management and Compliance Committee, promoting thereby the work of the Committee on the appropriateness of BNP Paribas’ compensation principles and risk policy, thus meeting the requirements of the French Monetary and Financial Code.
The Remuneration Committee:
In respect of the year 2023
In respect of the year 2024
In respect of the year 2025
The Board:
The rules concerning:
are set by the statutory and regulatory provisions, the Company’s Articles of association, and these rules (in addition to these Internal Rules of the Board of directors, there is the Policy on the suitability of Members of the management body and Key function holders mentioned in 1.3 below).
The Board of directors also takes into account the French market guidelines concerning Corporate Governance and, in particular, the provisions of the Corporate Governance Code of Listed Companies published by the French employers’ organisations Association française des entreprises privées (Afep) and the Mouvement des entreprises de France (MEDEF), hereinafter called the Afep-MEDEF Code, to which BNP Paribas (the “Company”) refers.
The Board of directors is a collegial body that collectively represents all shareholders and acts in all circumstances in the corporate interests of the Company.
The Board of directors is assisted by specialised committees:
as well as by any ad hoc committee.
The Board of directors discusses any question coming within the scope of its statutory and regulatory duties and contributes to promoting the corporate values aimed, in particular, to ensuring that the conduct of BNP Paribas’ activities by its employees complies with the highest ethical requirements in order to protect the reputation of the Bank.
In particular and non-exhaustively, the Board of directors is competent in the following areas:
The Board of directors:
The Board of directors and the Executive Management have developed a Code of conduct of BNP Paribas Group which defines the standards of conduct in line with the values and missions determined by the Bank. This Code, which shall be integrated by each business line and each employee, governs the actions of each employee and guides the decisions at every level of the organisation. For this purpose, the Board ensures the Executive Management implements this Code in business lines, countries and regions.
The Board of directors:
The Board of directors:
The Board of directors:
The Board of directors:
Executive corporate officers do not take part in deliberations or voting on their own compensation.
The Board of directors approves the preventive plan for the institution’s recovery, as well as the elements necessary for the establishment of the resolution plan, communicated to the competent supervisory authorities and has put in place a specific process organising its referral in the event of the activation of the recovery dashboard.
Once a year, the Head of Inspection Générale is interviewed by the Financial Statements Committee, the Heads of RISK and Compliance are interviewed by the Internal Control, Risk Management and Compliance Committee (CCIRC) on the organisation, methods and procedures used and on the work programme of these functions within the Group, without the presence of the Executive Management.
The Heads of RISK, Compliance and Inspection Générale participate in the Board of directors’ meeting during which the Chairman of the relevant committee reports on their annual hearing. During this meeting, the heads of the control functions provide an update on their respective areas and share their views on the conditions under which they performed their duties with the Board of directors.
The Head of LEGAL is also interviewed once a year without the presence of the Executive Management.
The Board is informed of the conclusions of the supervisory missions, when the latter so request.
If necessary, without referring to the Executive Officers, the Heads of the control functions have access to the Board of directors - or, where applicable, its committees, in particular in the event of a conflict of interest.
The Board of directors gives its approval for:
On the basis of an opinion sent by the Financial Statements Committee, the Board assesses the effectiveness of the Inspection Générale.
The heads of the control functions are subject to the same rules of ethics, confidentiality and professional conduct as the directors.
The Board of directors meets at least four times a year and as often as circumstances or BNP Paribas’ interest requires.
Notices of meetings may be communicated by the Secretary of the Board.
The Secretary of the Board prepares all of the documents necessary for the Board meetings and outs all of the documentation at the disposal of the directors and other participants in the meetings.
An attendance register is kept, which is signed by the directors taking part in the meeting. It mentions the names of the directors considered as present.
The decisions of the Board of directors may be taken by written consultation (including by electronic means), in accordance with the deadlines and procedures provided for in the Articles of association. Any director may object to this method.
The Board of directors’ decisions are recorded in minutes by the Secretary of the Board which are entered into a special register, in accordance with the laws in force. The Secretary of the Board of directors is authorised to issue and certify copies or excerpts of the Board minutes. Each set of Board minutes must be approved at a subsequent Board meeting.
The decisions of the Board of directors are carried out either by the Chief Executive Officer, or a Chief Operating Officer, or by any special representative appointed by the Board of directors.
Directors taking part in the meeting by telecommunication means enabling their identification, guaranteeing their effective participation, transmitting at least the voices of the participants, and meeting, through their technical features, the needs of confidentiality, of continuous and simultaneous retransmission, shall be deemed to be present for the purpose of calculating both the quorum and the majority. The minutes state, as the case may be, the occurrence of any technical incidents if they disturbed the conduct of the meeting.
In relations with the Company’s other bodies and with parties outside the Company, the Chairman of the Board of directors alone has the power to act on behalf of the Board of directors and to express himself in its name, except in exceptional circumstances, and except where specific assignments or duties are entrusted by the Board of directors to another director.
The Chairman makes sure that he maintains a close and trusting relationship with the Executive Management. He provides it with his assistance and his advice while respecting his executive responsibilities. He organises his activities so as to ensure his availability and put his experience at the Company’s service. He contributes to promoting the values and image of the Company, both within the Group and externally.
Coordinating closely with the Executive Management, he can represent the Group in its high level relationships, and particularly with major clients, public authorities and the institutions on national, European and international levels.
He ensures that the quality of relations with shareholders is maintained, in close coordination with the work of the Executive Management in this area.
He ensures that principles of Corporate governance are defined and implemented.
The Chairman is the custodian of the proper functioning of the Board of directors of BNP Paribas.
As such:
The Chairman organises and manages the work of the Board of directors in order to allow it to carry out all of its duties. He sets the timetable and agenda of Board meetings and convenes them.
He ensures that the work of the Board of directors is well organised, in a manner conducive to constructive discussion and decision-making. He directs the work of the Board of directors and coordinates its work with that of the specialised committees.
He sees to it that the Board of directors devotes an appropriate amount of time to issues relating to the future of the Company and particularly its strategy.
The Chairman is regularly kept informed by the Chief Executive Officer and other members of the Executive Management of significant situations and events relating to the business of the Group, particularly those relating to: deployment of strategy, organisation, investment or disinvestment projects, financial transactions, risks, financial statements.
The Chief Executive Officer provides the Chairman with all information required under French law regarding the internal control report.
He may ask the Chief Executive Officer or any manager, and in particular, the heads of the control functions, for any information likely to assist the Board and its committees in the carrying out of their duties.
He may hear the Statutory Auditors in order to prepare the work of the Board of directors and of the Financial Statements Committee.
They undertake to act in the corporate interest of BNP Paribas and to comply with all of the provisions of these Internal Rules that are applicable to them, and more specifically the procedures of the Board of directors.
The non-voting directors attend the meetings of the Board and of the specialised committees in an advisory capacity.
The Statutory Auditors attend the meetings of the Board and specialised committees that examine or approve the annual or interim financial statements, and those that examine and adopt the report on the information communicated in terms of sustainability. They may attend Board and specialised committee meetings when deemed necessary by the Chairman of the Board.
The Board can decide to invite one or several persons to attend the meetings.
The representative of the Central Works Committee attends the meetings of the Board in an advisory capacity.
The Secretary of the Board is appointed by the Board and attends the meetings of the latter.
For the purpose of efficiently participating in the Board of directors’ meetings and making enlightened decisions, each director may ask that the Chairman or the Chief Executive Officer communicates to him or her all documents and information necessary to perform his or her duties, if these documents are useful for making decisions and are related to the Board of directors’ powers.
Requests are sent to the Secretary of the Board of directors who informs the Chairman thereof.
When the Secretary of the Board of directors considers this preferable, for reasons of convenience or confidentiality, the documents thus placed at the disposal of the directors as well as of any person attending the meetings of the Board are consulted through the Secretary of the Board or through the competent employee of the Group.
The placing at disposal of the directors or of any person attending the Board meetings of all of the documentation with a view to meetings of the Board, may be done by any means, including dematerialised. In this case, all the measures of protection considered necessary are taken to protect the confidentiality, the integrity and the availability of the information and each member of the Board or any person who has received the documentation is responsible not only for the systems and media thus placed at disposal but also for their access.
The directors of BNP Paribas possess, both individually and collectively, the expertise, experience, skills, understanding and personal qualities necessary, notably in terms of professionalism and integrity, to properly perform their duties in connection with each of the significant activities of BNP Paribas and guaranteeing efficient governance and supervision.
The directors shall ensure that their knowledge is kept updated in compliance with the Policy on the suitability of Members of the management body and Key function holders.
The directors representing employees and the director representing employee shareholders are given time dedicated to training determined by the Board in accordance with the regulations in force.
Every director appointed by the General Shareholders’ Meeting must personally hold 1,000 shares. The director must hold all of the shares within twelve months of appointment. At the expiry of this period, every director concerned shall make sure to keep the minimum number of BNP Paribas’ shares throughout their term of office.
The directors undertake not to engage in any individual hedging or insurance strategies to cover their risk on such shares.
This obligation does not concern directors representing employees and directors representing employee shareholders.
4.2.1.1. Availability and regular attendance
The members of the Board of directors shall devote the time and the effort necessary to carry out their duties and responsibilities, in compliance with the Policy on the suitability of Members of the management body and Key function holders.
The directors representing employees and the director representing employee shareholders are given a preparation time determined by the Board in accordance with the Guidelines on the assessment of the suitability of Members of the management body and Key function holders.
4.2.1.2. Independence and loyalty
Every member of the Board of directors shall at all times maintain his or her independence of mind, in compliance with the Policy on the suitability of Members of the management body and Key function holders.
He or she shall act with loyalty towards the other directors, shareholders and BNP Paribas.
He or she shall refuse any benefit or service liable to compromise his or her independence.
4.2.1.3. Duty of care
Every member of the Board of directors is bound by a duty of vigilance with respect to the keeping, use and, as the case may be, the return of the systems, documents and information placed at their disposal.
Any director and any person participating in the work of the Board is bound by an obligation of absolute confidentiality about the content of the discussions and decisions of the Board and of its committees as well as the information and documents which are presented therein or which are provided to them, in any form whatsoever.
Except as provided by law, he or she is prohibited from communicating to any person outside of the Board of directors any information that has not been made public by BNP Paribas.
If directors have any questions related to ethical conduct, they may consult the head of the Group Compliance Function.
The legislation relating to insider trading applies particularly to directors both in a personal capacity and when carrying out their duties within companies that hold shares in BNP Paribas. They are required, in particular, to respect the legal requirements governing the definition, communication and exploitation of inside information, the principal provisions of which are communicated to them when they take directorship.
Directors can only deal in securities of BNP Paribas on a personal basis during the period of six weeks beginning on the day after the publication of the quarterly and annual financial statements, or after the publication of a press release on the Company’s operations, unless they are in possession during that period of information that puts them in the position of an insider with respect to stock exchange regulations.
Directors shall refrain from any transactions that could be considered as speculative, and in particular from leveraged purchases or short sales, or short-term trading.
The directors, as well as persons with close connections with them, are under the obligation to declare to the French Financial Markets Authority (Autorité des marchés financiers – AMF), which ensures the publication thereof, and to BNP Paribas, the transactions that they execute in BNP Paribas shares and the financial instruments related thereto.
The director complies with the statutory and regulatory provisions which are applicable to him or her, or which are applicable to BNP Paribas, concerning limitations on directorships, as well as the Policy on the suitability of Members of the management body and Key function holders.
The director complies with the applicable statutory and regulatory provisions regarding conflicts of interests – in particular the so-called “related-party agreements” (conventions réglementées) regime as well as with the Policy on the suitability of Members of the management body and Key function holders.
Whatever the circumstances, in the event of breach of the obligations with respect to conflict of interests by a director, the Chairman of the Board of directors shall take all the statutory measures necessary in order to remedy it. He can, furthermore, keep the relevant regulators informed of such acts.
The director undertakes to inform the Secretary of the Board as soon as possible of any change in his or her personal situation (change of address, appointment, directorships, duties carried out, or criminal, civil, or administrative convictions, etc.).
In particular, and in compliance with the Policy on the suitability of Members of the management body and Key function holders, the director shall inform, as soon as possible, the Chairman of the Board of directors of any criminal or civil conviction, management prohibition, administrative or disciplinary sanction, or measure of exclusion from a professional organisation, as well as any proceedings liable to entail such sanctions against him or her, any dismissal for professional misconduct, or any dismissal from a directorship of which he or she may be the subject. Similarly, the director informs the Chairman of the Board of directors of any criminal or civil order entered against him or her, administrative or disciplinary sanction or measure of exclusion from a professional organisation, as well as of any Court-ordered reorganisation or liquidation measure of which a company of which he or she is the manager, shareholder or partner is the subject or would be liable to be the subject.
The overall amount of remuneration given to the directors is determined by the General Shareholders’ Meeting.
The individual amount of remuneration given to directors is determined by the Board of directors pursuant to a proposal by the Remuneration Committee. It comprises a predominant variable portion based on actual participation in meetings, regardless of the means. Directors residing abroad receive an increased amount, except where they may participate in meetings of the Board of directors by telecommunications means.
Actual participation in the committees entitles committee members to an additional remuneration, the amount of which may differ depending on the committees. Committee members receive this additional remuneration for their participation in each different committee. The Chairmen of committees also receive additional remuneration.
The remuneration of the non-voting directors is determined by the Board of directors pursuant to a proposal of the Remuneration Committee.
To facilitate the performance of their duties by BNP Paribas’ directors, specialised committees are created within the Board of directors.
They consist of members of the Board of directors who do not carry out management duties within the Company. They include the required number of members who meet the criteria required to qualify as independent, as recommended by the Afep-MEDEF Code. The members of the committees have the knowledge and skills suited to carry out of the missions of the committees in which they participate.
The Remuneration Committee includes at least one director representing the employees.
Their remits do not reduce or limit the powers of the Board of directors.
The Chairman of the Board of directors sees to it that the number, missions, composition, and functioning of the committees are adapted at all times to the statutory and regulatory provisions, to the Board of directors’ needs and to the best Corporate governance practices.
By decision of the Board, the Internal Control, Risk Management and Compliance Committee (CCIRC), the Remuneration Committee (RemCo), and the Corporate Governance, Ethics, Nominations and CSR Committee (CGEN) may, in accordance with the provisions of Article L.511-91 of the French Monetary and Financial Code (Code monétaire et financier), ensure their missions for the companies of the Group under the supervision of the regulator on a consolidated or sub-consolidated basis.
The committees shall meet as often as necessary.
They may call upon outside experts when needed.
The Chairman of a committee may ask to hear any officer within the Group, regarding issues falling within this committee’s jurisdiction, as defined in the present Internal Rules.
The Chairman of the committee, in conjunction with the Secretary of the Board, sets the agenda for the meeting and invites the Chief Executive Officer and/or his representatives to it when their presence seems relevant.
The Chief Executive Officer may, at his request, attend a meeting of a specialised committee.
The Secretary of the Board prepares all of the documents necessary to the meetings of the specialised committees and organises the placing of the documentation at the disposal of the directors and other participants in the meetings.
This documentation can be placed at disposal by any means, including dematerialised. In this case, all the measures of protection considered necessary are taken for the purposes of protecting the confidentiality, integrity and the availability of the information and each member of the specialised committee concerned or any person who has received the documentation is responsible not only for the systems and media and their provision but also for their access.
They express opinions intended for the Board of directors. The Chairmen of committees, or in case of their impediment another member of the same committee, present a verbal summary of their work at the next Board of directors’ meeting.
Written reports of committees’ meetings are prepared by the Secretary of the Board and communicated, after approval at a subsequent meeting, to the directors who so request.
In accordance with the provisions of the French Commercial Code, the committee ensures the monitoring of the issues concerning the preparation and verification of the accounting and financial information, the information on sustainability and the monitoring of periodic control.
With regard to financial information
The Financial Statements Committee monitors the process of preparing financial information.
It is also tasked with analysing the quarterly, half-yearly and annual financial statements issued by the Company in connection with the closing of financial statements and obtaining further explanations of certain items prior to presentation of the financial statements to the Board of directors.
The committee shall examine all matters relating to these accounts and financial statements: the choices of accounting principles and policies, provisions, analytical results, prudential standards, profitability indicators, and all other accounting matters that raise methodological issues or are liable to give rise to potential risks.
It makes, as the case may be, recommendations, in order to ensure integrity of the elaboration process of the financial information.
With regard to sustainability information
The Financial Statements Committee monitors the process of preparing information on sustainability and the process implemented to determine the information to be published in accordance with the so-called ESRS (European Sustainability Reporting Standards) for the communication of information in terms of sustainability.
In this context, the Financial Statements Committee examines all issues relating to sustainability reporting documents.
It makes, as the case may be, recommendations, in order to ensure integrity of these processes.
With regard to the internal control and risk management systems relating to the procedures applicable to the preparation and processing of accounting and financial information
The Financial Statements Committee monitors the effectiveness of the internal control systems with regard to the procedures relating to the preparation and processing of accounting and financial information.
Within this framework, the Financial Statements Committee analyses, at least twice a year, the summary of the operations and the results of the accounting and financial internal control, as well as those originating from controls on the elaboration process and the processing of accounting, financial and extra-financial information, based on the information communicated to it by the Executive Management. It shall be briefed on incidents revealed by the accounting and financial internal control, reported on the basis of the thresholds and criteria defined by the Board of directors and shall report on its findings to the Board of directors.
It is informed by the Chairman of the Board of directors of any possible failure to implement corrective measures decided within the framework of the accounting and financial internal control system that has been brought to his direct knowledge by the head of periodic control and reports on its findings to the Board of directors.
With regard to the internal control and risk management systems relating to the procedures applicable to the preparation and processing of sustainability information
The Financial Statements Committee monitors the effectiveness of the internal control and risk management systems with regard to the procedures relating to the preparation and processing of sustainability information.
With regard to the monitoring of the statutory audit of the annual and consolidated financial statements
The Financial Statements Committee reviews the Statutory Auditors’ audit plan, together with their recommendations and their monitoring.
It receives from the Statutory Auditors a written report on their main observations concerning the weaknesses of internal control and reviews it, as well as most significant recommendations issued in the framework of their mission and reviews it. It takes notes of the most significant statements and recommendations issued by the internal audit in the framework of their missions regarding accounting and financial information.
At least twice a year, the Financial Statements Committee devotes part of a meeting to a discussion with the team of Statutory Auditors, without any member of the Company’s Executive Management being present.
The Committee meets in the presence of the team of Statutory Auditors, to review quarterly, half-yearly and annual financial statements.
Except in the event of exceptional circumstances, the files containing the quarterly, half-yearly and annual results and financial statements shall be sent to Committee members at least three days prior to the Committee meetings.
Where questions of interpretation of accounting principles arise in connection with quarterly, half-yearly and annual results, and involve choices with a significant impact, the Statutory Auditors and Finance & Strategy shall submit, on a quarterly basis, a memorandum to the committee analysing the nature and significance of the issues at play, presenting the pros and cons of the various possible solutions and explaining the rationale for the choices ultimately made.
The Statutory Auditors present a note on their work on certification of the financial statements twice a year.
On this basis, the Financial Statements Committee reports to the Board of directors on the results of this mission and on the way this mission has contributed to the integrity of the financial information and on its own role in it. It immediately informs it of any difficulties encountered.
The Financial Statements Committee takes into account the findings and conclusions of the Haute Autorité de l'Audit (H2A) following the audits carried out by the latter in the professional activity of the Statutory Auditors.
With regard to the monitoring of the certification of sustainability information
The Financial Statements Committee examines the Statutory Auditors’ programme of involvement in the certification of information on sustainability, their recommendations and their follow-up.
The Committee reviews the Statutory Auditors’ written report on their main findings on internal control deficiencies as well as on the most significant recommendations issued as part of their assignments. It also takes note of the most significant statements and recommendations issued by the internal audit in the framework of their missions regarding sustainability information.
At least once a year, the Financial Statements Committee devotes part of the meeting to a discussion with the Statutory Auditors for the purpose of certifying sustainability information, without any member of the Company's Executive Management being present.
Once a year, the Statutory Auditors also present a note on the work of their mission to certify the information in terms of sustainability.
On this basis, the Financial Statements Committee reports to the Board of directors on the results of this mission and on the way this mission has contributed to the integrity of the financial information and on its own role in it. It immediately informs it of any difficulties encountered.
The Financial Statements Committee accounts for the statements and conclusions of the H2A resulting from the controls provided by the H3C in the professional activity of Statutory Auditors.
The Financial Statements Committee ensures compliance with the independence conditions required for auditors to perform the certification of financial statements and certification of information in terms of sustainability.
The Committee oversees the procedure for selecting the Statutory Auditors for the certification of financial statements and sustainability information. It issues an opinion on the amount of fees for the performance of the statutory audit of the annual financial statements, the consolidated financial statements and certification of information in terms of sustainability. It submits the result of this selection to the Board.
It shall be notified on a yearly basis of the amount and breakdown of the fees paid by the BNP Paribas Group to the Statutory Auditors and the networks to which they belong, calculated using a model approved by the Committee. It shall ensure that the amount or the portion of the audit firms or the networks’ revenues that BNP Paribas represents is not likely to compromise the Statutory Auditors’ independence.
It gives its prior approval for any service other than the certification of financial statements and sustainability information in accordance with the applicable provisions, for which the amount of fees (excluding taxes) exceeds EUR 1 million. Each quarter, the Committee approves, a posteriori, the services for which the amount of fees (excluding taxes) is less than EUR 1 million, upon presentation by Finance & Strategy. The committee approves the approval and control procedure for Finance & Strategy. The committee shall receive, on a yearly basis from Finance & Strategy, a report on all services carried out by the networks to which the Group’s Statutory Auditors belong.
Each Statutory Auditor shall report on a yearly basis to the committee on its internal control system for guaranteeing its independence, and shall provide a written statement of its independence in auditing the Group.
The Statutory Auditors shall not attend all or part of committee meetings dealing with their fees or their re-appointment.
The Statutory Auditors shall not attend all or part of committee meetings dealing with specific issues that concern a member of their staff.
The committee is tasked with reviewing the internal audit plan for the coming year, prepared by the Inspection Générale, as well as the annual budget of the Function.
It is regularly informed of the main changes in the implementation of the audit plan.
It regularly reviews the activity of the Inspection Générale on the basis of the information provided to it and the reports presented to it by the Head of Inspection Générale.
It analyses the status of recommendations made by the Inspection Générale that were not closed.
The committee examines the annual assessment of the Head of Inspection Générale carried out by the Chief Executive Officer and the objectives set for him.
The committee reviews the overall amount of his compensation and its composition, ensuring that it remains in line with his objectives and his assessment, and submits its opinion to the Remuneration Committee.
The committee examines any changes to the Inspection Générale Charter.
At any time, if the Inspector General raises a specific point that cannot be resolved in the context of his day-to-day interactions with the Executive Management, the Chairman of the Board and the Chairman of the Financial Statements Committee will address it and then refer it to the Board of directors.
The Committee shall review that part of the draft of the Chairman’s report on internal control procedures relating to the preparation and processing of accounting and financial information and sustainability information.
With regard to all issues falling within its jurisdiction, the committee may, at its initiative, hear the heads of finances and accounting of the Group, as well as the Head of Inspection Générale, without the presence of the Executive Management.
The committee may ask to hear the Chief Financial Officer with regard to any issue within its jurisdiction, for which he may be held liable, or the Company’s management may be held liable, or that could call into question the quality of accounting and financial information and sustainability information disclosed by the Company.
The committee advises the Board of directors on the adequacy of the global strategy of the Company and the overall current and future risk appetite. It assists the Board of directors when the latter verifies the implementation of this strategy by the actual managers and by the Head of risk management.
For this purpose, the committee examines the key orientations of the Group’s risk policy, including social and environmental orientations, based on measurements of the risk and profitability of the operations reported to it, in accordance with the regulations in force, as well as any specific issues related to these matters and methods.
In the event that a global risk limit is exceeded, a procedure to refer the matter to the Board of directors is provided for: the Executive Management informs the Chairman of the committee, who can decide to convene the committee or to request the convening of the Board of directors.
With regard to liquidity, the committee takes note of the report on the Bank’s Internal Liquidity Adequacy Assessment Process and of the draft Liquidity Adequacy Statement.
Without prejudice to the missions of the Remuneration Committee, the Internal Control, Risk Management and Compliance Committee examines whether the incentives provided for by the policy and the remuneration practices of the Company are compatible with its situation with respect to the risks to which it is exposed, its capital, its liquidity and the probability and the spreading over time of the expected profits.
The committee ensures compliance with its obligations relating to internal control, including compliance with banking and financial regulations on internal control; it also examines any issue relating to the compliance policy relating, in particular, to reputational risk or professional ethics.
The committee analyses the risk measurement and monitoring report. Twice a year, it examines the internal control operations and findings (excluding periodic control, accounting and financial internal control and sustainability information, which is the responsibility of the Financial Statements Committee) based on the information provided to it by Executive Management and the reports presented to it by the Heads of Permanent Control, Compliance and RISK.
The committee is briefed on incidents revealed by internal control that are reported on the basis of the thresholds and criteria defined by the Board of directors and reports on its findings to the Board of directors.
The committee has all the information about the situation of the Company with respect to risks. It may, if this is necessary, use the services of the Head of Risk Management or of outside experts.
The Financial Statements Committee and the Internal Control, Risk Management and Compliance Committee shall meet at the request of the Chairman of the Internal Control, Risk Management and Compliance Committee, or at the request of the Chairman of the Financial Statements Committee or at the request of the Chairman of the Board of directors.
In that context, the members of these committees:
This meeting shall be chaired by the Chairman of the Financial Statements Committee.
The committee is tasked with monitoring Corporate governance issues. Its role is to help the Board of directors to adapt Corporate governance practices within BNP Paribas and to assess its functioning.
It ensures the follows up on a regular basis of the evolution in the governance disciplines at the global, European and national levels. At least once a year, it presents a summary thereon to the Board of directors. It selects measures that are suitable for the Group and which are likely to bring its procedures, organisation and conduct in line with best practice in this area.
It examines the draft report on Corporate governance and all other documents required by applicable laws and regulations.
The Committee is responsible for monitoring the Group’s social and environmental responsibility (“CSR”) policy. As such, it regularly monitors the actions taken in terms of climate transition, sustainable finance and initiatives in favour of ethical responsibility.
The committee carries out regular monitoring of the update of BNP Paribas Group’s Code of conduct.
For the identification of, selection of, and succession plan for the directors, the committee applies the principles and procedure described in the Policy on the suitability of Members of the management body and Key function holders. The committee regularly reviews this policy and proposes any amendments it deems advisable to the Board of directors.
The committee sets an objective to achieve with respect to gender balance on the Board of directors. It draws up a policy aimed at achieving this objective. This objective and this policy, once set, are approved by the Board of directors.
As the case may be, the committee proposes to the Board of directors the appointment of the non-voting directors.
The committee assesses periodically, and at least once a year, the balance and diversity of the Board in compliance with the Policy on the suitability of Members of the management body and Key function holders.
Furthermore, an assessment of the Board of directors is made by a firm of external expert advisors every three years.
The committee periodically examines the Policy on the suitability of Members of the management body and Key function holders regarding the selection of, appointment of, and succession plan for the executive officers, the Chief Operating Officer(s), the Chairman, and the Key function holders as defined in this Policy, and makes recommendations in the matter.
The committee contributes to the selection and appointment of, as well as the establishment of succession plans for, the Chairman and members of the Executive Management, pursuant to the Policy on the suitability of Members of the management body and Key function holders.
With regard to the Key function holders, it ensures that the Policy on the suitability of Members of the Management body and Key function holders is applied by the Executive Management.
The committee assesses the action of the Chairman.
It makes an assessment of the performance of the Chief Executive Officer and of the Chief Operating Officer(s) in the light of the strategic directions of the business established by the Board of directors and taking into consideration their capacities for anticipation, decision, organisation and exemplarity.
The committee is tasked with assessing the independence of the directors, within the meaning of the Afep-MEDEF Code, and reporting its findings to the Board of directors.
The committee ensures that the Board of directors is not dominated by one person or, a small group of persons in a manner that is detrimental to the interests of the Company. For this purpose, it applies the Policy on the suitability of Members of the management body and Key function holders.
The committee prepares the decisions that the Board of directors approves concerning remuneration, in particular that which has an effect on risk and the management of risks.
The committee makes an annual examination:
The committee directly controls the compensation of the Head of the RISK Function, the Head of Compliance and the Head of Inspection Générale, with regard to their independence and the rules laid down by the Code of conduct.
In addition, on the advice of the Financial Statements Committee, the committee ensures that the amount and composition of the compensation of the Head of Inspection Générale are in line with his objectives and assessment with a view to proposing its approval by the Board of directors.
Within the framework of the missions described above, the committee prepares the work of the Board of directors on the principles of the remuneration policies, in particular concerning Group staff whose professional activities have a material impact on the Group’s risk profile, in accordance with the regulations in force.
It is tasked with studying all issues related to the personal status of the directors and corporate officers, and in particular the remuneration, the amount of retirement benefits and the allotment of subscription or purchase options to the Company’s shares, as well as the provisions governing the departure of the members of the Company’s management or representational bodies.
It examines the conditions, the amount and the distribution of the subscription or purchase stock option plans. Similarly, it examines the conditions for the allotment of free shares.
With the Chairman, it is also within its remit to assist the Chief Executive Officer with any matter relating to the remuneration of senior executives that the latter might submit to it.
While complying with all legislative and regulatory provisions applicable to the Company, the objective of the policy on the suitability of Members of the Management Body and Key Function Holders is to specify and detail the process for implementing the Internal Rules and regulations applicable to BNP Paribas emanating from the French Monetary and Financial Code (“CoMoFi”), from the guidelines issued by the European Banking Authority (“EBA”) relating to assessment of the suitability of Members of the Management Body and Key Function Holders (“Fit and Proper Guidelines”) and from the guidelines of the EBA on internal governance, as set out in the Comply or Explain process (as defined below).
In accordance with the aforementioned provisions, this policy develops the following themes:
This policy has been approved by the Board of directors. All revisions shall also require approval from the Board of directors.
Members of the Management Body means the directors, Chief Executive Officer and Chief Operating Officers(s).
Key Function Holders means, for the purposes of the Fit and Proper Guidelines, the Chief Financial Officer, the Head of Compliance, the Head of RISK, the Head of the General Inspection, the Head of Legal, the Head of Human Resources and persons to whom the Company has decided to confer the title of Deputy Chief Operating Officer.
Fit and Proper means the assessment conducted by BNP Paribas with regard to the collective suitability of the Board of directors and of other relevant persons with regard to the following criteria:
Comply or Explain process means the procedure emanating from the Single Supervisory Mechanism through which the European Central Bank (“ECB”) and the competent national authorities notify their intention or otherwise of fully or partially complying with the guidelines issued by the EBA.
Company means BNP Paribas SA.
CGEN means the Corporate Governance, Ethics, Nominations and CSR Committee of BNP Paribas SA.
SCA means the Secretariat of the Board of directors of BNP Paribas SA.
The role of the CGEN is to identify persons that are likely to be appointed directors, regardless of their role on the Board of directors, to establish and maintain a list of such persons, who will be periodically monitored by the CGEN, yet without specifying the necessary circumstances requiring their nomination to the Board of directors.
Identification by the CGEN of the persons likely to be appointed director
The CGEN identifies and recommends to the Board of directors candidates suitable to perform the functions of director, with a view to proposing their appointment to the General Meeting. In the determination of potential candidates, the CGEN notably assesses the balance of skills, experience and diversity, alongside integrity and the ability to understand the challenges and risks, both in a personal and collective capacity, of members of the Board of directors. It further verifies that candidates are able to act in an objective, critical and independent manner, notably with regard to any other directorships held, that they have the courage necessary to express their thoughts and form an opinion, have sufficient availability to be fully committed to their duties, the necessary objectivity for their role and, lastly, the desire to protect the interests and ensure the effective functioning of the Company.
The CGEN specifies the responsibilities and qualifications required for the duties to be carried out within the Board of directors and assesses the time to be devoted to such duties.
For the purposes of candidate identification, the CGEN:
Upon receipt of a candidate proposal, the CGEN will analyse the candidature in accordance with the provisions of this policy as well as on the following criteria, on the basis of both personal and collective skills:
The CGEN ensures the regular updating of the list of persons that are likely to be selected, and, once a year, reports to the Board the work performed in order to identify the persons that are likely to be appointed directors so that the Board can deliberate on it.
As applicable, the CGEN shall identify suitable candidates for the post of Chairman of the Board of directors by applying the aforementioned criteria.
Whenever the Board of directors is required to decide on the appointment of a new member, the CGEN shall propose a candidate to the Board of directors in order, if the Board of directors decides so, to propose such candidate to the General Meeting. The CGEN shall in the first instance communicate the name of the suitable candidate to the Chairman of the Board of directors, specifying its reasons for the proposal. The Chairman of the Board of directors shall contact the person in question and, where the latter is willing, shall mandate the SCA to conduct a review into their background on the basis of the aforementioned provisions. The Chairman of the CGEN and the Chairman of the Board of directors shall meet the potential candidates.
All proposals of a candidate for the function of Chairman of the Board of directors shall be submitted to the Chairman of the CGEN, who shall assume responsibility for contacting the candidate in question.
Should the review and interview be unsatisfactory, whether for the function of director or Chairman of the Board of directors, the CGEN may request the Board of directors to make a decision on the appointment.
The SCA may demand from candidates any document it may require to carry out its review, where such documents shall be retained in accordance with legislative and regulatory provisions on personal data protection.
With regard to specialised committees, the Board of directors shall receive from the CGEN proposals for the appointment of members (in collaboration with the Chairman of the specialised committee in question) and for the appointment of the Chairmen of specialised committees at the time of renewal or replacement.
The CGEN is responsible for considering preparatory measures for replacing directors and, as applicable, the Chairman of the Board of directors.
The CGEN shall also conduct an annual review of the potential successors to the Chairman of the Board of directors who may be put forward to the Board of directors in the event of the temporary or permanent incapacity or decease of the incumbent. The Chairman of the Board of directors shall obtain the consent of any such potential successor. The review shall give rise to a list of names to be retained by the SCA.
The Board of directors is responsible for appointing the Chief Executive Officer and, on the proposal of the latter, the Chief Operating Officer(s), while specifying any limitations on their powers.
To this end and in collaboration with the Chairman of the Board of directors, the CGEN shall propose to the Board of directors the selected Chief Executive Officer and, on the proposal of the latter, the selected Chief Operating Officer(s). When identifying and proposing its candidates to the Board of directors for the post of Chief Operating Officer(s), on the proposal of the Chief Executive Officer and with the support of the Company’s Human Resources function, as may be required, the CGEN shall ensure balanced gender representation and guarantee the presence of at least one man and one woman until completion of the selection process.
In order to identify the candidate, the CGEN shall analyse their candidature in the light of this policy and the following criteria:
The SCA may demand from the candidate or Company, as applicable, any document it may require to carry out its review, where such documents shall be retained in accordance with legislative and regulatory provisions on personal data protection.
It is also responsible for considering preparatory measures for replacing the Chief Executive Officer and Chief Operating Officer(s).
The CGEN shall also conduct an annual review of the potential successors to the Chief Executive Officer who may be put forward to the Board of directors in the event of the temporary or permanent incapacity or decease of the incumbent. The Chairman of the Board of directors shall obtain the consent of any such potential successor. The review shall give rise to a list of names to be retained by the SCA.
The CGEN shall ensure via the Human Resources function of the Company that the following factors are taken into account when Key Function Holders are identified and appointed by General Management:
With due consideration given to the regime covering so-called “related-party agreements” as set out in Articles L. 225-38 et seq. of the French Commercial Code, to the provisions on independence of mind and conflicts of interest provided for in section 9 of the Fit and Proper Guidelines, and in order to implement the best observed practices of governance, the objective of this section is to (i) recall the general principles applied to ensure the independence of mind of each Member of the Management Body, (ii) define the situations of conflict of interest directors may face, given the wide range of the Group’s activities which may conflict with the interests of the director in question, whether directly or indirectly, and (iii) in the presence of a potential or actual conflict of interest, detail the measures to be taken such that said conflict is duly recorded and managed in an appropriate manner.
Each Member of the Management Body shall at all times maintain independence of mind, analysis, assessment and action in order to be able to form opinions and take decisions in an informed, effective and objective manner. To this end, Members of the Management Body shall comply with legislative and regulatory provisions on conflicts of interest (notably the regime covering so-called “related-party agreements”) in addition to the following provisions on the measures to be implemented in order to record and manage conflicts of interest in an appropriate manner.
Most specifically, Members of the Management Body shall refuse any benefit or service that may compromise their independence, undertaking to avoid all situations of conflict of interest (as described below).
Each member of the Board of directors shall freely express their positions, including minority positions, on matters discussed at Board of directors’ meetings or at specialised committee.
It should be noted that any conflict of interest is likely to affect their classification as an “independent director” within the meaning of the Afep-MEDEF Code.
In addition to the regime covering so-called “related-party agreements” set out in Article L. 225-38 et seq. of the French Commercial Code, the following are also likely to constitute a situation of conflict of interest:
The assessment of ordinary operational agreements is covered by a distinct procedure of the Board of directors entitled “Implementation procedure relating to conflicts of interest in loans and other transactions granted to members of the management body and their related parties”.
Members of the Management Body acknowledge to be fully informed about the regime covering related-party agreements and their associated obligations.
On occurrence of any of the situations set out in a) to e), g) and h) above, the Member of the Management Body must notify the Chairman of the Board of directors thereof without undue delay, where the latter shall notify the CGEN for an opinion based on its analysis of the declared situation, which may consist of one or more of the measures set out below. The opinion shall subsequently be submitted to the Board of directors and, where the opinion is supported, it shall be notified to the interested party by the Chairman of the Board of directors. The Board of directors’ decision shall be recorded in the minutes of the meeting.
More specifically, on occurrence of any of the situations set out in a) to e), g) and h) above during any Board of directors’ meeting or specialised committee meeting, and without prejudice to application of the preceding subparagraph, the Board of directors or the specialised committee, as applicable, shall specify the required measures without undue delay, which may notably consist of the member of the Board of directors or of the specialist committee concerned not participating in the deliberations, abstaining from the vote, not receiving the information relating to the matter generating or likely to generate a conflict of interest and even leaving the meeting of the Board of directors or of the specialised committee when the matter in question is being discussed. The minutes of the Board of directors’ or specialised committee meeting shall record the measures applied.
On occurrence of any situation set out in f) above, the member shall notify the Chairman of the Board of directors of their intention to accept (i) a new directorship, whether for a listed or unlisted French or foreign company not belonging to a group of which said member is a director, or (ii) any participation in the specialised committees of a corporate body, or (iii) any new function, such that the Board of directors on the proposal of the CGEN is able to decide on the compatibility of any such appointment with the position of Member of the Management Body of the Company. As required, the provisions on multiple directorships and availability of Members of the Management Body set out below shall apply mutatis mutandis.
Regardless of the circumstances, the Member of the Management Body deemed by the Board of directors to no longer be able to perform their functions due to the occurrence of a conflict of interest, shall be required to resign.
More generally, in the event of any Member of the Management Body failing to meet their obligations regarding conflicts of interest, the Chairman of the Board of directors shall take all necessary legal measures to rectify the situation; the Chairman may also notify the facts to the relevant regulators.
Lastly, the Chairman of the Board of directors shall ensure that the Board of directors deliberates independently of the executive functions, notably where the Chief Executive Officer is also a director.
Members of the Management Body shall comply with all applicable legislative and regulatory provisions, notably Articles L. 511-52 and R. 511-17 of the French Monetary and Financial Code (“CoMoFi Provisions”) and the Fit and Proper Guidelines, which apply to the members or apply to the Company with regard to the limitation of directorships and the availability, in addition to the provisions of the Afep-MEDEF Code.
Once the candidate has been selected by the CGEN and before being submitted to the Board of directors, the SCA under the responsibility of the Chairman of the Board of directors shall:
The candidate must certify that the list of their directorships and functions is complete, and forward to the SCA on request any document (Articles of association, trade register entries or equivalent, etc.), certificates, certifications, etc. which the SCA may deem to be required.
The SCA shall then analyse the directorships declared by the candidate in order to ensure compliance with the number of directorships specified in CoMoFi. The SCA shall retain the supporting documentation on which its analysis and conclusions are based, in accordance with legislative and regulatory provisions on personal data protection. During the course of its review, the SCA may conduct any investigations it deems necessary.
On completion of the SCA’s review:
Where the candidate does not wish to or cannot implement the necessary measures, the SCA shall submit its report to the CGEN for formal closure of the selection process.
Members of the Management Body shall at all times comply with the rules on limitation of directorships and devote the necessary time and effort to the performance of their functions and responsibilities. They shall accept the discipline of collaborative working in a context of mutual respect of opinions, exercising a sense of responsibility to the shareholders and other stakeholders of the Group.
The directors shall also regularly and actively participate in meetings of the Board of directors and specialised committees, and attend the General Meeting of the Shareholders. The directors representing the employees and the directors representing shareholder employees shall be allowed preparation time to be specified by the Board of directors, in accordance with applicable legal provisions.
To this end, each Member of the Management Body shall notify the Chairman of the Board of directors of their intention to accept (i) a new directorship, whether for a listed or unlisted French or foreign company not belonging to a group of which said member is a director, or (ii) any participation in the specialised committees of a corporate body, or (iii) any new function in France or abroad, such that the Board of directors on the proposal of the CGEN is able to decide if the role is compatible with the post held within the Company.
In any such case, the SCA shall follow the review and verification procedure applicable to appointments of Members of the Management Body.
Completion of the aforementioned review shall have one of the following two outcomes:
Regardless of the circumstances, should the Member of the Management Body no longer have sufficient availability to perform the office of director, the SCA shall notify the Chairman of the Board of directors who, in turn, shall notify the Chairman of the CGEN such that corrective measures can be considered with said member.
Should the Member of the Management Body wish to retain their office within the Company, they must reject the directorship being offered or resign from one existing directorship. The SCA shall record the corresponding decision in a report to be submitted to the Board of directors.
Should the Member of the Management Body decide to accept the new directorship yet without resigning from an existing directorship, said member shall be required to hand in their letter of resignation as a Member of the Management Body of BNP Paribas. The SCA shall record their resignation in a report to be submitted to the CGEN for formal acceptance, the effective date of which shall be decided by the Board of directors. Any Member of the Management Body who no longer believes they are able to perform their functions on the Board of directors, or on any specialised committee of which they are a member, shall be required to resign.
At least once a year, the SCA shall ask Members of the Management Body to update their “EBA Form” listing all directorships held by each Member of the Management Body, with their availability table in attachment.
This will enable the SCA to verify compliance with CoMoFi and the ongoing availability of all Members of the Management Body.
Members of the Management Body must at all times meet the requirements of reputation, honesty and integrity.
Candidates and Members of the Management Body shall immediately notify the Chairman of the Board of directors and the SCA of:
The SCA shall retain the supporting documentation on which the CGEN’s analysis and conclusions are based, in accordance with legislative and regulatory provisions on personal data protection. In this regard and at the request of the Chairman of the Board of directors or, as applicable, of the Chairman of the CGEN, the SCA may conduct any investigation it may deem to be necessary, including holding an interview with the person concerned.
Where the Chairman of the Board of directors or the Chairman of the CGEN, as applicable, is notified of the occurrence of any of the aforementioned events, the CGEN shall be notified in order to get its opinion on the reputation of the Member of the Management Body, based on its analysis of the declared situation, and may demand the resignation of the member in question. The opinion shall subsequently be submitted to the Board of directors and, where the opinion is supported, it shall be notified to the interested party by the Chairman of the Board of directors. The Board of director’s decision shall be recorded in the minutes of the meeting.
Furthermore, all Members of the Management Body undertake to act with loyalty and integrity towards the other Members of the Management Body and the shareholders of the Company. Failing this, the Chairman of the Board of directors or the Chairman of the CGEN, as applicable, may refer the matter to the CGEN for its opinion on the loyalty and integrity of the Member of the Management Body in question, and may decide to demand their resignation.
To enable decisions to be taken in an informed and judicious manner in all circumstances, the Board of directors attaches great importance to identifying candidates offering individual expertise gained in the fields of banking or finance, or recognised experience acquired within the general management of a large international company, enabling such candidates to understand the Company’s business model and the associated risks.
Mindful of the need for collective competence, however, the Board of directors shall strive to ensure that directors offer complementary expertise. To this end, it shall also seek out candidates able to understand the major emerging issues, challenges and risks faced by the Company, such as the current social and environmental issues, the challenges of digital transformation and geopolitical risks.
With regard to diversity, the Board of directors has established guidelines based on qualitative and quantitative criteria covering the number of directors, gender balanced representation, international experience, diversity of nationalities, and age and seniority, in addition to the personal and collective qualities set out in this policy.
The objective of the guidelines set out below is to establish a theoretical composition of the Board of directors which:
Candidates must in all cases be capable of working in a collaborative environment.
Number of directors
In accordance with Article 7.1 of the Company’s Articles of association, the number of directors to be appointed by the Ordinary General Meeting of the Shareholders shall lie between nine and eighteen. The directors representing the employees and the director representing shareholder employees are not to be taken into account when calculating the aforementioned minimum and maximum number of directors.
It should be noted that, in accordance with Article 17 of the Articles of association, the Board of directors may also appoint one or two non-voting directors on the proposal of the Chairman of the Board of directors.
Gender balanced representation
In accordance with Article L. 511-99 of CoMoFi and Article 9.3 of the Internal Rules, the CGEN is required to set an objective for gender balanced representation on the Board of directors and to develop a policy to meet this objective.
To this end, in 2016 the Board of directors issued its policy on gender balanced representation on the Board of directors. When selecting the profiles of potential candidates for the position of director, the policy specifies the obligations of gender balanced representation on the Board of directors in accordance with applicable legislative provisions.
International experience and diversity of nationalities
Given the international nature of the Company’s activities, the Board of directors promotes the identification of candidates offering international experience acquired through functions performed outside France or through a directorship with a company established outside France, notably in the Group’s main operational regions of Europe, the Americas and Asia-Pacific.
With regard to diversity of nationalities, the Board of directors has specified the optimum number of non-French or dual nationality directors to be at least 30%, and at least 40% not including directors appointed by General Meeting (excluding directors representing the employees).
This quantitative reference was established on the basis of a Board of directors’ target size of 14 directors which, apart from in exceptional or temporary circumstances, signifies 4 directors of non-French or dual nationality.
Given the Company’s positioning in Europe, the Board of directors favours European profiles, although on a non-exclusive basis.
Age and seniority
The Board of directors promotes an equitable balance in terms of directors’ ages while ensuring adequate seniority, always allowing for sufficient availability and to be able to act effectively in all circumstances.
Once a year under the responsibility of the CGEN, the SCA shall assess the composition of the Board of directors with regard to the general principles and guidelines set out above. The CGEN shall submit the results of its assessment to the Board of directors, including all proposals it may deem to be appropriate. The assessment shall be carried out by a consultant once every three years.
The Members of the Management Body of the Company shall individually and collectively have the necessary expertise, experience, skills, understanding and personal qualities, notably with regard to professionalism and integrity, enabling them to successfully perform their functions in relation to all the Company’s main activities, while guaranteeing effective governance and oversight.
The Members of the Management Body shall ensure that they maintain their knowledge in the following fields: Finance, banking, risks (notably those relating to sanctions, embargoes, money laundering, terrorist financing, corruption and influence peddling), applicable regulations and, more broadly, in any field associated with adaptations of the Company’s strategy and with the main emerging issues, challenges and risks faced by the Company.
The Company shall allocate the necessary human and financial resources to training for Members of the Management Body. In this regard, annual training shall be delivered to the directors by the managers holding responsibility over the training themes, and strategic seminars shall be held.
In addition to the aforementioned training, any director may request supplementary training. To this end, the director in question shall discuss the matter with the Chairman of the Board of directors; the SCA shall specify how the requested training is to be delivered.
The directors representing the employees and the director representing shareholder employees shall be allowed training time in accordance with applicable legislative provisions.
With regard to new directors, the Board of directors shall ensure that they meet the Chief Executive Officer, Chief Operating Officer(s) and certain Key Function Holders.
Pursuant to article L.22-10-12 of the French Commercial Code, the Board of directors has implemented a procedure in order to regularly ensure that the transactions entered into in the ordinary course of business and on arms' length basis (so-called "free" agreements) meet these conditions, to strengthen the process for identifying and monitoring conflicts of interest and to implement a process dedicated to review loans granted by the Bank to Members of the management body and related natural and legal persons.
Pursuant to the provisions of article 72 of the Belgian law on the status and supervision of credit institutions, this procedure was extended by the Board of directors in June 2022 to transactions concluded between BNP Paribas Fortis and the directors, the Chief Executive Officer and the Chief Operating Officers of BNP Paribas.
This procedure covers agreements concluded between BNP Paribas and the directors, the Chairman, the Chief Executive Officer and the Chief Operating Officers of BNP Paribas or natural persons closely associated with them, their holding companies and legal entities in which they have an interest (directorship or equity holding).
There are two parts to the procedure for so-called “free” agreements:
A report is prepared for each of these elements and submitted every year to the CGEN which informs the Board of directors.
The provisions of the French Commercial Code provide for ex ante approval each year by the Ordinary Annual General Meeting of the compensation policy for directors and corporate officers. The compensation policy for directors and corporate officers of BNP Paribas is presented below on pages 87 to 94.
The compensation of these same directors and corporate officers is also subject to the ex post vote of the Ordinary Annual General Meeting on the information on compensation referred to in article L.22-10-9 I of the French Commercial Code (this information is set out below on pages 95 et seq.). When the Annual General Meeting does not approve these items, the Board of directors submits an amended compensation policy, taking into account the shareholders’ vote, for the approval of the next Annual General Meeting. The payment of directors’ compensation for the current year is suspended until the amended compensation policy is approved. When the payment is reinstated, payments are backdated to the last Annual General Meeting.
Lastly, the compensation of each corporate officer is subject to a second ex post vote on the total compensation and benefits in kind paid during the previous year or awarded in respect of the same year (the information relating to this compensation is outlined in tables 1a and b, 2a and b, 3a and b and 4a and b on pages 101 et seq.). The variable components of compensation awarded to the corporate officers in respect of the previous year can only be paid after they have been approved by the Annual General Meeting on the basis of this second vote.
In this report, the Board of directors provides details of the fixed and variable components of total compensation and benefits in kind, attributable to the directors, the Chairman of the Board of directors, the Chief Executive Officer and the Chief Operating Officers for their three-year corporate offices within BNP Paribas (SA).
The elements of the compensation policy presented below are the subject of resolutions submitted for the approval of the Shareholders’ Annual General Meeting voting under the quorum and majority conditions required for Ordinary General Meetings. If the Annual General Meeting does not approve these resolutions, the previous compensation policy, already approved by the Annual General Meeting of 14 May 2024, will continue to apply. In this case, the Board of directors will submit for the approval of the next Annual General Meeting a draft resolution outlining an amended compensation policy, indicating how the shareholders’ vote was taken into account and, where appropriate, the opinions stated during the Annual General Meeting.
The compensation policy for directors and corporate officers complies with applicable legislation and regulations, the Afep-MEDEF Code and the BNP Paribas Code of conduct. The policy as detailed below (in particular the performance criteria):
Without prejudice to the powers of the Annual General Meeting in this respect, the determination of the compensation of directors and corporate officers is the responsibility of the Board of directors and is based on proposals from the Remuneration Committee, which drafts the decisions which the Board of directors approves regarding compensation. In particular, the Remuneration Committee annually reviews the remuneration, compensation and benefits in kind awarded to the Company’s directors and corporate officers. This committee is made up of four independent members who have experience of compensation systems and market practices in this area and includes a director elected by employees.
Measures aimed at avoiding and managing conflicts of interest are established in the Internal Rules of the Board of directors, by the Policy on the suitability of Members of the management body and Key function holders, as well as by the Implementation procedure for conflicts of interest in relation to loans and other transactions granted to the Members of the management body and their related parties. Executive corporate officers do not take part in deliberations or voting on their own compensation.
The compensation of corporate officers takes into account, in its principles, the following objectives:
The compensation policy for directors is gender-neutral.
In accordance with the law, the global amount of directors’ compensation is set by the Shareholders’ Annual General Meeting.
The individual amount of directors’ compensation is determined by the Board of directors pursuant to a proposal of the Remuneration Committee. It consists of a fixed portion and a portion based on actual participation in meetings, regardless of the means. Directors residing abroad receive an increased amount, except where they may participate in meetings of the Board of directors by telecommunication means. Additional compensation is paid for actual participation in one of the four Specialised Committees. This is increased for directors participating in the CCIRC and in the Financial Statements Committee, as well as in the joint session between these two Committees, in view of the specific investment required by these committees.
At the end of the year, the Remuneration Committee examines the allocation of directors’ compensation and the amount paid to each of them in respect of the year on the basis of an audit of each director’s actual presence at Board and Committee meetings. Where applicable, the remainder of the global amount fixed by the Annual General Meeting is allocated in proportion to the amount paid to each director. In the event of an additional extraordinary meeting of the Board or Committees, the amount of the compensation due to each director is adjusted, in proportion to the amounts paid to each director.
The Board of directors then approves the individual distribution of the directors’ compensation for the year before its actual payment to the directors (subject to the provisions of article L.22-10-34 I of the French Commercial Code which provides that the payment of directors’ compensation for the current year is suspended in the event of a negative vote by the shareholders on the components of compensation paid during or awarded in respect of the past year to corporate officers).
The annual fixed compensation of the Chairman, Mr. Jean Lemierre, amounts to EUR 950,000 gross.
The Chairman does not receive annual variable compensation or conditional long-term incentive plan. The absence of variable compensation reflects the independence of the Chairman with respect to the Executive Management.
Should a new Chairman be appointed, on the proposal of the Remuneration Committee and under this compensation policy, the Board of directors will set the amount of his/her fixed compensation in line with the new Chairman’s profile and experience.
Compensation for executive corporate officers includes:
The levels of these different components are determined using established market benchmarks.
Compensation takes into account the cap on total variable compensation in relation to fixed compensation (including awards under long-term incentive plan) in accordance with article L.511-78 of the French Monetary and Financial Code, applicable specifically to credit institutions.
In accordance with paragraph 2 of said article, the Shareholders’ Annual General Meeting of BNP Paribas of 14 May 2024 decided that this cap would be set at twice the amount of the fixed compensation for a duration of three years.
For the purposes of calculating the aforementioned ratio, a discount rate may in addition be applied to no more than 25% of the total variable compensation inasmuch as the payment is made in the form of instruments after a deferred period of at least five years, in accordance with article L.511-79 of the French Monetary and Financial Code.
The annual fixed compensation of the Chief Executive Officer, Mr. Jean-Laurent Bonnafé, amounts to EUR 1,843,000 gross at 31 December 2024.
The last increase in the fixed annual compensation of the Chief Executive Officer, effective from 1 January 2022, was decided by the Board of directors and approved by Annual General Meeting of 17 May 2022. The Board of directors had noted the Bank’s very good performance since the Chief Executive Officer was appointed.
As part of the annual compensation review, the Board of directors reviewed the compensation of the Chief Executive Officers of ten comparable European banks (Barclays, BBVA, Crédit Agricole, Deutsche Bank, HSBC, Intesa SanPaolo, Santander, Société Générale, UBS and Unicredit) based on a study carried out by the independent firm WTW. Within this panel, in which BNP Paribas ranks 2nd in terms of net income, Group share for the 2023 financial year, the total compensation of the Chief Executive Officer is in 9th position out of 11 and is significantly lower than the median of the situations observed.
In view of:
the Board of directors proposes, subject to approval by the Annual General Meeting of 13 May 2025, a revaluation of 25% of the fixed annual compensation of the Chief Executive Officer, effective from 1 January 2025.
After revaluation, the fixed annual compensation of the Chief Executive Officer amounts to EUR 2,300,000 gross.
The fixed annual compensation of the Chief Operating Officers amounted to EUR 1,800,000 gross for the Chief Operating Officer in charge of the CIB scope, Mr. Yann Gérardin, and EUR 1,080,000 gross for the Chief Operating Officer in charge of the CPBS scope, Mr. Thierry Laborde.
The last increase in the fixed annual compensation of the Chief Operating Officers, effective from 1 January 2024, was decided by the Board of directors and approved by Annual General Meeting of 14 May 2024.
Should a new Chief Executive Officer or a new Chief Operating Officer be appointed, the Board of directors will, on the proposal of the Remuneration Committee and under this compensation policy, set his/her fixed compensation in line with his/her profile and experience. The components of annual variable compensation or of the conditional long-term incentive plan will be set in accordance with the principles set out in this compensation policy.
The variable component is intended to reflect the effective contribution of executive corporate officers to the success of BNP Paribas in respect of their functions as executive managers of an International Financial Services Group.
The variable compensation of executive corporate officers is determined based on a target compensation equal to 100% of their annual fixed compensation for the Chief Executive Officer and the Chief Operating Officers.
The variable compensation varies in accordance with criteria representative of the Group’s results, CSR-linked criteria and a qualitative assessment by the Board of directors.
In addition, the payment of the annual variable compensation includes a deferred period, “malus” and “claw-back” arrangements, as well as a cancellation clause in the event of a bank resolution measure, in accordance with same terms and conditions as those described below for the LTIP (see 3 below).
Criteria linked to the Group’s financial performance account for 75% of the target variable compensation and enable the corresponding portion of the annual variable compensation to be calculated in proportion to the evolution of financial indicators. There are two Group-based quantitative criteria for the Chief Executive Officer. There are four financial-linked quantitative criteria for the Chief Operating Officers, half of which are Group-based and the other half based on their respective areas of responsibility.
If objectives based on quantitative criteria are exceeded (or not achieved), the fraction of the target compensation in question evolves proportionally within the limits of the cap mentioned below.
A portion of 15% of the target variable compensation is linked to the Group’s CSR performance.
The allocation of this portion of the annual variable compensation is based on multi-criteria measurement resulting from a holistic approach of actions undertaken by the BNP Paribas Group with respect to social, societal, and environmental issues.
With this in mind, this compensation structure includes three weighted criteria, each at 5%:
For several years, the BNP Paribas Group has made the variable compensation of executive corporate officers conditional on the achievement of criteria in line with the Group’s climate objectives in accordance with the principle of the Afep-MEDEF Code, which came into force in December 2022.
The portion of the variable compensation linked to the Board of directors’ qualitative assessment is 10% of the target variable compensation.
The Board of directors considers it essential to carry out this qualitative assessment, particularly given its enhanced responsibilities in terms of supervision and control in line with the French Monetary and Financial Code. In addition to the Bank’s strategy, which it must approve considering social and environmental issues, the Board of directors must also assess the performance of executive corporate officers based on their capacities for anticipation, decision-making, leadership and exemplary behaviour as part of the 2025 strategic plan.
This assessment will be made in light of the economic situation and with regard to the Group’s operational and integrated model.
Criteria | % of target annual variable compensation | Type | |
Chief Executive Officer | Chief Operating Officers | ||
Criteria linked to the Group’s financial performance | 37.50% | 18.75% | Evolution of net earnings per share for the year compared to the previous year |
37.50% | 18.75% | Achievement of budgeted Group gross operating income | |
N/A. | 18.75% | Evolution of pre-tax net income of the area of responsibility for the year compared to the previous year | |
N/A. | 18.75% | Achievement of budgeted gross operating income of the area of responsibility | |
Criteria linked to the Group’s CSR performance | 15.00% | 15.00% | Multicriteria assessment of the actions taken by BNP Paribas Group with respect to social, societal and environmental issues |
Qualitative criteria | 10.00% | 10.00% | Assessment with regard to implementation of the Bank’s strategic guidelines, particularly the human, organisational and technical dimensions of the Growth, Technology & Sustainability 2025 plan, and taking into account the general context of the year under consideration |
The Board of directors ensures the consistency of the annual variable compensation with evolution of the Group’s results and the area of responsibility of each of the Chief Operating Officers.
In any case:
The payment terms for variable compensation of BNP Paribas Group’s executive corporate officers, in accordance with the provisions of the French Monetary and Financial Code and the European Banking Authority’s Guidelines on compensation policy, are:
In 2011, to align the interests of executive corporate officers with the medium to long-term performance of the BNP Paribas Group without compromising risk management, the Board of directors introduced a conditional long-term incentive plan (LTIP) over five years.
The LTIP, which amounts to the target annual variable compensation awarded in respect of the previous year, is split into two equal parts: one recognising the increase in the intrinsic value of the BNP Paribas share, and the other, its potential outperformance relative to peers.
The first half of the awarded amount depends on the evolution of the share price(20) given that no payment will be made for this first half of the awarded amount if the BNP Paribas share price does not increase by at least 5% from the date of the award by the Board of directors to the end of a five-year period from the award date.
If the share price increases by at least 5% during this period, a factor is applied to the initial amount, resulting in the amount being increased or reduced, in line with the table below:
Evolution of the BNP Paribas share price over five years | Factor applied to the first half of the award |
|---|---|
Strictly under 5% | 0 (no payment) |
Equal to or higher than 5% and under 10% | 40% |
Equal to or higher than 10% and under 20% | 80% |
Equal to or higher than 20% and under 33% | 120% |
Equal to or higher than 33% and under 50% | 130% |
Equal to or higher than 50% and under 75% | 150% |
Equal or higher than 75% | 175% |
Thus, the first half of the awarded amount will only be paid in full at the end of the five-year period if the share price increases by more than 20% during this five-year period. The factor applied to the first half of the award will, in any event, always be less than or equal to the evolution of the share price and cannot, under any circumstances, exceed 175% of the awarded amount, assuming that the share price has increased by more than 75% at the end of the five-year period.
Fulfilment of this condition is assessed by measuring the performance of the BNP Paribas share price relative to the “EURO STOXX Banks” index of main Eurozone banks.
It only takes into account the outperformance of the BNP Paribas share price relative to the average index measured over the twelve months prior to the award date, compared with the average for this same index for a period of twelve months prior to payment. The second half of the target amount under the LTIP will only be paid in full if the BNP Paribas share price outperforms the index by at least 10%.
Relative performance of the BNP Paribas share in relation | Factor applied to the second half of the award |
|---|---|
Lower or equal to 0 point | 0% |
0 to 5 points inclusive | 50% |
5 to 10 points inclusive | 80% |
Greater than 10 points | 100% |
The amount determined by applying each of the conditions over the plan’s five-year period is the compensation paid under the LTIP.
According to the provisions of article L.511-78 of the French Monetary and Financial Code relating to the cap on the variable component as a percentage of the fixed component, total variable compensation awarded, including amounts awarded under the LTIP, may not be more than twice the fixed compensation, in accordance with the decision of the Shareholders’ Annual General Meeting of 14 May 2024. To calculate the ratio, a discount rate may in addition be applied to no more than 25% of the total variable compensation in as much as the payment is made in the form of instruments after a deferred period of at least five years.
Based on the evolution of the BNP Paribas share price, the first half of the amount paid under the LTIP may not, under any circumstances, exceed 175% of the initial awarded amount. Payment of the second half of the award may not, under any circumstances, exceed the initial awarded amount.
Thus, under no circumstances can payments under the LTIP exceed 137.5% of their award value.
LTIP rules require continued presence throughout the entire duration of the plan. Departure from the Group would result in the LTIP not being paid. Nonetheless, in the event of retirement or death after the end of the first year of the plan, payments would be made provided that performance conditions are met and subject to assessment by the Board of directors.
The LTIP provides for “malus” clauses and “claw-back” arrangements. Thus, in the event that the beneficiary should behave in a way or be guilty of acts that do not comply with BNP Paribas’ expectations, as defined in particular in terms of:
the Board of directors may decide not only not to proceed with the payment of the planned amount, whether or not the beneficiary is present, but also to request the return of all or part of the sums already paid under previous plans over a period of five years.
Moreover, this rule provides that in the event of the implementation of a bank resolution measure under the French Monetary and Financial Code, the LTIP rights shall be definitively cancelled.
The Board of directors reserves the right to reduce awards under the LTIP, in particular in the event of non-compliance with the above-mentioned ceiling.
No extraordinary compensation may be paid to the directors, the Chairman of the Board of directors, the Chief Executive Officer or the Chief Operating Officers.
The Chairman of the Board of directors, the Chief Executive Officer and the Chief Operating Officers may have a company car.
Directors and corporate officers do not benefit from any stock option or share purchase subscription plans.
Directors and corporate officers do not receive any performance or free shares.
Directors and corporate officers do not receive any contractual compensation for termination of their term of directorship.
Directors and corporate officers, with the exception of the Chief Operating Officers, do not receive post-employment benefits when they leave the Company or when they retire.
The Chief Operating Officers are entitled to the standard retirement benefits awarded to all BNP Paribas (SA) employees pursuant to their initial employment contract.
The corporate officers benefit solely from the BNP Paribas Group's mandatory pension plan (supplementary defined-contribution pension plan) set up for all BNP Paribas (SA) employees.
The Chairman of the Board of directors, the Chief Executive Officer and the Chief Operating Officers benefit from the death, disability and invalididy insurance schemes as well as the common healthcare benefit scheme, under the same conditions set up for all BNP Paribas (SA) employees.
They also benefit from the Garantie Vie Professionnelle Accidents system (death and disability insurance), which covers all BNP Paribas (SA) employees.
The Chief Executive Officer and the Chief Operating Officers are also entitled to the supplementary plan set up for members of the Group Executive Committee, which pays out additional capital of EUR 1.10 million in the event of death or total and permanent disability. The employer contribution under this scheme is recognised as a benefit in kind.
Please note that the Chief Executive Officer signed a non-compete agreement with BNP Paribas (SA) on 25 February 2016. This agreement was approved by the Annual General Meeting of 26 May 2016 pursuant to the provisions of article L.225-38 of the French Commercial Code.
Under this agreement, if he ceases to hold any role or position in BNP Paribas, Mr. Jean-Laurent Bonnafé undertakes, for a period of twelve months, not to take any role whatsoever, either directly or indirectly, for a credit institution, investment or insurance firm whose securities are traded on a regulated market in France or abroad, as well as in France for a credit institution, investment or insurance firm whose securities are not traded on a regulated market. Decisions to apply the agreement will be taken in due time with sincerity and loyalty.
Under this agreement, the Chief Executive Officer will receive a payment equal to 1.2 times the total of his fixed and variable compensation (excluding LTIP) received during the year prior to his departure. One-twelfth of the indemnity would be paid each month.
In accordance with the Afep-MEDEF Code and article R.22-10-14 of the French Commercial Code which stipulate that the payment of a non-compete indemnity must be excluded if the person concerned claimed his pension rights or has exceeded the age of 65 and in line with the stipulations of said non-compete agreement, the Board of directors and the Chief Executive Officer have confirmed that they comply with this provision.
BNP Paribas directors and corporate officers and their spouse and dependent children may be granted loans.
These loans, representing normal transactions, are granted on an arm’s length basis, in accordance with the Implementation procedure for conflicts of interest in relation to loans and other transactions granted to the Members of the management body and their related parties.
The total compensation of directors and corporate officers, as described below, is in line with the compensation policy adopted at the Annual General Meeting of 14 May 2024.
Directors | Amounts paid in 2023 in respect of the year (as a reminder) | Amounts paid in 2024 |
|---|---|---|
Aschenbroich Jacques | 135,521 | 163,777 |
Bonnafé Jean-Laurent | 64,758 | 76,777 |
Brisac Juliette | 90,490 | 111,033 |
De Chalendar Pierre André(1) | 122,655 | 71,254 |
Cohen Monique | 159,966 | 187,485 |
Epaillard Hugues(2) | 121,368 | 147,247 |
Gibson-Brandon Rajna(3) | 57,707 | N.A. |
Guillou Marion | 106,573 | 130,065 |
Lemierre Jean | 64,758 | 76,777 |
LEPOULTIER Vanessa(2)(4) | N.A. | 95,872 |
Logghe Lieve | 97,245 | 130,391 |
LOMBARD Marie-Christine(5) | N.A. | 97,206 |
Noyer Christian | 117,080 | 147,356 |
Schwarzer Daniela | 121,798 | 179,220 |
STRAATHOF Annemarie(6) | N.A. | 84,223 |
Tilmant Michel | 116,866 | 139,961 |
Verrier Sandrine(2)(7) | 87,274 | 11,356 |
Wicker-Miurin Fields(8) | 75,941 | N.A. |
TOTAL | 1,540,000 | 1,850,000 |
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For information, the rules for allocating directors’ compensation are as follows:
| Fixed portion(1) | Portion based on actual participation |
Scheduled or extraordinary meeting | ||
Directors resident in France | EUR 25,000 | EUR 3,800/meeting |
Directors resident outside of France | EUR 25,000 | EUR 5,000/meeting(2) |
Chairman of a specialised committee (excluding CCIRC) |
| EUR 6,500/meeting |
Member of a specialised committee (excluding CCIRC) |
| EUR 3,500/meeting |
Chairman of CCIRC |
| EUR 6,700/meeting |
Member of the CCIRC (excluding joint session) |
| EUR 3,700/meeting |
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Directors elected by the employees and the director representing the employee shareholders receive compensation under their employment contract.
At 31 December 2024, the composition of the Board of directors complies with the obligation for gender parity provided by article L.225-18-1 of the French Commercial Code.
Directors’ compensation is also gender-neutral. It consists of a fixed portion and a portion based on actual participation in meetings on the basis of the allocation rules presented above.
At its meeting of 3 February 2025, the Board of directors assessed the achievement of the objectives set in accordance with the compensation policy.
Concerning the criterion linked to the evolution of net earnings per share for the year compared to the previous year, its measurement for the Chief Executive Officer Mr. Jean-Laurent Bonnafé as a percentage of the target variable compensation, amounts to 41.83% for 2024 (20.92% for the Chief Operating Officers, Mr. Yann Gérardin and Mr. Thierry Laborde).
Concerning the criterion related to the achievement of the Group’s gross operating income budget, its measurement for the Chief Executive Officer Mr. Jean-Laurent Bonnafé as a percentage of the target variable compensation, amounts to 38.25% for 2024 (19.13% for the Chief Operating Officers, Mr. Yann Gérardin and Mr. Thierry Laborde).
In addition, for the Chief Operating Officers, Mr. Yann Gérardin and Mr. Thierry Laborde:
| 2023 | 2024 | Variation | Application to 37.5% of the target annual variable compensation |
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Net earnings per share | 8.58 | 9.57 | 11.55% | 41.83% |
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Gross Operating Income | 2024 Budget(1): EUR 18,273 million | Achieved: EUR 18,638 million | 2.00% | 38.25% |
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| 2023 | 2024 | Variation | Application to 18.75% of the target annual variable compensation |
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Chief Operating Officers – Mr. Yann Gérardin and Mr. Thierry Laborde |
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Net earnings per share | 8.58 | 9.57 | 11.55% | 20.92% |
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Gross Operating Income | 2024 Budget(1): EUR 18,273 million | Achieved: EUR 18,638 million | 2.00% | 19.13% |
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Scope of responsibility – CIB |
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Net income before tax | EUR 6,302 million(2) | EUR 7,323 million | 16.20% | 21.79% |
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Gross Operating Income | 2024 Budget(1): EUR 6,959 million | Achieved: EUR 7,166 million | 2.97% | 19.31% |
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Scope of responsibility – CPBS |
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Net income before tax | EUR 7,330 million(2) | EUR 6,791 million | -7.36% | 17.37% |
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Gross Operating Income | 2024 Budget(1): EUR 10,357 million | Achieved: EUR 10,240 million | -1.13% | 18.54% |
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The Board of directors reviewed the achievement of the multi-criteria measurement with regard to the three criteria linked to the Group’s CSR performance provided for in the compensation policy, each of which has a 5% weighting.
With regard to the qualitative assessment, the Board of directors considered that this criteria has been met given the significant achievements in 2024 regarding environmental and social issues.
BNP Paribas has an ambitious policy in terms of energy transition, sustainable investment, social commitment and financial inclusion. In 2024, BNP Paribas continued its actions in terms of sustainable finance in accordance with its GTS 2025 strategic plan (Growth, Technology & Sustainability). The Group has increased its financing in favour of the ecological transition and its action in favour of financial inclusion and civil society.
On the alignment of portfolios towards the goal of a more sustainable economy:
On enabling its clients to transition to a low-carbon economy:
On sustainable investment activities:
On actions in favour of employees:
On actions in favour of financial inclusion and civil society:
Regarding the criterion related to the Group’s CSR positioning compared to its peers in the extra-financial performance rankings of FTSE, S&P Global Corporate Sustainability Assessment and Moody’s ESG Solutions, BNP Paribas is effectively in the 1st quartile of the Banks sector of the three aforementioned agencies.
Given the acquisition of Moody's ESG Solutions by MSCI, two extra-financial rating agencies, FTSE and S&P Global Corporate Sustainability Assessment, will be kept for the measurement of this criterion related to the Group CSR positioning.
Regarding the criterion of alignment with the Group’s key employees, the three-year CSR target measure set in the loyalty plan awarded to the Group’s key employees are also met.
Consequently, the multi-criteria measure, as a percentage of the target variable compensation, amounts to 15% for 2024 for the Chief Executive Officer and the Chief Operating Officers.
| CSR – Assessment of the CSR policy | |||
| (i) By the Board | (ii) By the market | (iii) Alignment with | Multi-criteria |
Weighting | 5.00% | 5.00% | 5.00% |
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Measurement | 5.00% | 5.00% | 5.00% | 15.00% |
The Board of directors assessed the qualitative portion of the annual variable compensation in terms of the application of the criteria provided for in the compensation policy.
For 2024, the Board of directors took into main consideration and deemed satisfied by Mr. Jean-Laurent Bonnafé the following:
For Mr. Yann Gérardin, as Chief Operating Officer in charge of the Corporate and Institutional Banking (CIB) division and in line with the assessments proposed for Mr. Jean-Laurent Bonnafé:
For Mr. Thierry Laborde, as Chief Operating Officer in charge of the Commercial, Personal Banking & Services division (CPBS) and in line with the assessments proposed for Mr. Jean-Laurent Bonnafé:
After taking into account all the criteria used to set annual variable compensation, and the evolution of the Group’s operating results, the Board of directors, on the proposal of the Remuneration Committee, set the variable compensation awarded in respect of 2024 at:
The result in respect of each criterion is set out in the following table:
| Quantitative criteria | CSR performance criteria | Qualitative criteria | Annual variable with respect to 2024 | Reminder of target variable compensation | ||||
EPS(2) | GOI(3) | NIBT(4) | GOI(5) | ||||||
Group | Group | Business | Business | ||||||
Jean-Laurent BONNAFÉ | Weighting(1) | 37.50% | 37.50% |
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Measurement(1) | 41.83% | 38.25% |
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| 15.00% | 10.00% | 1,936,624 | 1,843,000 | |
Yann GÉRARDIN | Weighting(1) | 18.75% | 18.75% | 18.75% | 18.75% | 15.00% | 10.00% |
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Measurement(1) | 20.92% | 19.13% | 21.79% | 19.31% | 15.00% | 10.00% | 1,910,700 | 1,800,000 | |
Thierry LABORDE | Weighting(1) | 18.75% | 18.75% | 18.75% | 18.75% | 15.00% | 10.00% |
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Measurement(1) | 20.92% | 19.13% | 17.37% | 18.54% | 15.00% | 10.00% | 1,090,368 | 1,080,000 | |
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The Board of directors noted that this performance condition was met in 2024; accordingly, deferred compensation payable in 2025 in respect of previous plans will be paid.
In accordance with the compensation policy and on the proposal of the Remuneration Committee, the Board of directors set the LTIP amounts awarded in 2025.
The amount awarded under the LTIP is equal to the target annual variable compensation for 2024.
LTIP awarded on 3 February 2025 (in euros) | Awarded amount(1) | Fair value of the awarded amount(2) |
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Jean-Laurent Bonnafé | 1,843,000 | 462,409 |
Yann Gérardin | 1,800,000 | 451,620 |
Thierry Laborde | 1,080,000 | 270,972 |
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The cap on total variable compensation provided for by article L.511‑78 of the French Monetary and Financial Code was not exceeded. Pursuant to article L.511-79 of the French Monetary and Financial Code, a discount rate may in addition be applied to no more than 25% of total variable compensation inasmuch as the payment is made in the form of instruments after a deferred period of at least five years.
After applying the discount rate to the variable compensation amounts awarded in the form of instruments deferred for five years (discount rate of 48.78% in accordance with European Banking Authority guidelines on the application of the notional discount rate for variable compensation, published on 27 March 2014), the ratio between total variable compensation and fixed compensation is 1.79 for the Chief Executive Officer Mr. Jean-Laurent Bonnafé, 1.80 and 1.75 respectively for Messrs Yann Gérardin and Thierry Laborde as Chief Operating Officers for 2024.
The Board of directors has not been called upon to apply the “malus” and “claw-back” clauses, provided for in the compensation policy defined above.
No compensation has been paid or awarded to directors and corporate officers by a company included in the scope of consolidation of BNP Paribas within the meaning of article L.233-16 of the French Commercial Code.
| Amounts | Comments |
|---|---|---|
Fixed compensation | 950,000 (paid) | The compensation paid to Mr. Jean Lemierre is determined following the guidelines proposed by the Remuneration Committee and approved by the Board of directors. This fixed compensation has not changed since December 2014. |
Annual variable compensation | None | Mr. Jean Lemierre is not entitled to annual variable compensation. |
Conditional long-term incentive plan | None | Mr. Jean Lemierre does not benefit from a conditional long-term incentive plan. |
Compensation linked to the term of directorship | 76,777 (paid) | Mr. Jean Lemierre does not receive any compensation in respect of directorships that he holds in the Group’s companies other than BNP Paribas (SA). |
Extraordinary compensation | None |
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Stock options awarded during the period | None |
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Performance shares awarded during the year | None |
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Benefits in kind | 5,951 | Mr. Jean Lemierre has a company car. |
TOTAL | 1,032,728 |
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| Amounts | Comments |
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Sign-on bonuses and severance payments | None | Mr. Jean Lemierre receives no sign-on bonus or severance payment. |
Supplementary defined-benefit pension plan | None | Mr. Jean Lemierre does not benefit from any supplementary defined-benefit pension plan. |
Supplementary defined-contribution pension plan | 1,994 | This amount corresponds to the contributions paid in 2024 under the defined-contribution pension plan (article 83 of the French General Tax Code) set up for all BNP Paribas (SA) employees. |
Welfare benefit and healthcare plans | 4,368 | This amount corresponds to the contributions paid in 2024 under (i) the disability, invalidity and death, and healthcare insurance plans offered to employees of BNP Paribas (SA) and (ii) the Garantie Vie Professionnelle Accidents system (death and disability insurance) covering all employees of BNP Paribas (SA). |
| Amounts | Comments |
|---|---|---|
Fixed compensation | 1,843,000 (paid) | The compensation paid to Mr. Jean-Laurent Bonnafé is determined following the guidelines proposed by the Remuneration Committee and approved by the Board of directors. The last increase in the fixed compensation of Mr. Jean-Laurent Bonnafé, bringing it to EUR 1,843,000, dates from 7 February 2022, effective from 1 January 2022. |
Annual variable compensation(1) | 1,936,624 | The variable compensation of Mr. Jean-Laurent Bonnafé evolves depending on criteria representative of Group results and his managerial performance. It is expressed as a percentage of a target variable compensation corresponding to 100% of fixed compensation for the year. The quantitative criteria depend on indicators linked to the Group’s overall performance; they are as follows:
CSR criteria also condition 15% of the target variable compensation. They correspond to the multi-criteria assessment of the actions taken by the Group with respect to social, societal and environmental issues. The qualitative criteria represents 10% of the target variable compensation. After taking into account quantitative, CSR and qualitative criteria, the Board of directors set the annual variable compensation of Mr. Jean-Laurent Bonnafé for 2024 at EUR 1,936,624:
The ratio between the annual fixed compensation and variable compensation, as required under the French Commercial Code, is 105.08%. |
Conditional long-term incentive plan (fully deferred for a period of five years) | 462,409 | The fair value of the LTIP awarded to Mr. Jean-Laurent Bonnafé on 3 February 2025 with respect to 2024 amounts to EUR 462,409. The term of the LTIP is five years. The two conditions of the LTIP, one recognising an increase in the intrinsic value of the BNP Paribas share and the other recognising its potential outperformance relative to its peers, are assigned equal weighting in order to measure their effects separately. Payments under the LTIP may not exceed 137.5% of their award value. |
Compensation linked to the term of directorship | 76,777 | Mr. Jean-Laurent Bonnafé receives compensation for his term of his directorship at BNP Paribas (SA). |
Extraordinary compensation | None |
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Stock options awarded during the period | None |
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Performance shares awarded during the year | None |
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Benefits in kind | 6,267 | Mr. Jean-Laurent Bonnafé has a company car. This amount also includes the employer contribution of EUR 1,360 paid by BNP Paribas (SA) for 2024 under the Executive Committee professional life insurance policy, offering an additional EUR 1.10 million in the event of death or total permanent disability. |
TOTAL | 4,325,077 |
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(In euros) | Submission date to the AGM and resolution number | Amounts paid in 2024 |
|---|---|---|
Annual variable remuneration |
| 1,913,825 |
Including partial payment of the annual variable compensation in respect of 2023 | 14 May 2024 18th resolution | 375,530 |
Including partial payment of the annual variable compensation in respect of 2022 | 16 May 2023 15th resolution | 556,739 |
Including partial payment of the annual variable compensation in respect of 2021 | 17 May 2022 15th resolution | 221,671 |
Including partial payment of the annual variable compensation in respect of 2020 | 18 May 2021 15th resolution | 206,502 |
Including partial payment of the annual variable compensation in respect of 2019 | 19 May 2020 16th resolution | 232,430 |
Including partial payment of the annual variable compensation in respect of 2018 | 23 May 2019 14th resolution | 223,626 |
Including partial payment of the annual variable compensation in respect of 2017 | 24 May 2018 15th resolution | 97,327 |
Conditional long-term incentive plan | 23 May 2019 14th resolution | 1,405,800 |
| Amounts | Comments |
|---|---|---|
Sign-on bonuses and severance payments | None | Mr. Jean-Laurent Bonnafé receives no sign-on bonus or severance payment. |
Non-compete indemnity | None | Conditions of the non-compete clause signed between the Chief Executive Officer and BNP Paribas (SA) are detailed on page 94 of the Universal registration document. |
Supplementary defined-benefit pension plan | None | Mr. Jean-Laurent Bonnafé does not benefit from any supplementary defined-benefit pension plan. |
Supplementary defined-contribution pension plan | 1,994 | This amount corresponds to the contributions paid in 2024 under the defined-contribution pension plan (article 83 of the French General Tax Code) set up for all BNP Paribas (SA) employees. |
Welfare benefit and healthcare plans | 4,368 | This amount corresponds to the contributions paid in 2024 under (i) the disability, invalidity and death and healthcare insurance plans offered to employees of BNP Paribas (SA) and (ii) the Garantie Vie Professionnelle Accidents system (death and disability insurance) covering all employees of BNP Paribas (SA). |
| Amounts | Comments |
|---|---|---|
Fixed compensation | 1,800,000 (paid) | The compensation paid to Mr. Yann GÉRARDIN is determined following the guidelines proposed by the Remuneration Committee and approved by the Board of directors. The last increase in the fixed compensation of Mr. Yann GÉRARDIN, effective from 1 January 2024, was decided by the Board of directors and approved by Annual General Meeting of 14 May 2024. |
Annual variable compensation(1) | 1,910,700 | The variable compensation of Mr. Yann GÉRARDIN evolves depending on criteria representative of the Group’s results as well as the results of the CIB division and his managerial performance. It is expressed as a percentage of a target variable compensation corresponding to 100% of fixed compensation for the year. The quantitative criteria depend on the following performance indicators:
CSR criteria also condition 15% of the target variable compensation. They correspond to the multi-criteria assessment of the actions taken by the Group with respect to social, societal and environmental issues. The qualitative criteria represents 10% of the target variable compensation. After taking into account quantitative, CSR and qualitative criteria, the Board of directors set the annual variable compensation of Mr. Yann GÉRARDIN for 2024 at EUR 1,910,700:
The ratio between the annual fixed compensation and variable compensation, as required under the French Commercial Code, is 106.15%. |
Conditional long-term incentive plan (fully deferred for a period of five years) | 451,620 | The fair value of the LTIP awarded to Mr. Yann GÉRARDIN on 3 February 2025 with respect to 2024 amounts to EUR 451,620. The term of the LTIP is five years. The two conditions of the LTIP, one recognising an increase in the intrinsic value of the BNP Paribas share and the other recognising its potential outperformance relative to its peers, are assigned equal weighting in order to measure their effects separately. Payments under the LTIP may not exceed 137.5% of their award value. |
Compensation linked to the term of directorship | None | Mr. Yann GÉRARDIN does not hold a directorship in Group companies. |
Extraordinary compensation | None |
|
Stock options awarded during the period | None |
|
Performance shares awarded during the year | None |
|
Benefits in kind | 1,360 | This amount corresponds to the annual employer contribution paid by BNP Paribas (SA) for 2024 under the Executive Committee professional life insurance policy, offering an additional EUR 1.10 million in the event of death or total permanent disability. |
TOTAL | 4,163,680 |
|
| ||
(In euros) | Submission date to the AGM and resolution number | Amounts paid in 2024 |
|---|---|---|
Annual variable remuneration |
| 902,482 |
Including partial payment of the annual variable compensation in respect of 2023 | 14 May 2024 19th resolution | 305,820 |
Including partial payment of the annual variable compensation in respect of 2022 | 16 May 2023 16th resolution | 461,781 |
Including partial payment of the annual variable compensation in respect of 2021 | 17 May 2022 17th resolution | 134,881 |
Conditional long-term incentive plan | None | None |
| Amounts | Comments |
|---|---|---|
Sign-on bonuses and severance payments | None | Mr. Yann GÉRARDIN receives no sign-on bonus or severance payment. |
Supplementary defined-benefit pension plan | None | Mr. Yann GÉRARDIN does not benefit from any supplementary defined-benefit pension plan. |
Supplementary defined-contribution pension plan | 1,994 | This amount corresponds to the contributions paid in 2024 under the defined-contribution pension plan (article 83 of the French General Tax Code) set up for all employees of BNP Paribas (SA). |
Welfare benefit and healthcare plans | 4,368 | This amount corresponds to the contributions paid in 2024 under (i) the disability, invalidity and death and healthcare insurance offered to employees of BNP Paribas (SA) and (ii) the Garantie Vie Professionnelle Accidents system (death and disability insurance) covering all employees of BNP Paribas (SA). |
| Amounts | Comments |
|---|---|---|
Fixed compensation | 1,080,000 (paid) | The compensation paid to Mr. Thierry LABORDE is determined following the guidelines proposed by the Remuneration Committee and approved by the Board of directors. The last increase in the fixed compensation of Mr. Thierry LABORDE, effective from 1 January 2024, was decided by the Board of directors and approved by Annual General Meeting of 14 May 2024. |
Annual variable compensation(1) | 1,090,368 | The variable compensation of Mr. Thierry LABORDE evolves depending on criteria representative of the Group’s results as well as the results of the CPBS division and his managerial performance. It is expressed as a percentage of a target variable compensation corresponding to 100% of fixed compensation for the year. The quantitative criteria depend on the following performance indicators:
CSR criteria also condition 15% of the target variable compensation. They correspond to the multi-criteria assessment of the actions taken by the Group with respect to social, societal and environmental issues. The qualitative criteria represents 10% of the target variable compensation. After taking into account quantitative, CSR and qualitative criteria, the Board of directors set the annual variable compensation of Mr. Thierry LABORDE for 2024 at EUR 1,090,368;
The ratio between the annual fixed compensation and variable compensation, as required under the French Commercial Code, is 100.96%. |
Conditional long-term incentive plan (fully deferred for a period of five years) | 270,972 | The fair value of the LTIP awarded to Mr. Thierry LABORDE on 3 February 2025 with respect to 2024 amounts to EUR 270,962. The term of the LTIP is five years. The two conditions of the LTIP, one recognising an increase in the intrinsic value of the BNP Paribas share and the other recognising its potential outperformance relative to its peers, are assigned equal weighting in order to measure their effects separately. Payments under the LTIP may not exceed 137.5% of their award value. |
Compensation linked to the term of directorship | None | Mr. Thierry LABORDE does not receive any compensation for the directorships he holds in the Group’s companies. |
Extraordinary compensation | None |
|
Stock options awarded during the period | None |
|
Performance shares awarded during the year | None |
|
Benefits in kind | 6,708 | Mr. Thierry LABORDE has a company car. This amount also includes the employer contribution of EUR 1,360 paid by BNP Paribas (SA) for 2024 under the Executive Committee professional life insurance policy, offering an additional EUR 1.10 million in the event of death or total permanent disability. |
TOTAL | 2,448,048 |
|
| ||
(In euros) | Submission date to the AGM and resolution number | Amounts paid in 2024 |
|---|---|---|
Annual variable remuneration |
| 538,999 |
Including partial payment of the annual variable compensation in respect of 2023 | 14 May 2024 20th resolution | 180,504 |
Including partial payment of the annual variable compensation in respect of 2022 | 16 May 2023 17th resolution | 280,488 |
Including partial payment of the annual variable compensation in respect of 2021 | 17 May 2022 18th resolution | 78,007 |
Conditional long-term incentive plan | None | None |
| Amounts | Comments |
|---|---|---|
Sign-on bonuses and severance payments | None | Mr. Thierry LABORDE does not receive any sign-on bonus or severance payment. |
Supplementary defined-benefit pension plan | None | Mr. Thierry LABORDE does not benefit from any supplementary defined-benefit pension plan. |
Supplementary defined-contribution pension plan | 1,994 | This amount corresponds to the contributions paid in 2024 under the defined-contribution pension plan (article 83 of the French General Tax Code) set up for all employees of BNP Paribas (SA). |
Welfare benefit and healthcare plans | 4,368 | This amount corresponds to the contributions paid in 2024 under (i) the disability, invalidity and death and healthcare insurance plans offered to employees of BNP Paribas (SA) and (ii) the Garantie Vie Professionnelle Accidents system (death and disability insurance) covering all employees of BNP Paribas (SA). |
In accordance with the provisions of article L.22-10-9 of the French Commercial Code and the Afep guidelines on compensation multiples updated in February 2021, the level of compensation due or awarded to the Chairman of the Board of directors, the Chief Executive Officer and the Chief Operating Officers, with respect to the average compensation and the median compensation based on full-time equivalent employees of BNP Paribas (SA), as well as evolutions of this compensation, these ratios and the Company’s performance criteria, are shown below.
This information is provided over a five-year period.
The employees considered are those of BNP Paribas (SA) in France and its branches, continuously present over the year.
Compensation due or awarded to employees includes fixed compensation, variable compensation, commercial bonuses, loyalty plans, profit-sharing and incentive bonuses, as well as benefits in kind.
The compensation due or awarded to corporate officers includes fixed compensation, variable compensation, fair value of the long-term incentive plan, directors’ compensation, as well as benefits in kind, information already presented in chapter 2 of this document for 2023 and 2024.
All this compensation, due or awarded, is presented on a gross basis, excluding employer contributions.
The table below shows the compensation multiples and their evolutions for each corporate officer.
| Year | ||||
2020 | 2021 | 2022(1) | 2023(2) | 2024 | |
Performance of the Company |
|
|
|
|
|
Net pre-tax income (in millions of euros) | 9,822 | 13,637 | 13,214 | 11,725 | 16,188 |
Evolution between N/N-1 | -14% | 39% | 6% | -11% | 38% |
Operating income (in millions of euros) | 8,364 | 12,199 | 12,564 | 11,236 | 15,437 |
Evolution between N/N-1 | -17% | 46% | 13% | -11% | 37% |
Net earnings per share (in euros) | 5.31 | 7.26 | 7.80 | 8.58 | 9.57 |
Evolution between N/N-1 | -14% | 37% | 7% | 10% | 12% |
Compensation of employees |
|
|
|
|
|
Average compensation (in thousands of euros) | 88 | 93 | 96 | 99 | 101 |
Evolution between N/N-1 | 2% | 6% | 3% | 2% | 2% |
Median compensation (in thousands of euros) | 57 | 59 | 62 | 66 | 67 |
Evolution between N/N-1 | 2% | 4% | 5% | 5% | 3% |
Chairman of the Board of directors |
|
|
|
|
|
Compensation of the Chairman of the Board of directors | 1,013 | 1,020 | 1,018 | 1,020 | 1,033 |
Evolution between N/N-1 | 0% | 1% | 0% | 0% | 1% |
Average compensation of employees ratio | 12 | 11 | 11 | 10 | 10 |
Evolution between N/N-1 | -2% | -5% | -3% | -2% | -1% |
Median compensation of employees ratio | 18 | 17 | 16 | 16 | 15 |
Evolution between N/N-1 | -2% | -3% | -5% | -5% | -1% |
Chief Executive Officer |
|
|
|
|
|
Compensation of the Chief Executive Officer (in thousands of euros) | 3,756 | 4,110 | 4,604 | 4,402 | 4,325 |
Evolution between N/N-1 | -3% | 9% | 12% | -4% | -2% |
Average compensation of employees ratio | 43 | 44 | 48 | 45 | 43 |
Evolution between N/N-1 | -5% | 3% | 8% | -7% | -4% |
Median compensation of employees ratio | 66 | 69 | 74 | 67 | 64 |
Evolution between N/N-1 | -5% | 6% | 7% | -9% | -4% |
Yann Gérardin, Chief Operating Officer(3) |
|
|
|
|
|
Compensation of the Chief Operating Officer (in thousands of euros) |
| 3,924 | 3,722 | 3,527 | 4,164 |
Evolution between N/N-1 |
|
| -5% | -5% | 18% |
Average compensation of employees ratio |
| 42 | 39 | 36 | 41 |
Evolution between N/N-1 |
|
| -8% | -7% | 15% |
Median compensation of employees ratio |
| 66 | 60 | 54 | 62 |
Evolution between N/N-1 |
|
| -10% | -10% | 15% |
Thierry Laborde, Chief Operating Officer(3) |
|
|
|
|
|
Compensation of the Chief Operating Officer (in thousands of euros) |
| 2,323 | 2,251 | 2,107 | 2,448 |
Evolution between N/N-1 |
|
| -3% | -6% | 16% |
Average compensation of employees ratio |
| 25 | 23 | 21 | 24 |
Evolution between N/N-1 |
|
| -6% | -9% | 14% |
Median compensation of employees ratio |
| 39 | 36 | 32 | 36 |
Evolution between N/N-1 |
|
| -8% | -11% | 13% |
| |||||
The provisions of the second paragraph of article L.225-45 of the French Commercial Code do not need to be applied in 2024.
The components below, relating to the compensation of corporate officers, reiterate some information already presented in this chapter.
(In euros) | Jean-Laurent Bonnafé | Yann Gérardin | Thierry Laborde | |||
2023 | 2024 | 2023 | 2024 | 2023 | 2024 | |
Fixed compensation amount | 1,843,000 | 1,843,000 | 1,500,000 | 1,800,000 | 900,000 | 1,080,000 |
Annual variable compensation awarded | 1,877,648 | 1,936,624 | 1,529,100 | 1,910,700 | 902,520 | 1,090,368 |
Sub-total | 3,720,648 | 3,779,624 | 3,029,100 | 3,710,700 | 1,802,520 | 2,170,368 |
LTIP amount (fair value)(1) | 610,217 | 462,409 | 496,650 | 451,620 | 297,990 | 270,972 |
Total | 4,330,865 | 4,242,033 | 3,525,750 | 4,162,320 | 2,100,510 | 2,441,340 |
| ||||||
The Board of directors has decided that the minimum number of shares that Messrs Jean Lemierre, Jean-Laurent Bonnafé, Yann Gérardin and Thierry Laborde shall be required to hold for the duration of their terms of office shall be 10,000, 80,000, 30,000 and 20,000 shares respectively. The four interested parties have complied with this obligation, through the direct ownership of shares or units in the Company Savings Plan fully invested in BNP Paribas shares.
The table after shows the gross compensation awarded in respect of the year, including compensation linked to a term of directorship and benefits in kind, for each corporate officer.
(In euros) | 2023 | 2024 | |
Awarded amounts | Awarded amounts | ||
Jean Lemierre Chairman of the Board | Fixed compensation | 950,000 | 950,000 |
Annual variable compensation | None | None | |
Conditional long-term incentive plan | None | None | |
Value of stock options awarded during the year | None | None | |
Value of performance shares awarded during the year | None | None | |
Sub-total | 950,000 | 950,000 | |
Extraordinary compensation | None | None | |
Compensation linked to the term of directorship | 64,758 | 76,777 | |
Benefits in kind(1) | 5,023 | 5,951 | |
Total | 1,019,781 | 1,032,728 | |
Jean-Laurent Bonnafé Chief Executive Officer | Fixed compensation | 1,843,000 | 1,843,000 |
Annual variable compensation | 1,877,648 | 1,936,624 | |
Conditional long-term incentive plan(2) | 610,217 | 462,409 | |
Value of stock options awarded during the year | None | None | |
Value of performance shares awarded during the year | None | None | |
Sub-total | 4,330,865 | 4,242,033 | |
Extraordinary compensation | None | None | |
Compensation linked to the term of directorship | 64,758 | 76,777 | |
Benefits in kind(1) | 6,267 | 6,267 | |
Total | 4,401,890 | 4,325,077 | |
Yann Gérardin Chief Operating Officer | Fixed compensation | 1,500,000 | 1,800,000 |
Annual variable compensation | 1,529,100 | 1,910,700 | |
Conditional long-term incentive plan(2) | 496,650 | 451,620 | |
Value of stock options awarded during the year | None | None | |
Value of performance shares awarded during the year | None | None | |
Sub-total | 3,525,750 | 4,162,320 | |
Extraordinary compensation | None | None | |
Compensation linked to the term of directorship | None | None | |
Benefits in kind(1) | 1,360 | 1,360 | |
Total | 3,527,110 | 4,163,680 | |
Thierry Laborde Chief Operating Officer | Fixed compensation | 900,000 | 1,080,000 |
Annual variable compensation | 902,520 | 1,090,368 | |
Conditional long-term incentive plan(2) | 297,990 | 270,972 | |
Value of stock options awarded during the year | None | None | |
Value of performance shares awarded during the year | None | None | |
Sub-total | 2,100,510 | 2,441,340 | |
Extraordinary compensation | None | None | |
Compensation linked to the term of directorship | None | None | |
Benefits in kind(1) | 6,708 | 6,708 | |
Total | 2,107,218 | 2,448,048 | |
| |||
The tables below show the gross compensation paid in 2024, including compensation linked to directorships and benefits in kind, for each corporate officer.
(In euros) | 2023 | 2024 | |
|---|---|---|---|
Paid amounts | Paid amounts | ||
Jean Lemierre Chairman of the Board of directors | Fixed compensation | 950,000 | 950,000 |
Annual variable compensation | None | None | |
Conditional long-term incentive plan | None | None | |
Extraordinary compensation | None | None | |
Compensation linked to the term of directorship | 64,758 | 76,777 | |
Benefits in kind(1) | 5,023 | 5,951 | |
Total | 1,019,781 | 1,032,728 | |
Jean-Laurent Bonnafé Chief Executive Officer | Fixed compensation | 1,843,000 | 1,843,000 |
Annual variable compensation | 1,775,057 | 1,913,825 | |
of which annual variable compensation in respect of 2023 | None | 375,530 | |
of which annual variable compensation in respect of 2022 | 386,293 | 556,739 | |
of which annual variable compensation in respect of 2021 | 461,683 | 221,671 | |
of which annual variable compensation in respect of 2020 | 198,511 | 206,502 | |
of which annual variable compensation in respect of 2019 | 223,218 | 232,430 | |
of which annual variable compensation in respect of 2018 | 214,434 | 223,626 | |
of which annual variable compensation in respect of 2017 | 185,320 | 97,327 | |
of which annual variable compensation in respect of 2016 | 105,598 | None | |
Conditional long-term incentive plan | 781,000(2) | 1,405,800(2) | |
Extraordinary compensation | None | None | |
Compensation linked to the term of directorship | 64,758 | 76,777 | |
Benefits in kind(1) | 6,267 | 6,267 | |
Total | 4,470,082 | 5,245,669 | |
Yann Gérardin Chief Operating Officer | Fixed compensation | 1,500,000 | 1,800,000 |
Annual variable compensation | 601,354 | 902,482 | |
of which annual variable compensation in respect of 2023 | None | 305,820 | |
of which annual variable compensation in respect of 2022 | 320,400 | 461,781 | |
of which annual variable compensation in respect of 2021 | 280,954 | 134,881 | |
Conditional long-term incentive plan | None | None | |
Extraordinary compensation | None | None | |
Compensation linked to the term of directorship | None | None | |
Benefits in kind(1) | 1,360 | 1,360 | |
Total | 2,102,714 | 2,703,842 | |
| |||
Thierry Laborde Chief Operating Officer | Fixed compensation | 900,000 | 1,080,000 |
Annual variable compensation | 357,137 | 538,999 | |
of which annual variable compensation in respect of 2023 | None | 180,504 | |
of which annual variable compensation in respect of 2022 | 194,616 | 280,488 | |
of which annual variable compensation in respect of 2021 | 162,521 | 78,007 | |
Conditional long-term incentive plan | None | None | |
Extraordinary compensation | None | None | |
Compensation linked to the term of directorship | None | None | |
Benefits in kind(1) | 6,708 | 6,708 | |
Total | 1,263,845 | 1,625,707 | |
The average tax and social contribution rate on this compensation is 33.5% in 2024 (compared to 34% for 2023).
| |||
(In euros) | 2023 | 2024 | |
|---|---|---|---|
Paid amounts | Paid amounts | ||
Yann Gérardin Chief Operating Officer | Fixed compensation | None | None |
Annual variable compensation(1) | 1,208,802 | 930,044 | |
of which annual variable compensation in respect of 2021 | 103,350 | 107,175 | |
of which annual variable compensation in respect of 2020 | 242,426 | 251,882 | |
of which annual variable compensation in respect of 2019 | 234,332 | 243,701 | |
of which annual variable compensation in respect of 2018 | 314,114 | 327,286 | |
of which annual variable compensation in respect of 2017 | 314,580 | None | |
Long-term compensation | 319,200 | 473,536 | |
Extraordinary compensation | None | None | |
Compensation linked to the term of directorship | None | None | |
Benefits in kind | None | None | |
Total | 1,528,002 | 1,403,580 | |
| |||
Thierry Laborde Chief Operating Officer | Fixed compensation | None | None |
Annual variable compensation(1) | 212,074 | 196,186 | |
of which annual variable compensation in respect of 2021 | 35,751 | 37,074 | |
of which annual variable compensation in respect of 2020 | 62,052 | 64,471 | |
of which annual variable compensation in respect of 2019 | 46,704 | 48,571 | |
of which annual variable compensation in respect of 2018 | 44,233 | 46,070 | |
of which annual variable compensation in respect of 2017 | 23,334 | None | |
Long-term compensation | 446,880 | 473,536 | |
Extraordinary compensation | None | None | |
Compensation linked to the term of directorship | None | None | |
Benefits in kind | None | None | |
Total | 658,954 | 669,722 | |
| |||
No stock subscription or purchase options were awarded during the year to the corporate officers by the Company or by any other Group company.
No stock subscription or purchase options were exercised during the year by the corporate officers.
No performance share was awarded during the year to corporate officers by the Company or any company in the Group.
No performance share became available during the year for the corporate officers.
None.
None.
Valuation at award date | Reminder LTIP with respect to 2023 | LTIP with respect to 2024 |
|---|---|---|
Award date of the plan | 31/01/2024 | 03/02/2025 |
Opening price of BNP Paribas share | EUR 62.45 | EUR 64.18 |
Opening level of the EURO STOXX Banks index | 121.66 | 159.54 |
Zero-coupon rate | Euribor | Euribor |
Volatility of the BNP Paribas share | 23.42% | 22.98% |
Volatility of the EURO STOXX Banks index | 21.66% | 21.16% |
Correlation between the BNP Paribas share and the EURO STOXX Banks index | 93.00% | 89.04% |
Financial model used | Monte-Carlo | Monte-Carlo |
Fair value of the plan at award date(1) | 33.11% | 25.09% |
| ||
| Initial value of the share at award date(2) | Fair value at award date(3) | Valuation at closing date 31/12/2023 | Valuation at closing date 31/12/2024 |
|---|---|---|---|---|
Closing price of BNP Paribas share |
|
| EUR 62.59 | EUR 59.22 |
Closing level of the EURO STOXX Banks index |
|
| 118.38 | 146.04 |
Zero-coupon rate |
|
| Euribor | Euribor |
Volatility of the BNP Paribas share |
|
| 23.77% | 22.96% |
Volatility of the EURO STOXX Banks index |
|
| 22.32% | 21.32% |
Correlation between the BNP Paribas share and the EURO STOXX |
|
| 93.31% | 89.09% |
Financial model used |
|
| Monte-Carlo | Monte-Carlo |
Fair value of the plan awarded on 4 February 2020 | EUR 45.27 | 39.56% | 88.25% | 64.82% |
Fair value of the plan awarded on 4 February 2021 | EUR 36.83 | 41.59% | 72.78% | 67.79% |
Fair value of the plan awarded on 7 February 2022 | EUR 55.13 | 43.58% | 34.85% | 19.49% |
Fair value of the plan awarded on 6 February 2023 | EUR 50.98 | 41.22% | 41.32% | 26.91% |
Fair value of the plan awarded on 31 January 2024 | EUR 58.79 | 33.11% |
| 19.18% |
| ||||
Award date of the plan | 04/02/2020 | 04/02/2021 | 07/02/2022 | 06/02/2023 | 31/01/2024 | 03/02/2025 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Maturity date | 04/02/2025 | 04/02/2026 | 07/02/2027 | 06/02/2028 | 31/01/2029 | 03/02/2030 | |||||
Valuation(1) | At award date | At 31/12/2024 | At award date | At 31/12/2024 | At award date | At 31/12/2024 | At award date | At 31/12/2024 | At award date | At 31/12/2024 | At award date |
Jean Lemierre | - | - | - | - | - | - | - | - | - | - | - |
Jean-Laurent Bonnafé | 617,927 | 1,012,432 | 649,636 | 1,058,803 | 680,720 | 304,499 | 759,685 | 496,024 | 610,217 | 353,427 | 462,409 |
Yann Gérardin | - | - | - | - | 404,169 | 180,793 | 618,300 | 403,709 | 496,650 | 287,651 | 451,620 |
Thierry Laborde | - | - | - | - | 242,502 | 108,476 | 370,980 | 242,226 | 297,990 | 172,591 | 270,972 |
Total | 617,927 | 1,012,432 | 649,636 | 1,058,803 | 1,327,391 | 593,767 | 1,748,965 | 1,141,959 | 1,404,857 | 813,669 | 1,185,001 |
| |||||||||||
Corporate officers in 2024 | Employment contract | Supplementary pension plan | Payments or benefits due or likely to become due upon termination or change in functions | Non-compete indemnity | ||||
Yes | No | Yes | No | Yes | No | Yes | No | |
Jean Lemierre Chairman of the Board of directors |
| ✓(1) | ✓(2) |
|
| ✓ |
| ✓ |
Jean-Laurent Bonnafé Chief Executive Officer |
| ✓(3) | ✓(2) |
|
| ✓ | ✓(4) |
|
Yann Gérardin Chief Operating Officer | ✓(5) |
| ✓(2) |
|
| ✓ |
| ✓ |
Thierry Laborde Chief Operating Officer | ✓(5) |
| ✓(2) |
|
| ✓ |
| ✓ |
| ||||||||
The following table lists the transactions indicated in article L.621-18-2 of the French Monetary and Financial Code on the Company’s securities, covered by articles 223-22 A to 223-26 of the General regulation of the AMF, carried out in 2024 by the directors and corporate officers and which must be disclosed pursuant to the AMF regulations.
First name and surname Quality | Transactions carried out | Type of financial instrument | Nature of the transaction | Number of transactions | Amount of transactions (in euros) |
|---|---|---|---|---|---|
Jean-Laurent Bonnafé Chief Executive Officer | On a personal basis | BNP Paribas shares | Purchase | 1 | 138,948 |
Yann Gérardin Chief Operating Officer | On a personal basis | BNP Paribas shares | Purchase | 1 | 141,391 |
Thierry Laborde Chief Operating Officer | On a personal basis | BNP Paribas shares | Purchase | 2 | 12,296 |
Jean Lemierre Chairman | On a personal basis | BNP Paribas shares | Purchase | 3 | 353,931 |
Marie-Christine LOMBARD Director | On a personal basis | BNP Paribas shares | Purchase | 1 | 64,460 |
Annemarie STRAATHOF Director | On a personal basis | BNP Paribas shares | Purchase | 2 | 65,455 |
The Company did not grant any instruments to employees who are not directors or corporate officers in 2024.
No instruments were transferred or exercised in 2024 for the benefit of employees who are not directors or corporate officers.
The following delegations to increase or reduce the share capital have been granted to the Board of directors under resolutions approved by Shareholders’ Annual General Meetings and were valid during 2024:
Resolutions adopted at Shareholders’ General Meetings | Use of authorisation in 2024 | |
|---|---|---|
Shareholders’ Combined General Meeting of 17 May 2022 (21st resolution) | Capital increase, with preferential subscription rights maintained, through the issue of ordinary shares and securities (valeurs mobilières) giving access immediately or in the future to shares to be issued. The nominal amount of capital increases that may be carried out, immediately and/or in the future, by virtue of this delegation, may not exceed EUR 985 million (i.e. 492,500,000 shares). This authorisation was granted for a period of 26 months and replaces that granted by the 19th resolution of the Shareholders’ Combined General Meeting of 19 May 2020. | This resolution was not used during the period |
Shareholders’ Combined General Meeting of 17 May 2022 (22nd resolution) | Capital increase, without preferential subscription rights, by issue of ordinary shares and securities (valeurs mobilières) giving access immediately or in the future to shares to be issued. The nominal amount of capital increases that may be carried out, immediately and/or in the future, by virtue of this authorisation, may not exceed EUR 240 million (i.e. 120 million shares). This authorisation was granted for a period of 26 months and replaces that granted by the 20th resolution of the Shareholders’ Combined General Meeting of 19 May 2020. | This resolution was not used during the period |
Shareholders’ Combined General Meeting of 17 May 2022 (23rd resolution) | Capital increase, with cancellation of preferential subscription rights, through the issue of ordinary shares and securities (valeurs mobilières) giving access, immediately or in the future, to shares to be issued intended to remunerate contributions of securities up to a limit of 10% of the share capital. The nominal amount of capital increases that may be carried out in one or more times by virtue of this authorisation, may not exceed 10% of the share capital of BNP Paribas as at the date of the decision of the Board of directors. This delegation was given for a period of 26 months and replaces that granted by the 21st resolution of the Shareholders’ Combined General Meeting of 19 May 2020. | This resolution was not used during the period |
Shareholders’ Combined General Meeting of 17 May 2022 (24th resolution) | Overall limit on authorisations to issue shares with cancellation or without preferential subscription rights for existing shareholders. The maximum nominal amount of capital increases with cancellation or without preferential subscription rights for existing shareholders carried out immediately and/or in the future may not exceed EUR 240 million as part of authorisations by virtue of the 22nd and 23rd resolutions of the Shareholders’ Combined General Meeting of 17 May 2022. | This resolution was not used during the period |
Shareholders’ Combined General Meeting of 17 May 2022 (25th resolution) | Capital increase by capitalising reserves, retained earnings, additional paid-in capital or contribution premium. Authorisation was given to increase the share capital up to a maximum amount of EUR 985 million in one or more times, by capitalising all or part of the reserves, profits or additional paid-in capital, merger or contribution premiums, successively or simultaneously, through the issuance and award of free shares, through an increase in the par value of existing shares, or through a combination of these two methods. This authorisation was granted for a period of 26 months and replaces that granted by the 23rd resolution of the Shareholders’ Combined General Meeting of 19 May 2020. | This resolution was not used during the period |
Shareholders’ Combined General Meeting of 17 May 2022 (26th resolution) | Overall limit on authorisations to issue shares with, with cancellation or without preferential subscription rights for existing shareholders The maximum nominal amount of capital increases with, with cancellation or without preferential subscription rights for existing shareholders carried out immediately and/or in the future may not exceed EUR 985 million as part of authorisations by virtue of the 21st to 23rd resolutions of the Shareholders’ Combined General Meeting of 17 May 2022. | This resolution was not used during the period |
Shareholders’ Combined General Meeting of 17 May 2022 (27th resolution) | Authorisation granted to the Board of directors to carry out transactions reserved for members of the BNP Paribas Group Company Savings Plan, with cancellation of preferential subscription rights, which may take the form of capital increases and/or disposals of reserved titles. Authorisation was given to increase the share capital within the limit of a maximum nominal amount of EUR 46 million in one or more times by issuing ordinary shares (with cancellation of preferential subscription rights for existing shareholders), reserved for members of the BNP Paribas Group’s Company Savings Plan, or by selling of shares. This authorisation was granted for a period of 26 months and replaces that granted by the 25th resolution of the Shareholders’ Combined General Meeting of 19 May 2020. | This resolution was not used during the period |
Shareholders’ Combined General Meeting of 16 May 2023 (5th resolution) | Authorisation given to the Board of directors to set up a share buyback programme by the Company up to a maximum of 10% of the shares comprising the share capital. Said acquisitions of shares, at a price not exceeding EUR 89 per share (previously EUR 88), would be intended to fulfil several objectives:
This authorisation was granted for a period of 18 months and replaces that granted by the 5th resolution of the Shareholders’ Combined General Meeting of 17 May 2022. | As part of the share buyback programme authorised by the Board of directors on 31 January 2024, 16,666,738 shares were repurchased from 4 March 2024 to 23 April 2024, by virtue of this delegation, representing 1.45% of the share capital |
Shareholders’ Combined General Meeting of 16 May 2023 (19th resolution) | In the context of an offer referred to in article L.411-2 1° of the French Monetary and Financial Code, authorisation granted to the Board of directors to increase the share capital with cancellation of preferential subscription rights, through the issue of super subordinated convertible contingent bonds that would be converted into ordinary shares of BNP Paribas to be issued, up to a limit of 10% of the share capital, only in the event that the Common Equity Tier One ratio (“CET1”) becomes equal to or falls below a threshold of 5.125%. The Board of directors is authorised to increase the share capital in one or more times, with cancellation of preferential subscription rights, by offering securities to a restricted circle of investors and/or qualified investors, as part of issues of super‑subordinated bonds convertible into ordinary shares of BNP Paribas in the event that the Group’s Common Equity Tier One (CET 1) ratio becomes equal to or falls below the threshold of 5.125% or any other threshold allowing classification as additional Tier 1 capital instruments (the “AT1 Bonds”). These AT1 Bonds will be denominated in USD, it being recalled that the ordinary shares are denominated in euros. The maximum nominal amount of capital increases that may be carried out, in one or more times, by virtue of this delegation, is set at EUR 240 million, and may not exceed 10% of the share capital of BNP Paribas per year as at the date of the issue decision. This delegation was granted for a period of 14 months. | Pursuant to the authorisation to the Board of directors of 16 May 2023, issue on 14 February 2024 of AT1 Bonds (super‑subordinated convertible contingent bonds) for a nominal amount of USD 1.5 billion, which may give rise in the event of conversion to a capital increase equal to a maximum of EUR 73,342,200, subject to any adjustments |
Shareholders’ Combined General Meeting of 16 May 2023 (20th resolution) | Authorisation granted to the Board of directors to carry out transactions reserved for members of the BNP Paribas Group Company Savings Plan, with cancellation of preferential subscription rights, which may take the form of capital increases and/or disposals of reserved titles. Authorisation is given to increase, in one or more times, the share capital by a maximum nominal amount of EUR 46 million, through the issue of ordinary shares or securities (valeurs mobilières) governed by article L.228-92 paragraph 1 of the French Commercial Code giving access to the share capital of BNP Paribas reserved for members of the BNP Paribas Group Company Savings Plan or by disposal of shares. This authorisation was granted for a period of 26 months and replaces that granted by the 27th resolution of the Shareholders’ Combined General Meeting of 17 May 2022. | This resolution was not used during the period |
Shareholders’ Combined General Meeting of 16 May 2023 (21st resolution) | Authorisation granted to the Board of directors to reduce the share capital by cancelling shares. Authorisation is given to cancel, in one or more times, through reduction of the share capital, all or some of the shares that BNP Paribas holds and that it could hold, up to a maximum of 10% of the total number of shares constituting the share capital existing as at the date of the transaction, for a period of 24 months. Delegation of all powers to carry out this reduction in share capital, and allocate the difference between the purchase price of the cancelled shares and their nominal value to share premium and retained earnings, including the legal reserve up to 10% of the share capital cancelled. This authorisation was granted for a period of 18 months and replaces that granted by the 28th resolution of the Shareholders’ Combined General Meeting of 17 May 2022. | Cancellation of 16,666,738 shares with a par value of EUR 2 on 6 May 2024 representing 1.45% of the share capital |
Shareholders’ Combined General Meeting of 14 May 2024 (5th resolution) | Authorisation given to the Board of directors to set up a share buyback programme by the Company up to a maximum of 10% of the shares comprising the share capital. Said acquisitions of shares, at a price not exceeding EUR 96 per share (previously EUR 89), would be intended to fulfil several objectives:
This authorisation was granted for a period of 18 months and replaces that granted by the 5th resolution of the Shareholders’ Combined General Meeting of 16 May 2023. | This resolution was not used during the period |
Shareholders’ Combined General Meeting of 14 May 2024 (24th resolution) | Capital increase, with preferential subscription rights maintained, through the issue of ordinary shares and securities (valeurs mobilières) giving access immediately or in the future to shares to be issued. The nominal amount of capital increases that may be carried out, immediately and/or in the future, by virtue of this authorisation, may not exceed EUR 915 million (i.e. 457,500,000 shares). This authorisation was granted for a period of 26 months and replaces that granted by the 21st resolution of the Shareholders’ Combined General Meeting of 17 May 2022. | This resolution was not used during the period |
Shareholders’ Combined General Meeting of 14 May 2024 (25th resolution) | Capital increase, without preferential subscription rights, by issue of ordinary shares and securities (valeurs mobilières) giving access immediately or in the future to shares to be issued. The nominal amount of capital increases that may be carried out, immediately and/or in the future, by virtue of this authorisation, may not exceed EUR 225 million (i.e. 112,500,000 shares). This authorisation was granted for a period of 26 months and replaces that granted by the 22nd resolution of the Shareholders’ Combined General Meeting of 17 May 2022. | This resolution was not used during the period |
Shareholders’ Combined General Meeting of 14 May 2024 (26th resolution) | Capital increase, with cancellation of preferential subscription rights, through the issue of ordinary shares and securities (valeurs mobilières) giving access, immediately or in the future, to shares to be issued intended to remunerate contributions of securities up to a limit of 10% of the share capital. The nominal amount of capital increases that may be carried out in one or more times by virtue of this authorisation, may not exceed 10% of the share capital of BNP Paribas as at the date of the decision of the Board of directors. This delegation was granted for a period of 26 months and replaces that granted by the 23rd resolution of the Shareholders’ Combined General Meeting of 17 May 2022. | This resolution was not used during the period |
Shareholders’ Combined General Meeting of 14 May 2024 (27th resolution) | Overall limit on authorisations to issue shares with cancellation or without preferential subscription rights for existing shareholders. The maximum nominal amount of capital increases with cancellation or without preferential subscription rights for existing shareholders carried out immediately and/or in the future may not exceed EUR 225 million as part of authorisations by virtue of the 25th and 26th resolutions of the Shareholders’ Combined General Meeting of 14 May 2024. | This resolution was not used during the period |
Shareholders’ Combined General Meeting of 14 May 2024 (28th resolution) | Capital increase by capitalising reserves, retained earnings, additional paid-in capital or contribution premium. Authorisation was given to increase the share capital up to a maximum amount of EUR 915 million in one or more times, by capitalising all or part of the reserves, profits or additional paid-in capital, merger or contribution premiums, successively or simultaneously, through the issuance and award of free shares, through an increase in the par value of existing shares, or through a combination of these two methods. This authorisation was granted for a period of 26 months and replaces that granted by the 25th resolution of the Shareholders’ Combined General Meeting of 17 May 2022. | This resolution was not used during the period |
Shareholders’ Combined General Meeting of 14 May 2024 (29th resolution) | Overall limit on authorisations to issue shares with, with cancellation or without preferential subscription rights for existing shareholders The maximum nominal amount of capital increases with, with cancellation or without preferential subscription rights for existing shareholders carried out immediately and/or in the future may not exceed EUR 915 million as part of authorisations by virtue of the 24th to 26th resolutions of the Shareholders’ Combined General Meeting of 14 May 2024. | This resolution was not used during the period |
Shareholders’ Combined General Meeting of 14 May 2024 (30th resolution) | Authorisation granted to the Board of directors to carry out transactions reserved for members of the BNP Paribas Group Company Savings Plan, with cancellation of preferential subscription rights, which may take the form of capital increases and/or disposals of reserved titles. Authorisation is given to increase, in one or more times, the share capital by a maximum nominal amount of EUR 45 million, through the issue of ordinary shares or share equivalents (valeurs mobilières) governed by article L.228-92 paragraph 1 of the French Commercial Code giving access to the share capital of BNP Paribas reserved for members of the BNP Paribas Group Company Savings Plan or by disposal of shares. This authorisation was granted for a period of 26 months and replaces that granted by the 20th resolution of the Shareholders’ Combined General Meeting of 16 May 2023. | This resolution was not used during the period |
Shareholders’ Combined General Meeting of 14 May 2024 (31st resolution) | In the context of an offer referred to in article L.411-2 1° of the French Monetary and Financial Code, authorisation granted to the Board of directors to increase the share capital with cancellation of preferential subscription rights, through the issue of super‑subordinated convertible contingent bonds that would be converted into ordinary shares of BNP Paribas to be issued, up to a limit of 10% of the share capital, only in the event that the Common Equity Tier One ratio (“CET1”) becomes equal to or falls below a threshold of 5.125%. The Board of directors is authorised to increase the share capital in one or more times, with cancellation of preferential subscription rights, by offering securities to a restricted circle of investors and/or qualified investors, as part of issues of super‑subordinated bonds convertible into ordinary shares of BNP Paribas in the event that the Group’s Common Equity Tier One (CET 1) ratio becomes equal to or falls below the threshold of 5.125% or any other threshold allowing classification as additional Tier 1 capital instruments (the “AT1 Bonds”). These AT1 Bonds will be denominated in USD, it being recalled that the ordinary shares are denominated in euros. The maximum nominal amount of capital increases that may be carried out, in one or more times, by virtue of this delegation, is set at EUR 225 million, and may not exceed 10% of the share capital of BNP Paribas per year as at the date of the issue decision. This delegation was granted for a period of 14 months and cancels, for the unused amount, any previous delegation with the same purpose. | Pursuant to the authorisation to the Board of directors of 14 May 2024, issue on 3 September 2024 of AT1 Bonds (super subordinated convertible contingent bonds) for a nominal amount of USD 1 billion, which may give rise in the event of conversion to a capital increase equal to a maximum of EUR 41,542,800, subject to any adjustments |
Shareholders’ Combined General Meeting of 14 May 2024 (32nd resolution) | Authorisation granted to the Board of directors to reduce the share capital by cancelling shares. Authorisation is given to cancel, in one or more times, through reduction of the share capital, all or some of the shares that BNP Paribas holds and that it could hold, up to a maximum of 10% of the total number of shares constituting the share capital existing as at the date of the transaction, for a period of 24 months. Delegation of all powers to carry out this reduction in share capital, and allocate the difference between the purchase price of the cancelled shares and their nominal value to share premium and retained earnings, including the legal reserve up to 10% of the share capital cancelled. This authorisation was granted for a period of 18 months and replaces that granted by the 21st resolution of the Shareholders’ Combined General Meeting of 16 May 2023. | This resolution was not used during the period |
Among the items referred to in article L.22-10-11 of the French Commercial Code, there is no item likely to have an impact in the event of a public tender or exchange offer.
The comments required by article L.22-10-71 of the French Commercial Code are covered in the Statutory Auditor’s report on the parent company financial statements (chapter 6.5).
At 31 December 2024, the BNP Paribas Executive Committee had the following members:
The BNP Paribas Executive Committee has had a permanent Secretariat since November 2007.
The following information relating to internal control was submitted to the Group’s Executive Management. The Chief Executive Officer, as executive director, is responsible for the organisation and procedures of internal control and for all information required by French law regarding the internal control report. This document is based on the information provided by the Compliance, RISK, Finance & Strategy, LEGAL and Inspection Générale Functions. It has been approved by the Board of directors.
The principles and procedures for the internal control of banking activities in France and abroad are at the heart of banking and financial regulations and are subject to numerous legislative and regulatory provisions.
The main text applicable to BNP Paribas is the ministerial Order of 3 November 2014 on the internal control of companies in the banking, payment services and investment services sector subject to the control of the ACPR. This text defines the conditions for implementing and overseeing internal control in credit institutions and investment firms, in accordance with the European CRD 4 directive. In particular, it specifies the principles relating to internal transaction control systems and procedures, organisation of accounting and information processing, risk and result measurement systems, risk monitoring and control systems, and the information and documentation system for internal control. Article 258 of this Order provides for the drafting for the Board of directors of an annual regulatory report on the conditions under which internal control is implemented.
This Order requires BNP Paribas to have an internal control system (hereinafter internal control) comprising specific departments and persons responsible for permanent control (including the Compliance and RISK Functions) and periodic control. This system must also take into account, as appropriate, the General regulation of the AMF, the regulations applicable to foreign branches and subsidiaries and to specialised activities such as portfolio management and insurance, and the recommendations of leading international bodies dealing with issues related to the prudential regulation of international banks, first and foremost the Basel Committee, the Financial Stability Board, the European Authorities, the European Securities and Markets Authority, the European Central Bank and the French Autorité de contrôle prudentiel et de résolution.
The BNP Paribas Group’s Executive Management has implemented an internal control system whose main purpose is to ensure overall control of the risks and to provide reasonable assurance that the Company’s objectives in this respect are achieved.
The BNP Paribas Internal Control Charter specifies the framework of this system and constitutes BNP Paribas’ basic internal control framework. Widely distributed within the Group and accessible to all its employees, this charter firstly recalls the objectives of internal control, which aims to ensure:
Its implementation requires, in particular, that a high-level culture of risk and ethics be promoted to all employees and in BNP Paribas’ relations with third parties, clients, intermediaries or suppliers as well as its shareholders.
The charter then sets out the rules governing the organisation responsibility and scope of operations of the various internal control entities and establishes the principle according to which the control functions (Compliance, LEGAL, RISK and Inspection Générale in particular) execute these controls independently.
The BNP Paribas Group’s internal control is overarching:
BNP Paribas’ internal control system is based on its values and the Code of conduct as well as the following additional principles of action:
Compliance with these principles is verified on a regular basis, in particular through assignments carried out by the periodic control teams (Inspection Générale).
BNP Paribas Group’s internal control system is organised around three lines of defence, under the responsibility of the Executive Officers and under the oversight of the Board of directors.
Permanent control is the ongoing implementation of the risk management system and is provided by the first two lines of defence. Periodic control, provided by the third line of defence, has an audit and assessment function that is performed according to its own audit cycle.
The functions exercising the second and the third lines of defence are so-called functions exercising independent control. They report directly to the Executive Officers and with respect to Compliance, LEGAL, RISK and Inspection Générale, they report on the performance of their duties to the Board of directors.
The Heads of these functions may be directly heard by the Board of directors or any of its specialised committees, possibly without the presence of Executive Officers, or at their request.
Finance & Strategy is a non-integrated function that exercises a second-level control. The Standards & Controls Department, within it, is responsible for defining and implementing the risk management system related to accounting and financial information.
RISK, Compliance and Finance & Strategy share responsibility for the second line of defence in terms of tax risk with the support of the Tax function, which acts as an expert on tax-related issues.
The appointment of the Heads of the Compliance, Finance & Strategy and RISK Functions falls within the framework defined by the European Banking Authority.
Permanent control can be outlined as follows:
The organisation of the Board of directors and its specialised committees is defined through its Internal Rules. The Heads of Inspection Générale and the integrated functions exercising second-level control have the right to be heard, possibly without the presence of Executive Officers, by the Board of directors or one of its specialised committees.
Finally, among the specialised committees, the Internal Control, Risk Management and Compliance Committee (CCIRC) is essential in the Group’s internal control system. Indeed, it assumes the following responsibilities:
At the consolidated level, the Group Supervisory & Control Committee – GSCC coordinates internal control, and is responsible, in particular, for ensuring consistency and coordination in the internal control system. Chaired by the Chief Executive Officer, it brings together the Chief Operating Officers, the Deputy Chief Operating Officers and the Heads of control functions.
In those entities and territories that are significant for the Group, their Executive Officers are responsible for arranging this coordination, generally within the framework of the Internal Control Committees.
The procedures are one of the key elements of the permanent control system alongside the identification and assessment of risks, controls, reporting and monitoring of the control system.
Written guidelines are distributed throughout the Group and provide the organisation and procedures to be applied as well as the controls to be performed. These procedures constitute the basic framework for internal control. The RISK Function regularly monitors procedure guidelines. The Group’s cross-functional procedures framework is regularly updated with contributions from all divisions and functions. Regarding the control framework, investigations into the status of the system are included in the report on permanent control.
Among the Group’s cross-functional procedures, applicable in all entities, risk control is critically important in, for example:
The processes from these procedural frameworks rely primarily on committees (Exceptional Transactions Committees, New Business Activities and Products Committees, Credit Committees, etc.) mainly covering both operational and related functions such as IT and Operations, as well as the control functions (RISK, Compliance, Finance & Strategy and LEGAL Functions), which take a “second-look” on transactions. In the event of a dispute, they are submitted to a higher level of the organisation. At the highest level of the Group, there are committees (Credit, Market Risk, Risk Policy Committees, etc.) chaired by members of Executive Management.
Compliance is a globally integrated function: all compliance managers in the operating divisions, business lines, regions, territories and their teams report to it hierarchically, which guarantees their independence. Its organisation brings together proximity teams aligned with the structure of the Group’s operating divisions, business lines and entities, as well as central areas of expertise.
Compliance contributes to the three components of the Group’s GTS 2025 strategic plan:
The Compliance workforce stood at 3,713 full-time equivalents (FTE) at the end of December 2024.
The regulatory frameworks relating to Financial security continued to be strengthened in 2024.
The Group’s remediation plan for compliance with international financial sanctions has been approved by the French and U.S. authorities and is now closed.
In addition, the U.S. and European sanctions programmes have changed significantly with a new range of restrictive measures concerning Russia. The risk of circumvention of the sanctions programmes calls for great vigilance and an enhanced monitoring has been put in place.
The system for anti-money laundering and combating the financing of terrorism has been enriched with new detection scenarios enabling better monitoring of the flows most exposed to the financing of terrorism. Other actions are being rolled out to deepen our knowledge of our customers when they enter into a relationship with the Bank and throughout this relationship.
In a more demanding regulatory context and with the emergence of new payment processes, new platforms for screening clients and filtering transactions are being designed.
As part of a continuous improvement approach, the system for preventing and detecting corruption and influence peddling is being strengthened in its various components with regard to risk assessment.
The due diligence measures on the knowledge of customers, intermediaries, suppliers and other third parties have been supplemented in order to improve the assessment of the risk of corruption. Procurement procedures have been revised.
The automation of the detection of negative information on third parties is being implemented.
In 2024, the complaints classification and processing systems were standardised across the Group’s various business lines. With regard to sustainable finance, the business lines have incorporated the latest regulatory changes into their systems, in particular by taking into account customer sustainability preferences when issuing advice, as well as defining and regularly reviewing product sustainability characteristics.
In addition, the business lines are continuing the work undertaken to strengthen the systems for monitoring value for money for retail customers.
The system for overseeing employees' personal account dealing, private and professional mandates and gifts & invitations continues to be strengthened with the update of the procedural body and the deployment of a shared IT tool allowing homogeneous risk management throughout the Group.
The whistleblowing system is now based on a single tool that enables alerts to be collected on a secure external exchange platform and processed by referent employees, responsible for processing alerts, receive specific training. Finally, a comprehensive report on alerts is presented each year to Executive Management and the Board of directors.
In 2024, the business lines rolled out the latest changes in market integrity standards within their operating entities.
The control framework has been overhauled to take into account greater granularity in the identification of risks and in the definition of the control points to be implemented by the business lines as a first line of defence.
The reorganisation of the teams of experts has made it possible to improve their effectiveness in the main processes related to market integrity such as:
In addition, an exhaustive review of access to market platforms and the compliance of the pre- and post-trade monitoring framework was launched.
Lastly, the training effort for the employees concerned was renewed on all these topics.
The BNP Paribas Group is subject to the French Banking Separation and Regulation Act, as well as to the Volcker rule. The associated compliance system has been consolidated and strengthened for all activities falling within the scope of these legal and regulatory provisions.
In line with the initiatives launched in 2023, new actions aimed at strengthening the compliance framework for the Group’s swap activities were carried out in 2024 to comply with the regulations of both the CFTC (Commodity Futures Trading Commission) and the SEC (Securities and Exchange Commission). The activities concerned are mainly the responsibility of CIB.
The BNP Paribas Group is subject to a set of tax regulations with extraterritorial scope: FATCA (Foreign Account Tax Compliance Act), QI (Qualified Intermediary) regime governing the withholding of income from U.S. securities; AEOI (automatic exchange of tax information within the OECD); DAC6 directive (declaration of tax schemes considered as aggressive in the European Union).
The compliance systems relating to these regulations have been in place since their entry into force, including procedures, an employee training programme and appropriate control plans.
With regard to local tax regulations applicable to clients, a control framework was put in place in 2024, including a control plan enforceable by the first line of defence and an independent test plan implemented by the Compliance, RISK and Finance & Strategy functions.
Within the Compliance Function, the Supervisory & Conduct as a domain of expertise coordinates, steers and informs management on cross-functional initiatives aimed at strengthening the Group’s Conduct system.
In 2024, an update of the Group Code of conduct was launched with the participation of all stakeholders and will be published in 2025.
In addition, the Group continued to consolidate its Conduct risk management and supervision framework.
Several initiatives have been launched, particularly within the market activities, to reinforce the identification and escalation of inappropriate behaviours and the associated control framework. Specific governance has been put in place.
Lastly, a series of indicators is regularly reported to the Board of directors. They relate to the use of the whistleblowing framework, alerts relating to respect for people, the monitoring of mandatory training and customer complaints related to the topics of Conduct. They cover the use of the whistleblowing channels to raise alerts (Whistleblowing channels), ‘respect for persons’ alerts, follow-up of mandatory training and customer complaints related to Conduct topics;
The Compliance Function is represented in the Group’s main committees dealing with sustainable finance. Within this function, the ESG Practice has strengthened the governance of its system by creating a committee of international experts and a dedicated community.
In collaboration with the RISK, LEGAL and Finance & Strategy functions as well as with the Company Engagement Department, the ESG Compliance Practice belonging to Compliance Function has contributed to defining the roles and responsibilities of each of these functions with regard to ESG risk factors.
Within the scope of responsibility of the Compliance Function as a second line of defence, the main risks impacted by ESG factors are customer knowledge and the protection of their interests. Several actions have been carried out in this respect, including the incorporation of additional ESG control points in the know your customer procedure and the development and updating, in conjunction with the LEGAL function, of several instructions aimed at preventing the risk of greenwashing.
Lastly, operating guides have been designed to supplement the training courses rolled out in 2024.
In 2024, the main improvements in terms of non-compliance risk management focused on:
Mandatory training programmes, adjusted in their content, continued with high completion rates.
These programmes consist of the following:
For the campaigns completed during the year, the completion rates are between 94% and 99%.
Lastly, every two years, the members of the Board of directors benefit from a training session on financial security and the fight against corruption and influence peddling.
The Technology and Operational Performance Department continuously carries out actions to improve the efficiency of Compliance tools and operational processes. In 2024, these efforts focused on:
Lastly, the professional ethics risk management tool was deployed and a new ethics alert management system was implemented.
LEGAL is an independent and integrated function comprising all the Group’s legal teams. All LEGAL employees report hierarchically, directly or indirectly, to the Group General Counsel, in order to enable the legal experts to carry out their missions under conditions that guarantee their freedom of judgement and action.
At all levels of the Group, the LEGAL organisation enables adequate coverage of legal risks, and includes:
Throughout the year, LEGAL continued to improve the legal risk management system.
As part of its legal advisory activity, LEGAL has contributed to the analysis of emerging risks on themes such as corporate social responsibility (CSR), blockchain technology, crypto-assets, cybersecurity, artificial intelligence, data and outsourcing.
In terms of legal risk prevention, training and awareness-raising actions have been undertaken at all levels of the organisation up to its executive managers.
To meet the technological challenges of the Group’s GTS strategic plan, LEGAL supported the Group’s initiatives by coordinating legal expertise and providing responses, particularly in the field of digital, information technology and data protection. A training programme, Digital Legal Competency Center (DLC2+) designed by LEGAL also offers a continuous training path on digital law for LEGAL employees. An online and face-to-face programme including round tables bringing together the programme’s academic partners, business lines and functions, and deep dive sessions are offered as part of this programme throughout the year.
In the field of sustainable development, one of the three pillars of the GTS plan, LEGAL has actively contributed to raising the awareness of the management and operational teams of the divisions, business lines and functions on the legal issues in terms of sustainable finance and ESG. In addition, within the Regulatory platform, a Sustainable Finance practice has been set up that works with all of the Group’s stakeholders. In addition to its regular communications and the organisation of forums, it offers a training course dedicated to LEGAL employees built with LEGAL Human Resources - the LEGAL Sustainability Academy (Sustainability Academy@LEGAL, in connection with that of the Group) in line with the Group human Resources.
Lastly, LEGAL continued to roll out and implement the legal risk management system by:
The operational risk management model for the RISK Function is based on both decentralised teams within the businesses, under the responsibility of the Risk directors of these businesses, close to the processes, operational staff and systems, and on a central structure (RISK ORM) with a steering and coordination role and providing local teams with support on subjects requiring specific expertise (for example: cybersecurity, anti-fraud or managing risks related to products and services supplied by third parties).
All of the components of the procedural system for operational risk have been significantly overhauled since 2018:
Work on the taxonomy of risks as well as the mapping of processes and organisational structures has also been completed to further standardise guidelines supporting the assessment and management of operational risk.
In addition to these methodological changes, an integrated operational risk management tool (360 Risk Op), composed of various interconnected modules, was rolled out in the fourth quarter of 2019. After the launch of the module dedicated to the collection of Historical Incidents in 2019, those relating to RSCAs, Potential Incidents and the collection of outsourcing arrangements in 2020, the one dedicated to Action Plans has been available since April 2021. The control modules have been gradually developed and deployed since the summer of 2021 and implemented in 2023. In 2024, the 360 Risk-Op platform was supplemented by a module dedicated to managing recommendations (Inspection Générale and supervisors) and permanent control actions required by the second line of defence as well as a module to manage the Group’s normative corpus (policies and procedures).
The ongoing implementation of the Group’s digitisation initiatives aimed at creating streamlined channels for its customers and partners as well as new ways of collaboration for its staff, introduces new technologies and risks, and reinforces the need to continue to monitor the Group’s technological risk profile and ensure the effectiveness of controls.
In 2024, the RISK teams continued to improve the risk management framework related to information and communication technologies (ICT) through the following actions:
In 2024, BNP Paribas continued to improve its personal data protection framework. This involved further integrating the existing management and governance practices of the RISK Function. A robust automation control framework is in place to support the management of data protection risks, respond to requests from authorities, address vulnerabilities as priority, and demonstrate the Group’s responsibility in this area.
All these actions aim to achieve a consistent approach within the Group, to reduce risks and vulnerabilities, by strengthening oversight and control.
RISK continues to roll out its RISK2025 transformation plan, the aim of which, in line with the Group’s GTS Strategic Plan, is to optimise the effectiveness and efficiency of the function through the development of enhanced capabilities to manage risks, optimise the function’s operating model and ensure the attraction, retention and development of talent.
In this context, a certain number of initiatives were continued and new ones launched, structured transverse programmes covering the main types of risks. They make it possible to simplify, automate and pool certain internal processes and contribute to the end-to-end review of customer processes, while ensuring that the control system is at the highest level. They are based on reinforcing new technologies (for example in the context of lending processes and the detection and monitoring of risks), on consolidating internal skills (for example through the increased use of key profiles related to new modelling methods or through the internalisation of external assistance positions), or the strengthening of its pooled operational platforms in Portugal, India, Spain and Canada.
As part of the Group’s “Sustainable Finance” governance, a multi-year programme was launched to strengthen the integration of ESG risk factors into the Group’s risk management system. These risk factors likely to affect so-called traditional risk categories (such as credit, market or operational risks) are thus better identified, assessed and analysed, and therefore better integrated into the Group’s risk management.
In particular, a homogeneous approach to assessing the ESG profile of customers (called ESG-Assessment) is in place for credit decision-making to:
In 2024, the General Inspection adjusted its framework by grouping together audit hubs in France that are similar in terms of the business lines audited for greater consistency with BNP Paribas’ organisation. Thus:
These changes did not impact the implementation of the initial audit plan of 835 missions. A total of 817 missions were carried out in 2024, i.e. 98% of the target. 94% of them were scheduled in the original audit plan.
The reports issued in 2023 by the European Central Bank following its audit of BNP Paribas' Inspection Générale and governance led to substantial changes concerning the General Inspection, effective from 1 January 2025:
The General Inspection was audited in 2023-2024 by IFACI Certification with regard to the standards of the Institute of International Auditors (IIA), whose methodology is recognised by banking supervisors. This audit assignment concluded that it assessed as ‘Generally Compliant’ and the certification was awarded to the Inspection Générale. Alongside this audit mission, the function prepared the implementation of the new IIA standards, which are due to come into force on 9 January 2025.
The IG+ programme launched in 2021 and supported by the creation of the Transformation & Digital Intelligence team has led to the implementation of a framework that has in deepness transformed system in terms of industrialisation, simplification and cross-functionality.
Thus, since the spring of 2023, an “end-to-end” audit tool with the highest standards in the profession has considerably improved the operational efficiency of all audit teams by providing missions with an ergonomic and collaborative environment, promoting cross-functionality, and fed by information from other control functions.
The previously implemented data analytics capabilities were enhanced in 2024 with a generative artificial intelligence tool, the IG Virtual Assistant, which provides auditors with analysis and synthesis assistance.
These evolutions have been accompanied by several employee-centric projects:
In 2024, the General Inspection renewed its annual risk assessment exercise. All of the approximately 3,000 Audit Units (AUs) were reviewed and a document describing the broad outline of the assessment of its inherent risk and the quality of the controls carried out therein was produced for each. The total number of AUs was stable compared to 2023, the disposals of entities offset the creation of entities and the multiplication of AUs in the Group’s offshoring platforms, whose services have diversified.
Overall, the residual risk profile for 2024 remains stable compared to 2023, thanks to the stability of the inherent risk and the good level of quality control.
When determining the audit plan, the General Inspection always endeavours to cover the entire auditable scope according to a frequency adapted to the level of the residual risk of each AU: this frequency is shorter when the residual risk is high. When an AU falls under a specific regulatory audit cycle, the applicable pace is the shorter of the regulatory obligation and the frequency resulting from the risk assessment. These principles determine the processing priority of all AUs. The duration of the audit cycle cannot exceed five years in any case.
The new tools now allow the simultaneous audit of similar AUs by auditors of the hubs and General Inspection In addition to improving efficiency, this approach increases the added value of the missions for both auditees and auditors. It also significantly improves the carbon footprint by significantly reducing international travel.
The headcount of the General Inspection was up at the end of 2024 compared to the end of 2023. This change is explained by the reintegration of UkrSibBank into the scope of consolidation and by targeted increases in resources, for example for the audit of offshore platforms or Conduct.
Human resources issues remain a priority for the General Inspection which is pursuing a permanent recruitment effort in a context of a talent war, relying in particular on the review of its EVP value proposition.
The various internal control functions are based on the following headcount (in FTE = Full-Time Equivalents, calculated at the end of the period):
| 2019 | 2020 | 2021(1) | 2022(2) | 2023(3) | 2024(4) | Change 2024/2023 |
|---|---|---|---|---|---|---|---|
Compliance | 4,219 | 4,105 | 3,770 | 3,791 | 3,610 | 3,624 | 0.4% |
LEGAL | 1,810 | 1,779 | 1,736 | 1,703 | 1,651 | 1,647 | -0.2% |
RISK | 5,462 | 5,191 | 5,029 | 4,885 | 4,754 | 4,799 | 0.9% |
Periodic control | 1,446 | 1,381 | 1,355 | 1,342 | 1,278 | 1,320 | 3.3% |
TOTAL | 12,937 | 12,456 | 11,890 | 11,721 | 11,293 | 11,390 | 0.9% |
| |||||||
Under the authority of the Chief Executive Officer, the Finance & Strategy Function is notably responsible for preparing and processing financial information. It also performs an independent control mission which aims at ensuring control of the risk related to accounting and financial information. The specific missions assigned by the Group to the Finance & Strategy Function are defined by a charter. These consist of:
All of these missions require those involved to be fully competent in their particular areas, to understand and check the information they produce and to comply with the required standards and time limits. Particular attention is paid to compliance, quality and integrity of the information used and personal data protection. All those involved in the function have a duty to alert Executive Management. The missions of the function are carried out in conjunction with the RISK and ALM Treasury Functions for regulatory requirements, with the Project Management team for Finance & Strategy and RISK, housed within Group IT, with regard to user processes and the changes to the information system. In practice, the responsibility of the Finance & Strategy Function is carried out as follows:
The local financial statements for each entity are prepared following the accounting standards prevailing in the country where the entity carries on business, while the Group consolidated financial statements are prepared under IFRS (International Financial Reporting Standards) as adopted by the European Union.
Within Finance & Strategy (Group), the “Standards & Controls – Group Financial Policies” (GFP) Department defines the IFRS-based accounting principles to be applied to the Group as a whole. It monitors regulatory changes to IFRS and French standards and interprets them as necessary by issuing new principles. A manual of the Group’s IFRS accounting principles is made available for the divisions/business lines and entities on the internal network communication tools (“intranet”) of BNP Paribas. It is regularly updated to reflect regulatory changes. At the request of GFP or those responsible for reporting, certain interpretations and major elements of doctrine are submitted to a specialised committee (“Accounting Policy Committee”) for approval or arbitration. This committee reviews and approves the changes to be made to the accounting principles manual.
In addition, the “Group Financial Policies” Department reviews the specific accounting analyses carried out by the divisions or entities as part of the preparation of the financial statements and during the approval process of new products or new activities, when these are complex or require the exercise of judgement. In some cases, it is also responsible for carrying out these analyses.
Finally, this department is also responsible for maintaining the management standards manual, incorporating the needs identified by the performance management teams. These principles and standards can also be accessed using internal network tools ("intranet").
The solvency framework is the joint responsibility of the RISK and Finance & Strategy Functions. The Finance & Strategy Function is notably responsible for the normative elements relating to the prudential scope, regulatory capital, and the calculation of leverage and GSIB ratios. The other aspects relating to risk measurement are the responsibility of the RISK Function. A joint “Solvency Policies Committee”, co-chaired by the two functions, plays the same role as the “Accounting Policy Committee” in terms of prudential standards.
The regulatory liquidity framework is the responsibility of ALM Treasury (with the contribution of the Finance & Strategy and RISK Functions).
The data processing system is organised around two channels, the first structured according to entities, and the second according to business lines:
To allow centralised monitoring of the risk related to accounting and financial information, the “Group Financial Controls” team within Finance & Strategy (Group) carries out the following main missions:
These missions are relayed within the Finance Departments of the divisions-business lines by central, independent second-level control teams who carry out close supervision of the entities and develop, if necessary, accounting control procedures adapted to the specificities of their scope, in line with Group-level procedures.
Lastly, within the entities/business lines’ Finance Departments, the Group’s accounting internal control principles have led to set up dedicated and independent second-level accounting control teams or representatives, depending on the size of the entities. As such, the consolidation of the reporting production tasks on regional platforms within the Group, which improves the harmonisation of the first-line reporting and control processes and increases their efficiency for the scope of the entities concerned, also ensures that the second-level accounting control teams are of appropriate size and have the necessary expertise. The main missions of these local teams are as follows:
The permanent control framework within the Finance division is described in a procedure that covers, in particular, the roles and responsibilities of the various players and also the articulation between its two lines of defence as well as with the functions exercising second line of defence missions. This framework also includes a strong governance articulated through committees called “FORCC(23)” through which all the permanent control processes of the Finance operating business units are reviewed. Moreover, the inherent risk assessment methodology was clarified in 2023. The entities measure a level of risk dynamically in anticipation of closing, based on the major events of the quarter, identified locally or by the Group, and the analysis of risk indicators adapted to each generic control point concerned. It thus makes it possible to prioritise risks in advance and to guide the intensity of the control activities of the second-line of defence Finance teams locally.
Finance & Strategy (Group) uses FACT (Finance Accounting Control Tool) for the internal certification of the quarterly data produced by each entity for the consolidation package and for the consolidation process for which the “Financial & Regulatory Reporting” Department within Finance & Strategy (Group) is responsible.
The Chief Financial Officer of each entity concerned certifies to Finance & Strategy (Group) that:
The main certificate completed by fully consolidated entities reproduces the results of all of the major controls defined in the Group’s accounting control plan, and leads to the determination of a rating for each entity. Entities consolidated by the equity method complete an appropriate certificate. Finally, non-consolidated entities are certified annually through a simplified procedure.
This internal certification process forms part of the Group’s monitoring for Internal control and enables Finance & Strategy (Group), which has the overall responsibility for the preparation and quality of the Group’s consolidated financial statements, to be informed of any problems in the financial statements and to monitor the entities’ implementation of appropriate corrective measures. A report on this process is presented to Executive Management, the Financial Statements Committee and the Board of directors at the close of the Group’s quarterly consolidated financial statements.
This certification framework is also in place for the information included in regulatory reporting on credit risk and the capital adequacy ratio. Those contributing to the reports attest that they have complied with the standards and procedures and that the data used is of appropriate quality. They further describe the results of the controls carried out at the various stages of producing the reports.
On the same principles, a certification process is in place for the reporting of liquidity/resolution-related data. Within this framework, the various contributors report on the compliance of the data transmitted with the standards, and the results of key controls performed to ensure the quality of reporting.
In order to ensure the oversight of all the process of preparation of accounting information at the level of each entity’s Finance Department, the permanent control procedures of Finance & Strategy (Group), developed by Group Financial Controls require the implementation of first-level procedures relating to accounting data or controls when the process of preparing the accounting information is operated or controlled in a decentralised way. In this context, an “elementary certification” (or “sub-certification”) procedure can be deployed.
This is a process by which the providers of the information used to prepare accounting and financial data (e.g. Middle-Office, Back-Office, Human Resources, Risk, Suppliers’ Accounts, etc.) formally certify that the fundamental controls intended to ensure the reliability of the accounting and financial data under their responsibility function properly. The elementary certificates are sent to the local Finance Department first level of control, which analyses them in combination with the accounting controls that it exercises directly, prepares a summary report intended to be used to prepare the main certificate, and liaises with the various players in order to monitor points requiring attention.
This sub-certification is carried out in the standardised tool for formalising and monitoring controls (Beacon) by providing entities with a dedicated environment in which they can directly manage the processes set up at their level.
The trading portfolio mainly focuses on the market activities of Global Markets and a few other, less significant scopes. Finance & Strategy (Group) has defined a specific framework for the main scope. This is based on the principle that Finance & Strategy, responsible for the preparation and quality of the Group’s accounting and management information, delegates the production and control of the market or model value of financial instruments to the various players of the chain, thus constituting a single and integrated valuation channel for financial instruments. The processes covered include in particular:
Through appropriate processes and tools, this channel aims at ensuring both the correctness and the reliability of the process for valuing financial instruments, and the quality and comprehensiveness of the control system. It can thus provide the appropriate data to the various decision-making bodies, and the use of these elements in the operational processes for compiling the accounting and management results, and ensures the transparency of appendices dedicated to fair value.
Control of the valuation channel, which involves all participants, is supervised by the Finance & Strategy Function within the framework of a specific charter and a dedicated governance. This control system is based on a set of organisational principles defined in the Group’s Internal Control Charter for each organisational level, i.e. Group, CIB and the main entities that account for market transactions.
To ensure its proper functioning, the Finance & Strategy Function relies on dedicated teams (“Standards & Controls – Valuation Risk and Governance, S&C – VRG”), which oversee the entire system. The Finance Function decides on the information that must be reported by the various players: this comprises both quantitative and qualitative data indicating trends in different businesses as well as the results and quality of upstream controls carried out.
Several committees that meet on a quarterly or monthly basis are set up to bring all the players together to review and examine, for each process and Business line, the methods used and/or the results of the controls conducted. The functioning of these committees is governed by procedures approved by the Finance & Strategy Function, ensuring that Finance & Strategy takes part in the main choices and arbitrations. Lastly, S&C – VRG reports at each quarterly closing to the Product and Financial Control Committee (PFC), chaired by the Group Deputy Chief Financial Officer, on its work, and informs the committee of the points of arbitration or of attention concerning the effectiveness of the controls and the degree of reliability of the valuation and results determination process. This quarterly committee brings together the Business lines, Finance & Strategy (Group) and the divisions concerned, ALMT and the RISK Function. Intermediary PFC committees complete the framework and aim at defining project priorities, monitoring their implementation and thoroughly examining certain technical elements.
Most of the instruments relating to this scope are covered by the framework in place for the trading portfolio, thanks to an adapted extension of the governance as well as the pooling of systems, processes and valuation methodologies. The main business line concerned is ALM Treasury, which is represented on the aforementioned PFC committee.
Since 2020, Group Financial Policies has developed a specific valuation standard, and the valuation governance framework has been standardised to ensure homogeneous coverage of this portfolio and an appropriate allocation of responsibilities and decision-making chains.
Control framework, meeting the requirements of the Group’s accounting control plan, exists at the level of the entities or at the level of the divisions-business lines to ensure the necessary level of control on loans that do not meet IFRS 9 SPPI(24) criteria.
The permanent control framework related to the risk on accounting and financial information is continuously being adapted. The change in the tools is part of a framework that aims at guaranteeing an adequate level of control within the Group, and a better harmonisation of the control of accounting and financial information. Thus, the implementation within the channel of a standardised tool for formalising and monitoring controls (Beacon) to cover all entities and central teams on the various Finance control plans (accounting, performance management, solvency and liquidity) is being completed.
Moreover, the quality of the accounting certification process is regularly reviewed with the divisions/business lines, for instance with the preparation of quantitative indicators for some controls, targeted cross-functional reviews of a major control and ad hoc reviews with the divisions/business lines on specific points for improvement in various scopes. These reviews are supplemented by presentations to the various committees in the Finance & Strategy channel and training sessions. Group procedures clarifying some major controls, and detailed instructions aiming at ensuring consistent responses and adequately-documented processes are also distributed. These Group procedures and instructions are extended where necessary at division/business line level to cover issues specific to them.
Similarly, the dedicated control plan for the data contributing to the capital adequacy ratio is being modified in order to adapt the control framework to the new processes and the requirements of the CRR3(25) regulation and capitalise on the indicators and controls in place in the various sectors in connection with the data reporting and quality improvement programme.
In addition, for liquidity reporting, changes in processes and tools are carried out regularly in order to adapt to the new regulatory reporting demands, and specific actions are taken with the various contributors in order to enhance the quality and controls for the channel.
With regard to the IFRS 9 provisioning process, a dedicated control plan has been deployed by the entities in the Beacon tool. The results of controls as well as the problems encountered are monitored in the cross-functional IFRS 9 FORCC(26).
The deployment of an internal control framework specific to sustainability information is mainly based on:
As in previous years, the Group continued to adapt its framework in 2024 to continue to improve the quality and integrity of the data required to produce the reports covering the different types of main risks to which BNP Paribas is exposed (risk related to the accounting and financial information, credit, market/counterparty, liquidity and operational risks), and to improve the consistency of related reporting at the different levels of the organisation during normal periods as well as during stress or crisis periods.
This continuous adaptation of the system is part of the regulatory framework of the principles set by the Basel Committee for the aggregation of risk data and their reporting (“Principles for effective risk data aggregation and risk reporting – Basel Committee on Banking Supervision – Standard 239”) and aims at ensuring the Group’s compliance with these principles. In this regard, an additional guide entitled “Guide on effective risk data aggregation and risk reporting” was issued in May 2024 as part of the SSM(27). This guide includes the supervisor's minimum expectations regard to 1) the responsibilities of the management and supervisory bodies, 2) the scope of application of the BCBS239 regulation, 3) an effective data governance system, 4) an integrated data architecture, 5) the implementation of data quality management and standards at Group level, 6) the frequency and deadlines for the production of internal risk reports, 7) the implementation or remediation programmes to meet BCBS239 requirements. In line with this additional guide, the Group has initiated a programme to improve its system, under the joint sponsorship of the Group’s CFO, CRO and deputy COO.
At the same time, the significant orientations taken in previous years were maintained in 2024 as part of the data strategy (“Data Towards 2025”) in line with the Group’s 2025 ambitions, in particular in the following areas:
The Inspection Générale has a dedicated Finance channel (called the “Finance Domain”) with a team of specialist inspectors in accounting and financial auditing, thus reflecting the Inspection Générale’s strategy of having a robust auditing capability, as regards both the technical complexity of its work and its scope of coverage of accounting and financial risk.
Its action plan is based on an annual risk assessment exercise, the practical details of which have been established by the Inspection Générale based on the risk evaluation chart defined by the RISK Function.
The core aims of this team are as follows:
Each year, as part of their statutory assignment, the Statutory Auditors issue a report in which they give their opinion concerning the consistency and fairness of the consolidated financial statements of the BNP Paribas Group as well as the annual financial statements of the Group’s companies. The Statutory Auditors also carry out limited reviews on the closing of the half-yearly accounts, and specific tasks in relation to the quarterly accounts.
Thus, as part of their statutory mission:
The Statutory Auditors are also responsible for certifying sustainability information on the basis of limited assurance.
Financial communications for publication are written by the “Investor Relations and Financial Information” Department within Finance & Strategy (Group). It is directed at retail and institutional shareholders, financial analysts and rating agencies, and presents the Group’s different activities, explains its results and describes its development strategy, while maintaining the financial information homogeneous with that used at an internal level.
The team, which reports to Executive Management and the Chief Financial Officer, proposes and defines the format in which financial information is published by the BNP Paribas Group. It works with the Divisions and functions to prepare the presentation of financial results, strategic projects and specific topics. It distributes them to the financial community.
Financial communciation relating to the quarterly, half-yearly or annual financial information included in the amendments to the universal registration document is entirely read by the statutory auditors.
The section includes references for the year 2023 distributable income. The distributable income is the basis for the calculation of the distribution in 2023 and reflects the intrinsic performance of the Group after the impact of the sale of Bank of the West, after the contribution to the constitution of the Single Resolution Fund (SRF) and excluding extraordinary items.
In millions of euros | 2024 | 2023 distributable | 2023 | 2024/2023 distributable |
|---|---|---|---|---|
Revenues | 48,831 | 46,927 | 45,874 | +4.1% |
Operating Expenses and Dep. | (30,193) | (29,580) | (30,956) | +2.1% |
Gross Operating Income | 18,638 | 17,347 | 14,918 | +7.4% |
Cost of Risk | (2,999) | (2,907) | (2,907) | +3.2% |
Other net losses for risk on financial instruments | (202) | 0 | (775) | n.s. |
Operating Income | 15,437 | 14,440 | 11,236 | +6.9% |
Share of Earnings of Equity-Method Entities | 701 | 593 | 593 | +18.2% |
Other Non-Operating Items | 50 | (104) | (104) | n.s. |
Pre-Tax Income | 16,188 | 14,929 | 11,725 | +8.4% |
Corporate Income Tax | (4,001) | (3,266) | (3,266) | +22.5% |
Net Income Attributable to Minority Interests | (499) | (431) | (431) | +15.8% |
Net Income from discontinued activities | 0 | 0 | 2,947 | n.s. |
Net Income Attributable to Equity Holders | 11,688 | 11,232 | 10,975 | +4.1% |
Cost/income | 61.8% | 63.0% | 67.5% | -1.2 pt |
BNP Paribas’ diversified and integrated model and its capacity to accompany clients and the economy in a comprehensive way by mobilising its teams, its resources, and its capabilities, continued to drive growth in activity and results in 2024.
For the full-year 2024, revenues came to EUR 48,831 million, up by 4.1% compared to 2023 on a distributable basis(1) (hereinafter: 2023).
CIB revenues (EUR 17,897 million) increased by 8.4% vs. 2023, driven by very good performances in all three business lines. Global Banking revenues increased by 7.1% vs. 2023, driven, in particular, by Capital Markets in EMEA and Transaction Banking in the Americas and APAC. Global Markets (+9.0% vs. 2023) achieved strong growth at Equity & Prime Services (+27.8%) and stability at FICC. Securities Services reported a robust increase, driven notably by net interest revenues (+9.4% vs. 2023).
CPBS(2) revenues were stable at EUR 26,751 million, driven by Commercial & Personal Banking (+2.3% vs. 2023) which offset the decrease at Specialised Businesses (-2.6% vs. 2023). At Commercial & Personal Banking, revenues were stable in the Eurozone as a whole and at CPB in France, despite headwinds(3). BNL and Luxembourg achieved good performances (respectively +4.8% and +5.9% vs. 2023). Revenues decreased at Arval & Leasing Solutions (-6.3% vs. 2023), as they continued to be impacted by the normalisation of used-car prices. This was offset partly by strong growth in organic revenues (financial margin and the margin on services) at Arval (+17.9% vs. 2023) and the increase in Leasing Solutions revenues (+4.2% vs. 2023). Personal Finance (-1.7% vs. 2023) achieved an increase in revenues in its core perimeter(4) (+3.4% vs. 2023).
IPS revenues amounted to EUR 5,824 million (+4.2% vs. 2023), driven by revenue growth at Insurance (+7.1% vs. 2023), Wealth Management (+5.3% vs. 2023) and Asset Management (+0.1% vs. 2023; +7.4% vs. 2023, excluding Real Estate and Principal Investments). Wealth Management achieved growth in fees and Asset Management in assets under management and fees.
Group operating expenses amounted to EUR 30,193 million, up by 2.1% vs. 2023. They included the exceptional impact of restructuring and adaptation costs (EUR 230 million) and IT reinforcement costs (EUR 341 million) for a total of EUR 571 million. At the division level, operating expenses were up by 4.5% at CIB and by +1.9% at CPBS(5) (+3.2% at Commercial & Personal Banking and -0.9% at Specialised Businesses). They were stable at IPS (+0.5% vs. 2023). The Group’s jaws effect was therefore positive (+2.0 points).
In 2024, efficiency savings were in-line with the announced trajectory of EUR 1 billion and will continue into 2025 and 2026. The main measures implemented include: (i) Personal Finance’s adaptation plan; (ii) ongoing optimisation of sourcing and decreasing external spending vs. 2023; (iii) ongoing deployment of Shared Service Centres (+2,200 FTEs since 2023); and (iv) optimisation of premises (~120,000 m2 released since the end of 2023).
Group gross operating income thus amounted to EUR 18,638 million, up by 7.4% compared to 2023.
Group cost of risk(6) came to EUR 2,999 million (EUR 2,907 million in 2023) and remains at a low level at 33 basis points.
Group non-operating exceptional items, at EUR 345 million in 2024, reflect the impact of the reconsolidation of activities in Ukraine(7) (+EUR 226 million) and a capital gain on the divestment of Personal Finance activities in Mexico (+EUR 119 million).
Group pre-tax income amounted to EUR 16,188 million, up by 8.4% compared to 2023. With an average corporate tax rate of 26.2%, net income, Group share came to EUR 11,688 million (vs. EUR 11,232 million in 2023).
As of 31 December 2024, return on tangible equity, not revaluated, stood at 10.9%. This reflects the BNP Paribas Group’s solid performances on the strength of its diversified and integrated model.
Net book value per share(8) stood at 93.7 euros, a 7.0% increase since 31 December 2023.
Earnings Per Share amounted to EUR 9.57, up by 8.9% compared to 2023.
The 2024 objectives were surpassed:
BNP Paribas confirms its distribution policy (with a payout ratio(12) of 60%, including at least 50% in the form of dividends) for its 2024, 2025 and 2026 financial years and its Board of directors has decided to introduce a semi-annual interim dividend beginning in 2025 based on 50% of the first half-year’ earnings per share with an initial payment that should occur on 30 September 2025 for the first half of 2025.
On this basis, the Board of directors will propose to the General Meeting of shareholders held on 13 May 2025, a dividend of 4.79 euros paid out in cash, i.e. a distribution of 50% of 2024 net income(13). The ex-dividend date will be 19 May 2025, and payment will be on 21 May 2025.
In addition, a share buyback programme(14) of EUR 1.08 billion will be launched in the 2nd quarter 2025.
Capital allocation
Revenue from the capital allocated to each division is included in the division’s profit and loss account. The capital allocated to each division corresponds to the amount required to comply with CRR 2/ CRD 5 regulation, also known as Basel 3, and is based on 11% of risk-weighted assets.
Risk-weighted assets are calculated as the sum of:
In millions of euros | 2024 | 2023 distributable | 2024/2023 distributable |
|---|---|---|---|
Revenues | 17,897 | 16,509 | +8.4% |
Operating Expenses and Dep. | (10,731) | (10,265) | +4.5% |
Gross Operating Income | 7,166 | 6,244 | +14.8% |
Cost of Risk & others | 143 | 63 | n.s. |
Operating Income | 7,310 | 6,307 | +15.9% |
Share of Earnings of Equity-Method Entities | 17 | 13 | +28.3% |
Other Non-Operating Items | (4) | (18) | -79.6% |
Pre-Tax Income | 7,323 | 6,302 | +16.2% |
Cost/Income | 60.0% | 62.2% | -2.2 pt |
Allocated Equity (€bn, year to date) | 30.6 | 29.1 | +5.3% |
In millions of euros | 2024 | 2023 distributable | 2024/2023 distributable |
|---|---|---|---|
Revenues | 6,236 | 5,822 | +7.1% |
Operating Expenses and Dep. | (2,921) | (2,802) | +4.3% |
Gross Operating Income | 3,315 | 3,020 | +9.8% |
Cost of Risk & others | 171 | 74 | n.s. |
Operating Income | 3,486 | 3,094 | +12.7% |
Share of Earnings of Equity-Method Entities | 6 | 5 | +6.8% |
Other Non-Operating Items | 0 | 0 | n.s. |
Pre-Tax Income | 3,492 | 3,100 | +12.7% |
Cost/Income | 46.8% | 48.1% | -1.3 pt |
Allocated Equity (€bn, year to date) | 16.7 | 16.2 | +3.4% |
In millions of euros | 2024 | 2023 distributable | 2024/2023 distributable |
|---|---|---|---|
Revenues | 8,718 | 7,996 | +9.0% |
Incl. FICC | 5,066 | 5,138 | -1.4% |
Incl. Equity & Prime Services | 3,652 | 2,858 | +27.8% |
Operating Expenses and Dep. | (5,649) | (5,402) | +4.6% |
Gross Operating Income | 3,069 | 2,594 | +18.3% |
Cost of Risk & others | (28) | (13) | n.s. |
Operating Income | 3,041 | 2,581 | +17.8% |
Share of Earnings of Equity-Method Entities | 2 | 4 | -44.4% |
Other Non-Operating Items | (1) | 4 | n.s. |
Pre-Tax Income | 3,043 | 2,590 | +17.5% |
Cost/Income | 64.8% | 67.6% | -2.8 pt |
Allocated Equity (€bn, year to date) | 12.6 | 11.7 | +7.4% |
In millions of euros | 2024 | 2023 distributable | 2024/2023 distributable |
|---|---|---|---|
Revenues | 2,943 | 2,691 | +9.4% |
Operating Expenses and Dep. | (2,161) | (2,061) | +4.9% |
Gross Operating Income | 782 | 630 | +24.1% |
Cost of Risk & others | 0 | 1 | -79.5% |
Operating Income | 782 | 631 | +23.9% |
Share of Earnings of Equity-Method Entities | 9 | 4 | n.s. |
Other Non-Operating Items | (3) | (22) | -88.1% |
Pre-Tax Income | 788 | 612 | +28.7% |
Cost/Income | 73.4% | 76.6% | -3.2 pt |
Allocated Equity (€bn, year to date) | 1.3 | 1.2 | +11.2% |
For the whole of 2024, CIB revenues amounted to EUR 17,897 million, up by 8.4%, and its operating expenses to EUR 10,731 million, up by 4.5% vs. 2023. The jaws effect was positive by +3.9 points on the whole and positive in each of the three business lines.
CIB gross operating income came to EUR 7,166 million, up by 14.8% vs. 2023 and cost of risk came to a net release of EUR 143 million, due mainly to releases of stage 1 and 2 provisions. On this basis, CIB’s pre-tax income increased by 16.2% to EUR 7,323 million.
In millions of euros | 2024 | 2023 distribuable | 2024/2023 distribuable |
|---|---|---|---|
Commercial, Personal Banking & Services – excl. PEL/CEL |
|
|
|
Revenues | 26,751 | 26,627 | +0.5% |
Operating Expenses and Dep. | (16,511) | (16,200) | +1.9% |
Gross Operating Income | 10,240 | 10,428 | -1.8% |
Cost of Risk and others | (3,272) | (2,923) | +11.9% |
Operating Income | 6,968 | 7,504 | -7.1% |
Share of Earnings of Equity-Method Entities | 405 | 337 | +20.3% |
Other Non-Operating Items | (234) | (181) | +29.7% |
Pre-Tax Income | 7,139 | 7,661 | -6.8% |
Income Attributable to Wealth and Asset Management | (348) | (330) | +5.5% |
Pre-Tax Income of Commercial, Personal Banking & Services | 6,791 | 7,330 | -7.4% |
Cost/Income | 61.7% | 60.8% | +0.9 pt |
Allocated Equity (€bn, year to date; including 2/3 of Private Banking) | 46.8 | 43.2 | +8.3% |
Including 100% of Private Banking for the Revenues to Pre-tax income line items. | |||
In 2024, revenues(15) amounted to EUR 26,751 million (+0.5% vs. 2023). Commercial & Personal Banking achieved a positive performance (+2.3% vs. 2023) as did New Digital Businesses & Personal Investors (+6.4% vs. 2023). However, revenues at Specialised Businesses decreased by 2.6%.
At EUR 16,511 million, operating expenses(16) increased by 1.9% vs. 2023.
Gross operating income(17) amounted to EUR 10,240 million, down by 1.8% vs. 2023.
Cost of risk and others(18) amounted to EUR 3,272 million (EUR 2,923 million in 2023), an increase caused by one credit situation in France.
Pre-tax income(19) amounted to EUR 6,791 million (EUR 7,330 million in 2023).
In millions of euros | 2024 | 2023 distributable | 2024/2023 distributable |
|---|---|---|---|
Commercial and Personal Banking in France – excluding PEL/CEL effects |
|
|
|
Revenues | 6,582 | 6,593 | -0.2% |
Incl. net interest revenue | 3,330 | 3,498 | -4.8% |
Incl. fees | 3,252 | 3,095 | +5.1% |
Operating Expenses and Dep. | (4,597) | (4,653) | -1.2% |
Gross Operating Income | 1,985 | 1,940 | +2.4% |
Cost of Risk and others | (668) | (485) | +37.6% |
Operating Income | 1,318 | 1,454 | -9.4% |
Share of Earnings of Equity-Method Entities | 0 | 0 | n.s. |
Other Non-Operating Items | (2) | 0 | n.s. |
Pre-Tax Income | 1,316 | 1,454 | -9.5% |
Income Attributable to Wealth and Asset Management | (179) | (168) | +6.8% |
Pre-Tax Income of CPBF | 1,137 | 1,287 | -11.6% |
Cost/Income | 69.8% | 70.6% | -0.8 pt |
Allocated Equity (€bn, year to date; including 2/3 of Private Banking) | 12.0 | 11.5 | +4.4% |
Including 100% of Private Banking for the Revenues to Pre-tax income line items. | |||
In millions of euros | 2024 | 2023 distributable | 2024/2023 distributable |
|---|---|---|---|
Revenues | 2,857 | 2,727 | +4.8% |
Incl. net interest revenue | 1,710 | 1,619 | +5.6% |
Incl. fees | 1,147 | 1,108 | +3.5% |
Operating Expenses and Dep. | (1,805) | (1,771) | +1.9% |
Gross Operating Income | 1,051 | 956 | +10.0% |
Cost of Risk and others | (339) | (410) | -17.4% |
Operating Income | 713 | 546 | +30.6% |
Share of Earnings of Equity-Method Entities | (2) | 0 | n.s. |
Other Non-Operating Items | (2) | (3) | -25.0% |
Pre-Tax Income | 708 | 542 | +30.6% |
Income Attributable to Wealth and Asset Management | (30) | (22) | +38.0% |
Pre-Tax Income of BNL bc | 678 | 520 | +30.3% |
Cost/Income | 63.2% | 65.0% | -1.8 pt |
Allocated Equity (€bn, year to date; including 2/3 of Private Banking) | 5.7 | 5.7 | -1.2% |
Including 100% of Private Banking for the Revenues to Pre-tax income line items. | |||
In millions of euros | 2024 | 2023 distributable | 2024/2023 distributable |
|---|---|---|---|
Revenues | 3,756 | 3,990 | -5.9% |
Incl. net interest revenue | 2,609 | 2,867 | -9.0% |
Incl. fees | 1,148 | 1,123 | +2.2% |
Operating Expenses and Dep. | (2,710) | (2,705) | +0.2% |
Gross Operating Income | 1,046 | 1,286 | -18.6% |
Cost of Risk and others | (19) | (86) | -78.3% |
Operating Income | 1,028 | 1,199 | -14.3% |
Share of Earnings of Equity-Method Entities | 82 | 1 | n.s. |
Other Non-Operating Items | 5 | 9 | -45.7% |
Pre-Tax Income | 1,115 | 1,210 | -7.8% |
Income Attributable to Wealth and Asset Management | (89) | (83) | +6.4% |
Pre-Tax Income of CPBB | 1,026 | 1,126 | -8.9% |
Cost/Income | 72.1% | 67.8% | +4.3 pt |
Allocated Equity (€bn, year to date; including 2/3 of Private Banking) | 6.5 | 6.1 | +7.0% |
Including 100% of Private Banking for the Revenues to Pre-tax income line items. | |||
In millions of euros | 2024 | 2023 distributable | 2024/2023 distributable |
|---|---|---|---|
Revenues | 627 | 592 | +5.9% |
Incl. net interest revenue | 529 | 497 | +6.5% |
Incl. fees | 98 | 96 | +2.8% |
Operating Expenses and Dep. | (304) | (294) | +3.5% |
Gross Operating Income | 323 | 298 | +8.3% |
Cost of Risk and others | (4) | (8) | -48.8% |
Operating Income | 319 | 290 | +9.8% |
Share of Earnings of Equity-Method Entities | 0 | 0 | n.s. |
Other Non-Operating Items | 0 | 5 | n.s. |
Pre-Tax Income | 319 | 296 | +7.7% |
Income Attributable to Wealth and Asset Management | (9) | (7) | +21.8% |
Pre-Tax Income of CPBL | 310 | 289 | +7.4% |
Cost/Income | 48.5% | 49.7% | -1.2 pt |
Allocated Equity (€bn, year to date; including 2/3 of Private Banking) | 0.9 | 0.8 | +5.9% |
Including 100% of Private Banking for the Revenues to Pre-tax income line items. | |||
In millions of euros | 2024 | 2023 distributable | 2024/2023 distributable |
|---|---|---|---|
Revenues | 3,155 | 2,687 | +17.4% |
Incl. net interest revenue | 2,542 | 2,241 | +13.4% |
Incl. fees | 613 | 446 | +37.5% |
Operating Expenses and Dep. | (2,028) | (1,662) | +22.0% |
Gross Operating Income | 1,128 | 1,025 | +10.0% |
Cost of Risk | (165) | (44) | n.s. |
Other net losses for risk on financial instruments | (201) | 0 | n.s. |
Operating Income | 761 | 981 | -22.4% |
Share of Earnings of Equity-Method Entities | 299 | 283 | +5.7% |
Other Non-Operating Items | (249) | (183) | +36.4% |
Pre-Tax Income | 811 | 1,081 | -25.0% |
Income Attributable to Wealth and Asset Management | (38) | (47) | -19.3% |
Pre-Tax Income of Europe-Mediterranean | 773 | 1,034 | -25.2% |
Cost/Income | 64.3% | 61.9% | +2.4 pt |
Allocated Equity (€bn, year to date; including 2/3 of Private Banking) | 6.1 | 5.3 | +14.6% |
Including 100% of Private Banking for the Revenues to Pre-tax income line items. | |||
In millions of euros | 2024 | 2023 distributable | 2024/2023 distributable |
|---|---|---|---|
Revenues | 5,075 | 5,163 | -1.7% |
Operating Expenses and Dep. | (2,779) | (2,952) | -5.9% |
Gross Operating Income | 2,296 | 2,210 | +3.9% |
Cost of Risk and others | (1,573) | (1,600) | -1.7% |
Operating Income | 724 | 611 | +18.5% |
Share of Earnings of Equity-Method Entities | 35 | 61 | -43.2% |
Other Non-Operating Items | 64 | 4 | n.s. |
Pre-Tax Income | 822 | 676 | +21.6% |
Cost/Income | 54.8% | 57.2% | -2.4 pt |
Allocated Equity (€bn, year to date) | 9.6 | 9.2 | +5.0% |
In millions of euros | 2024 | 2023 distributable | 2024/2023 distributable |
|---|---|---|---|
Revenues | 3,627 | 3,869 | -6.3% |
Operating Expenses and Dep. | (1,556) | (1,477) | +5.3% |
Gross Operating Income | 2,071 | 2,392 | -13.4% |
Cost of Risk and others | (202) | (167) | +21.0% |
Operating Income | 1,869 | 2,225 | -16.0% |
Share of Earnings of Equity-Method Entities | 0 | 0 | n.s. |
Other Non-Operating Items | (62) | (14) | n.s. |
Pre-Tax Income | 1,807 | 2,211 | -18.3% |
Cost/Income | 42.9% | 38.2% | +4.7 pt |
Allocated Equity (€bn, year to date) | 5.2 | 3.8 | +36.9% |
In millions of euros | 2024 | 2023 distributable | 2024/2023 distributable |
|---|---|---|---|
Revenues | 1,072 | 1,007 | +6.4% |
Operating Expenses and Dep. | (733) | (685) | +6.9% |
Gross Operating Income | 339 | 322 | +5.4% |
Cost of Risk and others | (102) | (123) | -17.3% |
Operating Income | 237 | 198 | +19.5% |
Share of Earnings of Equity-Method Entities | (9) | (9) | +2.1% |
Other Non-Operating Items | 13 | 0 | n.s. |
Pre-Tax Income | 241 | 190 | +26.9% |
Income Attributable to Wealth and Asset Management | (4) | (3) | +22.8% |
Pre-Tax Income of New Digital Businesses & Personal Investors | 237 | 187 | +27.0% |
Cost/Income | 68.4% | 68.0% | +0.4 pt |
Allocated Equity (€bn, year to date) | 0.8 | 0.8 | +5.7% |
Including 100% of Private Banking for the Revenues to Pre-tax income line items. | |||
In millions of euros | 2024 | 2023 distributable | 2024/2023 distributable |
|---|---|---|---|
Revenues | 5,824 | 5,590 | +4.2% |
Operating Expenses and Dep. | (3,570) | (3,552) | +0.5% |
Gross Operating Income | 2,254 | 2,038 | +10.6% |
Cost of Risk and others | (15) | (13) | +15.2% |
Operating Income | 2,239 | 2,025 | +10.6% |
Share of Earnings of Equity-Method Entities | 120 | 224 | -46.3% |
Other Non-Operating Items | (4) | (76) | n.s. |
Pre-Tax Income | 2,355 | 2,173 | +8.4% |
Cost/Income | 61.3% | 63.5% | -2.2 pt |
Allocated Equity (€bn, year to date) | 10.7 | 10.3 | +3.9% |
In 2024, revenues came to EUR 5,824 million, up by 4.2% vs. 2023, driven by growth of revenues, notably fees in Wealth Management, Insurance and Asset Management. The Real Estate business line was impacted by the ongoing lacklustre market.
Operating expenses, at EUR 3,570 million, were stable (+0.5% vs. 2023) in connection with operational efficiency measures. The jaws effect was very positive (+3.7 points).
Gross operating income came to EUR 2,254 million, up by 10.6% vs. 2023.
Pre-tax income came to EUR 2,355 million, up by 8.4% vs. 2023.
In millions of euros | 2024 | 2023 distributable | 2024/2023 distributable |
|---|---|---|---|
Revenues | 2,238 | 2,090 | +7.1% |
Operating Expenses and Dep. | (840) | (808) | +4.0% |
Gross Operating Income | 1,398 | 1,281 | +9.1% |
Cost of Risk and others | 0 | 0 | n.s. |
Operating Income | 1,398 | 1,281 | +9.1% |
Share of Earnings of Equity-Method Entities | 176 | 193 | -8.6% |
Other Non-Operating Items | (4) | (80) | n.s. |
Pre-Tax Income | 1,570 | 1,394 | +12.6% |
Cost/Income | 37.5% | 38.7% | -1.2 pt |
Allocated Equity (€bn, year to date) | 7.1 | 7.0 | +2.4% |
In millions of euros | 2024 | 2023 distributable | 2024/2023 distributable |
|---|---|---|---|
Revenues | 3,586 | 3,500 | +2.4% |
Operating Expenses and Dep. | (2,729) | (2,744) | -0.5% |
Gross Operating Income | 857 | 756 | +13.2% |
Cost of Risk and others | (15) | (13) | +15.2% |
Operating Income | 842 | 743 | +13.2% |
Share of Earnings of Equity-Method Entities | (56) | 31 | n.s. |
Other Non-Operating Items | 0 | 4 | n.s. |
Pre-Tax Income | 786 | 778 | +0.9% |
Cost/Income | 76.1% | 78.4% | -2.3 pt |
Allocated Equity (€bn, year to date) | 3.6 | 3.4 | +6.9% |
In millions of euros | 2024 | 2023 distributable | 2024/2023 distributable |
|---|---|---|---|
Revenues | (917) | (1,088) | -15.7% |
Incl. Restatement of the volatility (Insurance business) | (5) | (40) | -87.6% |
Incl. Restatement of attributable costs (Internal Distributors) | (1,085) | (1,041) | +4.2% |
Operating Expenses and Dep. | 227 | 60 | n.s. |
Incl. Restructuring, IT Reinforcement and Adaptation Costs | (571) | (576) | -1.0% |
Incl. Restatement of attributable costs (Internal Distributors) | 1,085 | 1,041 | +4.2% |
Gross Operating Income | (690) | (1,027) | -32.8% |
Cost of Risk | (54) | (37) | +45.9% |
Other net losses for risk on financial instruments | (1) | 0 | n.s. |
Operating Income | (745) | (1,064) | -30.0% |
Share of Earnings of Equity-Method Entities | 158 | 19 | n.s. |
Other Non-Operating Items | 292 | 171 | +71.1% |
Pre-Tax Income | (294) | (874) | -66.3% |
Allocated Equity (€bn, year to date) | 4.9 | 4.5 | +8.1% |
IFRS 17 “Insurance contracts” has replaced IFRS 4 “Insurance contracts” since 1 January 2023. IFRS 17 entered into force together with the implementation of IFRS 9 for insurance activities.
The main effects are as follows:
Since 1 January 2023, Corporate Centre thus includes restatements, which will be reported separately each quarter to improve readability.
At 31 December 2024, the total consolidated balance sheet of the BNP Paribas Group amounted to EUR 2,704.9 billion, up by +4.4% from 31 December 2023 (EUR 2,591.5 billion). The Group’s main assets include cash and balances at central banks, financial instruments at fair value through profit or loss, loans and advances to customers, debt securities at amortised cost, investments and other assets related to insurance activities and accrued income and other assets, which, together, accounted for 93% of total assets at 31 December 2024 (94% at 31 December 2023). The +4.4% increase in assets is mainly due to the evolution of:
Cash and central banks accounted for EUR 182.5 billion at 31 December 2024, a decrease of -36.7% since 31 December 2023 (EUR 288.3 billion). This decrease is due to the redeployment of excess cash to finance business growth.
Financial assets recognised at market or model value through profit or loss are composed of trading portfolios, financial derivatives and certain assets not held for trading purposes, whose characteristics do not permit recognition at amortised cost or at fair value through equity. Financial assets in the trading portfolio include securities, loans and repurchase agreements.
These assets are measured at market or model value at each balance sheet date.
Total financial instruments at market value by profit and loss increased by +11.6% (+EUR 84.8 billion) compared with 31 December 2023.
This increase is mainly due to the +26.3% increase in securities (+EUR 55.7 billion to EUR 267.4 billion at 31 December 2024), and the +10.5% increase in derivative financial instruments (+EUR 30.6 billion to EUR 322.6 billion at 31 December 2024), partially offset by the -0.7% decrease in loans and repurchase agreements (-EUR 1.5 billion to EUR 225.7 billion at 31 December 2024).
Loans and advances to credit institutions (net of impairment) amounted to EUR 31.1 billion at 31 December 2024, an increase of +EUR 6.8 billion compared with 31 December 2023, and are split between on demand accounts, loans to credit institutions and repurchase agreements.
Repurchase agreements were up by 71% for a total of EUR 8.4 billion at 31 December 2024, compared with EUR 4.9 billion at 31 December 2023. Loans to credit institutions increased by +18% to EUR 14.4 billion at 31 December 2024, compared with EUR 12.2 billion at 31 December 2023. Impairment provisions were stable at EUR 85 million at 31 December 2024.
Loans and advances to customers are divided into ordinary accounts, loans to customers, reverse repurchase agreements and finance leases.
Loans and advances to customers (net of impairment) amounted to EUR 900.1 billion at 31 December 2024, compared with EUR 859.2 billion at 31 December 2023, increasing by +4.8%. This is due to the increase in financial leases which amounted to EUR 51 billion at 31 December 2024, increasing by +7.0% compared with 31 December 2022 and an increase in demand accounts, which amounted to EUR 56.8 billion at 31 December 2024, increasing by +29.2% compared with 2023, followed by an increase in loans to customers (+3.2%, or EUR 791.8 billion at 31 December 2024, compared with EUR 767 billion at 31 December 2023). Impairment provisions were down to EUR 16.9 billion at 31 December 2024, compared with EUR 17.5 billion at 31 December 2023.
Debt securities that are not held for trading purposes and which meet the cash flow criterion established by IFRS 9 are recognised:
Debt securities at amortised cost are measured using the effective interest rate method. They totalled EUR 147 billion at 31 December 2024 (net of impairment), compared with EUR 121.2 billion at 31 December 2023, thus increasing by +21.3%.
These assets are measured at market or model value through equity at each balance sheet date. They increased by EUR 21.2 billion between 31 December 2023 and 31 December 2024, amounting to EUR 71.4 billion.
Debt securities at fair value through equity posted an unrealised loss of -EUR 1,285 million at 31 December 2024, compared with -EUR 585 million at 31 December 2023, a decrease of -EUR 700 million.
Financial investments and other assets related to insurance activities mainly include financial instruments corresponding to investments of liabilities relating to insurance contracts and in particular unit-linked contracts, derivative instruments subscribed, investment properties, equity-method investments and assets related to insurance activities.
Investments and other assets related to insurance activities amounted to EUR 286.8 billion at 31 December 2024, an increase of +11.6% compared with 31 December 2023. This variation is mainly due to an increase of +10.6% in financial assets at fair value through profit or loss (EUR 173.4 billion at 31 December 2024, compared with EUR 156.8 billion at 31 December 2023), and to an increase of 14.7% in financial assets at fair value through equity (EUR 102.2 billion at 31 December 2024, compared with EUR 89.1 billion at 31 December 2023).
Financial assets at fair value through equity had an unrealised loss of -EUR 5.2 billion at 31 December 2024, compared with -EUR 5.1 billion at 31 December 2023, a decrease of –EUR 0.1 billion.
Accrued income and other assets are divided between guarantee deposits and bank guarantees paid, collection accounts, accrued income and prepaid expenses, other debtors and miscellaneous assets.
Accrued income and other assets amounted to EUR 174.1 billion at 31 December 2024, compared with EUR 170.8 billion at 31 December 2023, up by +2%. This increase is in particular related to guarantee deposits and bank guarantees paid, up by +EUR 5.9 billion (+5.0%).
The Group’s liabilities (excluding equity) amounted to EUR 2,570.8 billion at 31 December 2024, up by +4.4% from 31 December 2023 (EUR 2,462.6 billion). The Group’s main liabilities consist of financial instruments at fair value through profit or loss, deposits from customers and from credit institutions, debt securities, accrued expenses and other liabilities, and liabilities related to insurance contracts, which, together, accounted for 96% of the Group’s total liabilities (excluding equity) at 31 December 2024 (97% at 31 December 2023). The +4.4% increase in liabilities is mainly due to the evolution of:
The trading portfolio consists mainly of sales of borrowed securities, repurchase agreements and financial derivatives. Financial liabilities designated as at fair or model value through profit or loss are mainly composed of issues originated and structured on behalf of clients, where the risk exposure is managed in combination with the hedging strategy. These types of issues contain significant embedded derivatives, whose changes in value are offset by changes in value of the hedging instruments.
Total financial instruments at fair or model value through profit or loss increased by +6.8% (+EUR 50.5 billion) compared with 31 December 2023, related mainly to the +11.4% increase in repurchase agreement operations (+EUR 31.2 billion to EUR 304.8 billion at 31 December 2024), the +8.3% increase in financial derivatives (+EUR 23.1 billion to EUR 302.0 billion at 31 December 2024), and the +25.3% increase in issued debt securities and subordinated debt (+EUR 21.2 billion to EUR 104.9 billion at 31 December 2024), partially offset by the -23.8% decrease in securities (-EUR 25.0 billion to EUR 80.0 billion at 31 December 2024).
Amounts due to credit institutions consist primarily of interbank borrowings, demand deposits and repurchase agreements. Amounts due to credit institutions decreased by -29.7% or -EUR 28.3 billion to EUR 66.9 billion at 31 December 2024. This variation mainly results from a -38.4% decrease in interbank borrowings (EUR 54.8 billion at 31 December 2023 compared with EUR 33.8 billion at 31 December 2024), including repayment of the remaining total of TLTRO III loans amounted to EUR 18 billion.
Deposits from customers consist primarily of on-demand deposits, term accounts, savings accounts and repurchase agreements. Deposits from customers amounted to EUR 1,034.9 billion, increasing by +EUR 46.3 billion since 31 December 2023. This is due to an increase of +3.8% in on-demand deposits (an increase of EUR 20.4 billion, to EUR 562.5 billion as at 31 December 2024), an increase of +6.2% in savings accounts (an increase of +EUR 9.4 billion, to EUR 162.1 billion as at 31 December 2024), and an increase of +5.1% in term accounts and short-term notes (an increase of EUR 14.8 billion, to EUR 307.3 billion as at 31 December 2024).
This category includes negotiable certificates of deposit and bond issues but does not include debt securities classified as financial liabilities at fair or model value through profit or loss (see note 4.h to the consolidated financial statements). Debt securities rose from EUR 191.5 billion at 31 December 2023 to EUR 198.1 billion at 31 December 2024.
Accrued expense and other liabilities consist of guarantee deposits received, collection accounts, accrued expense and deferred income, lease liabilities, as well as other creditors and miscellaneous liabilities.
Accrued expense and other liabilities amounted to EUR 137 billion at 31 December 2024, compared with EUR 143.7 billion at 31 December 2023, a decrease of -4.7%. This decrease is mainly due to other creditors and miscellaneous liabilities, down by -EUR 5.1 billion (-12.2%).
Liabilities related to insurance contracts increased by +13.6% compared with 31 December 2023 and amounted to EUR 247.7 billion at 31 December 2024 (EUR 218.0 billion at 31 December 2023). This increase is mainly due to a scope effect related to the acquisition by BNP Paribas Cardif of BCC Vita SpA and Neuflize Vie, as well as the increase in the valuation of underlining asssets related to insurance contracts not measured under the Premium Allocation Approach.
Minority interests amounted to EUR 6.0 billion at 31 December 2024, compared with EUR 5.1 billion at 31 December 2023.
Shareholders’ equity (before dividend payout) amounted to EUR 128.1 billion at 31 December 2024, compared with EUR 123.7 billion at 31 December 2023. The increase of +EUR 4.4 billion is mainly attributable to the profit of the period which amounted to +EUR 11.7 billion, to the distribution of dividends on 2023 profit for -EUR 5.2 billion, to undated super subordinated notes reimbursement for -EUR 1.4 billion, and to the share buyback for -EUR 1.1 billion.
Financing commitments given mainly consist of documentary credit, other credit confirmations and other commitments. They increased by EUR 21.2 billion compared with 31 December 2023, to EUR 390.7 billion at 31 December 2024.
Financing commitments given to customers increased by +5.3% to EUR 385.3 billion at 31 December 2024 and those given to credit institutions decreased by EUR 1.7 billion to EUR 5.3 billion at 31 December 2024.
Financing commitments received consist mainly of financing commitments received from credit institutions in the context of refinancing from central banks. Financing commitments received increased by +10.4%, to EUR 80.4 billion at 31 December 2024, compared with EUR 72.8 billion at 31 December 2023.
Guarantee commitments given rose by +9.4% to EUR 208.3 billion at 31 December 2024 (compared with EUR 190.3 billion at 31 December 2023); this increase comes from the guarantee commitments given to credit institutions (an increase of +31.3% to EUR 82.9 billion at 31 December 2023), and the decrease of guarantee commitments to customers by -1.4% to EUR 125.4 billion at 31 December 2024 (compared with EUR 127.2 billion at 31 December 2023)
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 | Change (2024/2023) |
|---|---|---|---|
Net interest income | 19,524 | 19,058 | +2.4% |
Net commission income | 10,701 | 9,821 | +9.0% |
Net gain on financial instruments at fair value through profit or loss | 11,569 | 10,346 | +11.8% |
Net gain on financial instruments at fair value through equity | 209 | 28 | x7.5 |
Net gain on derecognised financial assets at amortised cost | 55 | 66 | -16.7% |
Net income from insurance activities | 2,396 | 2,320 | +3.3% |
Net income from other activities | 4,377 | 4,235 | +3.4% |
Revenues from continuing activities | 48,831 | 45,874 | +6.4% |
The increase of +EUR 3.0 billion in the Group’s revenues between 2023 and 2024 was mainly due to the increase of +EUR 1.2 billion in net gain on financial instruments at fair value through profit or loss and +EUR 0.9 billion in net commission income.
This line item includes net interest income and expense related to customer transactions, interbank transactions, debt instruments issued by the Group, cash flow hedge instruments, derivatives used for interest-rate portfolio hedge, debt securities at amortised cost or at fair value through equity, and non‑trading instruments at fair value through profit or loss.
More specifically, the “Net interest income” line item includes:
Interest income and expense on fair value hedge derivatives are included with the interest generated by the hedged item. Similarly, interest income and expense arising from derivatives used for economic hedge of transactions designated as at fair value through profit or loss are allocated to the same line items as the interest income and expense relating to the underlying transactions.
The main factors affecting the level of net interest income are the relative volumes of interest-earning assets and interest-bearing liabilities and the spread between lending and funding rates. Net interest income is also affected by the impact of hedging transactions, and, to a lesser extent, exchange rate fluctuations.
Volumes of interest-earning assets and interest-bearing liabilities can be affected by various factors, in addition to general market conditions and growth in the Group’s lending activities (either organically or through acquisitions). One such factor is the Group’s business mix, such as the relative proportion of capital allocated to interest-generating as opposed to fee-generating businesses.
The other principal factor affecting net interest income is the spread between lending and funding rates, which itself is influenced by several factors. These include central bank funding rates (which affect both the yield on interest-earning assets and the rates paid on sources of funding, although not always in a linear and simultaneous manner), the proportion of funding sources represented by non-interest bearing customer deposits, government decisions to raise or lower interest rates on regulated savings accounts, the competitive environment, the relative weight of the Group’s various interest-bearing products, which have different margins as a result of different competitive environments, and the Bank’s hedging strategy and accounting treatment of hedging transactions.
Net Interest income increased by +2.4% to EUR 19,524 million for the year ended 31 December 2024. This variation is attributable to the combination of the increase on financial instruments designated as at fair value through equity (EUR 2,892 million in 2024, compared with EUR 1,856 million in 2023), the increase in net income on interest rate portflolio hedge instruments (-EUR 1,409 million in 2024, compared with -EUR 1,940 million in 2023), and the decrease in net income from financial instruments at amortised cost (EUR 17,455 million in 2024, compared with EUR 18,269 million in 2023).
Net commission income includes commissions on customer transactions, securities and derivatives transactions, financing and guarantee commitments, and asset management and other services. Net commission income increased by +9.0%, from EUR 9,821 million in 2023 to EUR 10,701 million in 2024.
Insurance activity fees are included in “Net income from insurance activities”.
This line item includes all profit and loss items relating to financial instruments managed in the trading book, to financial instruments designated as at fair value through profit or loss by the Group under the fair value option and to non-trading debt securities that do not meet the criteria required to be recognised at amortised cost or at fair value through equity (other than interest income and expense on the last two categories, which are recognised under “Net interest income” as presented above). It also includes gains and losses on non-trading equity instruments that the Group did not choose to measure at fair value through equity. This includes both capital gains and losses on the sale and the marking to fair value of these instruments, along with dividends from equity securities.
This line item also includes gains and losses due to the ineffectiveness of fair value hedges, cash flow hedges, and net foreign investment hedges.
The gains and losses resulting from cash flows and the remeasurement of financial instruments, either cash or derivatives, must be appreciated as a whole in order to give a fair representation of the profit or loss resulting from trading activities.
Net gains on financial instruments as at fair or model value through profit or loss increased by +11.8% from EUR 10,346 million in 2023 to EUR 11,569 million in 2024.
The income from items designated as at fair value through profit or loss are partly offset by changes in value of the derivative instruments hedging these assets.
Net gains on financial instruments at fair value through equity correspond to gains and losses realised on debt securities recognised at fair value through equity and to dividends from equity securities that the Group chose to recognise at fair value through equity.
Changes in fair value of these assets are initially recognised under “Changes in assets and liabilities recognised directly in equity”. Upon sale of these assets, realised gains or losses are recognised in the profit or loss account under “Net gains on financial instruments at fair value through equity” for debt securities, or transferred to retained earnings for equity securities.
Net gains on financial instruments at fair value through equity amounted to EUR 209 million in 2024 and EUR 28 million in 2023.
Net income from insurance activities includes insurance service result and financial result. Insurance service result includes revenue from services relating to a group of insurance contracts compensated by related insurance service expenses. Financial result includes investment return compensated by related net finance income or expenses from insurance contracts.
Net income from insurance activities increased by EUR 76.0 million compared with 2023 and amounted to EUR 2,396 million in 2024.
This item includes, among other things, net income from investment property, assets held under operating lease and property development activities. Net income from other activities increased by 3.4%, from EUR 4,235 million in 2023 to EUR 4,377 million in 2024. This change is mainly due to a EUR 143 million increase in Net income from assets held under operating leases.
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 | Change (2024/2023) |
|---|---|---|---|
Operating expenses | (27,803) | (28,713) | -3.2% |
Depreciation, amortisation and impairment of property, plant and equipment and intangible assets | (2,390) | (2,243) | +6.6% |
Total operating expenses, depreciation, and amortisation | (30,193) | (30,956) | -2.5% |
Operating expenses, depreciation and amortisation decreased by -2.5%, from -EUR 30,956 million in 2023 to -EUR 30,193 million in 2024.
The Group’s gross operating income increased by +24.9% to EUR 18,638 million for the year ended 31 December 2024 (compared with EUR 14,918 million for the year ended 31 December 2023), due to the increase in revenues from continuing activities (+6.4%) and the decrease in operating expenses (-2.5%).
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 | Change (2024/2023) |
|---|---|---|---|
Net allowances to impairment | (2,689) | (2,596) | +3.6% |
Recoveries on loans and receivables previously written off | 250 | 250 | ns |
Losses on irrecoverable loans | (560) | (561) | -0.2% |
Act on assistance to borrowers in Poland |
|
| ns |
Total cost of risk for the period | (2,999) | (2,907) | +3.2% |
|
|
|
|
Other net losses for risk on financial instruments | (202) | (775) | -73.9% |
This line item represents the net amount of impairment losses recognised for credit risks inherent in the Group’s intermediation activities, as well as any impairment loss relating to counterparty risks on over-the-counter derivative instruments.
The Group’s cost of risk amounted to EUR 2,999 million in 2024, an increase of +3.2% compared with 2023.
The increase in cost of risk in 2024 is mainly due to the increase of EUR 340 million in cost of risk related to impaired assets and commitments (stage 3) offset by a decrease of –EUR 248 million in cost of risk related to assets and commitments classified in stage 1 and 2.
As at 31 December 2024, the total amount of doubtful loans, securities and commitments, net of collateral, amounted to EUR 19.9 billion (compared with EUR 19.2 billion as at 31 December 2023), and the related impairment amounted to EUR 13.9 billion, compared with EUR 13.8 billion as at 31 December 2023. The coverage ratio was at 70% at 31 December 2024, compared with 72% at 31 December 2023.
More detailed information on the cost of risk per business line is available in chapter 4, note 3 Segment Information, paragraph Income by business segment.
In 2024, the expense thus recognised relates to EUR 186 million in mortgage loans in Swiss franc or indexed to the Swiss franc in Poland, and to EUR 16 million in losses under the law on assistance to borrowers in Poland. In 2023, it was mainly composed of EUR 450 million in mortgage loans in Swiss franc or indexed to the Swiss franc in Poland, and EUR 221 million in foreign currency loans issued by BNP Paribas Personal Finance.
In total, operating income increased by +37.4%, from EUR 11,236 million in 2023 to EUR 15,437 million for the year ended 31 December 2024. Besides the rise in gross operating income, this change is mainly due to the decrease in other net losses for risk on financial instruments (-73.9%).
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 | Change (2024/2023) |
|---|---|---|---|
Operating income from continuing activities | 15,437 | 11,236 | +37.4% |
Share of earnings of equity-method entities | 701 | 593 | +18.2% |
Net gain on non-current assets | (191) | (104) | +83.7% |
Goodwill | 241 |
| ns |
Corporate income tax | (4,001) | (3,266) | +22.5% |
Net income from discontinued activities |
| 2,947 | ns |
Net income attributable to minority interests | (499) | (431) | +15.8% |
Net income attributable to equity holders | 11,688 | 10,975 | +6.5% |
The share of earnings of equity-method entities increased from EUR 593 million in 2023 to EUR 701 million in 2024.
This item includes net realised gains or losses on sales of tangible and intangible assets used in operations and on sales of investments in consolidated undertakings.
Net gains on fixed assets decreased by -EUR 87 million (-EUR 191 million in 2024 compared with -EUR 104 million in 2023). In 2024, this item includes the impact of the hyperinflationary situation in Türkiye according to IAS 29 for -EUR 294 million (compared with -EUR 272 million in 2023) and the loss of control on Cetelem Mexico for +EUR 119 million, and the sale of the buildings for +EUR 173 million in 2023.
Changes in the value of goodwill amounted to EUR 241 million in 2024 (including EUR 226 million of negative goodwill on UkrSibbank), compared with no change in the value in 2023.
The Group recorded an income tax expense of EUR 4,001 million in 2024, an increase compared with the income tax expense of EUR 3,266 million recorded in 2023.
There was no net income from discontinued activities in 2024 compared with EUR 2,947 million in 2023 (related to the net capital gain on the disposal of the retail and commercial banking activities in the United States operated by the BancWest cash-generating unit).
The share of earnings attributable to minority interests in consolidated companies increased by +EUR 68 million (EUR 499 million in 2024 compared with EUR 431 million in 2023).
For more than fifteen years, BNP Paribas has made strategic decisions aimed at contributing to a more sustainable society and seizing the opportunities offered by the transformations of the economy. In an organised, sustainable, and determined manner, the Group has placed sustainable development at the heart of its strategy and is supporting its customers on a daily basis in their transition by offering them products and services adapted to their needs.
In 2024, BNP Paribas achieved very solid financial and extra-financial results. Its diversified and integrated business model continues to demonstrate its ability to deliver revenue growth and manage risks while accelerating its financing and financial services to players pursuing the energy and ecological transition.
The Group has set the objective of supporting its customers in their low-carbon transition for a total amount of EUR 200 billion between 2022 and 2025. By the end of 2024, EUR 179 billion have already been deployed, including EUR 75 billion for 2024 alone, i.e. a 25% annual production increase. This amount includes loans and bonds contributing to the low-carbon transition as well as financial support provided in some cases in the form of private placements, financial advice or initial public offerings (IPOs). This commitment benefited all the Group’s customers, for example in the areas of housing renovation and sustainable mobility for individual clients, renewable energy and the decarbonisation of production processes for companies of all sizes, the financing of institutional clients or the investment in startups developing innovative solutions to support the transition.
In addition, the Group integrates ESG criteria into its asset management and offers sustainable protection, savings, investment, and real estate services. For several years, BNP Paribas Asset Management has broadened its range of products and services favouring investments in assets making a positive contribution to the transition. The Group has set the objective of reaching EUR 300 billion in assets under management in open-ended funds distributed in Europe by BNP Paribas Asset Management under articles 8 and 9, according to SFDR(20), by the end of 2025. At end-2024, this amount has reached EUR 285 billion, representing 90% of the open-ended funds distributed by BNP Paribas Asset Management in Europe.
Through several emblematic 2024 achievements, this presentation aims at illustrating how BNP Paribas implements its sustainable development strategy every day in all its business lines, serving the energy and ecological transition of all its clients, individuals and companies, in the various sectors of the economy.
BNP Paribas’ sustainable development strategy is operationally embedded in its strategic plan and is based on three pillars.
BNP Paribas’ strategy and achievements establish the Group as a key player in the financing of the energy and ecological transition. At the end of 2024, BNP Paribas is ranking number one worldwide in terms of sustainable bonds and loans for the second consecutive year according to Dealogic, with a total amount of USD 69.2 billion, and also number one in green bonds also for the second consecutive year, with USD 27.9 billion. In 2024, specialised publications also highlighted BNP Paribas’ high level of ESG performance. For example, the International Financing Review (IFR) magazine named the Group “ESG Financing House of the Year” for the second consecutive year.
According to the World Energy Outlook’s Net Zero Emissions scenario published by the International Energy Agency (IEA) in 2024, low-carbon energy should account for more than 95% of global investments in the energy sector by 2035, i.e. a total of USD 5,200 billion, to enable a carbon-neutral economy in 2050. By mobilising significant resources throughout all its business lines to support its clients in their efforts to achieve their transition, the Group is participating in the deployment of the massive investments needed to make it possible.
Since 2022, BNP Paribas has monitored its financing of high greenhouse gas (GHG) emitting sectors. This commitment translates into decarbonisation targets for nine economic sectors(21) in its credit portfolio, that together account for the vast majority of global GHG emissions. To measure the progress accomplished and the progress yet to be made with its clients, BNP Paribas publishes an annual update of the emission indicators of its credit portfolio by sector(22).
In the energy production sector, BNP Paribas has set the objective that low-carbon energy(23), mainly renewable(24), shall represent 90% of the Group’s financing to energy production by 2030, to reach at least EUR 40 billion of credit exposure. At the end of September 2024, low-carbon energy represented 76% of energy production credit portfolio, for a total of EUR 36.8 billion (+30% compared to 2022), of which EUR 34.2 billion for renewable energy.
Source: Internal management data – loans outstanding in EUR billion as of 30 September.
Illustrating this strong commitment, the Energy Supply Banking Ratio published by Bloomberg(25) ranks BNP Paribas at the top of the ten major international banks in the ranking for 2023, with a ratio of EUR 3.18 in low-carbon energy financing for each euro in fossil fuel financing, above the bank sector average at 0.89.
The asset manager BNP Paribas Asset Management and the insurer BNP Paribas Cardif have also set decarbonisation targets for their investment portfolios and are engaging with the companies in which they invest through the exercise of their voting rights and shareholder dialogue.
To implement its CSR strategy and support its clients’ transition, BNP Paribas is adapting its internal organisation. This translates into the roll-out of dedicated processes and monitoring tools, as well as the strengthening of its employees’ training offer.
Since 2021, the Group has relied on the ESG Assessment, an ESG evaluation tool developed for companies and financial institutions. This tool provides a more systematic and comprehensive review of ESG topics throughout the credit chain: from the onboarding to the grant of a credit, the monitoring and the reporting. By covering five dimensions of the environment (climate and biodiversity), social (right of workers and human rights of local communities and consumers) and governance (business ethics) areas, it provides an overview of the client’s ESG profile and thus helps BNP Paribas directing its financing towards clients and projects that align with its decarbonisation trajectory.
In addition, with nearly 133,000 employees trained since its launch at the end of 2022, and more than 77,000 in 2024 alone, the Sustainability Academy platform embodies the Group’s ambition to equip all its employees with the knowledge and skills necessary to achieve its objectives in terms of sustainable development and finance.
To help its individual clients adapting their lifestyles and consumption habits to the changes of the transition, BNP Paribas supports them in matters of their everyday lives, both in terms of housing and mobility.
The European housing stock is responsible for 40% of the EU’s total energy consumption and 36% of its GHG emissions in Europe. According to the European Commission, more than 220 million buildings built before 2001 would need to be renovated, which represents 85% of the housing stock of the EU Member States(26). For its part, transport accounts for nearly 15% of total GHG emissions worldwide(27): decarbonising mobility is therefore also one of the essential levers of the ecological transition.
The Group’s actions are more particularly carried out by its entities Arval, BNP Paribas Personal Finance, BNP Paribas Cardif and its commercial banks. They aim to provide individuals with access to solutions that, first, enable them to improve the energy efficiency of their homes or to acquire homes with better environmental performance and, second, to travel in a more environmentally friendly way, by giving them access to less polluting vehicles or alternative mobility solutions.
A significant acceleration in the financing of the transition in favour of individual customers can be noted. For instance, BNP Paribas Personal Finance’s total outstanding amount in sustainable finance dedicated to energy renovation of housing and sustainable mobility amounted to EUR 10 billion at the end of 2024, up by 12% year-on-year.
The Group has developed financial services and solutions to support its individual clients in their real estate acquisition and energy renovation projects. Within the Commercial, Personal & Banking Services (CPBS) division, the initiative My Sustainable Home structures the approach of commercial banks in Europe around four main levers:
To support the clients of the Commercial & Personal Banking in France in their home energy renovation, BNP Paribas signed a partnership with EDF Group in February 2024. With IZI by EDF, financial advisors help customers identifying the renovations to be conducted in their home through a dedicated simulator. It then directs them to the most suitable renovation solution according to their situation and mandates local and certified professionals to carry out their work.
The electrification of individual vehicles and corporate fleets, the development of soft mobility and vehicle-sharing solutions are prompt and effective solutions to reduce GHG emissions, while maintaining a robust industry and significant travel capacities. Created at the end of 2022, the initiative and associated-brand BNP Paribas Mobility bring together all the Group’s business lines involved in the mobility ecosystem to support individual customers in their mobility needs with a wide range of offers:
In France, the platform Mobility4you is tailored to each mobility project, based on the customer’s travel needs, budget and environmental impact. It suggests a selection of turnkey offers, including:
Launched in 2024, the combined offer Arval Charging Services and Leasing Solutions Charge & Lease aims to facilitate access to vehicle charging at home and at the workplace. This all-in-one package includes the charging station installation, maintenance, removal, and recycling.
At the end of 2024, BNP Paribas signed a partnership with French bank La Banque Postale to distribute a mobility offer to its customers. This project includes the creation, by early 2026, of a digital platform offering new and low-emission recent second-hand vehicles, with the associated financing solutions (leasing with purchase option, long-term leasing) and insurance.
The need to support a just transition(28)
72% of Europeans surveyed believe that efforts to fight global warming are likely to create inequalities. With its second Just Transition Observatory(29), published in May 2024, the Group focused on a central question: how can we contribute to making the transition accessible to all?
Convinced that the energy and ecological transition will only happen if it involves society as a whole, BNP Paribas offers products and services designed to make the transition more accessible and affordable.
For example, in Poland, in 2024 the Group supported McCain Foods’ regenerative agriculture programme, which aims to support potato producers in their transition to a regenerative agriculture. BNP Paribas offers, among other, loans at reduced rates to producers that are members of the programme.
In the housing sector, BNP Paribas Fortis’ HappyNest programme allows very high environmental performance apartments to be more accessible to first-time buyers: they can rent a new and energy-efficient home and buy it after a few years, if they wish to, with the rents already paid being taken into account in the final purchase price.
Finally, BNP Paribas Asset Management has launched the BNP Paribas Global Equity Net Zero Transition fund, article 8 according to SFDR, which is one of the few equity funds active on the market with the net zero emissions alignment as main its objective and also including a just transition dimension.
BNP Paribas aims to bring tailor-made support to all its clients by providing them with its sector expertise and an organisation dedicated to their issues. Since 2021, with the creation of the Low-Carbon Transition Group (LCTG), the Group has developed a global platform bringing together a network of around 250 specialised bankers who support international corporates and institutional clients in accelerating their transition to a sustainable and low-carbon economy. A continuum of banking and non-banking solutions is provided for the decarbonisation of the economy, in particular the energy, mobility and industry sectors. In addition to renewable energies and nuclear power, BNP Paribas is developing specific expertise to support the development of new value chains such as batteries, green hydrogen and low-carbon fuels, as well as CO2 capture.
Created in 2022, the Low-Carbon Transition for SMEs & MidCaps initiative brings together around 100 experts and supports the low-carbon transition of small and medium-sized enterprises (SMEs) and mid-caps in France, Belgium, Italy, Luxembourg, and Poland. This platform offers specific support for the transition of the agricultural and agri-food sectors by relying on a pan-European community of experts.
Since May 2024, Commercial & Personal Banking in France has offered a sustainable loan (called “decarbonisation financing”) for SMEs, mid-caps and non-profits committed to a GHG reduction trajectory. The credit rate is adjusted based on the clients’ GHG emissions’ reduction.
Serving sovereign, supranational and agency issuers
In 2024, BNP Paribas participated in the record EUR 750 million inaugural green bond of the Republic of Iceland to finance the country’s carbon neutrality initiatives: investments in infrastructure for electric bikes, the energy transition of vehicles and infrastructure, green buildings, and adaptation to the circular economy. This first green bond attracted over EUR seven billion in orders from more than 270 investors.
BNP Paribas was also involved in the issuance of the first sustainable hybrid bond for the African Development Bank, a multilateral development bank. This USD 750 million bond aims to finance environmental and social projects across Africa, including renewable energy generation, sustainable management of natural resources, access to basic infrastructure and food security.
To help financing the massive investments needed for the development of low-carbon energies, BNP Paribas supports companies working to build new capacities and participates in the financing of future technologies.
In 2024, relying in particular on the Low-Carbon Transition Group, it played a significant role in many notable renewable energy transactions around the world, including:
In addition, in February 2025, BNP Paribas signed an agreement with the European Investment Bank (EIB) to generate up to EUR eight billion in wind energy investments. By boosting funding for the wind sector in the European Union (EU), this initiative aims to increase wind generation capacity by 32 GW out of the total capacity of 117 GW estimated to be needed to meet the EU’s target of producing at least 45% of its energy from renewable sources by 2030(30).
Finally, BNP Paribas Asset Management’s Climate Impact Infrastructure Debt fund, classified article 9 according to SFDR, offers a financing solution to projects and players involved in the energy transition in continental Europe, focusing on renewable energy, green mobility, circular economy, and energy efficiency. Its ambition is to raise between EUR 500 and 750 million from institutional investors.
BNP Paribas is committed to aligning its activities with trajectories compatible with carbon neutrality by 2050. On their investments’ portfolios, BNP Paribas Asset Management and BNP Paribas Cardif engage with the companies in which they invest through the exercise of voting rights and shareholder dialogue.
On its credit portfolio, the Group has set alignment objectives in nine of the most carbon-intensive sectors of the economy, in terms of emissions intensity for eight sectors and in absolute emissions for the oil and gas sector. These trajectories for 2025 and 2030 as well as their calculation and monitoring methodologies are described in section 7.1.2 Climate change of the Sustainability statements.
To achieve these objectives, BNP Paribas supports its clients by offering them financial products and services adapted to their issues. Landmark 2024 transactions include:
BNP Paribas also contributes to the resilience of companies by giving them the means to foster the responsible use of resources. It supports initiatives that reduce natural resources consumption and waste production, and participated in several important transactions in 2024:
Eventually, in 2024, BNP Paribas Asset Management launched several new funds in line with this strategy, including the Future Forest Fund in partnership with International Woodland Company (IWC). This first forest-dedicated fund will invest in sustainably managed forests. Classified article 9 according to SFDR, it targets an outstanding amount between USD 500 and 750 million.
BNP Paribas is supporting the transition of mobility across its entire value chain: the transition of traditional infrastructure, the deployment of new infrastructure such as electric charging stations, the transition of manufacturers and suppliers in the automotive sector and the electrification of public transport.
Among the landmark transactions involving BNP Paribas are:
For many years, BNP Paribas has provided equity support to startups and entrepreneurs that contribute to the acceleration of the energy and ecological transition, particularly through dedicated envelopes.
Some of the Group’s latest notable investments in European startups include:
BNP Paribas Asset Management, in partnership with the Solar Impulse Foundation, has launched the BNP Paribas Solar Impulse Venture Fund. This fund, which is funded at 50% by BNP Paribas, has announced its final closing at the beginning of 2025 for a total amount of EUR 172 million.
This fundraising will enable around fifteen investments in high growth potential European and North American startups that accelerate the ecological transition and strive for biodiversity and the circular economy.
Since its launch in 2022, the fund has already invested in five companies that are driving sustainable innovations:
In conclusion, BNP Paribas has demonstrated its commitment to a sustainable and low-carbon economy over time by integrating sustainable development at the heart of its strategy. The achievements of the year 2024 illustrate the Group’s ability to support its customers in their transition by offering them innovative and adapted financial and extra-financial solutions. Through the financing of renewable energy projects, the promotion of sustainable mobility and the support of individuals and companies in their decarbonisation efforts, BNP Paribas is positioning itself as a key player in the energy and ecological transition. The Group is determined to pursue its actions in favour of the transition, while ensuring that this transition is just and inclusive for all its customers and involving society as a whole.
BNP Paribas regularly introduces new products and services for its customers. More information is available on the Group’s websites, including in the press releases at group.bnpparibas and invest.bnpparibas.
Since 4 February 2025, date of publication of the 2024 annual results, no significant events have occured that should be mentioned in this section.
BNP Paribas confirms its ROTE trajectory out to 2026 while specifying the following objectives:
The 2026 trajectory is based on the strengths of the diversified and integrated model, as well as the strategic priorities of each division:
CIB, a cutting-edge platform and powerful growth engine, continues to make market share gains on the strength of a diversified client franchise, a low risk profile and optimised capital.
CPBS in 2025 will be energised by a new strategic(34) plan for CPBF and an extension of Personal Finance’s strategic plan out to 2028, with the goal of raising the profitability of these activities to Group level, i.e. an expected +1% impact on Group ROTE, including +0.5% by 2026. Revenues at Commercial & Personal Banking will be driven by the new interest-rate environment. In the Eurozone, they are expected to increase by more than +3% in 2025 compared to 2024.
IPS will maintain its strong organic growth momentum in Insurance, Asset Management and Wealth Management. Beyond that, its strong acceleration will be driven by the integration of external growth developments: AXA IM project(35), Wealth Management and Life Insurance. On this basis, the pre-tax net income of IPS is expected to increase by more than one third in two years, by 2026.
And, lastly, the entire Group will continue its operational efficiency measures in 2025 and 2026, at the pace of €600m in savings per year.
(1) Increase in Group revenues between 2024 and 2026 minus the increase in Group operating expenses between 2024 and 2026
(2) Net income, Group share
(3) Earnings per share calculated on the basis of net income, Group share of 2024 adjusted for the remuneration of undated super-subordinated notes and the average end-of-period number of shares.
(4) Compound annual growth rate (CAGR)
(5) RoTE: return on tangible equity
(6) Subject to agreements with the relevant authorities
Information on trends (Macroeconomic conditions and Legislation and regulations applicable to financial institutions) are described in the section on Principal and Emerging Risks for the year in the Risks and Capital Adequacy chapter.
The common equity Tier 1 ratio stood at 12.9% as of 31 December 2024, up by 20 basis points compared to 30 September 2024 and still far above SREP requirements (10.33%). This increase results from the combined effects of: (i) organic capital generation net of changes in risk-weighted assets in 4Q24 (+30 basis points); (ii) distribution of the 4Q24 result (-20 basis points); and (iii) the securitisation / credit insurance programme (+10 basis points). As of 1 January 2025, the CET1 ratio should stand at 12.4% after factoring in the full impact of Basel 4 (excluding FRTB) of -50 basis points.
The common equity tier 1 ratio has decreased by 30 basis points compared to December 31, 2023, due to several factors:
The leverage ratio(36) stood at 4.6% as of 31 December 2024.
The liquidity coverage ratio(37) (end-of-period) stood at a solid level of 137% as of 31 December 2024 (124% as of 30 September 2024) and the immediately available liquidity reserve(38) came to €480bn as of 31 December 2024, equivalent to more than one year to manoeuvre in terms of wholesale funding.
Alternative Performance Measures | Definition | Reason for use |
|---|---|---|
Insurance P&L aggregates (Revenues, Operating expenses, Gross operating income, Operating income, | Insurance P&L aggregates (Revenues, Gross operating income, Operating income, Pre-tax income) excluding the volatility 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 of divestments, as well as potential long-term depreciations are included in the Insurance income profit and loss account. A reconciliation with Group P&L aggregates is provided in the tables “Quarterly Series”. | Presentation of the Insurance result reflecting operational and intrinsic performance (technical and financial) |
Corporate Centre P&L aggregates | P&L aggregates of “Corporate Centre, including restatement of the volatility (IFRS 9) and attributable costs (internal distributors) related to Insurance activities”, following the application from 1 January 2023 of IFRS 17 “insurance contracts” in conjunction with the application of IFRS 9 for insurance activities, including:
A reconciliation with Group P&L aggregates is provided in the tables “Quarterly Series” | Transfer to Corporate Centre of the impact of operating expenses “attributable to insurance activities” on internal distribution contracts in order not to impede the readability of the financial performance of the various business lines. |
Operating division profit and loss account aggregates (revenues, net interest revenue, operating expenses, gross operating income, operating income, pre-tax income) | Sum of CPBS’ profit and loss account aggregates (with Commercial & Personal Banking’ profit and loss account aggregates, including 2/3 of Private Banking in France, Italy, Belgium, Luxembourg, Germany, Poland and in Türkiye), IPS and CIB. 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 account aggregates is provided in the tables “Results by Core Business”. Net interest revenue mentioned in Commercial & Personal Banking includes the net interest margin (as defined in note 2.a of the financial statements), as well as, to a lesser extent, other revenues (as defined in notes 2.c, 2.d and 2.e of the financial statements), excluding fees (note 2.b of the financial statements). P&L aggregates of Commercial & Personal Banking or Specialised Businesses distributing insurance contracts exclude the impact of the application of IFRS 17 on the accounting presentation of operating expenses deemed “attributable to insurance activities” in deduction of revenues and no longer operating expenses, with the impact carried by Corporate Centre. | Representative measure of the BNP Paribas Group’s operating performance |
Profit and loss account aggregates of Commercial & 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 Reconciliation with Group profit and loss account aggregates is provided in the tables “Quarterly series”. | Representative measure of the performance of Commercial & Personal Banking activity including the total performance of Private Banking (before sharing the profit & loss account with the Wealth Management business, Private Banking being under a joint responsibility of Commercial & Personal Banking (2/3) and Wealth Management business (1/3)) |
Profit and loss account aggregates, excluding PEL/CEL effects (revenues, gross operating income, operating income, pre-tax income) | Profit and loss account aggregates, excluding PEL/CEL effects. Reconciliation with Group profit and loss account aggregates is provided in the “Quarterly series” tables. | Representative measure of the aggregates of the period excluding changes in the provision that accounts for the risk generated by PEL and CEL accounts during their lifetime |
Cost/income ratio | Cost to income ratio | Measure of operational efficiency in the banking sector |
Cost of risk/Customer loans at the beginning of the period (in basis points) | Cost of risk (in €m) divided by customer loans at the beginning of the period Cost of risk does not include “Other net losses for risk on financial instruments” | Measure of the risk level by business in percentage of the volume of outstanding loans |
Evolution of operating expenses excluding IFRIC 21 | Change in operating expenses excluding taxes and contributions subject to IFRIC 21. | Representative measure of the change in operating expenses’ excluding the taxes and contributions subject to IFRIC 21 booked almost entirely in the 1st half of the year, given in order to avoid any confusion compared to other quarters |
Return on Equity (ROE) | Details of the ROE calculation are disclosed in the Appendix “Return on Equity and Permanent Shareholders’ Equity” of the results’ presentation | Measure of the BNP Paribas Group’s return on equity |
Return on normalized equity (RONE) | Ratio of annualised net income before tax over average allocated notional equity over the period.
| Measure of operational performance |
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 return on tangible equity |
Distributable Net Income | P&L aggregates up to the net income adjusted in accordance with 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 1 February 2023 but also as the last expected year of the ramp-up of the Single Resolution Fund, marked by extraordinary items. Adjustments are detailed in the 2023 results’ presentation:
The distributable net income is used to calculate the ordinary distribution in 2023 as well as to monitor the Group’s performance in 2023 | Measure of BNP Paribas Group’s net income reflecting the Group’s intrinsic performance in 2023, pivotal year, post-impact of the sale of Bank of the West and the last expected year of the contribution to the ramp-up of the Single Resolution Fund, marked by extraordinary items |
Net income Group share excluding exceptional items | Net income attributable to equity holders excluding exceptional items Details of exceptional items are disclosed in the slide “Main Exceptional Items” of the results’ presentation | Measure of BNP Paribas Group’s net income excluding non-recurring items of a significant amount or items that do not reflect the underlying operating performance, notably restructuring, adaptation, IT reinforcement and transformation costs. |
Doubtful loans’ coverage ratio | Relationship between stage 3 provisions and impaired outstandings (stage 3), balance sheet and off-balance sheet, netted for collateral received, for customers and credit institutions, including liabilities at amortised cost and debt securities at fair value through equity (excluding insurance business) | Measure of provisioning for doubtful loans |
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 case of acquired or created entity, the results of the new entity are eliminated from the constant scope results of current-year periods corresponding to the periods when the entity was not owned in the prior-year.
In case of divested entities, the entity’s results are excluded symmetrically for the prior year for quarters when the entity was not owned.
In case 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 are prepared by restating results for the prior-year quarter (reference quarter) at the current quarter exchange rate (analysed quarter). All of these calculations are performed by reference to the entity’s reporting currency.
Net banking income (NBI): throughout the document, the terms “Net Banking Income” and “Revenues” are used interchangeably.
Operating expenses: sum of salary and employee benefit expenses, other operating expenses and depreciation, amortisation and impairment of property, plant and equipment. Throughout the whole document, the terms operating expenses or costs can be used indifferently.
Jaws effect: Revenues evolution between two periods minus operating expenses evolution between two periods.
The sum of the values indicated in the tables and analyses may differ slightly from the reported total due to rounding.
BNP Paribas’ organisation is based on three operating divisions: Corporate & Institutional Banking (CIB), Commercial, Personal Banking & Services (CPBS) and Investment & Protection Services (IPS). These divisions include the following businesses:
BNP Paribas SA is the parent company of the BNP Paribas Group.
In millions of euros | Commercial, Personal Banking & Services (2/3 of Private Banking) | Investment & Protection Services | CIB | Operating divisions | Corporate Centre | Group | |
|---|---|---|---|---|---|---|---|
Revenues |
| 26,027 | 5,824 | 17,897 | 49,748 | (917) | 48,831 |
%Change 2023 distributable | +0.4% | +4.2% | +8.4% | +3.6% | -15.7% | +4.1% | |
Operating Expenses and Dep. |
| (16,119) | (3,570) | (10,731) | (30,420) | 227 | (30,193) |
%Change 2023 distributable | +1.9% | +0.5% | +4.5% | +2.6% | n.s. | +2.1% | |
Gross Operating Income |
| 9,908 | 2,254 | 7,166 | 19,328 | (690) | 18,638 |
%Change 2023 distributable | -1.8% | +10.6% | +14.8% | +5.2% | -32.8% | +7.4% | |
Cost of Risk & Other |
| (3,275) | (15) | 143 | (3,146) | (55) | (3,201) |
%Change 2023 distributable | +12.2% | +15.2% | n.s. | +9.6% | +48.1% | +10.1% | |
Operating Income |
| 6,633 | 2,239 | 7,310 | 16,182 | (745) | 15,437 |
%Change 2023 distributable | -7.5% | +10.6% | +15.9% | +4.4% | -30.0% | +6.9% | |
Share of Earnings of Equity-Method Entities |
| 405 | 120 | 17 | 543 | 158 | 701 |
Other Non-Operating Items |
| (234) | (4) | (4) | (242) | 292 | 50 |
Pre-Tax Income |
| 6,804 | 2,355 | 7,323 | 16,482 | (294) | 16,188 |
%Change 2023 distributable | -7.2% | +8.4% | +16.2% | +4.3% | -66.3% | +8.4% | |
Corporate Income Tax |
|
|
|
|
|
| (4,001) |
Net Income Attributable to Minority Interests |
|
|
|
|
|
| (499) |
Net Income from discontinued activities |
|
|
|
|
|
| 0 |
Net Income Attributable to Equity Holders |
|
|
|
|
|
| 11,688 |
In millions of euros | 2024 | 2023 distributable |
|---|---|---|
Commercial, Personal Banking & Services (including 100% of Private Banking) |
|
|
Revenues | 26,764 | 26,626 |
Operating Expenses and Dep. | (16,511) | (16,200) |
Gross Operating Income | 10,253 | 10,426 |
Cost of Risk & others | (3,272) | (2,923) |
Operating Income | 6,981 | 7,503 |
Share of Earnings of Equity-Method Entities | 405 | 337 |
Other Non-Operating Items | (234) | (181) |
Pre-Tax Income | 7,152 | 7,659 |
Income Attributable to Wealth and Asset Management | (348) | (330) |
Pre-Tax Income of Commercial, Personal Banking & Services | 6,804 | 7,329 |
Cost/Income | 61.7% | 60.8% |
Allocated Equity (€bn, year to date; including 2/3 of Private Banking) | 46.8 | 43.2 |
Including 100% of Private Banking for the Revenues to Pre-tax income items | ||
In millions of euros | 2024 | 2023 distributable |
|---|---|---|
Commercial, Personal Banking & Services (including 2/3 of Private Banking) |
|
|
Revenues | 26,027 | 25,917 |
Operating Expenses and Dep. | (16,119) | (15,824) |
Gross Operating Income | 9,908 | 10,093 |
Cost of Risk Incl. Other net losses for risk on financial instruments | (3,275) | (2,920) |
Operating Income | 6,633 | 7,173 |
Share of Earnings of Equity-Method Entities | 405 | 337 |
Other Non-Operating Items | (234) | (181) |
Pre-Tax Income | 6,804 | 7,329 |
Cost/Income | 61.9% | 61.1% |
Allocated Equity (€bn, year to date) | 46.8 | 43.2 |
In millions of euros | 2024 | 2023 distributable |
|---|---|---|
CPBF (including 100% of Private Banking) |
|
|
Revenues | 6,595 | 6,591 |
Incl. net interest revenue | 3,343 | 3,496 |
Incl. fees | 3,252 | 3,095 |
Operating Expenses and Dep. | (4,597) | (4,653) |
Gross Operating Income | 1,998 | 1,938 |
Cost of Risk | (668) | (485) |
Operating Income | 1,330 | 1,453 |
Share of Earnings of Equity-Method Entities | 0 | 0 |
Other Non-Operating Items | (2) | 0 |
Pre-Tax Income | 1,328 | 1,453 |
Income Attributable to Wealth and Asset Management | (179) | (168) |
Pre-Tax Income of CPBF | 1,149 | 1,285 |
Cost/Income | 69.7% | 70.6% |
Allocated Equity (€bn, year to date; including 2/3 of Private Banking) | 12.0 | 11.5 |
Including 100% of Private Banking for the Revenues to Pre-tax income items | ||
In millions of euros | 2024 | 2023 distributable |
|---|---|---|
CPBF – excl. PEL/CEL (including 100% of Private Banking) |
|
|
Revenues | 6,582 | 6,593 |
Incl. net interest revenue | 3,330 | 3,498 |
Incl. fees | 3,252 | 3,095 |
Operating Expenses and Dep. | (4,597) | (4,653) |
Gross Operating Income | 1,985 | 1,940 |
Cost of Risk | (668) | (485) |
Operating Income | 1,318 | 1,454 |
Share of Earnings of Equity-Method Entities | 0 | 0 |
Other Non-Operating Items | (2) | 0 |
Pre-Tax Income | 1,316 | 1,454 |
Income Attributable to Wealth and Asset Management | (179) | (168) |
Pre-Tax Income of CPBF | 1,137 | 1,287 |
Cost/Income | 69.8% | 70.6% |
Allocated Equity (€bn, year to date; including 2/3 of Private Banking) | 12.0 | 11.5 |
Including 100% of Private Banking for the Revenues to Pre-tax income items | ||
Reminder on PEL/CEL provision: this provision, accounted in the revenues of CPB in France, takes into account the risk generated by Plans Épargne Logement (PEL) and Comptes Épargne Logement (CEL) during their whole lifetime.
In millions of euros | 2024 | 2023 distributable |
|---|---|---|
PEL/CEL effects – 100% of Private Banking in France | 12 | -1 |
In millions of euros | 2023 | 2023 distributable |
|---|---|---|
CPBF (including 2/3 of Private Banking) |
|
|
Revenues | 6,241 | 6,251 |
Operating Expenses and Dep. | (4,420) | (4,482) |
Gross Operating Income | 1,821 | 1,769 |
Cost of Risk | (670) | (484) |
Operating Income | 1,151 | 1,285 |
Non-Operating Items | (2) | 0 |
Pre-Tax Income | 1,149 | 1,285 |
Cost/Income | 70.8% | 71.7% |
Allocated Equity (€bn, year to date) | 12.0 | 11.5 |
In millions of euros | 2024 | 2023 distributable |
|---|---|---|
BNL bc (including 100% of Private Banking) |
|
|
Revenues | 2,857 | 2,727 |
Incl. net interest revenue | 1,710 | 1,619 |
Incl. fees | 1,147 | 1,108 |
Operating Expenses and Dep. | (1,805) | (1,771) |
Gross Operating Income | 1,051 | 956 |
Cost of Risk | (339) | (410) |
Operating Income | 713 | 546 |
Share of Earnings of Equity-Method Entities | (2) | 0 |
Other Non-Operating Items | (2) | (3) |
Pre-Tax Income | 708 | 542 |
Income Attributable to Wealth and Asset Management | (30) | (22) |
Pre-Tax Income of BNL bc | 678 | 520 |
Cost/Income | 63.2% | 65.0% |
Allocated Equity (€bn, year to date; including 2/3 of Private Banking) | 5.7 | 5.7 |
Including 100% of Private Banking for the Revenues to Pre-tax income items | ||
In millions of euros | 2024 | 2023 distributable |
|---|---|---|
BNL bc (including 2/3 of Private Banking) |
|
|
Revenues | 2,766 | 2,646 |
Operating Expenses and Dep. | (1,745) | (1,712) |
Gross Operating Income | 1,021 | 934 |
Cost of Risk | (338) | (410) |
Operating Income | 682 | 524 |
Share of Earnings of Equity-Method Entities | (2) | 0 |
Other Non-Operating Items | (2) | (3) |
Pre-Tax Income | 678 | 520 |
Cost/Income | 63.1% | 64.7% |
Allocated Equity (€bn, year to date) | 5.7 | 5.7 |
In millions of euros | 2024 | 2023 distributable |
|---|---|---|
CPBB (including 100% of Private Banking) |
|
|
Revenues | 3,756 | 3,990 |
Incl. net interest revenue | 2,609 | 2,867 |
Incl. fees | 1,148 | 1,123 |
Operating Expenses and Dep. | (2,710) | (2,705) |
Gross Operating Income | 1,046 | 1,286 |
Cost of Risk | (19) | (86) |
Operating Income | 1,028 | 1,199 |
Share of Earnings of Equity-Method Entities | 82 | 1 |
Other Non-Operating Items | 5 | 9 |
Pre-Tax Income | 1,115 | 1,210 |
Income Attributable to Wealth and Asset Management | (89) | (83) |
Pre-Tax Income of CPBB | 1,026 | 1,126 |
Cost/Income | 72.1% | 67.8% |
Allocated Equity (€bn, year to date; including 2/3 of Private Banking) | 6.5 | 6.1 |
Including 100% of Private Banking for the Revenues to Pre-tax income items |
| |
In millions of euros | 2024 | 2023 distributable |
|---|---|---|
CPBB (including 2/3 of Private Banking) |
|
|
Revenues | 3,545 | 3,784 |
Operating Expenses and Dep. | (2,585) | (2,583) |
Gross Operating Income | 960 | 1,200 |
Cost of Risk | (21) | (84) |
Operating Income | 939 | 1,116 |
Share of Earnings of Equity-Method Entities | 82 | 1 |
Other Non-Operating Items | 5 | 9 |
Pre-Tax Income | 1,026 | 1,126 |
Cost/Income | 72.9% | 68.3% |
Allocated Equity (€bn, year to date) | 6.5 | 6.1 |
In millions of euros | 2024 | 2023 distributable |
|---|---|---|
CPBL (including 100% of Private Banking) |
|
|
Revenues | 627 | 592 |
Incl. net interest revenue | 529 | 497 |
Incl. fees | 98 | 96 |
Operating Expenses and Dep. | (304) | (294) |
Gross Operating Income | 323 | 298 |
Cost of Risk | (4) | (8) |
Operating Income | 319 | 290 |
Share of Earnings of Equity-Method Entities | 0 | 0 |
Other Non-Operating Items | 0 | 5 |
Pre-Tax Income | 319 | 296 |
Income Attributable to Wealth and Asset Management | (9) | (7) |
Pre-Tax Income of CPBL | 310 | 289 |
Cost/Income | 48.5% | 49.7% |
Allocated Equity (€bn, year to date; including 2/3 of Private Banking) | 0.9 | 0.8 |
Including 100% of Private Banking for the Revenues to Pre-tax income items | ||
In millions of euros | 2024 | 2023 distributable |
|---|---|---|
CPBL (including 2/3 of Private Banking) |
|
|
Revenues | 610 | 577 |
Operating Expenses and Dep. | (296) | (286) |
Gross Operating Income | 314 | 291 |
Cost of Risk | (4) | (8) |
Operating Income | 310 | 283 |
Share of Earnings of Equity-Method Entities | 0 | 0 |
Other Non-Operating Items | 0 | 5 |
Pre-Tax Income | 310 | 289 |
Cost/Income | 48.5% | 49.6% |
Allocated Equity (€bn, year to date) | 0.9 | 0.8 |
In millions of euros | 2024 | 2023 distributable |
|---|---|---|
Europe-Mediterranean (including 100% of Private Banking) |
|
|
Revenues | 3,155 | 2,687 |
Incl. net interest revenue | 2,542 | 2,241 |
Incl. fees | 613 | 446 |
Operating Expenses and Dep. | (2,028) | (1,662) |
Gross Operating Income | 1,128 | 1,025 |
Cost of Risk & others | (366) | (44) |
Cost of Risk | (165) | (44) |
Other net losses for risk on financial instruments | (201) | 0 |
Operating Income | 761 | 981 |
Share of Earnings of Equity-Method Entities | 299 | 283 |
Other Non-Operating Items | (249) | (183) |
Pre-Tax Income | 811 | 1,081 |
Income Attributable to Wealth and Asset Management | (38) | (47) |
Pre-Tax Income of Europe-Mediterranean | 773 | 1,034 |
Cost/Income | 64.3% | 61.9% |
Allocated Equity (€bn, year to date; including 2/3 of Private Banking) | 6.1 | 5.3 |
Including 100% of Private Banking for the Revenues to Pre-tax income items | ||
In millions of euros | 2024 | 2023 distributable |
|---|---|---|
Europe-Mediterranean (including 2/3 of Private Banking) |
|
|
Revenues | 3,104 | 2,631 |
Operating Expenses and Dep. | (2,016) | (1,653) |
Gross Operating Income | 1,089 | 978 |
Cost of Risk & others | (365) | (44) |
Cost of Risk | (165) | (44) |
Other net losses for risk on financial instruments | (200) | 0 |
Operating Income | 723 | 934 |
Share of Earnings of Equity-Method Entities | 299 | 283 |
Other Non-Operating Items | (249) | (183) |
Pre-Tax Income | 773 | 1,034 |
Cost/Income | 64.9% | 62.8% |
Allocated Equity (€bn, year to date) | 6.1 | 5.3 |
In millions of euros | 2024 | 2023 distributable |
|---|---|---|
New Digital Businesses & Personal Investors (including 100% of Private Banking) |
|
|
Revenues | 1,072 | 1,007 |
Operating Expenses and Dep. | (733) | (685) |
Gross Operating Income | 339 | 322 |
Cost of Risk | (102) | (123) |
Operating Income | 237 | 198 |
Share of Earnings of Equity-Method Entities | (9) | (9) |
Other Non-Operating Items | 13 | 0 |
Pre-Tax Income | 241 | 190 |
Income Attributable to Wealth and Asset Management | (4) | (3) |
Pre-Tax Income of New Digital Businesses & Personal Investors | 237 | 187 |
Cost/Income | 68.4% | 68.0% |
Allocated Equity (€bn, year to date; including 2/3 of Private Banking) | 0.8 | 0.8 |
Including 100% of Private Banking for the Revenues to Pre-tax income items | ||
In millions of euros | 2024 | 2023 distributable |
|---|---|---|
New Digital Businesses and Personal Investors (including 2/3 of Private Banking) |
|
|
Revenues | 1,059 | 995 |
Operating Expenses and Dep. | (724) | (677) |
Gross Operating Income | 335 | 319 |
Cost of Risk | (102) | (123) |
Operating Income | 233 | 195 |
Share of Earnings of Equity-Method Entities | (9) | (9) |
Other Non-Operating Items | 13 | 0 |
Pre-Tax Income | 237 | 187 |
Cost/Income | 68.3% | 68.0% |
Allocated Equity (€bn, year to date) | 0.8 | 0.8 |
| 2024 | 2023 |
|---|---|---|
Commercial, Personal Banking & Services(1) |
|
|
Loan outstandings as of the beg. of the quarter (€bn) | 636.1 | 630.5 |
Cost of risk (€m) | 3,071 | 2,923 |
Cost of risk (in annualised bp) | 48 | 46 |
Commercial & Personal Banking in the Eurozone(1) |
|
|
Loan outstandings as of the beg. of the quarter (€bn) | 462.7 | 464.2 |
Cost of risk (€m) | 1,029 | 989 |
Cost of risk (in annualised bp) | 22 | 21 |
CPBF(1) |
|
|
Loan outstandings as of the beg. of the quarter (€bn) | 230.9 | 230.8 |
Cost of risk (€m) | 668 | 485 |
Cost of risk (in annualised bp) | 29 | 21 |
BNL bc(1) |
|
|
Loan outstandings as of the beg. of the quarter (€bn) | 72.9 | 77.1 |
Cost of risk (€m) | 339 | 410 |
Cost of risk (in annualised bp) | 46 | 53 |
CPBB(1) |
|
|
Loan outstandings as of the beg. of the quarter (€bn) | 146.1 | 143.0 |
Cost of risk (€m) | 19 | 86 |
Cost of risk (in annualised bp) | 1 | 6 |
| ||
| 2024 | 2023 |
|---|---|---|
Commercial & Personal Banking outside the Eurozone(1) |
|
|
Loan outstandings as of the beg. of the quarter (€bn) | 35.9 | 35.5 |
Cost of risk (€m) | 165 | 44 |
Cost of risk (in annualised bp) | 46 | 13 |
BancWest(1) |
|
|
Loan outstandings as of the beg. of the quarter (€bn) | 0.0 | 0.0 |
Cost of risk (€m) | 0 | 0 |
Cost of risk (in annualised bp) | ns | ns |
Europe-Mediterranean(1) |
|
|
Loan outstandings as of the beg. of the quarter (€bn) | 35.9 | 35.5 |
Cost of risk (€m) | 165 | 44 |
Cost of risk (in annualised bp) | 46 | 13 |
Personal Finance |
|
|
Loan outstandings as of the beg. of the quarter (€bn) | 108.9 | 103.5 |
Cost of risk (€m) | 1,573 | 1,600 |
Cost of risk (in annualised bp) | 144 | 155 |
CIB – Global Banking |
|
|
Loan outstandings as of the beg. of the quarter (€bn) | 178.2 | 175.2 |
Cost of risk (€m) | (171) | (74) |
Cost of risk (in annualised bp) | (10) | (4) |
Group(2) |
|
|
Loan outstandings as of the beg. of the quarter (€bn) | 911.0 | 898.4 |
Cost of risk (€m) | 2,999 | 2,907 |
Cost of risk (in annualised bp) | 33 | 32 |
| ||
In millions of euros | 31 December 2024 | 31 December 2023(1) |
|---|---|---|
Net Income attributable to equity holders | 11,688 | 11,232 |
Remuneration net of tax of undated super subordinated notes | (787) | (677) |
Exchange rate effect on reimbursed undated super subordinated notes | (58) | 0 |
Net income attributable to equity holders, after remuneration and exchange rate effect | 10,843 | 10,555 |
Average number of Shares outstanding excluding Treasury Shares | 1,133 | 1,200 |
Net Earnings per Share (EPS) in euros | 9.57 | 8.79 |
| ||
In millions of euros | 31 December 2024 | 31 December 2023 |
|---|---|---|
Net income Group share | 11,688 | 10,975 |
Remuneration net of tax of undated super subordinated notes and exchange effect | (845) | (677) |
Net income Group share used for the calculation of ROE/ROTE | 10,843 | 10,298 |
Average permanent shareholders’ equity, not revaluated, used for the ROE calculation(1) | 109,274 | 106,938 |
Return on Equity (ROE) | 9.9% | 9.6% |
Average tangible permanent shareholders’ equity, not revaluated, | 99,475 | 96,115 |
Return on Tangible Equity (ROTE) | 10.9% | 10.7% |
| ||
Exceptional items In millions of euros | 2024 | 2023 (distributable(1)) |
|---|---|---|
Provisions for litigation (Corporate Centre) |
| (125) |
Revaluation of an equity stake (Global Markets, FICC) | 78 |
|
Total revenues (a) | 78 | (125) |
Restructuring costs and adaptation costs (Corporate Centre) | (230) | (182) |
IT reinforcement costs (Corporate Centre) | (341) | (395) |
Total operating expenses (b) | (571) | (576) |
Reconsolidation of activities in Ukraine(2) (Corporate Centre) | 226 |
|
Capital gain on divestment of Personal Finance activities in Mexico (Personal Finance) | 119 |
|
Impact of a divestment (Insurance) |
| (87) |
Capital gain on a divestment (Corporate Centre) |
| 91 |
Total of other non-operating items (c) | 345 | 4 |
Total exceptional items (pre-tax) (a) + (b) + (c) | (148) | (697) |
Total exceptional items (after-tax) | (17) | (543) |
Effects of the hyperinflation situation in Turkey(3) |
|
|
Impact on pre-tax income | (281) | (247) |
Impact on Net Income, Group share | (249) | (313) |
| ||
On 18 December 2021, the Group concluded an agreement with BMO Financial Group for the sale of 100% of its retail and commercial banking activities in the United States operated by the BancWest cash-generating unit. The terms of this transaction fall within the scope of application of IFRS 5 relating to groups of assets and liabilities held for sale (see note 8.e Discontinued activities) leading to isolate the “Net income from discontinued activities” on a separate line. A similar reclassification is made in the statement of net income and changes in assets and liabilities recognised directly in equity and in the cash flow statement.
In millions of euros | Notes | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
|---|---|---|---|
Interest income | 2.a | ||
Interest expense | 2.a | ( | ( |
Commission income | 2.b | ||
Commission expense | 2.b | ( | ( |
Net gain on financial instruments at fair value through profit or loss | 2.c | ||
Net gain on financial instruments at fair value through equity | 2.d | ||
Net gain on derecognised financial assets at amortised cost |
| ||
Net income from insurance activities | 5.a | ||
of which Insurance revenue |
| ||
Insurance service expenses |
| ( | ( |
Investment return |
| ||
Net finance income or expenses from insurance contracts |
| ( | ( |
Income from other activities | 2.e | ||
Expense on other activities | 2.e | ( | ( |
REVENUES FROM CONTINUING ACTIVITIES |
| ||
Operating expenses | 2.f | ( | ( |
Depreciation, amortisation and impairment of property, plant and equipment and intangible assets | 4.l | ( | ( |
GROSS OPERATING INCOME FROM CONTINUING ACTIVITIES |
| ||
Cost of risk | 2.g | ( | ( |
Other net losses for risk on financial instruments | 2.h | ( | ( |
OPERATING INCOME FROM CONTINUING ACTIVITIES |
| ||
Share of earnings of equity-method entities | 4.k | ||
Net gain on non-current assets | 2.i | ( | ( |
Goodwill | 4.m | ||
PRE-TAX INCOME FROM CONTINUING ACTIVITIES |
| ||
Corporate income tax from continuing activities | 2.j | ( | ( |
NET INCOME FROM CONTINUING ACTIVITIES |
| ||
Net income from discontinued activities | 8.e | ||
NET INCOME |
| ||
Net income attributable to minority interests |
| ||
NET INCOME ATTRIBUTABLE TO EQUITY HOLDERS |
| ||
Basic earnings per share | 8.a | ||
Diluted earnings per share | 8.a |
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
|---|---|---|
Net income for the period | ||
Changes in assets and liabilities recognised directly in equity | ||
Items that are or may be reclassified to profit or loss | ||
Changes in exchange differences | ( | |
Changes in fair value of financial assets at fair value through equity |
|
|
Changes in fair value recognised in equity | ( | |
Changes in fair value reported in net income | ( | |
Changes in fair value of investments of insurance activities |
|
|
Changes in fair value recognised in equity | ( | |
Changes in fair value reported in net income | ||
Changes in fair value of contracts of insurance activities | ( | |
Changes in fair value of hedging instruments |
|
|
Changes in fair value recognised in equity | ( | |
Changes in fair value reported in net income | ( | |
Income tax | ( | |
Changes in equity-method investments, after tax | ( | |
Changes in discontinued activities, after tax | ( | |
Items that will not be reclassified to profit or loss | ( | |
Changes in fair value of equity instruments designated as at fair value through equity | ( | |
Debt remeasurement effect arising from BNP Paribas Group issuer risk | ( | |
Remeasurement gains (losses) related to post-employment benefit plans | ( | |
Income tax | ||
Changes in equity-method investments, after tax | ||
Changes in discontinued activities, after tax | ||
Total | ||
Attributable to equity shareholders | ||
Attributable to minority interests |
In millions of euros, at | Notes | 31 December 2024 | 31 December 2023 |
|---|---|---|---|
ASSETS |
|
|
|
Cash and balances at central banks |
| ||
Financial instruments at fair value through profit or loss |
|
|
|
Securities | 4.a | ||
Loans and repurchase agreements | 4.a | ||
Derivative financial instruments | 4.a | ||
Derivatives used for hedging purposes | 4.b | ||
Financial assets at fair value through equity |
|
|
|
Debt securities | 4.c | ||
Equity securities | 4.c | ||
Financial assets at amortised cost |
|
|
|
Loans and advances to credit institutions | 4.e | ||
Loans and advances to customers | 4.e | ||
Debt securities | 4.e | ||
Remeasurement adjustment on interest-rate risk hedged portfolios |
| ( | ( |
Investments and other assets related to insurance activities | 5.c | ||
Current and deferred tax assets | 4.i | ||
Accrued income and other assets | 4.j | ||
Equity-method investments | 4.k | ||
Property, plant and equipment and investment property | 4.l | ||
Intangible assets | 4.l | ||
Goodwill | 4.m | ||
TOTAL ASSETS |
| ||
LIABILITIES |
|
|
|
Deposits from central banks |
| ||
Financial instruments at fair value through profit or loss |
|
|
|
Securities | 4.a | ||
Deposits and repurchase agreements | 4.a | ||
Issued debt securities and subordinated debt | 4.a | ||
Derivative financial instruments | 4.a | ||
Derivatives used for hedging purposes | 4.b | ||
Financial liabilities at amortised cost |
|
|
|
Deposits from credit institutions | 4.g | ||
Deposits from customers | 4.g | ||
Debt securities | 4.h | ||
Subordinated debt | 4.h | ||
Remeasurement adjustment on interest-rate risk hedged portfolios |
| ( | ( |
Current and deferred tax liabilities | 4.i | ||
Accrued expenses and other liabilities | 4.j | ||
Liabilities related to insurance contracts | 5.d | ||
Financial liabilities related to insurance activities | 5.c | ||
Provisions for contingencies and charges | 4.n | ||
TOTAL LIABILITIES |
| ||
EQUITY |
|
|
|
Share capital, additional paid-in capital and retained earnings |
| ||
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 |
| ||
Minority interests | 8.b | ||
TOTAL EQUITY |
| ||
TOTAL LIABILITIES AND EQUITY |
|
In millions of euros | Notes | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
|---|---|---|---|
Pre-tax income from continuing activities |
| ||
Pre-tax income from discontinued activities |
| ||
Non-monetary items included in pre-tax net income and other adjustments | |||
Net depreciation/amortisation expense on property, plant and equipment and intangible assets |
| ||
Impairment of goodwill and other non-current assets |
| ( | |
Net addition to provisions |
| ||
Variation of assets/liabilities related to insurance contracts |
| ( | |
Share of earnings of equity-method entities |
| ( | ( |
Net income from investing activities |
| ( | ( |
Net income (expense) from financing activities |
| ( | |
Other movements |
| ( | |
Net decrease related to assets and liabilities generated by operating activities |
| ( | ( |
Net decrease related to transactions with customers and credit institutions |
| ( | ( |
Net decrease related to transactions involving other financial assets and liabilities |
| ( | ( |
Net decrease related to transactions involving non-financial assets and liabilities (1) |
| ( | ( |
Taxes paid |
| ( | ( |
NET DECREASE IN CASH AND CASH EQUIVALENTS GENERATED BY OPERATING ACTIVITIES |
| ( | ( |
Net increase related to acquisitions and disposals of consolidated entities |
| ||
Net decrease related to property, plant and equipment and intangible assets |
| ( | ( |
NET decrease (INCREASE) IN CASH AND CASH EQUIVALENTS RELATED TO INVESTING ACTIVITIES |
| ( | |
Decrease in cash and cash equivalents related to transactions with shareholders |
| ( | ( |
Increase in cash and cash equivalents generated by other financing activities |
| ||
NET DECREASE IN CASH AND CASH EQUIVALENTS RELATED TO FINANCING ACTIVITIES |
| ( | ( |
EFFECT OF MOVEMENT IN EXCHANGE RATES ON CASH AND CASH EQUIVALENTS |
| ( | ( |
NET DECREASE IN CASH AND CASH EQUIVALENTS |
| ( | ( |
of which net increase in cash and cash equivalents from discontinued activities |
| ||
Balance of cash and cash equivalent accounts at the start of the period |
| ||
Cash and amounts due from central banks |
| ||
Due to central banks |
| ( | ( |
On demand deposits with credit institutions |
| ||
On demand loans from credit institutions | 4.g | ( | ( |
Deduction of receivables and accrued interest on cash and cash equivalents |
| ||
Cash and cash equivalent accounts classified as “Assets held for sale” |
| ||
Balance of cash and cash equivalent accounts at the end of the period |
| ||
Cash and amounts due from central banks |
| ||
Due to central banks |
| ( | ( |
On demand deposits with credit institutions |
| ||
On demand loans from credit institutions | 4.g | ( | ( |
Deduction of receivables and accrued interest on cash and cash equivalents |
| ||
NET DECREASE IN CASH AND CASH EQUIVALENTS |
| ( | ( |
| |||
In millions of euros | Capital and | Changes in assets and liabilities | Changes in assets and liabilities recognised directly in equity that will not be reclassified to profit or loss | Changes in assets and liabilities recognised directly | Total shareholders’ equity | Minority (note 8.b) | Total equity | |||||||||||
Share capital and additional paid-in-capital | Undated super subordinated notes | Non-distributed reserves | Total | Financial assets designated as at fair value through equity | Own-credit valuation adjustment of debt securities designated as at fair value through profit or loss | Remeasurement gains (losses) related to post-employment benefit plans | Discontinued activities | Total | Exchange differences | Financial assets at fair value through equity | Financial investments and contracts of insurance activities | Derivatives used for hedging purposes | Discontinued activities | Total | ||||
Balance at 31 December 2022 | ( | ( | ( | ( | ( | |||||||||||||
Appropriation of net income for 2022 | ( | ( | ( | ( | ( | |||||||||||||
Increases in capital and issues | ( | |||||||||||||||||
Reductions or redemptions of capital | ( | ( | ( | ( | ( | |||||||||||||
Movements in own equity instruments | ( | ( | ( | ( | ( | |||||||||||||
Share-based payment plans | ( | ( | ( | ( | ||||||||||||||
Remuneration on undated super subordinated notes | ( | ( | ( | ( | ( | |||||||||||||
Impact of internal transactions on minority shareholders (note 8.b) | ( | ( | ( | |||||||||||||||
Movements in consolidation scope impacting minority shareholders (note 8.b) | ( | ( | ||||||||||||||||
Acquisitions of additional interests or partial sales of interests (note 8.b) | ( | ( | ||||||||||||||||
Change in commitments to repurchase minority shareholders' interests | ( | ( | ||||||||||||||||
Other movements | ( | ( | ( | ( | ||||||||||||||
Realised gains or losses reclassified to retained earnings | ( | ( | ( | ( | ( | |||||||||||||
Changes in assets and liabilities recognised directly in equity | ( | ( | ( | |||||||||||||||
Net income for 2023 | ||||||||||||||||||
Balance at 31 December 2023 | ( | ( | ( | ( | ||||||||||||||
Appropriation of net income for 2023 | ( | ( | ( | ( | ( | |||||||||||||
Increases in capital and issues | ||||||||||||||||||
Reductions or redemptions of capital | ( | ( | ( | ( | ( | ( | ||||||||||||
Movements in own equity instruments | ( | ( | ||||||||||||||||
Share-based payment plans | ( | ( | ( | ( | ||||||||||||||
Remuneration on undated super subordinated notes | ( | ( | ( | ( | ( | |||||||||||||
Movements in consolidation scope impacting minority shareholders (note 8.b) | ||||||||||||||||||
Acquisitions of additional interests or partial sales of interests (note 8.b) | ||||||||||||||||||
Change in commitments to repurchase minority shareholders’ interests | ( | ( | ( | |||||||||||||||
Other movements | ( | ( | ( | ( | ||||||||||||||
Realised gains or losses reclassified to retained earnings | ( | ( | ||||||||||||||||
Changes in assets and liabilities recognised directly in equity | ( | ( | ( | ( | ||||||||||||||
Net income for 2024 | ||||||||||||||||||
Balance at 31 December 2024 | ( | ( | ( | ( | ( | |||||||||||||
Information on the nature and extent of risks relating to financial instruments as required by IFRS 7 “Financial Instruments: Disclosures” along with information on regulatory capital required by IAS 1 “Presentation of financial statements” are presented in chapter 5 of the Universal registration document. This information, which is an integral part of the notes to the consolidated financial statements of the BNP Paribas Group at 31 December 2024, is covered by the opinion of the Statutory Auditors on the consolidated financial statements, and is identified by the word “Audited” within this chapter. Section 4 of chapter 5, paragraph Exposures, provisions and cost of risk provides, in particular, IFRS 7 information on credit risk exposures and related impairment broken down according to whether the underlying loans are performing or non-performing, by geographic area and by industry.
The introduction of other standards, amendments and interpretations that are mandatory as from 1 January 2024, in particular the amendment to IFRS 16 on Lease liabilities in a sale and lease back, had no effect on the Group’s financial statements at 31 December 2024.
The Group did not early apply new standards, amendments and interpretations endorsed by the European Union when the application in 2024 was optional.
The impact assessment of the new standards and amendments not yet applicable by the Group is presented below:
On 30 May 2024, the IASB published amendments to IFRS 9 and IFRS 7, which will be applicable for annual periods beginning on 1 January 2026. These amendments:
IFRS 18 will be mandatory from 1 January 2027, with retrospective application.
IFRS 18 includes many of the requirements of IAS 1 without changes and supplements them with new requirements relating to:
The Bank is currently assessing the detailed implications of applying IFRS 18 to the Group’s consolidated financial statements.
The consolidated financial statements of BNP Paribas include entities that are controlled by the Group, jointly controlled, and under significant influence, with the exception of those entities whose consolidation is regarded as immaterial to the Group. Companies that hold shares in consolidated companies are also consolidated.
Subsidiaries are consolidated from the date on which the Group obtains effective control. Entities under temporary control are included in the consolidated financial statements until the date of disposal.
Controlled enterprises are fully consolidated. The Group controls a subsidiary when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.
For entities governed by voting rights, the Group generally controls the entity if it holds, directly or indirectly, the majority of the voting rights (and if there are no contractual provisions that alter the power of these voting rights) or if the power to direct the relevant activities of the entity is conferred on it by contractual agreements.
Structured entities are entities established so that they are not governed by voting rights, for instance when those voting rights relate to administrative tasks only, whereas the relevant activities are directed by means of contractual arrangements. They often have the following features or attributes: restricted activities, a narrow and well-defined objective and insufficient equity to permit them to finance their activities without subordinated financial support.
For these entities, the analysis of control shall consider the purpose and design of the entity, the risks to which the entity is designed to be exposed and to what extent the Group absorbs the related variability. The assessment of control shall consider all facts and circumstances able to determine the Group’s practical ability to make decisions that could significantly affect its returns, even if such decisions are contingent on uncertain future events or circumstances.
In assessing whether it has power, the Group considers only substantive rights which it holds or which are held by third parties. For a right to be substantive, the holder must have the practical ability to exercise that right when decisions about the relevant activities of the entity need to be made.
Control is reassessed if facts and circumstances indicate that there are changes to one or more of the elements of control.
Where the Group contractually holds the decision-making power, for instance where the Group acts as fund manager, it shall determine whether it is acting as agent or principal. Indeed, when associated with a certain level of exposure to the variability of returns, this decision-making power may indicate that the Group is acting on its own account and that it thus has control over those entities.
Minority interests are presented separately in the consolidated profit and loss account and balance sheet within consolidated equity. The calculation of minority interests takes into account the outstanding cumulative preferred shares classified as equity instruments issued by subsidiaries, when such shares are held outside the Group.
As regards fully consolidated funds, units held by third-party investors are recognised as debts at fair value through profit or loss, inasmuch as they are redeemable at fair value at the subscriber’s initiative.
For transactions resulting in a loss of control, any equity interest retained by the Group is remeasured at its fair value through profit or loss.
Where the Group carries out an activity with one or more partners, sharing control by virtue of a contractual agreement which requires unanimous consent on relevant activities (those that significantly affect the entity’s returns), the Group exercises joint control over the activity. Where the jointly controlled activity is structured through a separate vehicle in which the partners have rights to the net assets, this joint venture is accounted for using the equity method. Where the jointly controlled activity is not structured through a separate vehicle or where the partners have rights to the assets and obligations for the liabilities of the jointly controlled activity, the Group accounts for its share of the assets, liabilities, revenues and expenses in accordance with the applicable IFRS.
Companies over which the Group exercises significant influence or associates are accounted for by the equity method. Significant influence is the power to participate in the financial and operating policy decisions of a company without exercising control. Significant influence is presumed to exist when the Group holds, directly or indirectly, 20% or more of the voting rights of a company. Interests of less than 20% can be included in the consolidation scope if the Group effectively exercises significant influence. This is the case for example for entities developed in partnership with other associates, where the BNP Paribas Group participates in strategic decisions of the enterprise through representation on the Board of directors or equivalent governing body, or exercises influence over the enterprise’s operational management by supplying management systems or senior managers, or provides technical assistance to support the enterprise’s development.
Changes in the net assets of associates (companies accounted for under the equity method) are recognised on the assets side of the balance sheet under “Investments in equity-method entities” and in the relevant component of shareholders’ equity. Goodwill recorded on associates is also included under “Equity-method investments”.
Whenever there is an indication of impairment, the carrying amount of the investment consolidated under the equity method (including goodwill) is subjected to an impairment test, by comparing its recoverable value (the higher of value-in-use and market value less costs to sell) to its carrying amount. Where appropriate, impairment is recognised under “Share of earnings of equity-method entities” in the consolidated income statement and can be reversed at a later date.
If the Group’s share of losses of an equity-method entity equals or exceeds the carrying amount of its investment in this entity, the Group discontinues including its share of further losses. The investment is reported at nil value. Additional losses of the equity-method entity are provided for only to the extent that the Group has contracted a legal or constructive obligation or has made payments on behalf of this entity.
Where the Group holds an interest in an associate, directly or indirectly through an entity that is a venture capital organisation, a mutual fund, an open-ended investment company or similar entity such as an investment-related insurance fund, it may elect to measure that interest at fair value through profit or loss.
Realised gains and losses on investments in consolidated undertakings are recognised in the profit and loss account under “Net gain on non-current assets”.
The consolidated financial statements are prepared using uniform accounting policies for similar transactions and other events occurring in similar circumstances.
Intragroup balances arising from transactions between consolidated enterprises, and the transactions themselves (including income, expenses and dividends), are eliminated. Profits and losses arising from intragroup sales of assets are eliminated, except where there is an indication that the asset sold is impaired. Unrealised gains and losses included in the value of financial instruments at fair value through equity are maintained in the consolidated financial statements.
By way of exception, amendments to IAS 32 and IFRS 9 allow intragroup assets to be retained in the balance sheet if they are held as underlying components of direct participating contracts. These assets are measured at fair value through profit or loss. These are:
These provisions are applied by the Group’s insurance entities that issue direct participating contracts, the underlying elements of which include securities issued by the Group either directly or through consolidated investment entities.
The consolidated financial statements of BNP Paribas are prepared in euros.
The financial statements of enterprises whose functional currency is not the euro are translated using the closing rate method. Under this method, all assets and liabilities, both monetary and non-monetary, are translated using the spot exchange rate at the balance sheet date. Income and expense items are translated at the average rate for the period.
Financial statements of the Group’s subsidiaries located in hyperinflationary economies, previously adjusted for inflation by applying a general price index, are translated using the closing rate. This rate applies to the translation of assets and liabilities as well as income and expenses.
Differences arising from the translation of balance sheet items and profit and loss items are recorded in shareholders’ equity under “Exchange differences”, and in “Minority interests” for the portion attributable to outside investors. Under the optional treatment permitted by IFRS 1, the Group has reset to zero all translation differences, by booking all cumulative translation differences attributable to shareholders and to minority interests in the opening balance sheet at 1 January 2004 to retained earnings.
On liquidation or disposal of some or all of an interest held in a foreign enterprise located outside the Eurozone, leading to a change in the nature of the investment (loss of control, loss of significant influence or loss of joint control without keeping a significant influence), the cumulative exchange difference at the date of liquidation or sale is recognised in the profit and loss account.
Should the percentage of interest change without leading to a modification in the nature of the investment, the exchange difference is reallocated between the portion attributable to shareholders and that attributable to minority interests if the entity is fully consolidated; if the entity is consolidated under the equity method, it is recorded in profit or loss for the portion related to the interest sold.
Business combinations are accounted for using the purchase method.
Under this method, the acquiree’s identifiable assets and liabilities assumed are measured at fair value at the acquisition date except for non-current assets classified as assets held for sale which are accounted for at fair value less costs to sell.
The acquiree’s contingent liabilities are not recognised in the consolidated balance sheet unless they represent a present obligation on the acquisition date and their fair value can be measured reliably.
The cost of a business combination is the fair value, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued to obtain control of the acquiree. Costs directly attributable to the business combination are treated as a separate transaction and recognised through profit or loss.
Any contingent consideration is included in the cost, as soon as control is obtained, at fair value on the date when control was acquired. Subsequent changes in the value of any contingent consideration recognised as a financial liability are recognised through profit or loss.
The Group may recognise any adjustments to the provisional accounting within 12 months of the acquisition date.
Goodwill represents the difference between the cost of the combination and the acquirer’s interest in the net fair value of the identifiable assets and liabilities of the acquiree at the acquisition date. Positive goodwill is recognised in the acquirer’s balance sheet, while negative goodwill is recognised immediately in profit or loss, on the acquisition date. Minority interests are measured at their share of the fair value of the acquiree’s identifiable assets and liabilities. However, for each business combination, the Group can elect to measure minority interests at fair value, in which case a proportion of goodwill is allocated to them. To date, the Group has never used this latter option.
Goodwill is recognised in the functional currency of the acquiree and translated at the closing exchange rate.
On the acquisition date, any previously held equity interest in the acquiree is remeasured at its fair value through profit or loss. In the case of a step acquisition, the goodwill is therefore determined by reference to the acquisition-date fair value.
Since the revised IFRS 3 has been applied prospectively, business combinations completed prior to 1 January 2010 were not restated for the effects of changes to IFRS 3.
As permitted under IFRS 1, business combinations that took place before 1 January 2004 and were recorded in accordance with the previously applicable accounting standards (French GAAP), had not been restated in accordance with the principles of IFRS 3.
Specificities relating to insurance contracts acquired through business combinations are set out in note 1.g.2 in the paragraph Recognition and derecognition.
The BNP Paribas Group tests goodwill for impairment on a regular basis.
The BNP Paribas Group has split all its activities into cash-generating units(2) representing major business lines. This split is consistent with the Group’s organisational structure and management methods, and reflects the independence of each unit in terms of results and management approach. It is reviewed on a regular basis in order to take account of events likely to affect the composition of cash-generating units, such as acquisitions, disposals and major reorganisations.
Goodwill allocated to cash-generating units is tested for impairment annually and whenever there is an indication that a unit may be impaired, by comparing the carrying amount of the unit with its recoverable amount. If the recoverable amount is less than the carrying amount, an irreversible impairment loss is recognised, and the goodwill is written down by the excess of the carrying amount of the unit over its recoverable amount.
The recoverable amount of a cash-generating unit is the higher of the fair value of the unit less costs to sell, and its value in use.
Fair value is the price that would be obtained from selling the unit at the market conditions prevailing at the date of measurement, as determined mainly by reference to actual prices of recent transactions involving similar entities or on the basis of stock market multiples for comparable companies.
Value in use is based on an estimate of the future cash flows to be generated by the cash-generating unit, derived from the annual forecasts prepared by the unit’s management and approved by Group Executive Management, and from analyses of changes in the relative positioning of the unit’s activities on their market. These cash flows are discounted at a rate that reflects the return that investors would require from an investment in the business sector and region involved.
The methods used to account for assets and liabilities relating to foreign currency transactions entered into by the Group, and to measure the foreign exchange risk arising on such transactions, depend on whether the asset or liability in question is classified as a monetary or a non-monetary item.
Monetary assets and liabilities expressed in foreign currencies are translated into the functional currency of the relevant Group entity at the closing rate. Foreign exchange differences are recognised in the profit and loss account, except for those arising from financial instruments designated as a cash flow hedge or a net foreign investment hedge, which are recognised in shareholders’ equity.
Non-monetary assets may be measured either at historical cost or at fair value. Non-monetary assets expressed in foreign currencies are translated using the exchange rate at the date of the transaction (i.e. date of initial recognition of the non-monetary asset) if they are measured at historical cost, and at the closing rate if they are measured at fair value.
Foreign exchange differences relating to non-monetary assets denominated in foreign currencies and recognised at fair value (equity instruments) are recognised in profit or loss when the asset is classified in “Financial assets at fair value through profit or loss” and in equity when the asset is classified under “Financial assets at fair value through equity”.
The Group applies IAS 29 to the presentation of the accounts of its consolidated subsidiaries located in countries whose economies are in hyperinflation.
IAS 29 presents a number of quantitative and qualitative criteria to assess whether an economy is hyperinflationary, including a cumulative, three-year inflation rate approaching or exceeding 100%.
IAS 29 standard requires that the balance sheet and the profit or loss amounts not already expressed in terms of the measuring unit current at the end of the reporting period be restated by applying a general price index.
For this purpose:
In a period of inflation, an entity holding an excess of monetary assets over monetary liabilities loses purchasing power and an entity with an excess of monetary liabilities over monetary assets gains purchasing power to the extent the assets and liabilities are not linked to a price level. The gain or loss on the net monetary position, which reflects this gain or loss on purchasing power incurred by the Group during the reporting period, may be derived as the difference resulting from the restatement of non‑monetary assets, equity and the profit and loss account and the adjustment of index linked assets and liabilities. This gain or loss is recognised under “Net gain on non-current assets”.
Financial statements of these subsidiaries are then translated into euros at the closing rate.
In accordance with the provisions of the IFRIC’s decision of March 2020 on classifying the effects of indexation and translation of accounts of subsidiaries in hyperinflationary economies, the Group has opted to present these effects (including the net book value effect at the date of the initial application of IAS 29) within changes in assets and liabilities recognised directly through equity related to exchange differences.
Since 1 January 2022, the Group has applied IAS 29 to the presentation of the accounts of its consolidated subsidiaries located in Türkiye.
Income and expenses relating to debt instruments measured at amortised cost and at fair value through shareholders’ equity are recognised in the income statement using the effective interest rate method.
The effective interest rate is the rate that ensures that the discounted estimated future cash flows through the expected life of the financial instrument or, when appropriate, a shorter period, is equal to the carrying amount of the asset or liability in the balance sheet. The effective interest rate measurement takes into account all fees received or paid that are an integral part of the effective interest rate of the contract, transaction costs, and premiums and discounts.
Commissions considered as an additional component of interest are included in the effective interest rate and are recognised in the profit and loss account in “Net interest income”. This category includes notably commissions on financing commitments when it is considered that the setting up of a loan is more likely than unlikely. Commissions received in respect of financing commitments are deferred until they are drawn and then included in the effective interest rate calculation and amortised over the life of the loan. Syndication commissions are also included in this category for the portion of the commission equivalent to the remuneration of other syndication participants.
Commissions received with regards to banking and similar services provided (except for those that are integral part of the effective interest rate), revenues from property development and revenues from services provided in connection with lease contracts fall within the scope of IFRS 15 “Revenue from Contracts with Customers”.
This standard defines a single model for recognising revenue based on principles set out in five steps. These five steps enable to identify the distinct performance obligations included in the contracts and allocate the transaction price among them. The income related to those performance obligations is recognised as revenue when the latter are satisfied, namely when the control of the promised goods or services has been transferred.
The price of a service may contain a variable component. Variable amounts may be recognised in the income statement only if it is highly probable that the amounts recorded will not result in a significant downward adjustment.
The Group records commission income and expense in profit or loss either:
Margins on property development as well as income and expenses from services provided in connection with lease contracts are recorded under “Income from other activities” in the profit or loss account.
With regard to the revenues and expenses composing the margins of property development transactions, the Group records them in the profit or loss account:
Provisions and impairment are recognised when the margin above is negative (provisions for onerous contracts and inventories impairment).
Regarding income from services provided in connection with lease contracts, the Group records them in profit or loss as the service is rendered, i.e. in proportion to the costs incurred for maintenance contracts. The corresponding expenses are recognised when the service is rendered. At the same time, provisions are recognised to cover risks mainly related to services provided like risk retention and relay-assistance vehicles.
Financial assets are classified at amortised cost, at fair value through shareholders’ equity or at fair value through profit or loss depending on the business model and the contractual features of the instruments at initial recognition.
Financial liabilities are classified at amortised cost or at fair value through profit or loss at initial recognition.
Financial assets and liabilities are recognised in the balance sheet when the Group becomes a party to the contractual provisions of the instrument. Purchases and sales of financial assets made within a period established by the regulations or by a convention in the relevant marketplace are recognised in the balance sheet at the settlement date.
Financial assets are classified at amortised cost if the following two criteria are met: the business model objective is to hold the instrument in order to collect the contractual cash flows and the cash flows consist solely of payments relating to principal and interest on the principal.
Financial assets are managed within a business model whose objective is to hold financial assets in order to collect cash flows through the collection of contractual payments over the life of the instrument.
The realisation of disposals close to the maturity of the instrument and for an amount close to the remaining contractual cash flows, or due to an increase in the counterparty’s credit risk is consistent with a business model whose objective is to collect the contractual cash flows (“collect”). Sales imposed by regulatory requirements or to manage the concentration of credit risk (without an increase in the asset’s credit risk) are also consistent with this business model when they are infrequent or insignificant in value.
The cash flow criterion is satisfied if the contractual terms of the debt instrument give rise, on specified dates, to cash flows that are solely repayments of principal and interest on the principal amount outstanding.
The criterion is not met in the event of a contractual characteristic that exposes the holder to risks or to the volatility of contractual cash flows that are inconsistent with those of a non-structured or “basic lending” arrangement. It is also not satisfied in the event of leverage that increases the variability of the contractual cash flows.
Interest consists of consideration for the time value of money, for the credit risk, and for the remuneration of other risks (e.g. liquidity risk), costs (e.g. administration fees), and a profit margin consistent with that of a basic lending arrangement. The existence of negative interest does not call into question the cash flow criterion.
The time value of money is the component of interest - usually referred to as the “rate” component - which provides consideration for only the passage of time. The relationship between the interest rate and the passage of time must not be modified by specific characteristics that could call into question the respect of the cash flow criterion.
Thus, when the variable interest rate of the financial asset is periodically reset at a frequency that does not match the duration for which the interest rate is established, the time value of money may be considered as modified and, depending on the significance of that modification, the cash flow criterion may not be met. Some financial assets held by the Group present a mismatch between the interest rate reset frequency and the maturity of the index, or interest rates indexed to an average of benchmark rate. The Group has developed a consistent methodology for analysing this alteration of the time value of money.
Regulated rates meet the cash flow criterion when they provide consideration that is broadly consistent with the passage of time and do not expose to risks or volatility in the contractual cash flows that would be inconsistent with those of a basic lending arrangement (example: loans granted in the context of Livret A savings accounts).
Some contractual clauses may change the timing or the amount of cash flows. Early redemption options do not call into question the cash flow criterion if the prepayment amount substantially represents the principal amount outstanding and the interest thereon, which may include reasonable compensation for the early termination of the contract. For example, as regards loans to retail customers, the compensation limited to 6 months of interest or 3% of the capital outstanding is considered reasonable. Actuarial penalties, corresponding to the present value of the difference between the residual contractual cash flows of the loan, and their reinvestment in a loan to a similar counterparty or in the interbank market for a similar residual maturity are also considered as reasonable, even when the compensation can be positive or negative (i.e. “symmetric” compensation). An option that permits the issuer or the holder of a financial instrument to change the interest rate from floating to fixed rate does not breach the cash flow criterion if the fixed rate is determined at origination, or if it represents the time value of money for the residual maturity of the instrument at the date of exercise of the option. Clauses included in financing granted to encourage the sustainable development of companies which adjust the interest margin depending on the achievement of environmental, social or governance (ESG) objectives and disclosed in chapter 7 of the Universal registration document, do not call into question the cash flow criterion when such an adjustment is considered to be minimal. Structured instruments indexed to ESG market indices do not meet the cash flow criterion.
In the particular case of financial assets contractually linked to payments received on a portfolio of underlying assets and which include a priority order for payment of cash flows between investors (“tranches”), thereby creating concentrations of credit risk, a specific analysis is carried out. The contractual characteristics of the tranche and those of the underlying financial instrument portfolios must meet the cash flow criterion and the credit risk exposure of the tranche must be equal to or lower than the exposure to credit risk of the underlying pool of financial instruments.
Certain loans may be “non-recourse”, either contractually, or in substance when they are granted to a special purpose entity. That is in particular the case of numerous project financing or asset financing loans. The cash flow criterion is met as long as these loans do not represent a direct exposure on the assets acting as collateral. In practice, the sole fact that the financial asset explicitly gives rise to cash flows that are consistent with payments of principal and interest is not sufficient to conclude that the instrument meets the cash flow criterion. In that case, the particular underlying assets to which there is limited recourse shall be analysed using the “look-through” approach. If those assets do not themselves meet the cash flow criterion, the existing credit enhancement is assessed. The following aspects are considered: structuring and sizing of the transaction, own funds level of the structure, expected source of repayment, price volatility of the underlying assets.
The “financial assets at amortised cost” category includes, in particular, loans granted by the Group, as well as reverse repurchase agreements and securities held by the Group ALM Treasury in order to collect contractual flows and meeting the cash flow criterion.
On initial recognition, financial assets are recognised at fair value, including transaction costs directly attributable to the transaction as well as commissions related to the origination of the loans.
They are subsequently measured at amortised cost, including accrued interest and net of repayments of principal and interest during the past period. These financial assets are also subject from their initial recognition, to the measurement of a loss allowance for expected credit losses (note 1.f.5).
Interest is calculated using the effective interest method determined at inception of the contract.
Debt instruments are classified at fair value through shareholders’ equity if the following two criteria are met:
The securities held by the Group ALM Treasury in order to collect contractual flows or to be sold and meeting the cash flow criterion are in particular classified in this category.
On initial recognition, financial assets are recognised at their fair value, including transaction costs directly attributable to the transaction. They are subsequently measured at fair value and changes in fair value are recognised, under a specific line of shareholders’ equity entitled “Changes in assets and liabilities recognised directly in equity that may be reclassified to profit or loss”. These financial assets are also subject to the measurement of a loss allowance for expected credit losses on the same approach as for debt instruments at amortised cost. The counterparty of the related impact in cost of risk is recognised in the same specific line of shareholders’ equity. On disposal, changes in fair value previously recognised in shareholders’ equity are reclassified to profit or loss.
In addition, interest is recognised in the income statement using the effective interest method determined at the inception of the contract.
Investments in equity instruments such as shares are classified on option, and on a case-by-case basis, at fair value through shareholders’ equity (under a specific line). On disposal of the shares, changes in fair value previously recognised in equity are not recognised in profit or loss. Only dividends, if they represent remuneration for the investment and not repayment of capital, are recognised in profit or loss. These instruments are not subject to impairment.
Investments in mutual funds puttable to the issuer do not meet the definition of equity instruments. They do not meet the cash flow criterion either, and thus are recognised at fair value through profit or loss.
Financing and financial guarantee commitments that are not recognised at fair value through profit or loss are presented respectively in notes 6.a and 6.b. They are subject to the measurement of a loss allowance for expected credit losses. These loss allowances are presented under “Provisions for contingencies and charges”.
The Group may issue performance guarantees in conjunction with integral indemnity agreements that provide the Group the right to claim back any amounts paid out from the party whose non-performance would have led to the guarantee being called. This type of commitment exposes the Group to credit risk and therefore results in the recognition of expected credit losses.
Home savings accounts (Comptes Épargne-Logement – “CEL”) and home savings plans (Plans d’Épargne Logement – “PEL”) are government-regulated retail products sold in France. They combine a savings phase and a loan phase which are inseparable, with the loan phase contingent upon the savings phase.
These products contain two types of obligations for BNP Paribas: an obligation to pay interest on the savings for an indefinite period, at a rate set by the government at the inception of the contract (in the case of PEL products) or at a rate reset every six months using an indexation formula set by law (in the case of CEL products); and an obligation to lend to the customer (at the customer’s option) an amount contingent upon the rights acquired during the savings phase, at a rate set at the inception of the contract (in the case of PEL products) or at a rate contingent upon the savings phase (in the case of CEL products).
The Group’s future obligations with respect to each generation (in the case of PEL products, a generation comprises all products with the same interest rate at inception; in the case of CEL products, all such products constitute a single generation) are measured by discounting potential future earnings from at-risk outstandings for that generation.
At-risk outstandings are estimated on the basis of a historical analysis of customer behaviour, and are equivalent to:
Earnings for future periods from the savings phase are estimated as the difference between the investment rate and the fixed savings interest rate on at-risk savings outstanding for the period in question. Earnings for future periods from the loan phase are estimated as the difference between the refinancing rate and the fixed loan interest rate on at-risk loans outstanding for the period in question.
The investment rate for savings and the refinancing rate for loans are derived from the swap yield curve and from the spreads expected on financial instruments of similar type and maturity. Spreads are determined on the basis of actual spreads on fixed-rate home loans in the case of the loan phase and products offered to individual clients in the case of the savings phase. In order to reflect the uncertainty of future interest rate trends, and the impact of such trends on customer behaviour models and on at-risk outstandings, the obligations are estimated using the Monte-Carlo method.
Where the sum of the Group’s estimated future obligations with respect to the savings and loan phases of any generation of contracts indicates a potentially unfavourable situation for the Group, a provision is recognised (with no offset between generations) in the balance sheet in “Provisions for contingencies and charges”. Movements in this provision are recognised as interest income in the profit and loss account.
The impairment model for credit risk is based on expected losses.
This model applies to loans and debt instruments measured at amortised cost or at fair value through equity, to loan commitments and financial guarantee contracts that are not recognised at fair value, as well as to lease receivables, trade receivables and contract assets.
The Group identifies three “stages” that each correspond to a specific status with regards to the evolution of counterparty credit risk since the initial recognition of the asset.
This general model is applied to all instruments within the scope of IFRS 9 impairment, except for purchased or originated credit-impaired financial assets and instruments for which a simplified model is used (see below).
The IFRS 9 expected credit loss approach is symmetrical, i.e. if lifetime expected credit losses have been recognised in a previous reporting period, and if it is assessed in the current reporting period that there is no longer any significant increase in credit risk since initial recognition, the loss allowance reverts to a 12-months expected credit loss.
As regards interest income, under “stages” 1 and 2, it is calculated on the gross carrying amount. Under “stage 3”, interest income is calculated on the amortised cost (i.e. the gross carrying amount adjusted for the loss allowance).
The definition of default is aligned with the Basel regulatory default definition, with a rebuttable presumption that the default occurs no later than 90 days past due. This definition takes into account the EBA guidelines of 28 September 2016, notably those regarding the thresholds applicable for the counting of past-due and probation periods.
The definition of default is used consistently for assessing the increase in credit risk and measuring expected credit losses.
A financial asset is considered credit-impaired or doubtful and classified in “stage 3” when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.
At an individual level, objective evidence that a financial asset is credit-impaired includes observable data regarding the following events: the existence of accounts that are more than 90 days past due; knowledge or indications that the borrower is experiencing significant financial difficulties, such that a risk can be considered to have arisen regardless of whether the borrower has missed any payments; concessions with respect to the credit terms granted to the borrower that the lender would not have considered had the borrower not been in financial difficulty (see section Restructuring of financial assets for financial difficulties).
In some cases, financial assets are credit-impaired at initial recognition.
For these assets, no loss allowance is recorded on initial recognition. The effective interest rate is calculated taking into account the lifetime expected credit losses in the initial estimated cash flows. Any change in lifetime expected credit losses since initial recognition, positive or negative, is recognised as a loss allowance adjustment in profit or loss.
The simplified approach consists in accounting for a loss allowance corresponding to lifetime expected credit losses since initial recognition, and at each reporting date.
The Group applies this model to trade receivables with a maturity shorter than 12 months.
A significant increase in credit risk may be assessed on an individual basis or on a collective basis (by grouping financial instruments according to common credit risk characteristics), taking into account all reasonable and supportable information and comparing the risk of default of the financial instrument at the reporting date with the risk of default of the financial instrument at the date of initial recognition.
Assessment of deterioration is based on the comparison of the probabilities of default derived from the ratings on the date of initial recognition with those existing at the reporting date.
There is also, according to the standard, a rebuttable presumption that the credit risk of an instrument has significantly increased since initial recognition when the contractual payments are more than 30 days past due.
In the consumer credit specialist business, a significant increase in credit risk is also considered when a past due event has occurred within the last 12 months, even if it has since been regularised. From 2024, this specificity no longer applies to most exposures in the eurozone.
The approaches applied to assess the significant increase in credit risk are detailed in note 2.g Cost of risk.
Expected credit losses are defined as an estimate of credit losses (i.e. the present value of all cash shortfalls) weighted by the probability of occurrence of these losses over the expected life of the financial instruments. They are measured on an individual basis, for all exposures.
In practice, for exposures classified in stage 1 and stage 2, expected credit losses are measured as the product of the probability of default (“PD”), Loss Given Default (“LGD”) and Exposure at Default (“EAD”), discounted at the effective interest rate of the exposure (EIR). They result from the risk of default within the next 12 months (stage 1), or from the risk of default over the maturity of the facility (stage 2). In the consumer credit specialist business, because of the specificity of credit exposures, the methodology used is based on the probability of transition to term forfeiture, and on discounted loss rates after term forfeiture. These parameters are measured on a statistical basis for homogeneous populations. From 2024, this specificity no longer applies to most exposures in the Eurozone.
For exposures classified in stage 3, expected credit losses are measured as the value, discounted at the effective interest rate, of all cash shortfalls over the life of the financial instrument. Cash shortfalls represent the difference between the cash flows that are due in accordance with the contract, and the cash flows that are expected to be received. Where appropriate, the estimate of expected cash flows takes into account a cash flow scenario arising from the sale of the defaulted loans or groups of loans. Proceeds from the sale are recorded net of costs to sell.
The methodology developed is based on existing concepts and methods (in particular the Basel framework) on exposures for which capital requirement for credit risk is measured according to the Internal Ratings-Based Approach (IRBA) methodology. This method is also applied to portfolios for which capital requirement for credit risk is measured according to the standardised approach. Besides, the Basel framework has been adjusted in order to be compliant with IFRS 9 requirements, in particular the use of forward-looking information.
All contractual terms of the financial instrument are taken into account, including prepayment, extension and similar options. In the rare cases where the expected life of the financial instrument cannot be estimated reliably, the residual contractual term is used. The standard specifies that the maximum period to consider when measuring expected credit losses is the maximum contractual period. However, for revolving credit cards and overdrafts, in accordance with the exception provided by IFRS 9 for these products, the maturity considered for measuring expected credit losses is the period over which the entity is exposed to credit risk, which may extend beyond the contractual maturity (notice period). For revolving credits and overdrafts to non-retail counterparties, the contractual maturity can be used, for example if the next review date is the contractual maturity as they are individually managed.
Probability of Default is an estimate of the likelihood of default over a given time horizon.
The determination of the PD is based on the Group’s internal rating system, which is described in chapter 5 of the Universal registration document (section 5.4 Credit risk – Credit risk management policy). This section describes how Environmental, social and governance (ESG) risks are taken into account in credit and rating policies, notably with the introduction of a new tool: the ESG Assessment.
The measurement of expected credit losses requires the estimation of both 1-year probabilities of default and lifetime probabilities of default.
1-year PDs are derived from long term average regulatory “through the cycle” PDs to reflect the current situation and macroeconomic scenarios (“Point in Time” or “PIT”).
Lifetime PDs are determined based on the rating migration matrices reflecting the expected changes in the rating of the exposure until maturity, and the associated probabilities of default.
Loss Given Default is the difference between contractual cash flows and expected cash-flows, discounted using the effective interest rate (or an approximation thereof) at the default date. LGD is expressed as a percentage of the Exposure at Default (EAD).
The estimate of expected cash flows takes into account cash flows resulting from the sale of collateral held or other credit enhancements if they are part of the contractual terms and are not accounted for separately by the entity (for example, a mortgage associated with a residential loan), net of the costs of obtaining and selling the collateral.
For guaranteed loans, the guarantee is considered as integral to the loan agreement if it is embedded in the contractual clauses of the loan, or if it was granted concomitantly to the loan, and if the expected reimbursement amount can be attached to a loan in particular (i.e. absence of pooling effect by means of a tranching mechanism, or the existence of a global cap for a whole portfolio). In such case, the guarantee is taken into account when measuring the expected credit losses. Otherwise, it is accounted for as a separate reimbursement asset.
The LGD used for IFRS 9 purposes is derived from the Basel LGD parameters. It is adjusted for downturn and conservatism margins (in particular regulatory margins), except for margins for model uncertainties. For corporate clients, this LGD is determined considering macroeconomic scenarios.
Exposure at Default (EAD) of an instrument is the anticipated outstanding amount owed by the obligor at the time of default. It is determined by the expected payment profile taking into account, depending on the product type: the contractual repayment schedule, expected early repayments and expected future drawings for revolving facilities.
The amount of expected credit losses is measured on the basis of probability-weighted scenarios, in view of past events, current conditions and reasonable and supportable economic forecasts. From 31 December 2024, forward‑looking information specifically takes into account risks related to climate change transition, in particular through the use of long-term scenarios.
The approaches applied to take into account forward-looking information when measuring expected credit losses are detailed in note 2.g Cost of risk.
A write-off consists in reducing the gross carrying amount of a financial asset when there are no longer reasonable expectations of recovering that financial asset in its entirety or a portion thereof, or when it has been fully or partially forgiven. The write-off is recorded when all other means available to the Bank for recovering the receivables or guarantees have failed, and also generally depends on the context specific to each jurisdiction.
If the amount of loss on write-off is greater than the accumulated loss allowance, the difference is recognised as an additional impairment loss in “Cost of risk”. For any recovery once the financial asset (or part thereof) is no longer recognised on the balance sheet, the amount received is recorded as a gain in “Cost of risk”.
When a loan is secured by a financial or a non-financial asset serving as a guarantee and the counterparty is in default, the Group may decide to exercise the guarantee and, depending on the jurisdiction, it may then become owner of the asset. In such a situation, the loan is written-off against the asset received as collateral.
Once ownership of the asset is effective, it is recognised at fair value and classified according to the intent of use.
A restructuring due to the borrower’s financial difficulties is defined as a change in the terms and conditions of the initial transaction that the Group is considering only for economic or legal reasons related to the borrower’s financial difficulties.
For restructurings not resulting in derecognition of the financial asset, the restructured asset’s gross carrying amount is reduced to the discounted amount, using the original effective interest rate of the asset, of the new expected future flows. The change in the gross carrying amount of the asset is recorded in the income statement in “Cost of risk”.
The existence of a significant increase in credit risk for the financial instrument is then assessed by comparing the risk of default after the restructuring (under the revised contractual terms) and the risk of default at the initial recognition date (under the original contractual terms). In order to demonstrate that the criteria for recognising lifetime expected credit losses are no longer met, good payment behaviour will have to be observed over a certain period of time.
When the restructuring consists of a partial or total exchange against other substantially different assets (for example, the exchange of a debt instrument against an equity instrument), it results in the extinction of the original asset and the recognition of the assets remitted in exchange, measured at their fair value at the date of exchange. The difference in value is recorded in the income statement in “Cost of risk”.
Modifications to financial assets that are not due to a borrower’s financial difficulties, or granted in the context of a moratorium (i.e. commercial renegotiations) are generally analysed as the early repayment of the former loan, which is then derecognised, followed by the set-up of a new loan at market conditions. If there is no significant repayment penalty, they consist in resetting the interest rate of the loan at market conditions, with the client being in a position to change lender and not encountering any financial difficulties.
The Group applies observation periods to assess the possible return to a better stage. Accordingly, a 3-month probation period is observed for the transition from stage 3 to stage 2 which is extended to 12 months in the event of restructuring due to financial difficulties.
For the transition from stage 2 to stage 1, a probation period of two years is observed for loans that have been restructured due to financial difficulties.
Cost of risk includes the following items of profit or loss:
It also includes expenses relating to fraud and to disputes inherent to the financing activity.
The trading portfolio includes instruments held for trading (trading transactions), including derivatives.
Other financial assets measured at fair value through profit or loss include debt instruments that do not meet the “collect” or “collect and sale” business model criterion or that do not meet the cash flow criterion, as well as equity instruments for which the fair value through shareholders’ equity option has not been retained. Finally financial assets may be designated as at fair value through profit or loss if this enables the entity to eliminate or significantly reduce a mismatch in the measurement and accounting treatment of assets and liabilities that would otherwise arise if they were to be classified in separate categories.
All those financial instruments are measured at fair value at initial recognition, with transaction costs directly posted in profit or loss. At the reporting date, they are measured at fair value, with changes presented in “Net gain/loss on financial instruments at fair value through profit or loss”. Income, dividends, and realised gains and losses on disposal related to held-for-trading transactions are accounted for in the same profit or loss account.
Financial liabilities are recognised under option in this category in the two following situations:
Changes in fair value due to the own credit risk are recognised under a specific heading of shareholders’ equity.
A financial instrument issued or its various components are classified as a financial liability or equity instrument, in accordance with the economic substance of the legal contract.
Financial instruments issued by the Group are qualified as debt instruments if the entity in the Group issuing the instruments has a contractual obligation to deliver cash or another financial asset to the holder of the instrument. The same applies if the Group is required to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the Group, or to deliver a variable number of the Group’s own equity instruments.
Equity instruments result from contracts evidencing a residual interest in an entity’s assets after deducting all of its liabilities.
Debt securities and subordinated debt are measured at amortised cost unless they are recognised at fair value through profit or loss.
Debt securities are initially recognised at the issue value including transaction costs and are subsequently measured at amortised cost using the effective interest method.
Issued bonds redeemable or convertible into own equity may contain a debt component and an equity component, determined upon initial recognition of the transaction. In this case, they will be qualified as compound financial instruments.
In this respect, the Group has elected to record contingent convertible bonds issued, without maturity, when convertible into a variable number of own shares on the occurrence of a predetermined trigger event (e.g. a decrease in the solvency ratio below a threshold), as compound instruments, to the extent that the coupons on these bonds are paid discretionarily.
The term “own equity instruments” refers to shares issued by the parent company (BNP Paribas SA) and by its fully consolidated subsidiaries. External costs that are directly attributable to an issue of new shares are deducted from equity net of all related taxes.
Own equity instruments held by the Group, also known as treasury shares, are deducted from consolidated shareholders’ equity irrespective of the purpose for which they are held. Gains and losses arising on such instruments are eliminated from the consolidated profit and loss account.
When the Group acquires equity instruments issued by subsidiaries under the exclusive control of BNP Paribas, the difference between the acquisition price and the share of net assets acquired is recorded in retained earnings attributable to BNP Paribas shareholders. Similarly, the liability corresponding to put options granted to minority shareholders in such subsidiaries, and changes in the value of that liability, are offset against minority interests, with any surplus offset against retained earnings attributable to BNP Paribas shareholders. Until these options have been exercised, the portion of net income attributable to minority interests is allocated to minority interests in the profit and loss account. A decrease in the Group’s interest in a fully consolidated subsidiary is recognised in the Group’s accounts as a change in shareholders’ equity.
Financial instruments issued by the Group and classified as equity instruments (notably the undated super subordinated notes) are presented in the balance sheet in “Capital and retained earnings”.
Distributions from a financial instrument classified as an equity instrument are recognised directly as a deduction from equity. Similarly, the transaction costs of an instrument classified as equity are recognised as a deduction from shareholders’ equity.
Own equity instrument derivatives are treated as follows, depending on the method of settlement:
If the contract includes an obligation, whether contingent or not, for the bank to repurchase its own shares, the Bank recognises the debt at its present value with an offsetting entry in shareholders’ equity.
The Group retained the option provided by the standard to maintain the hedge accounting requirements of IAS 39 until the future standard on macro-hedging is entered into force. Furthermore, IFRS 9 does not explicitly address the fair value hedge of the interest rate risk on a portfolio of financial assets or liabilities. The provisions in IAS 39 for these portfolio hedges, as adopted by the European Union, continue to apply.
Derivatives contracted as part of a hedging relationship are designated according to the purpose of the hedge.
Fair value hedges are particularly used to hedge interest rate risk on fixed-rate assets and liabilities, both for identified financial instruments (securities, debt issues, loans, borrowings) and for portfolios of financial instruments (in particular, demand deposits and fixed-rate loans).
Cash flow hedges are particularly used to hedge interest rate risk on floating-rate assets and liabilities, including rollovers, and foreign exchange risks on highly probable forecast foreign currency revenues.
At the inception of the hedge, the Group prepares formal documentation which details the hedging relationship, identifying the instrument, or portion of the instrument, or portion of risk that is being hedged, the hedging strategy and the type of risk hedged, the hedging instrument, and the methods used to assess the effectiveness of the hedging relationship.
On inception and at least quarterly, the Group assesses, in consistency with the original documentation, the actual (retrospective) and expected (prospective) effectiveness of the hedging relationship. Retrospective effectiveness tests are designed to assess whether the ratio of actual changes in the fair value or cash flows of the hedging instrument to those in the hedged item is within a range of 80% to 125%. Prospective effectiveness tests are designed to ensure that expected changes in the fair value or cash flows of the derivative over the residual life of the hedge adequately offset those of the hedged item. For highly probable forecast transactions, effectiveness is assessed largely on the basis of historical data for similar transactions.
Under IAS 39 as adopted by the European Union, which excludes certain provisions on portfolio hedging, interest rate risk hedging relationships based on portfolios of assets or liabilities qualify for fair value hedge accounting as follows:
The accounting treatment of derivatives and hedged items depends on the hedging strategy.
In a fair value hedging relationship, the derivative instrument is remeasured at fair value in the balance sheet, with changes in fair value recognised in profit or loss in “Net gain/loss on financial instruments at fair value through profit or loss”, symmetrically with the remeasurement of the hedged item to reflect the hedged risk. In the balance sheet, the fair value remeasurement of the hedged component is recognised in accordance with the classification of the hedged item in the case of a hedge of identified assets and liabilities, or under “Remeasurement adjustment on interest rate risk hedged portfolios” in the case of a portfolio hedging relationship.
If a hedging relationship ceases or no longer fulfils the effectiveness criteria, the hedging instrument is transferred to the trading book and accounted for using the treatment applied to this category. In the case of identified fixed-income instruments, the remeasurement adjustment recognised in the balance sheet is amortised at the effective interest rate over the remaining life of the instrument. In the case of interest rate risk hedged fixed-income portfolios, the adjustment is amortised on a straight-line basis over the remainder of the original term of the hedge. If the hedged item no longer appears in the balance sheet, in particular due to prepayments, the adjustment is taken to the profit and loss account immediately.
In a cash flow hedging relationship, the derivative is measured at fair value in the balance sheet, with changes in fair value taken to shareholders’ equity on a separate line, “Changes in fair value recognised directly in equity”. The amounts taken to shareholders’ equity over the life of the hedge are transferred to the profit and loss account under “Net interest income” as and when the cash flows from the hedged item impact profit or loss. The hedged items continue to be accounted for using the treatment specific to the category to which they belong.
If the hedging relationship ceases or no longer fulfils the effectiveness criteria, the cumulative amounts recognised in shareholders’ equity as a result of the remeasurement of the hedging instrument remain in equity until the hedged transaction itself impacts profit or loss, or until it becomes clear that the transaction will not occur, at which point they are transferred to the profit and loss account.
If the hedged item ceases to exist, the cumulative amounts recognised in shareholders’ equity are immediately taken to the profit and loss account.
Whatever the hedging strategy used, any ineffective portion of the hedge is recognised in the profit and loss account under “Net gain/loss on financial instruments at fair value through profit or loss”.
Hedges of net foreign currency investments in subsidiaries and branches are accounted for in the same way as cash flow hedges. Hedging instruments may be foreign exchange derivatives or any other non-derivative financial instrument.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market or most advantageous market, at the measurement date.
The Group determines the fair value of financial instruments either by using prices obtained directly from external data or by using valuation techniques. These valuation techniques are primarily market and income approaches encompassing generally accepted models (e.g. discounted cash flows, Black-Scholes model, and interpolation techniques). They maximise the use of observable inputs and minimise the use of unobservable inputs. They are calibrated to reflect current market conditions and valuation adjustments are applied as appropriate, when some factors such as model, liquidity and credit risks are not captured by the models or their underlying inputs but are nevertheless considered by market participants when setting the exit price.
The unit of measurement is the individual financial asset or financial liability but a portfolio-based measurement can be elected, subject to certain conditions. Accordingly, the Group retains this portfolio-based measurement exception to determine the fair value when some group of financial assets and financial liabilities and other contracts within the scope of the standard relating to financial instruments with substantially similar and offsetting market risks or credit risks is managed on the basis of a net exposure, in accordance with the documented risk management strategy.
Assets and liabilities measured or disclosed at fair value are categorised into the three following levels of the fair value hierarchy:
The level in the fair value hierarchy within which the asset or liability is categorised in its entirety is based upon the lowest level input that is significant to the entire fair value measurement.
For financial instruments disclosed in Level 3 of the fair value hierarchy, and marginally some instruments disclosed in Level 2, a difference between the transaction price and the fair value may arise at initial recognition. This “Day One Profit” is deferred and released to the profit and loss account over the period during which the valuation parameters are expected to remain non-observable. When parameters that were originally non-observable become observable, or when the valuation can be substantiated in comparison with recent similar transactions in an active market, the unrecognised portion of the day one profit is released to the profit and loss account.
The Group derecognises all or part of a financial asset when the contractual rights to the cash flows of the asset expire, or when the Group transfers the asset – either on the basis of a transfer of the contractual rights to its cash flows, or by retaining the contractual rights to receive the cash flows of the asset while assuming an obligation to pay the cash flows of the asset under an eligible pass-through arrangement – as well as substantially all the risks and rewards of the asset.
Where the Group has transferred the cash flows of a financial asset but has neither transferred nor retained substantially all the risks and rewards of ownership of the financial asset and has not in practice retained control of the financial asset, the Group derecognises the financial asset and then records separately, if necessary, an asset or liability representing the rights and obligations created or held as part of the transfer of the asset. If the Group has retained control of the financial asset, it maintains it on its balance sheet to the extent of its continuing involvement in that asset.
Upon the derecognition of a financial asset in its entirety, a gain or loss on disposal is recognised in the profit and loss account for an amount equal to the difference between the carrying amount of the asset and the value of the consideration received, adjusted where appropriate for any unrealised gain or loss previously recognised directly in equity.
If all these conditions are not met, the Group retains the asset in its balance sheet and recognises a liability for the obligations arising on the transfer of the asset.
The Group derecognises all or part of a financial liability when the liability is extinguished, i.e. when the obligation specified in the contract is extinguished, cancelled or expired. A financial liability may also be derecognised in the event of a substantial change in its contractual terms or if exchanged with the lender for an instrument with substantially different contractual terms.
Securities temporarily sold under repurchase agreements continue to be recognised in the Group’s balance sheet in the category of securities to which they belong. The corresponding liability is recognised at amortised cost under the appropriate “Financial liabilities at amortised cost” category on the balance sheet, except in the case of repurchase agreements contracted for trading purposes, for which the corresponding liability is recognised in “Financial liabilities at fair value through profit or loss”.
Securities temporarily acquired under reverse repurchase agreements are not recognised in the Group’s balance sheet. The corresponding receivable is recognised at amortised cost under the appropriate “Financial assets at amortised cost” category in the balance sheet, except in the case of reverse repurchase agreements contracted for trading purposes, for which the corresponding receivable is recognised in “Financial assets at fair value through profit or loss”.
Securities lending transactions do not result in derecognition of the lent securities, and securities borrowing transactions do not result in recognition of the borrowed securities on the balance sheet. In cases where the borrowed securities are subsequently sold by the Group, the obligation to deliver the borrowed securities on maturity is recognised on the balance sheet under “Financial liabilities at fair value through profit or loss”.
A financial asset and a financial liability are offset and the net amount presented in the balance sheet if, and only if, the Group has a legally enforceable right to set off the recognised amounts, and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Repurchase agreements and derivatives that meet the two criteria set out in the accounting standard are offset in the balance sheet.
IFRS 9 is applied in the same way as to other Group entities (see note 1.f).
Investments of insurance activities include investment property which are measured at fair value as underlying assets of direct participating contracts.
The Group applies IFRS 17 to insurance contracts issued, reinsurance contracts issued and held, and discretionary investment contracts issued (if the entity also issues insurance contracts).
The main insurance contracts issued by the Group correspond to:
A reinsurance contract (or treaty) is an insurance contract by which an insurer (ceding company or cedent) transfers part of its risks to a reinsurer. The Group acts as reinsurer by accepting risks related to persons or property from external insurers and as ceding company by transferring such risks to external reinsurers. Contracts may be proportional or non-proportional depending on the nature of the risks and the appetite for the risk accepted or retained. They are measured either according to the general model or according to the premium allocation approach since the standard prohibits the use of the variable fee approach for reinsurance contracts.
Investment contracts without discretionary participating features and without insurance risk backed by unit-linked underlying assets are measured at fair value through profit or loss in accordance with IFRS 9.
The methods for measuring and recognising these various contracts according to the measurement model adopted are set out below.
These contracts are described in note 5.d Assets and liabilities related to insurance contracts.
When insurance or investment contracts with discretionary participation include components, which would fall within the scope of another standard if they were separate contracts, an analysis must be carried out to determine whether these components should be accounted for separately. Thus:
An insurance contract is a contract under which a party, the issuer, assumes a significant insurance risk for another party, the policyholder, by agreeing to indemnify the policyholder if a specified uncertain future event, the insured event, is detrimental to the policyholder.
An insurance risk is significant if, and only if, an insured event can cause the insurer to pay significant additional amounts in any scenario, excluding scenarios that are devoid of commercial substance. A contract transfers a significant insurance risk only if there is a scenario with a commercial substance in which there is a possibility that the issuer will incur a loss based on the present value.
The insurance risks covered by Group entities are:
Life or savings contracts issued by Group entities are qualified as insurance contracts if they include a risk in the event of survival (pension contracts with compulsory annuities) or a risk in the event of death (unit-linked contracts with a floor guarantee in the event of death and savings contracts with a guarantee of an additional amount payable in the event of death). In the absence of such risks, these contracts are investment contracts with or without discretionary participating features.
Investment contracts do not expose the insurer to significant insurance risk. They are within the scope of IFRS 17 if they are issued by entities that also issue insurance contracts.
Discretionary participation is defined as the contractual right to receive, in addition to an amount that is not at the issuer’s discretion, additional amounts that are likely to represent a significant portion of the total benefits provided under the contract. Benefits, for which the timing or amount is contractually left to the issuer’s discretion and that are contractually based on the returns arising from a defined set of contracts or type of contract or on the realised and/or unrealised investment returns from a defined set of assets held by the issuer, or the result of the entity or fund issuing the contract.
Savings contracts invested in a euro-denominated fund and multiple saving contracts invested in unit-linked assets and in a euro-denominated fund are considered by the Group as investment contracts with discretionary participating features, measured using the variable fee approach.
Insurance contracts are accounted and measured by groups of contracts within portfolios of contracts covering similar risks and managed together. Groups of contracts are determined according to their expected profitability at inception: onerous contracts, profitable contracts with a low risk of becoming onerous, and others. A group of contracts may contain only contracts issued no more than one year apart (corresponding to an annual “cohort”), except where the optional exemption provided for in the European regulation applies, which is the case for life-savings contracts, as described below.
For creditor protection insurance, personal protection insurance and other non-life risks, the Group uses the following discriminatory criteria when constructing portfolios of homogeneous contracts: legal entity, nature of the risks and partner, distributor. The reinsurance contracts accepted shall follow the same principles.
For life and savings contracts, the Group uses the following criteria for portfolios of homogeneous contracts: legal entity, product and underlying assets. Savings and retirement contracts are classified in separate portfolios (including in the period prior to the transition) due to the existence of a risk of longevity in retirement contracts.
For reinsurance contracts held, the Group uses the following criteria: legal entity, underlying item and counterparty. A portfolio can sometimes correspond to a single reinsurance treaty.
A group of insurance contracts (or reinsurance contracts issued) is recognised from the earliest of the following dates: the beginning of the period of coverage of the group of contracts, the date on which the first payment of a policyholder in the group becomes due (or, in the absence of such a date, when the first payment is received) and, in the case of a group of onerous contracts, the date on which the group becomes onerous.
A group of reinsurance contracts held is recognised from the beginning of the period of coverage of the group of reinsurance contracts held or, if the reinsurance was contracted in anticipation of the coverage of an underlying group of onerous insurance contracts, on the first recognition of that onerous group.
On initial recognition of portfolios of insurance contracts acquired as part of a business combination or a separate transfer, groups of contracts acquired are treated as if the contracts had been issued at the date of the transaction. The consideration received or paid in exchange for the contracts is treated as an approximation of the premiums received for the purpose of calculating the contractual service margin at initial recognition from this amount. In the case of a business combination within the scope of IFRS 3, the consideration received or paid is the fair value of the contracts at that date. For business combinations that have occurred since the first application of IFRS 17, this fair value has been determined by projecting the liabilities valuation under the Solvency 2 prudential approach which constitutes a market benchmark. For onerous contracts, the excess of the fulfilment cash flows over the consideration paid or received is recognised in the goodwill (or the profit resulting from an acquisition on advantageous terms) if it is a business combination and in a separate transfer, in the profit and loss account. For profitable contracts, the difference is recorded as a contractual service margin. In addition, an asset for cash flows related to acquisition costs must be recognised, for its fair value, for the acquisition costs related to the renewal of existing insurance contracts or for the acquisition costs already paid by the acquired company for future contracts.
An insurance contract shall be derecognised when the obligation it covers is extinguished, by payment or maturity, or if the terms of the contract are amended in such a way that the accounting treatment of the contract would have been substantially different if those amendments had originally existed. The derecognition of a contract entails the adjustment of the fulfilment cash flows, the contractual services margin and the coverage units of the group in which it was included.
The general model for the measurement of insurance contracts is the best estimate of the future cash flows to be paid or received necessary to meet contractual obligations. This estimate should reflect the different possible scenarios and the effect of the options and guarantees included in the contracts within the limit or “contract boundary”. The determination of this contract boundary requires an analysis of the rights and obligations arising from the contract and, in particular, of the insurer’s ability to change its price to reflect the risks. This leads, for example, to the exclusion of tacit renewals if the tariff can be amended or to the inclusion of such renewals if not.
Cash flows are discounted to reflect the time value of money. They correspond only to cash flows attributable to insurance contracts either directly or through allocation methods: premiums, acquisition and contract management costs, claims and benefits, indirect costs, taxes and depreciation of tangible and intangible assets.
The cash flows estimate is supplemented by an explicit risk adjustment to cover the uncertainty of cash flows for non-financial risk. These two elements constitute the fulfilment cash flows of the contracts. A contractual service margin is added representing the expected gain or loss on future services related to a group of contracts.
If the contractual service margin is positive, it is shown on the balance sheet within the insurance contract’s measurement and amortised as the services are rendered; if negative, it is recognised immediately in the income statement. The original loss (or “loss component”) is monitored extra-accounting to allow for the subsequent recognition of the insurance service revenue.
Acquisition costs are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of contracts.
At each reporting date, the carrying amount of a group of insurance contracts is the sum of the liabilities for the remaining coverage which include the fulfilment cash flows related to future services (best estimate and risk adjustment) and the contractual service margin remaining at that date, and of the liabilities for incurred claims which include the best estimate of the cash flows and the risk adjustment, excluding any contractual service margin. The assumptions used to estimate future cash flows and the non-financial risks adjustment are updated, as well as the discount rate, to reflect the situation at the reporting date.
The contractual service margin is adjusted for changes in the estimates of non-financial assumptions related to future services, capitalised at the inception rate, and then amortised in the income statement for services rendered over the period in the insurance service revenue. In the case of contracts which become onerous, after consumption of the contractual service margin, the loss is recognised in the reporting period. In the case of onerous contracts that become profitable again as a result of favourable changes in assumptions, the contractual service margin is only reconstitued after offsetting the loss component.
The release of expected fulfillment flows (cash flow estimates and risk adjustments) for the period, except for the amount allocated to the loss component, is recorded in insurance service revenue. The change in estimates related to past service (cash flow estimates and risk adjustments) is recognised in “Insurance service expenses”.
The Group includes the change in the adjustment for non-financial risk related to past and current services in its entirety in the “Insurance service result”.
The Group records in equity the effect of the change in the discount rate on the cash flows. The expense of unwinding the discount is recorded in “Insurance financial income or expenses” based on the initial rate (the inception rate for the liability for remaining coverage, and the rate at claims occurrence date for the liability for incurred claims). The difference between the value of liabilities discounted at the rate fixed at initial date and the value of those same liabilities estimated using current discount rate is recognised in equity. The effect on liabilities of changes in financial variables, in particular the indexation of benefits under the contract, is also recognised in equity.
The discount rate is based on the risk-free rate adjusted for the illiquidity of the liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered and non-transferability to policyholders of the illiquidity of liabilities.
The risk adjustment is determined using the quantile method.
The coverage unit used to amortise the contractual service margin is derived from the risk premium earned during the period.
Contracts covering personal or property risks (creditor protection insurance, protection and other non-life risks) are measured according to the general model when the contract boundary, expected changes in cash flows and the time value effect over the coverage period do not make them eligible under the simplified approach, or by operational choice (a single measurement model for short and long contracts).
Direct participating contracts are insurance or investment contracts for which:
Compliance with these conditions is monitored on the underwriting date and is not reviewed later.
For these contracts, for which the insurer has to pay the policyholder an amount corresponding to the fair value of clearly identified underlying assets, less a variable compensation, a specific model (called the “Variable Fee Approach”) has been developed by adapting the general model.
At each reporting date, liabilities related to these contracts are adjusted for the return earned and changes in the fair value of the underlying assets: the policyholders’ share is recorded in the contract fulfilment cash flows against insurance financial income or expense and the insurer’s share corresponding to the variable fee is included in the contractual service margin.
The contractual service margin is also adjusted for the effect of changes in cash flows that do not vary according to the returns on the underlying assets and that relate to future services: estimation of cash flows, risk adjustment, changes in the time value effect of money and changes in the financial risks that do not result from the underlying assets (for example, the effect of financial guarantees).
Changes in the fulfillment cash flows that do not change in connection with the yields of underlying assets and that relate to past service events are recognised in the profit and loss account. This is the case for management fees and attributable costs.
Acquisition cash flows are deducted from the contractual service margin of the group of contracts to which they relate and amortised over the coverage period of the contracts, as in the general model.
Due to the mechanism for allocating the change in the value of the underlying assets between the policyholders and the insurer, the result of these contracts is in principle mainly represented by the release of the fulfilment cash flows and the amortisation of the contractual service margin. When the underlying assets fully support the liabilities and are measured at fair value through profit or loss, the financial result under these contracts should be nil. The Group has chosen the option of reclassifying in shareholders’ equity the change in the liabilities related to the underlying assets that are not measured at fair value through profit or loss.
Life and savings contracts meeting the above definition of direct participating contracts are valued using the variable fee approach. When these contracts include a surrender value, it meets the definition of a non-distinct investment component and changes in that investment component (including related payments) are therefore not recognised in the income statement.
The Group has chosen to apply the option introduced by the European regulation not to divide the portfolios of participating contracts based on intergenerational mutualisation by annual cohort. As a result of this choice, the assessment of the onerousness is made on the basis of the portfolio and not on the basis of the annual cohorts.
The contract boundary includes future payments as long as the applicable pricing is not modifiable (e.g. acquisition or management loadings), as well as the annuity phase in service when contracts provide for a mandatory annuity or optional (in this case, the option is probabilistic).
The discount rate is based on the risk-free rate, extrapolated over the duration exceeding the period for which observable data are available and adjusted by a liquidity premium on the basis of the underlying assets to reflect the illiquidity of the liabilities.
The risk adjustment is determined by combining the cost of capital method without considering the risk of mass lapses, including future payments and considering only attributable costs, and the quantile method for the free payment component.
The coverage unit used to amortise the contractual service margin is the change in savings due to policyholders (determined at present value), adjusted to take into account the impact of the real return on financial or property assets compared with the actuarial neutral risk projection.
Insurance contracts and investment contracts with discretionary participating features backed by pools of underlying assets commonly referred to as “general funds” or “policyholders’ funds” that correspond to pools of assets isolated analytically, contractually or in regulation, as well as unit-linked contracts with a floor guarantee in case of death and multiple saving contracts backed by assets such as a “general fund”, are measured using the variable fee approach.
The option provided for in the European regulation related to the annual cohort exemption is applied to insurance contracts and investment contracts with discretionary participation features where the policyholders’ profit-sharing is mutualised between the different generations of policyholders: these are euro-denominated or multiple saving contracts including a euro-denominated fund, in France, Italy and Luxembourg.
The liabilities for incurred claims are measured using the variable fee approach if they are sensitive to changes in the value of the underlying assets and the general model if they are not.
Short-term contracts (less than one year) may be measured using a simplified approach known as the premium allocation approach, also applicable to longer-term contracts if it leads to results similar to those of the general model in terms of liability for the remaining coverage.
Contracts with a long contract boundary, where significant changes in cash flows are expected over the coverage period, or where the time value effect over the coverage period is material, are not eligible for the simplified approach.
For profitable contracts, the liability for the remaining coverage corresponds to the deferral of premiums collected according to a profile representing the remaining coverage at the reporting date. For onerous contracts, deferred premiums are supplemented by an estimate of the expected loss over the coverage period. Liabilities for incurred claims are valued according to the general model. In this case, the method used to determine the risk adjustment is the same as for the general model.
The Group has chosen the option of deferring acquisition costs over the coverage duration and therefore presenting them as a deduction of the deferred premiums, except where the coverage of the contracts coincides with the calendar year or the deferred acquisition costs are not material.
Liabilities for incurred claims are discounted if the expected settlement of claims takes place after one year from the date of occurrence. The discount expense is recognised in insurance financial income or expenses as in the general model. In this case, the option to classify the effect of changes in the discount rate into equity is also applicable. The Group has retained this option for the liabilities for incurred claims.
At each reporting date, the adjustment of liabilities for remaining coverage and for incurred claims is recognised in profit or loss.
Creditor protection insurance, personal protection insurance and other non-life insurance contracts, are measured using the simplified approach if the conditions are met (unless the general model is chosen for operational reasons).
Reinsurance accepted shall be treated as insurance contracts issued, either in the general model or in the simplified model, depending on the duration of the reinsurance contracts.
The Group accepts mainly risks corresponding to those it covers as a direct insurer under proportional or non-proportional treaties.
The reinsurance ceded is also treated according to the general or simplified model, but the equivalent of the contractual service margin represents the expected gain or loss on the reinsurance and may be positive or negative. If a reinsurance contract offsets the losses of an underlying group of onerous contracts, the reinsurance gain is recognised immediately in profit or loss. This “loss recovery component” is used to record amounts that are subsequently presented in net income.
In addition, contract execution flows include the reinsurer’s risk of non-performance.
The Group cedes on reinsurance the risks it wishes to hedge (for example, non-proportional treaties covering peak risk, the risk of accumulation or exceeding the desired retention) or under the risk-sharing framework of proportional treaties for technical or commercial reasons.
The reinsurance contracts held are measured by the Group using the simplified approach or the general model.
The Group has chosen to present the investments of insurance activities and their results separately from the financial assets and liabilities of banking activities.
Financial income or expenses from issued insurance contracts are presented separately between the profit and loss account and shareholders’ equity for portfolios for which this breakdown has been deemed relevant, as allowed by the standard. For the Protection contracts liabilities measured under the general model and for the liabilities for incurred claims arising from contracts measured under the simplified model, this choice for portfolios classification was made by taking into account both the effects in the profit and loss account of the undiscounting of the liabilities and the accounting treatment of the assets backing them. For contracts measured using the variable fee approach, this choice was made to offset any accounting mismatch that may exist in the profit and loss account between the effect of changes in fair value from insurance or investment liabilities and that from the underlying assets when these are not recognised at fair value through profit or loss.
Insurance contracts may be distributed and managed by non-insurance entities of the Group that are remunerated as such by commissions paid by insurance entities. The measurement model for insurance contracts requires projecting in the contract fulfilment cash flows the acquisition and management costs that will be paid in the future and presenting in the profit and loss account, the release of the estimated costs for the period on the one hand, and on the other, the actual costs. For commissions between consolidated companies in the Group, the Group restates the internal margin on the balance sheet and in the profit and loss account (in the breakdown of insurance liabilities and the related results between cash flows and contractual service margin) by presenting as insurance service expenses the portion of the general expenses (excluding internal margins) of the banking entities that can be attributed to the insurance activity. The internal distributors’ margins are determined based on standardised management data for each of the related networks.
The Group has elected under IFRS 17 to record in its annual financial statements the effects of changes in accounting estimates relating to insurance contracts issued or held, without taking into account estimates previously made in its interim financial statements.
Property, plant and equipment and intangible assets shown in the consolidated balance sheet are composed of assets used in operations and investment property. Rights-of-use related to leased assets (see note 1.i.2) are presented by the lessee within fixed assets in the same category as similar assets held.
Assets used in operations are those used in the provision of services or for administrative purposes, and include non-property assets leased by the Group as lessor under operating leases.
Investment property comprises property assets held to generate rental income and capital gains.
Investment property is recognised at cost, except for those held as underlying assets under participating direct contracts (as amended by IAS 40), which are measured at fair value through profit or loss and presented in the balance sheet under “Investments related to insurance activities” (see note 1.g.1).
Property, plant and equipment and intangible assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service. By way of exception, property occupied by the holder entity that is an underlying component of direct participating contracts is measured at fair value (by amendment to IAS 16).
Software developed internally by the BNP Paribas Group that fulfils the criteria for capitalisation is capitalised at direct development cost, which includes external costs and the labour costs of employees directly attributable to the project.
Subsequent to initial recognition, property, plant and equipment and intangible assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.
The depreciable amount of property, plant and equipment and intangible assets is calculated after deducting the residual value of the asset. Only assets leased by the Group as the lessor under operating leases are presumed to have a residual value, as the useful life of property, plant and equipment and intangible assets used in operations is generally the same as their economic life.
Property, plant and equipment and intangible assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expense is recognised in the profit and loss account under “Depreciation, amortisation and impairment of property, plant and equipment and intangible assets”.
Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. The BNP Paribas Group has adopted the component-based approach for property used in operations and for investment property.
The depreciation periods used for office property are as follows: 80 years or 60 years for the shell (for prime and other property respectively); 30 years for facades; 20 years for general and technical installations; and 10 years for fixtures and fittings.
Software is amortised, depending on its type, over periods of no more than 8 years in the case of infrastructure developments and 3 years or 5 years in the case of software developed primarily for the purpose of providing services to customers.
Software maintenance costs are expensed as incurred. However, expenditure that is regarded as upgrading the software or extending its useful life is included in the initial acquisition or production cost.
Depreciable property, plant and equipment and intangible assets are tested for impairment if there is an indication of potential impairment at the balance sheet date. Non-depreciable assets are tested for impairment at least annually, using the same method as for goodwill allocated to cash-generating units.
If there is an indication of impairment, the new recoverable amount of the asset is compared with the carrying amount. If the asset is found to be impaired, an impairment loss is recognised in the profit and loss account. This loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment. Impairment losses are taken to the profit and loss account in “Depreciation, amortisation and impairment of property, plant and equipment and intangible assets”.
Gains and losses on disposals of property, plant and equipment and intangible assets used in operations are recognised in the profit and loss account in “Net gain on non-current assets”.
Gains and losses on disposals of investment property are recognised in the profit and loss account in “Income from other activities” or “Expense on other activities”.
Group companies may either be the lessee or the lessor in a lease agreement.
Leases contracted by the Group as lessor are categorised as either finance leases or operating leases.
In a finance lease, the lessor transfers substantially all the risks and rewards of ownership of an asset to the lessee. It is treated as a loan made to the lessee to finance the purchase of the asset.
The present value of the lease payments, plus any residual value, is recognised as a receivable. The net income earned from the lease by the lessor is equal to the amount of interest on the loan and is taken to the profit and loss account under “Interest income”. The lease payments are spread over the lease term and are allocated to reduction of the principal and to interest such that the net income reflects a constant rate of return on the net investment outstanding in the lease. The rate of interest used is the rate implicit in the lease.
Impairments of lease receivables are determined using the same principles as applied to financial assets measured at amortised cost.
An operating lease is a contract under which most of the risks and rewards of ownership of the leased asset are not transferred to the lessee.
The leased asset is initially recognised by the lessor as a tangible asset for its acquisition price less residual value and subsequently depreciated on a straight-line basis over its useful life. The asset depreciation charge and lease payments are recognised in profit and loss over the lease term respectively in "Income from other activities” and "Expense on other activities” line items.
Vehicles leased by the Group and classified under operating leases are assets with an average lease term of between one and five years.
The cost of acquiring these assets includes their purchase price, as well as any directly attributable costs necessary to make the vehicle available to the lessee customers. Residual value is a statistical model estimate of the resale value of the asset and is reestimated at each reporting date, taking into account, in particular, historical data on the sale of vehicles in the second-hand market and the specific context of each geographical area. In the event of a change in the amount of the residual value of the asset relative to its estimated value, a forward-looking adjustment to the depreciation plan is made vehicle by vehicle.
Lease contracts concluded by the Group, with the exception of contracts whose term is shorter than or equal to 12 months and low-value contracts, are recognised in the balance-sheet in the form of a right-of-use on the leased asset presented under fixed assets, along with the recognition of a financial liability for the rent and other payments to be made over the leasing period. The right of use assets is amortised on a straight-line basis and the financial liabilities are amortised on an actuarial basis over the lease period. Dismantling costs corresponding to specific and significant fittings and fixtures are included in the initial right-of-use estimation, in counterparty of a provision liability.
The key hypotheses used by the Group for the measurement of rights of use and lease liabilities are the following:
Where the Group decides to sell assets or a group of assets and liabilities and it is highly probable that the sale will occur within 12 months, these assets are shown separately in the balance sheet, on the line “Assets held for sale”. Any liabilities associated with these assets are also shown separately in the balance sheet, on the line “Liabilities associated with assets held for sale”. When the Group is committed to a sale plan involving loss of control of a subsidiary and the sale is highly probable within 12 months, all the assets and liabilities of that subsidiary are classified as held for sale.
Once classified in this category, assets and the group of assets and liabilities are measured at the lower of carrying amount or fair value less costs to sell.
Such assets are no longer depreciated. If an asset or group of assets and liabilities becomes impaired, an impairment loss is recognised in the profit and loss account. Impairment losses may be reversed.
Where a group of assets and liabilities held for sale represents a cash generating unit, it is categorised as a “discontinued operation”. Discontinued operations include operations that are held for sale, operations that have been shut down, and subsidiaries acquired exclusively with a view to resell.
In this case, gains and losses related to discontinued operations are shown separately in the profit and loss account, on the line “Net income from discontinued activities”. This line includes after tax profits or losses of discontinued operations, after tax gain or loss arising from remeasurement at fair value less costs to sell, and after tax gain or loss on disposal of the operation.
Employee benefits are classified into four categories:
The Group recognises an expense when it has used services rendered by employees in exchange for employee benefits.
These are benefits, other than short-term benefits, post-employment benefits and termination benefits. This relates, in particular, to compensation deferred for more than 12 months and not linked to the BNP Paribas share price, which is accrued in the financial statements for the period in which this compensation is earned.
The actuarial techniques used are similar to those used for defined-benefit post-employment benefits, except that the revaluation items are recognised in the profit and loss account and not in equity.
Termination benefits are employee benefits payable in exchange for the termination of an employee’s contract as a result of either a decision by the Group to terminate a contract of employment before the legal retirement age, or a decision by an employee to accept voluntary redundancy in exchange for these benefits. Termination benefits due more than 12 months after the balance sheet date are discounted.
In accordance with IFRS, the BNP Paribas Group draws a distinction between defined-contribution plans and defined-benefit plans.
Defined-contribution plans do not give rise to an obligation for the Group and do not require a provision. The amount of the employer’s contributions payable during the period is recognised as an expense.
Only defined-benefit schemes give rise to an obligation for the Group. This obligation must be measured and recognised as a liability by means of a provision.
The classification of plans into these two categories is based on the economic substance of the plan, which is reviewed to determine whether the Group has a legal or constructive obligation to pay the agreed benefits to employees.
Post-employment benefit obligations under defined-benefit plans are measured using actuarial techniques that take demographic and financial assumptions into account.
The net liability recognised with respect to post-employment benefit plans is the difference between the present value of the defined-benefit obligation and the fair value of plan assets (if any).
The present value of the defined-benefit obligation is measured on the basis of the actuarial assumptions applied by the Group, using the projected unit credit method. This method takes into account various parameters, specific to each country or Group entity, such as demographic assumptions, the probability that employees will leave before retirement age, salary inflation, a discount rate, and the general inflation rate.
When the value of the plan assets exceeds the amount of the obligation, an asset is recognised if it represents a future economic benefit for the Group in the form of a reduction in future contributions or a future partial refund of amounts paid into the plan.
The annual expense recognised in the profit and loss account under “Salaries and employee benefits”, with respect to defined-benefit plans includes the current service cost (the rights vested by each employee during the period in return for service rendered), the net interests linked to the effect of discounting the net defined-benefit liability (asset), the past service cost arising from plan amendments or curtailments, and the effect of any plan settlements.
Remeasurements of the net defined-benefit liability (asset) are recognised in shareholders’ equity and are never reclassified to profit or loss. They include actuarial gains and losses, the return on plan assets and any change in the effect of the asset ceiling (excluding amounts included in net interest on the defined-benefit liability or asset).
Share-based payment transactions are payments based on shares issued by the Group, whether the transaction is settled in the form of equity or cash of which the amount is based on trends in the value of BNP Paribas shares.
The expense related to stock option and share award plans is recognised over the vesting period, if the benefit is conditional upon the grantee’s continued presence at the vesting date.
Stock options and share award expenses are recorded under salary and employee benefits expenses, with a corresponding adjustment to shareholders’ equity. They are calculated on the basis of the overall plan value, determined at the date of grant by the Board of directors.
In the absence of any market for these instruments, financial valuation models are used that take into account any performance conditions related to the BNP Paribas share price. The total expense of a plan is determined by multiplying the unit value per option or share awarded by the estimated number of options or shares awarded vested at the end of the vesting period, taking into account the conditions regarding the grantee’s continued employment.
The only assumptions revised during the vesting period, and hence resulting in a remeasurement of the expense, are those relating to the probability that employees will leave the Group and those relating to performance conditions that are not linked to the price value of BNP Paribas shares.
The expense related to these plans is recognised in the year during which the employee rendered the corresponding services.
If the payment of share-based variable compensation is explicitly subject to an enforceable condition consisting in the employee’s continued presence at the vesting date, the services are presumed to have been rendered during the vesting period and the corresponding compensation expense is recognised on a pro rata basis over that period. The expense is recognised under salary and employee benefits expenses with a corresponding liability in the balance sheet. It is revised to take into account any non-fulfilment of the continued presence or performance conditions and the change in BNP Paribas share price.
If there is no continued presence enforceable condition, the expense is not deferred, but recognised immediately with a corresponding liability in the balance sheet. This is then revised on each reporting date until settlement to take into account any performance conditions and the change in the BNP Paribas share price.
Provisions recorded under liabilities (other than those relating to financial instruments, employee benefits and insurance contracts) mainly relate to restructuring, claims and litigation, fines and penalties.
A provision is recognised when it is probable that an outflow of resources embodying economic benefits will be required to settle an obligation arising from a past event, and a reliable estimate can be made of the amount of the obligation. The amount of such obligations is discounted, where the impact of discounting is material, in order to determine the amount of the provision.
The current income tax charge is determined on the basis of the tax laws and tax rates in force in each country in which the Group operates during the period in which the income is generated.
Deferred taxes are recognised when temporary differences arise between the carrying amount of an asset or liability in the balance sheet and its tax base.
Deferred tax liabilities are recognised for all taxable temporary differences other than:
Deferred tax assets are recognised for all deductible temporary differences and unused carryforwards of tax losses only to the extent that it is probable that the entity in question will generate future taxable profits against which these temporary differences and tax losses can be offset.
Deferred tax assets and liabilities are measured using the liability method, using the tax rate which is expected to apply to the period when the asset is realised or the liability is settled, based on tax rates and tax laws that have been or will have been enacted by the balance sheet date of that period. They are not discounted.
Deferred tax assets and liabilities are offset when they arise within the same tax group, they fall under the jurisdiction of a single tax authority, and there is a legal right to offset.
As regards the assessment of uncertainty over income tax treatments, the Group adopts the following approach:
Current and deferred taxes are recognised as tax income or expenses in the profit and loss account, except for those relating to a transaction or an event directly recognised in shareholders’ equity, which are also recognised in shareholders’ equity. This concerns in particular the tax effect of coupons paid on financial instruments issued by the Group and qualified as equity instruments, such as undated super subordinated notes.
When tax credits on revenues from receivables and securities are used to settle corporate income tax payable for the period, the tax credits are recognised on the same line as the income to which they relate. The corresponding tax expense continues to be carried in the profit and loss account under “Corporate income tax”.
In accordance with the provisions of IAS 12, the Group applies the mandatory and temporary exception not to recognise deferred taxes associated with the additional tax resulting from the minimum income tax applied by international groups.
The cash and cash equivalents balance is composed of the net balance of cash accounts and accounts with central banks, and the net balance of interbank demand loans and deposits.
Changes in cash and cash equivalents related to operating activities reflect cash flows generated by the Group’s operations, including those relating to financial investments of insurance activities and negotiable certificates of deposit.
Changes in cash and cash equivalents related to investing activities reflect cash flows resulting from acquisitions and disposals of subsidiaries, associates or joint ventures included in the consolidated Group, as well as acquisitions and disposals of property, plant and equipment excluding investment property and property held under operating leases.
Changes in cash and cash equivalents related to financing activities reflect the cash inflows and outflows resulting from transactions with shareholders, cash flows related to bonds and subordinated debt, and debt securities (excluding negotiable certificates of deposit).
Preparation of the financial statements requires managers of core businesses and corporate functions to make assumptions and estimates that are reflected in the measurement of income and expense in the profit and loss account and of assets and liabilities in the balance sheet, and in the disclosure of information in the notes to the financial statements. This requires the managers in question to exercise their judgement and to make use of information available at the date of the preparation of the financial statements when making their estimates. The actual future results from operations where managers have made use of estimates may in reality differ significantly from those estimates, mainly according to market conditions. This may have a material effect on the financial statements.
This applies in particular to:
The BNP Paribas Group includes in “Interest income” and “Interest expense” all income and expense calculated using the effective interest method (interest, fees and transaction costs) from financial instruments measured at amortised cost and financial instruments measured at fair value through equity.
These items also include the interest income and expense of non-trading financial instruments the characteristics of which do not allow for recognition at amortised cost or at fair value through equity, as well as of financial instruments that the Group has designated as at fair value through profit or loss. The change in fair value on financial instruments at fair value through profit or loss (excluding accrued interest) is recognised under “Net gain on financial instruments at fair value through profit or loss”.
Interest income and expense on derivatives accounted for as fair value hedges are included with the revenues generated by the hedged item. Similarly, interest income and expense arising from derivatives used to hedge transactions designated as at fair value through profit or loss is allocated to the same accounts as the interest income and expense relating to the underlying transactions.
In the case of a negative interest rates related to loans and receivables or deposits from customers and credit institutions, they are accounted for in interest expense or interest income respectively.
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 | ||||
Income | Expense | Net | Income | Expense | Net | |
Financial instruments at amortised cost | 69,819 | (52,364) | 17,455 | 66,886 | (48,617) | 18,269 |
Deposits, loans and borrowings | 59,598 | (39,095) | 20,503 | 59,019 | (36,827) | 22,192 |
Repurchase agreements | 815 | (1,248) | (433) | 681 | (1,295) | (614) |
Finance leases | 3,134 | (118) | 3,016 | 2,480 | (109) | 2,371 |
Debt securities | 6,272 |
| 6,272 | 4,706 |
| 4,706 |
Issued debt securities and subordinated debt |
| (11,903) | (11,903) |
| (10,386) | (10,386) |
Financial instruments at fair value through equity | 2,892 | - | 2,892 | 1,856 | - | 1,856 |
Financial instruments at fair value through profit or loss (Trading securities excluded) | 305 | (1,595) | (1,290) | 243 | (1,454) | (1,211) |
Cash flow hedge instruments | 3,916 | (1,961) | 1,955 | 3,897 | (1,741) | 2,156 |
Interest rate portfolio hedge instruments | 6,088 | (7,497) | (1,409) | 6,660 | (8,600) | (1,940) |
Lease liabilities | - | (79) | (79) | - | (72) | (72) |
Total interest income/(expense) | 83,020 | (63,496) | 19,524 | 79,542 | (60,484) | 19,058 |
Net interest income notably includes an expense of EUR 36 million for the year ended 2024, compared with EUR 938 million for the year ended 2023, due to the adjustment of economic hedges consecutive to the changes in the TLTRO terms and conditions mentioned below.
Net interest income includes funding costs related to Global Markets, whose revenues are mainly accounted for in “Net gain on financial instruments at fair value through profit or loss” (see note 2.c), as well as to Arval, whose income from operating leases is presented in note 2.e.
The evolution of the net interest income is therefore to be analysed in conjunction with those observed for these lines.
Interest income on individually impaired loans amounted to EUR 338 million for the year ended 2024, compared with EUR 342 million for the year ended 2023.
The Group subscribed to the TLTRO III (Targeted Longer-Term Refinancing Operations) programme, as modified by the Governing Council of the European Central Bank in March 2020, in December 2020 and in October 2022 (see note 4.g). The Group achieved the lending performance thresholds that enabled it to benefit from favourable interest rate conditions applicable for each of the reference period, namely:
This floating interest rate is considered as a market rate since it is applicable to all financial institutions meeting the lending criteria defined by the European Central Bank. The effective interest rate of these financial liabilities is determined for each reference period, its two components (reference rate and margin) being adjustable; it corresponds to the nominal interest rate. The addition of the last interest period in October 2022 is part of the European Central Bank’s monetary policy and is therefore not considered a contractual amendment according to IFRS 9 but a revision of the market rate.
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 | ||||
Income | Expense | Net | Income | Expense | Net | |
Customer transactions | 5,466 | (1,488) | 3,978 | 4,997 | (1,250) | 3,747 |
Securities and derivatives transactions | 2,619 | (2,004) | 615 | 2,483 | (1,965) | 518 |
Financing and guarantee commitments | 1,267 | (92) | 1,175 | 1,155 | (189) | 966 |
Asset management and other services | 5,549 | (431) | 5,118 | 5,176 | (367) | 4,809 |
Others | 1,295 | (1,480) | (185) | 1,200 | (1,419) | (219) |
Commission income and expense | 16,196 | (5,495) | 10,701 | 15,011 | (5,190) | 9,821 |
of which net commission income related to trust and similar activities through which the Group holds or invests assets on behalf of clients, trusts, pension and personal risk funds or other institutions | 3,243 | (410) | 2,833 | 3,133 | (360) | 2,773 |
of which commission income and expense on financial instruments not measured at fair value through profit or loss | 3,421 | (311) | 3,110 | 3,133 | (453) | 2,680 |
Net gain on financial instruments measured at fair value through profit or loss includes all profit and loss items relating to financial instruments held for trading, financial instruments that the Group has designated as at fair value through profit or loss, non-trading equity instruments that the Group did not choose to measure at fair value through equity, as well as debt instruments whose cash flows are not solely repayments of principal and interest on the principal or whose business model is not to collect cash flows nor to collect cash flows and sell the assets.
These income items include dividends on these instruments and exclude interest income and expense from financial instruments designated as at fair value through profit or loss and instruments whose cash flows are not only repayments of principal and interest on the principal or whose business model is not to collect cash flows nor to collect cash flows and sell the assets, which are presented in “Net interest income” (see note 2.a).
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
|---|---|---|
Financial instruments held for trading | 11,633 | 13,801 |
Interest rate and credit instruments | (1,406) | 8,948 |
Equity financial instruments | 12,794 | 3,184 |
Foreign exchange financial instruments | 6,269 | 5,452 |
Loans and repurchase agreements | (6,048) | (4,515) |
Other financial instruments | 24 | 732 |
Financial instruments designated as at fair value through profit or loss | (964) | (3,985) |
Other financial instruments at fair value through profit or loss | 797 | 565 |
Impact of hedge accounting | 103 | (35) |
Fair value hedging derivatives | 1,677 | (1,247) |
Hedged items in fair value hedge | (1,574) | 1,212 |
Net gain on financial instruments at fair value through profit or loss | 11,569 | 10,346 |
Gains and losses on financial instruments designated as at fair value through profit or loss are mainly related to instruments for which changes in value may be compensated by changes in the value of economic hedging derivative financial instruments held for trading.
Net gain on financial instruments held for trading in 2024 and 2023 includes a non-material amount related to the ineffective portion of cash flow hedges.
Potential sources of ineffectiveness can be the differences between hedging instruments and hedged items, notably generated by mismatches in the terms of hedged and hedging instruments, such as the frequency and timing of interest rates resetting, the frequency of payments and the discounting factors, or when hedging derivatives have a non-zero fair value at the inception date of the hedging relationship. Credit valuation adjustments applied to hedging derivatives are also sources of ineffectiveness.
Cumulated changes in fair value related to discontinued cash flow hedge relationships, previously recognised in equity and included in 2024 in profit and loss accounts are not material, whether the hedged item ceased to exist or not.
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
|---|---|---|
Net gain on debt instruments | 145 | (56) |
Dividend income on equity instruments | 64 | 84 |
Net gain on financial instruments at fair value through equity | 209 | 28 |
Interest income from debt instruments is included in note 2.a Net interest income, and impairment losses related to potential issuer default are included in note 2.g Cost of risk.
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 | ||||
Income | Expense | Net | Income | Expense | Net | |
Net income from investment property | 53 | (24) | 29 | 54 | (28) | 26 |
Net income from assets held under operating leases | 19,556 | (15,729) | 3,827 | 15,787 | (12,103) | 3,684 |
Net income from property development activities | 308 | (277) | 31 | 488 | (416) | 72 |
Other net income | 2,005 | (1,515) | 490 | 2,231 | (1,778) | 453 |
Total net income from other activities | 21,922 | (17,545) | 4,377 | 18,560 | (14,325) | 4,235 |
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
|---|---|---|
Salary and employee benefit expense for banking activities | (18,143) | (17,775) |
Other operating expenses for banking activities | (9,913) | (11,221) |
of which external services and other operating expenses | (8,737) | (8,865) |
of which taxes and contributions(1) | (1,176) | (2,356) |
Insurance activities non-attributable costs (note 5.b) | (832) | (758) |
Reclassification of expenses incurred by internal distributors attributable to insurance contracts | 1,085 | 1,041 |
Operating expenses | (27,803) | (28,713) |
| ||
Taxes and contributions, including those related to insurance activities, amounted to EUR 1,273 million for the year ended 2024 (compared with EUR 2,442 million for the year ended 2023). This is due in particular to the absence of contributions collection for the Single Resolution Fund in 2024.
Expenses directly attributable to insurance contracts are presented in “Net income from insurance activities”. These costs consist mainly of distribution commissions paid for the acquisition of the contracts and other costs necessary for handling the contracts. They are included in the fulfilment expenses within the “Insurance service result” (see note 5.a).
Expenses attributable to insurance contracts include the operating expenses incurred by the Group banking networks to distribute insurance contracts. Related costs are assessed on the basis of the commissions paid by the insurance entities to the internal distributors less their margin. These costs are excluded from “Operating expenses” to be included in the contracts fulfilment cash flows through the “Reclassification of expenses incurred by internal distributors attributable to insurance contracts”.
Operating costs not directly attributable to insurance contracts are included in “Operating expenses”.
Reconciliation by type and by function of insurance activities operating expenses is presented in note 5.b.
The general model for impairment described in note 1.f.5 used by the Group relies on the following two steps:
Both steps rely on forward-looking information.
At 31 December 2022, BNP Paribas revised its criteria for assessing the significant increase in credit risk in line with the recommendations issued by the European Banking Authority and the European Central Bank.
Under these criteria, credit risk is assumed to have significantly increased, and the asset is classified in stage 2, if the probability of default to maturity of the instrument has increased at least threefold since its origination. This relative variation criterion is supplemented by an absolute variation criterion of the default probability of 400 basis points.
Furthermore, for all portfolios (except for the consumer credit specialist business):
In the consumer credit specialist business, the existence of a payment incident during the last 12 months, potentially regularised, is considered to be an indication of significant increase in credit risk and the facility is therefore classified in stage 2. From 2024, this specificity no longer applies to most exposures in the Eurozone.
Credit risk is assumed to have increased significantly since initial recognition and the asset is classified in stage 2 in the event of late payment of more than 30 days or restructuring due to financial difficulties (as long as the facility is not credit-impaired). Since 31 December 2023, performing corporate clients placed under credit watch are systematically downgraded to stage 2.
In 2022, the internal ratings of the Russian counterparties (including the sovereign rating) were systematically downgraded to take into account the geopolitical situation of the country, thus leading to the transfer of their outstandings to stage 2. However, given the Group’s limited level of exposure to this country, this deterioration had no significant effect on the cost of risk.
The Group considers forward-looking information both when assessing significant increase in credit risk and when measuring Expected Credit Losses (ECL).
Regarding the measurement of expected credit losses, the Group has chosen to use 4 macroeconomic scenarios by geographic area covering a wide range of potential future economic conditions:
The link between the macroeconomic scenarios and the ECL measurement is mainly achieved through a modelling of the probabilities of default and deformation of migration matrices based on internal rating (or risk parameter). The probabilities of default determined according to these scenarios are used to measure expected credit losses in each of these scenarios.
The Group’s setup is broken down by sector to take into account the heterogeneity of sectoral dynamics when assessing the probability of default for corporates.
Forward-looking information is also considered when determining the significant deterioration in credit risk. As a matter of fact, the probabilities of default used as the basis for this assessment include forward-looking multi-scenario information in the same way as for the calculation of the expected losses.
The weight to be attributed to the expected credit losses calculated in each of the scenarios is defined as follows:
When appropriate, the ECL measurement can take into account asset sale scenarios.
The four macroeconomic scenarios are defined over a three-year projection horizon. They correspond to:
The link between the macroeconomic scenarios and the measurement of the ECL is complemented by an approach allowing to take into account anticipation aspects not captured by the models in the generic approach. This is particularly the case when unprecedented events in the historical chronicle taken into account to build the models occur or are anticipated, or when the nature or amplitude of change in macroeconomic parameter calls into question past correlations. Thus, the situation of high inflation and the level of interest rates previously recorded were not observed in the reference history. In this context, the Group has developed an approach to take into account the future economic outlook when assessing the financial strength of counterparties. This approach involves projecting the impact of higher interest rates on customers’ financial ratios, notably considering their level of indebtedness. Credit ratings and associated probabilities of default are revalued based on these simulated financial ratios. This approach is also used to anticipate the effect of lower prices of commercial properties. Starting in 2024, this approach is also used to complete the prospective assessment of the potential consequences of climate change (transition and physical risks) on the credit risk of corporate counterparties and mortgages. At the end of 2024, physical risks are accounted for through a post-model adjustment.
In 2024, global activity grew at a relatively moderate pace. In the Eurozone, activity returned to growth, supported by the positive impact of disinflation on real incomes and consumption, and the gradual easing of monetary conditions. In the United States, the economy remained strong. At 31 December 2024, annual growth forecasts were +0.8% in the Eurozone and +2.7% in the United States (compared to expectations of +0.8% and +0.7% respectively at 31 December 2023).
Over the 2025-2027 period, the baseline scenario assumes a gradual continuation of the recovery in the eurozone, which would result from a strengthening of private domestic demand, as public spending is expected to be more constrained. In the United States, a deceleration in growth is assumed, after a few years of strong expansion.
Inflation has continued to slow over the course of 2024, moving closer to the targets of major central banks. This has allowed most of them (ECB, Federal Reserve, Bank of England, etc.) to start a rate cut cycle. This monetary policy adjustment is expected to extend in 2025. Then, central bank rates are expected to remain stable over the following years (2026-2027), in the presence of controlled inflation, evolving around 2%.
Long-term interest rates in 2023-2024 reached levels not seen in more than a decade and are assumed to remain relatively stable over the projection horizon (with no significant changes in growth and inflation scenarios).
The uncertainty surrounding the baseline scenario appears to be relatively high. The current geopolitical context, marked by two major ongoing conflicts (invasion of Ukraine, conflict in the Middle East) and significant tensions in other regions (in Asia in particular), is likely to evolve rapidly. Additionally, the presidential shift in the United States in January 2025 may lead to notable changes in economic policy, particularly concerning customs duties, which could impact the global economy.
The graph below presents a comparison of Eurozone GDP projections used in the baseline scenario for the calculation of ECLs on 31 December 2024 and 31 December 2023.
(annual averages) | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|
GDP growth rate |
|
|
|
|
Eurozone | 0.8% | 1.1% | 1.5% | 1.6% |
France | 1.2% | 0.8% | 1.3% | 1.6% |
Italy | 0.5% | 0.7% | 1.3% | 1.3% |
Belgium | 1.1% | 1.3% | 1.5% | 1.5% |
United States | 2.7% | 1.9% | 1.9% | 1.7% |
Unemployment rate |
|
|
|
|
Eurozone | 6.4% | 6.6% | 6.4% | 6.0% |
France | 7.6% | 7.7% | 7.4% | 6.7% |
Italy | 6.6% | 6.7% | 6.8% | 6.7% |
Belgium | 5.6% | 5.8% | 5.7% | 5.6% |
United States | 4.0% | 4.2% | 4.0% | 4.0% |
Inflation rate |
|
|
|
|
Eurozone | 2.4% | 1.9% | 2.0% | 2.1% |
France | 2.3% | 1.4% | 1.9% | 1.9% |
Italy | 1.1% | 1.9% | 2.0% | 2.1% |
Belgium | 4.3% | 2.8% | 2.2% | 2.2% |
United States | 2.9% | 2.1% | 2.3% | 2.3% |
10-year sovereign bond yields |
|
|
|
|
Germany | 2.37% | 2.45% | 2.50% | 2.50% |
France | 2.99% | 3.20% | 3.25% | 3.25% |
Italy | 3.75% | 3.75% | 3.80% | 3.80% |
Belgium | 2.95% | 3.05% | 3.10% | 3.10% |
United States | 4.19% | 4.25% | 4.25% | 4.25% |
The adverse and severely adverse scenarios assume that some downside risks will materialise, resulting in much less favourable economic paths than in the baseline scenario.
The following main risks are identified:
The adverse and severe scenarios assume the materialisation of these identified risks from the first quarter of 2025. While downside risks are shared by these scenarios, the impacts are assumed to be markedly higher in the severely adverse scenario, due to both more pronounced direct shocks notably higher commodity prices, and the development of a negative spiral between key driving factors (activity, public debt, bond yields, equity markets).
Among the considered countries, GDP levels in the adverse scenario stand between 7.8% and 11.2% lower than in the baseline scenario at the end of the shock period. In particular, this deviation reaches 8.2% in the Eurozone and 8.4% in the United States. In the severe scenario, GDP levels stand between 11.5% and 16.4% lower than in the baseline scenario at the end of the shock period. This deviation reaches 12.1% in the Eurozone and 12.3% in the United States.
At 31 December 2024, the weight of the favourable scenario considered by the Group was 28%, and 17% for the adverse scenario and 5% for the severe scenario. At 31 December 2023, the weight of the favourable scenario was 33%, 12% for the adverse scenario and 5% for the severe scenario.
The sensitivity of the amount of expected credit losses for all financial assets at amortised cost or at fair value through equity and credit commitments is assessed by comparing the estimated expected credit losses resulting from the weighting of the above scenarios with that resulting from each of the two main scenarios:
Post-model adjustments are made when system limitations are identified in a particular context, for instance, in the case of insufficient statistical data to reflect the specific situation in the models. Post-model adjustments are also considered to take into account, where applicable, the consequences of climatic events on expected credit losses.
Notably, additional adjustments were made in 2022 to take into account the effects of inflation and interest rate hikes when this effect is not directly estimated by the models. For example, within the consumer credit specialist business, adjustments were considered for the categories of customers most sensitive to the gradual decline in the level of their net income. Given the evolution of the macroeconomic context in 2023 and 2024, these adjustments have been reassessed and are gradually reversed or used.
All of these adjustments represent 3.7% of the total amount of expected credit losses at 31 December 2024, compared with 4.5% at 31 December 2023.
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
|---|---|---|
Net allowances to impairment | (2,689) | (2,596) |
Recoveries on loans and receivables previously written off | 250 | 250 |
Losses on irrecoverable loans | (560) | (561) |
Total cost of risk for the period | (2,999) | (2,907) |
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
|---|---|---|
Cash and balances at central banks | 4 | (5) |
Financial instruments at fair value through profit or loss | (98) | (31) |
Financial assets at fair value through equity | (1) | 3 |
Financial assets at amortised cost | (3,013) | (2,904) |
Loans and receivables | (2,907) | (2,912) |
Debt securities | (106) | 8 |
Other assets | 1 | (2) |
Financing and guarantee commitments and other items | 108 | 32 |
Total cost of risk for the period | (2,999) | (2,907) |
Cost of risk on unimpaired assets and commitments | 765 | 517 |
of which stage 1 | 212 | 122 |
of which stage 2 | 553 | 395 |
Cost of risk on impaired assets and commitments – stage 3 | (3,764) | (3,424) |
Changes in impairment by accounting category and asset type during the period
In millions of euros, at | 31 December 2023 | Net allowance to impairment | Impairment provisions used | Changes in scope, exchange rates and other items | 31 December 2024 |
|---|---|---|---|---|---|
Assets impairment |
|
|
|
|
|
Amounts due from central banks | 20 | (4) |
| (1) | 15 |
Financial instruments at fair value through profit or loss | 108 | 61 | (87) | 8 | 90 |
Financial assets at fair value through equity | 121 | 2 |
|
| 123 |
Financial assets at amortised cost | 17,715 | 2,769 | (3,647) | 344 | 17,181 |
Loans and receivables | 17,611 | 2,665 | (3,619) | 336 | 16,993 |
Debt securities | 104 | 104 | (28) | 8 | 188 |
Other assets | 30 | 6 | (1) | 15 | 50 |
Total impairment of financial assets | 17,994 | 2,834 | (3,735) | 366 | 17,459 |
of which stage 1 | 1,966 | (122) | (3) | (28) | 1,813 |
of which stage 2 | 2,429 | (458) | (23) | 3 | 1,951 |
of which stage 3 | 13,599 | 3,414 | (3,709) | 391 | 13,695 |
Provisions recognised as liabilities |
|
|
|
|
|
Provisions for commitments | 883 | (148) | (1) | (28) | 706 |
Other provisions | 387 | 3 | (38) | (3) | 349 |
Total provisions recognised for credit commitments | 1,270 | (145) | (39) | (31) | 1,055 |
of which stage 1 | 269 | (91) |
| 4 | 182 |
of which stage 2 | 301 | (98) |
| 3 | 206 |
of which stage 3 | 700 | 44 | (39) | (38) | 667 |
Total impairment and provisions | 19,264 | 2,689 | (3,774) | 335 | 18,514 |
Change in impairment by accounting category and asset type during the previous period
In millions of euros, at | 31 December 2022 | Net allowance to impairment | Impairment provisions used | Changes in scope, exchange rates and other items | 31 December 2023 |
|---|---|---|---|---|---|
Assets impairment |
|
|
|
|
|
Amounts due from central banks | 21 | 5 |
| (6) | 20 |
Financial instruments at fair value through profit or loss | 108 | 30 | (24) | (6) | 108 |
Financial assets at fair value through equity | 130 | (3) |
| (6) | 121 |
Financial assets at amortised cost | 18,511 | 2,620 | (3,273) | (143) | 17,715 |
Loans and receivables | 18,381 | 2,627 | (3,264) | (133) | 17,611 |
Debt securities | 130 | (7) | (9) | (10) | 104 |
Other assets | 43 |
| (14) | 1 | 30 |
Total impairment of financial assets | 18,813 | 2,652 | (3,311) | (160) | 17,994 |
of which stage 1 | 2,074 | (60) | (2) | (46) | 1,966 |
of which stage 2 | 2,881 | (347) | (41) | (64) | 2,429 |
of which stage 3 | 13,858 | 3,059 | (3,268) | (50) | 13,599 |
Provisions recognised as liabilities |
|
|
|
|
|
Provisions for commitments | 980 | (69) | (1) | (27) | 883 |
Other provisions | 450 | 13 | (44) | (32) | 387 |
Total provisions recognised for credit commitments | 1,430 | (56) | (45) | (59) | 1,270 |
of which stage 1 | 326 | (47) |
| (10) | 269 |
of which stage 2 | 338 | (25) |
| (12) | 301 |
of which stage 3 | 766 | 16 | (45) | (37) | 700 |
Total impairment and provisions | 20,243 | 2,596 | (3,356) | (219) | 19,264 |
Changes in impairment of financial assets at amortised cost during the period
In millions of euros | Impairment on assets subject to 12-month Expected Credit Losses (Stage 1) | Impairment on assets subject to lifetime Expected Credit Losses (Stage 2) | Impairment on doubtful assets (Stage 3) | Total |
|---|---|---|---|---|
At 31 December 2023 | 1,938 | 2,416 | 13,361 | 17,715 |
Net allowance to impairment | (123) | (458) | 3,350 | 2,769 |
Financial assets purchased or originated during the period | 686 | 188 | 3 | 877 |
Financial assets derecognised during the period(1) | (367) | (500) | (724) | (1,591) |
Transfer to stage 2 | (263) | 2,005 | (320) | 1,422 |
Transfer to stage 3 | (72) | (908) | 2,280 | 1,300 |
Transfer to stage 1 | 206 | (914) | (47) | (755) |
Other allowances/reversals without stage transfer(2) | (313) | (329) | 2,158 | 1,516 |
Impairment provisions used | (3) | (23) | (3,621) | (3,647) |
Changes in exchange rates | (1) | 4 | 173 | 176 |
Changes in scope of consolidation and other items | (26) |
| 194 | 168 |
At 31 December 2024 | 1,785 | 1,939 | 13,457 | 17,181 |
| ||||
In 2024, the volume of financial assets at amortised cost increased compared to previous year and amounted to EUR 1,095 billion (see note 4.e Financial assets at amortised cost) of which EUR 917 billion in loans and advances to customers.
Loans and advances to customers classified in stage 1 increased by EUR 44 billion over the year, while stage 2 outstandings decreased by EUR 5 billion.
Within each of these stages, net reversals of provisions were observed. The stabilisation of the interest rate and inflation environment has led to the reversal of additional provisions previously set aside to anticipate the impact of rising interest rates on corporate clients’ financial ratios and the effect of inflation on the disposable income of the most vulnerable customer segments within the specialised consumer credit business. In parallel, a review of models and migration matrices applied to probabilities of default has resulted in an overall improvement of counterparties rating and risk parameters. These effects are particularly observed in Table No.52 : Breakdown of financial assets subject to impairment by stage and internal rating in section 5.4 Credit risk of the Universal registration document. Finally, transfers of exposures to Stage 3 were higher than in 2023 and amounted to EUR 9.2 billion, particularly for corporate clients (see note 4.f Impaired financial assets). This led to a net reversal of impairment on Stages 1 and 2 in 2024.
Additionally, debt securities classified in Stage 2 amounted to EUR 1.9 billion as of 31 December 2024, compared to EUR 94 million as of 31 December 2023. This evolution, which resulted in an increase in related provisions, is mainly due to a change in the consolidation method applied to the UkrSibbank entity (see note 8.d Business combinations and loss of control or influence).
Changes in impairment of financial assets at amortised cost during the previous period
In millions of euros | Impairment on assets subject to 12-month Expected Credit Losses (Stage 1) | Impairment on assets subject to lifetime Expected Credit Losses (Stage 2) | Impairmen on doubtful assets (Stage 3) | Total |
|---|---|---|---|---|
At 31 December 2022 | 2,035 | 2,860 | 13,616 | 18,511 |
Net allowance to impairment | (63) | (339) | 3,022 | 2,620 |
Financial assets purchased or originated during the period | 691 | 294 |
| 985 |
Financial assets derecognised during the period(1) | (405) | (490) | (726) | (1,621) |
Transfer to stage 2 | (371) | 2,121 | (199) | 1,551 |
Transfer to stage 3 | (74) | (990) | 2,258 | 1,194 |
Transfer to stage 1 | 288 | (860) | (86) | (658) |
Other allowances/reversals without stage transfer(2) | (192) | (414) | 1,775 | 1,169 |
Impairment provisions used | (2) | (41) | (3,230) | (3,273) |
Changes in exchange rates | (16) | (7) | (80) | (103) |
Changes in scope of consolidation and other items | (16) | (57) | 33 | (40) |
At 31 December 2023 | 1,938 | 2,416 | 13,361 | 17,715 |
| ||||
In 2023, the Group modified its accounting policy relating to the risk of loss of cash flows on financial instruments granted that are not linked to the counterparty’s default, such as legal risks calling into question the validity or enforceability of such contracts.
The effect on expected cash flows due to these risks is now considered as a change in the contract’s cash flows, in accordance with IFRS 9 B5.4.6, and is recorded as a decrease in the gross value of the asset. It was previously recognised separately in accordance with IAS 37 in “Provisions for risks and charges” (see note 4.n). Expected losses on derecognised financial instruments, as is the case when loans have been repaid, continue to be recognised in accordance with IAS 37.
The corresponding expected and realised cash flow losses are now presented under “Other net losses for risk on financial instruments”.
In 2024, the expense thus recognised relates to EUR 186 million in mortgage loans in Swiss franc or indexed to the Swiss franc in Poland, and to EUR 16 million in losses under the law on assistance to borrowers in Poland. In 2023, it was mainly composed of EUR 450 million in mortgage loans in Swiss franc or indexed to the Swiss franc in Poland, and EUR 221 million in foreign currency loans issued by BNP Paribas Personal Finance.
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
|---|---|---|
Gain or loss on investments in consolidated undertakings (note 8.d) | 133 | 29 |
Gain or loss on tangible and intangible assets | (30) | 139 |
Results from net monetary position | (294) | (272) |
Net gain on non-current assets | (191) | (104) |
According to IAS 29 in connection with the hyperinflation situation of the economy in Türkiye, the line “Results from net monetary positions” corresponds to the effect of the revaluation of net monetary assets of the evolution of the consumer price index in Türkiye on the valuation of non-monetary assets and liabilities (-EUR 549 million) and on income from the Turkish government bonds portfolio indexed to inflation and held by Turk Ekonomi Bankasi AS (+EUR 255 million, reclassified from interest margin) in 2024 (respectively -EUR 563 million and +EUR 291 million in 2023).
Reconciliation of the effective tax expense to the theoretical tax expense at standard tax rate in France | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 | ||
in millions of euros | tax rate | in millions of euros | tax rate | |
Corporate income tax expense on pre-tax income at standard tax rate in France(1) | (3,938) | 25.8% | (2,875) | 25.8% |
Impact of differently taxed foreign profits | (160) | 1.0% | (56) | 0.5% |
Impact of dividends and disposals taxed at reduced rate | 188 | -1.2% | 131 | -1.2% |
Impact of the non-deductibility of taxes and bank levies(2) | (132) | 0.9% | (369) | 3.3% |
Impact of previously unrecognised deferred taxes (tax losses and temporary differences) |
|
| 432 | -3.9% |
Impact of the hyperinflation in Türkiye | (98) | 0.6% | (202) | 1.9% |
Other items | 139 | -0.9% | (327) | 2.9% |
Corporate income tax expense from continuing activities | (4,001) | 26.2% | (3,266) | 29.3% |
Current tax expense(3) | (3,013) |
| (3,063) |
|
Deferred tax expense (note 4.i) | (988) |
| (203) |
|
| ||||
The Group is composed of three operating divisions:
Other Activities mainly include activities related to the Group’s central treasury function, some costs related to cross-business projects, the residential mortgage lending business of Personal Finance (a significant part of which is managed in run-off), and certain investments.
They also include non-recurring items resulting from applying the rules on business combinations. In order to provide consistent and relevant economic information for each core business, the impact of amortising fair value adjustments recognised in the net equity of entities acquired and restructuring costs incurred in respect to the integration of entities, have been allocated to the “Other Activities” segment. The same applies to transformation, adaptation and IT reinforcement costs relating to the Group’s savings programmes.
In addition, Other Activities carry the impact, related to the application of IFRS 17, of the reclassification as a deduction from revenues of the operating expenses “attributable to insurance contracts” of the Group’s business lines (other than Insurance) that distribute insurance contracts (i.e., internal distributors), in order not to disrupt the readability of their financial performance. This is also the case for the impact of the volatility on the financial result generated by the recognition at fair value through profit or loss of assets backing insurance entities’ equity or non-participating contracts. In the event of divestment connected to this portfolio, the realised gains or losses are allocated to the revenues of the Insurance business line.
Inter-segment transactions are conducted at arm’s length. The segment information presented comprises agreed inter-segment transfer prices.
The capital allocation is carried out on the basis of risk exposure, taking into account various conventions relating primarily to the capital requirement of the business as derived from the risk-weighted asset calculations required under capital adequacy rules. Normalised equity income by segment is determined by attributing to each segment the income of its allocated equity. The capital allocation to segments is based on a minimum of 11% of weighted assets. The breakdown of balance sheet by core business follows the same rules as the breakdown of the profit or loss by core business.
In order to be comparable with the presentation format used since 1 January 2024, the year ended 31 December 2023 of this note has been restated for the following effects as if they had occurred on 1 January 2023:
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 | ||||||||||
Revenues | Operating expenses | Cost of risk(1) | Operating income | Non- | Pre-tax income | Revenues | Operating expenses | Cost of risk(1) | Operating income | Non- | Pre-tax income | |
Corporate & Institutional Banking | 17,897 | (10,731) | 143 | 7,310 | 13 | 7,323 | 16,509 | (10,265) | 63 | 6,307 | (5) | 6,302 |
Global Banking | 6,236 | (2,921) | 171 | 3,486 | 6 | 3,492 | 5,822 | (2,802) | 74 | 3,094 | 6 | 3,100 |
Global Markets | 8,718 | (5,649) | (28) | 3,041 | 2 | 3,043 | 7,996 | (5,402) | (13) | 2,581 | 8 | 2,590 |
Securities Services | 2,943 | (2,161) |
| 782 | 6 | 788 | 2,691 | (2,061) | 1 | 631 | (19) | 612 |
Commercial, Personal Banking & Services | 26,027 | (16,119) | (3,275) | 6,633 | 171 | 6,804 | 25,917 | (15,824) | (2,920) | 7,173 | 156 | 7,329 |
Commercial & Personal Banking in the Eurozone | 13,162 | (9,046) | (1,033) | 3,083 | 81 | 3,164 | 13,259 | (9,064) | (986) | 3,209 | 12 | 3,221 |
Commercial & Personal Banking in France(2) | 6,241 | (4,420) | (670) | 1,151 | (2) | 1,149 | 6,251 | (4,482) | (484) | 1,285 |
| 1,285 |
BNL banca commerciale(2) | 2,766 | (1,745) | (338) | 682 | (4) | 678 | 2,646 | (1,712) | (410) | 524 | (3) | 520 |
Commercial & Personal Banking in Belgium(2) | 3,545 | (2,585) | (21) | 939 | 87 | 1,026 | 3,784 | (2,583) | (84) | 1,116 | 10 | 1,126 |
Commercial & Personal Banking in Luxembourg(2) | 610 | (296) | (4) | 310 |
| 310 | 577 | (286) | (8) | 283 | 5 | 289 |
Commercial & Personal Banking in the rest of the world | 3,104 | (2,016) | (365) | 723 | 50 | 773 | 2,631 | (1,653) | (44) | 934 | 100 | 1,034 |
Europe-Mediterranean(2) | 3,104 | (2,016) | (365) | 723 | 50 | 773 | 2,631 | (1,653) | (44) | 934 | 100 | 1,034 |
Specialised businesses | 9,761 | (5,058) | (1,877) | 2,826 | 40 | 2,866 | 10,027 | (5,106) | (1,890) | 3,031 | 44 | 3,074 |
Personal Finance | 5,075 | (2,779) | (1,573) | 724 | 98 | 822 | 5,163 | (2,952) | (1,600) | 611 | 65 | 676 |
Arval & Leasing Solutions | 3,627 | (1,556) | (202) | 1,869 | (63) | 1,807 | 3,869 | (1,477) | (167) | 2,225 | (14) | 2,211 |
New Digital Businesses & Personal Investors(2) | 1,059 | (724) | (102) | 233 | 4 | 237 | 995 | (677) | (123) | 195 | (8) | 187 |
Investment & Protection Services | 5,824 | (3,570) | (15) | 2,239 | 116 | 2,355 | 5,590 | (3,552) | (13) | 2,025 | 148 | 2,173 |
Insurance | 2,238 | (840) |
| 1,398 | 172 | 1,570 | 2,090 | (808) |
| 1,281 | 113 | 1,394 |
Wealth Management | 1,688 | (1,199) |
| 489 |
| 489 | 1,603 | (1,183) | (3) | 416 | 4 | 420 |
Asset Management(3) | 1,898 | (1,530) | (15) | 353 | (56) | 297 | 1,897 | (1,560) | (10) | 327 | 31 | 358 |
Other Activities - excl. restatement related to insurance activities | 173 | (858) | (55) | (740) | 451 | (289) | (1,060) | (2,357) | (812) | (4,228) | 190 | (4,039) |
Other Activities - restatement related to insurance activities | (1,090) | 1,085 |
| (5) |
| (5) | (1,081) | 1,041 |
| (40) |
| (40) |
of which volatility | (5) |
|
| (5) |
| (5) | (40) |
|
| (40) |
| (40) |
of which attributable costs to internal distributors | (1,085) | 1,085 |
|
|
|
| (1,041) | 1,041 |
|
|
|
|
Total continuing activities | 48,831 | (30,193) | (3,201) | 15,437 | 751 | 16,188 | 45,874 | (30,956) | (3,682) | 11,236 | 489 | 11,725 |
| ||||||||||||
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
|---|---|---|
Corporate & Institutional Banking | 2,401 | 2,214 |
Global Banking | 1,959 | 1,784 |
Global Markets | (1,008) | (975) |
Securities Services | 1,450 | 1,405 |
Commercial, Personal Banking & Services | 7,216 | 6,777 |
Commercial & Personal Banking in the eurozone | 5,194 | 5,019 |
Commercial & Personal Banking in France(1) | 3,006 | 2,875 |
BNL banca commerciale(1) | 1,077 | 1,043 |
Commercial & Personal Banking in Belgium(1) | 1,023 | 1,014 |
Commercial & Personal Banking in Luxembourg(1) | 88 | 87 |
Commercial & Personal Banking in the rest of the world | 607 | 442 |
Europe-Mediterranean(1) | 607 | 442 |
Specialised businesses | 1,415 | 1,316 |
Personal Finance | 795 | 776 |
Arval & Leasing Solutions | 56 | 54 |
New Digital Businesses & Personal Investors(1) | 564 | 486 |
Investment & Protection Services | 2,018 | 1,850 |
Insurance | (361) | (368) |
Wealth Management | 896 | 749 |
Asset Management(2) | 1,483 | 1,469 |
Other activities - excl. restatement related to insurance activities | 151 | 21 |
Other activities - restatement related to insurance activities | (1,085) | (1,041) |
Total Group | 10,701 | 9,821 |
| ||
In millions of euros, at | 31 December 2024 | 31 December 2023 | ||
Asset | Liability | Asset | Liability | |
Corporate & Institutional Banking | 1,257,271 | 1,375,940 | 1,136,691 | 1,309,407 |
Global Banking | 195,330 | 258,037 | 176,822 | 241,346 |
Global Markets | 1,016,601 | 960,504 | 921,650 | 917,780 |
Securities Services | 45,340 | 157,400 | 38,219 | 150,281 |
Commercial, Personal Banking & Services | 802,565 | 701,384 | 790,637 | 702,388 |
Commercial & Personal Banking in the eurozone | 547,798 | 551,464 | 552,876 | 559,503 |
Commercial & Personal Banking in France(1) | 236,792 | 242,000 | 236,866 | 244,563 |
BNL banca commerciale(1) | 89,722 | 78,660 | 94,164 | 81,275 |
Commercial & Personal Banking in Belgium(1) | 192,644 | 197,679 | 192,423 | 202,447 |
Commercial & Personal Banking in Luxembourg(1) | 28,640 | 33,126 | 29,423 | 31,218 |
Commercial & Personal Banking in the rest of the world | 71,050 | 68,419 | 59,282 | 55,409 |
Europe-Mediterranean(1) | 71,050 | 68,419 | 59,282 | 55,409 |
Specialised businesses | 183,718 | 81,500 | 178,479 | 87,476 |
Personal Finance | 109,512 | 27,802 | 108,791 | 29,003 |
Arval & Leasing Solutions | 70,283 | 20,785 | 65,086 | 22,245 |
New Digital Businesses & Personal Investors(1) | 3,923 | 32,913 | 4,602 | 36,228 |
Investment & Protection Services | 322,771 | 355,810 | 289,722 | 319,544 |
Insurance | 286,849 | 274,655 | 257,133 | 243,510 |
Wealth Management | 27,373 | 76,611 | 24,836 | 70,859 |
Asset Management(2) | 8,549 | 4,544 | 7,753 | 5,175 |
Other activities | 322,301 | 271,774 | 374,449 | 260,160 |
Total Group | 2,704,908 | 2,704,908 | 2,591,499 | 2,591,499 |
| ||||
Information by business segment relating to goodwill is presented in note 4.m Goodwill.
The geographic split of segment results, assets and liabilities is based on the region in which they are recognised for accounting purposes, adjusted as per the managerial origin of the business activity. It does not necessarily reflect the counterparty’s nationality or the location of operational businesses.
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
|---|---|---|
EMEA | 39,688 | 37,822 |
Americas (North and South) | 4,898 | 4,286 |
APAC | 4,245 | 3,766 |
Total Group | 48,831 | 45,874 |
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
EMEA | 2,196,747 | 2,148,461 |
Americas (North and South) | 316,411 | 255,099 |
APAC | 191,750 | 187,939 |
Total Group | 2,704,908 | 2,591,499 |
Financial assets and financial liabilities at fair value through profit or loss consist of held-for-trading transactions - including derivatives - of certain assets and liabilities designated by the Group as at fair value through profit or loss at the time of issuance and of non-trading instruments whose characteristics prevent their accounting at amortised cost or at fair value through equity.
In millions of euros, at | 31 December 2024 | 31 December 2023 | ||||||
Financial instruments held for trading | Financial instruments designated as at fair value through profit or loss | Other financial assets at fair value through profit or loss | Total | Financial instruments held for trading | Financial instruments designated as at fair value through profit or loss | Other financial assets at fair value through profit or loss | Total | |
Securities | 256,779 | 15 | 10,563 | 267,357 | 202,225 | 549 | 8,860 | 211,634 |
Loans and repurchase agreements | 221,622 |
| 4,077 | 225,699 | 224,700 |
| 2,475 | 227,175 |
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS | 478,401 | 15 | 14,640 | 493,056 | 426,925 | 549 | 11,335 | 438,809 |
Securities | 79,958 |
|
| 79,958 | 104,910 |
|
| 104,910 |
Deposits and repurchase agreements | 302,488 | 2,329 |
| 304,817 | 271,486 | 2,128 |
| 273,614 |
Issued debt securities and subordinated debt (note 4.h) |
| 104,934 |
| 104,934 |
| 83,763 |
| 83,763 |
FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS | 382,446 | 107,263 |
| 489,709 | 376,396 | 85,891 |
| 462,287 |
Detail of these assets and liabilities is provided in note 4.d.
Financial liabilities at fair value through profit or loss mainly consist of issued debt securities, originated and structured on behalf of customers, where the risk exposure is managed in combination with the hedging strategy. These types of issued debt securities contain significant embedded derivatives, which changes in value may be compensated by changes in the value of economic hedging derivatives.
The redemption value of debt issued and designated as at fair value through profit or loss at 31 December 2024 was EUR 110,823 million (EUR 89,910 million at 31 December 2023).
Other financial assets at fair value through profit or loss are financial assets not held for trading:
The majority of derivative financial instruments held for trading are related to transactions initiated for trading purposes. They may result from market-making or arbitrage activities. BNP Paribas actively trades in derivatives. Transactions include trades in “ordinary” instruments such as credit default swaps, and structured transactions with complex risk profiles tailored to meet the needs of its customers. The net position is in all cases subject to limits.
Some derivative instruments are also contracted to hedge financial assets or financial liabilities for which the Group has not documented a hedging relationship, or which do not qualify for hedge accounting under IFRS.
In millions of euros, at | 31 December 2024 | 31 December 2023 | ||
Positive market value | Negative market value | Positive market value | Negative market value | |
Interest rate derivatives | 121,491 | 95,045 | 133,500 | 105,976 |
Foreign exchange derivatives | 158,085 | 152,269 | 119,094 | 118,126 |
Credit derivatives | 10,767 | 11,085 | 8,427 | 10,320 |
Equity derivatives | 28,065 | 40,185 | 24,067 | 38,027 |
Other derivatives | 4,223 | 3,369 | 6,991 | 6,443 |
Derivative financial instruments | 322,631 | 301,953 | 292,079 | 278,892 |
The table below shows the total notional amount of trading derivatives. The notional amounts of derivative instruments are merely an indication of the volume of the Group’s activities in financial instruments markets, and do not reflect the market risks associated with such instruments.
In millions of euros, at | 31 December 2024 | 31 December 2023 | ||||||
Exchange- | Over-the- | Over-the- | Total | Exchange- | Over-the- | Over-the- | Total | |
Interest rate derivatives | 983,378 | 15,690,701 | 7,277,395 | 23,951,474 | 1,327,902 | 14,448,396 | 6,811,394 | 22,587,692 |
Foreign exchange derivatives | 74,516 | 194,540 | 10,769,644 | 11,038,700 | 57,625 | 173,339 | 8,980,659 | 9,211,623 |
Credit derivatives |
| 436,041 | 463,565 | 899,606 |
| 357,964 | 465,403 | 823,367 |
Equity derivatives | 1,356,158 |
| 798,676 | 2,154,834 | 1,130,554 |
| 638,904 | 1,769,458 |
Other derivatives | 184,941 |
| 93,181 | 278,122 | 119,024 |
| 84,251 | 203,275 |
Derivative financial instruments | 2,598,993 | 16,321,282 | 19,402,461 | 38,322,736 | 2,635,105 | 14,979,699 | 16,980,611 | 34,595,415 |
As part of its Client Clearing activity, the Group guarantees the risk of default of its clients to central counterparties. The corresponding notional amount is EUR 1,271 billion at 31 December 2024 (EUR 1,197 billion at 31 December 2023).
The table below shows the notional amounts and the fair value of derivatives used for hedging purposes.
In millions of euros, at | 31 December 2024 | 31 December 2023 | ||||
Notional amounts | Positive fair value | Negative fair value | Notional amounts | Positive fair value | Negative fair value | |
Fair value hedges | 1,215,184 | 19,489 | 32,610 | 1,148,308 | 19,409 | 33,808 |
Interest rate derivatives | 1,210,173 | 19,305 | 32,391 | 1,139,647 | 18,516 | 32,617 |
Foreign exchange derivatives | 5,011 | 184 | 219 | 8,661 | 893 | 1,191 |
Cash flow hedges | 267,840 | 1,297 | 4,196 | 241,125 | 2,233 | 4,138 |
Interest rate derivatives | 75,830 | 654 | 1,583 | 66,134 | 896 | 1,760 |
Foreign exchange derivatives | 191,237 | 590 | 2,532 | 174,426 | 1,270 | 2,312 |
Other derivatives | 773 | 53 | 81 | 565 | 67 | 66 |
Net foreign investment hedges | 2,885 | 65 | 58 | 2,648 | 50 | 65 |
Foreign exchange derivatives | 2,885 | 65 | 58 | 2,648 | 50 | 65 |
Derivatives used for hedging purposes | 1,485,909 | 20,851 | 36,864 | 1,392,081 | 21,692 | 38,011 |
Interest rate risk and foreign exchange risk management strategies are described in chapter 5 – Pillar 3 of the Universal registration document (section 5.7 Market risk – Market risk related to banking activities). Quantitative information related to foreign currency borrowings used for net investment hedges is also mentioned in this chapter.
The table below presents the detail of fair value hedge relationships for identified financial instruments and portfolios of financial instruments that are continuing at 31 December 2024:
In millions of euros, at 31 December 2024 | Hedging instruments | Hedged instruments | ||||||
Notional amounts | Positive | Negative | Cumulated changes in fair value used as the basis for recognising ineffectiveness | Carrying amount – asset | Cumulated changes in fair value – asset | Carrying amount – liability | Cumulated changes in fair value – liability | |
Fair value hedges of identified instruments | 467,277 | 10,935 | 14,372 | (408) | 171,514 | (4,723) | 149,961 | (5,075) |
Interest rate derivatives hedging the interest rate risk related to | 462,854 | 10,786 | 14,154 | (396) | 169,146 | (4,721) | 148,362 | (5,061) |
Loans and receivables | 21,678 | 459 | 504 | (35) | 17,111 | 34 |
|
|
Securities | 220,047 | 9,896 | 6,286 | 4,680 | 152,035 | (4,755) |
|
|
Deposits | 21,350 | 134 | 137 | (9) |
|
| 16,851 | (11) |
Debt securities | 199,779 | 297 | 7,227 | (5,032) |
|
| 131,511 | (5,050) |
Foreign exchange derivatives hedging the interest rate and foreign exchange risks related to | 4,423 | 149 | 218 | (12) | 2,368 | (2) | 1,599 | (14) |
Loans and receivables | 1,403 | 137 | 47 | 3 | 1,007 | (3) |
|
|
Securities | 1,435 | 8 | 5 |
| 1,361 | 1 |
|
|
Deposits | 36 |
| 2 | 2 |
|
| 41 | 2 |
Debt securities | 1,549 | 4 | 164 | (17) |
|
| 1,558 | (16) |
Interest rate risk hedged portfolios | 747,907 | 8,554 | 18,238 | (8,868) | 200,215 | (1,745) | 151,658 | (10,592) |
Interest rate derivatives hedging the interest rate risk related to(1) | 747,319 | 8,519 | 18,237 | (8,865) | 199,658 | (1,747) | 151,658 | (10,592) |
Loans and receivables | 319,703 | 5,461 | 2,721 | 1,848 | 199,658 | (1,747) |
|
|
Deposits | 427,616 | 3,058 | 15,516 | (10,713) |
|
| 151,658 | (10,592) |
Foreign exchange derivatives hedging the interest rate and foreign exchange risks related to | 588 | 35 | 1 | (3) | 557 | 2 | - | - |
Loans and receivables | 588 | 35 | 1 | (3) | 557 | 2 |
|
|
Total fair value hedge | 1,215,184 | 19,489 | 32,610 | (9,276) | 371,729 | (6,468) | 301,619 | (15,667) |
| ||||||||
The table below presents the detail of fair value hedge relationships for identified financial instruments and portfolios of financial instruments that are continuing at 31 December 2023:
In millions of euros, at 31 December 2023 | Hedging instruments | Hedged instruments | ||||||
Notional amounts | Positive | Negative | Cumulated changes in fair value used as the basis for recognising ineffectiveness | Carrying amount – asset | Cumulated changes in fair value – asset | Carrying amount – liability | Cumulated changes in fair value – liability | |
Fair value hedges of identified instruments | 405,307 | 9,539 | 13,084 | (582) | 133,418 | (6,571) | 154,708 | (7,030) |
Interest rate derivatives hedging the interest rate risk related to | 398,328 | 8,653 | 11,932 | (491) | 129,967 | (6,575) | 151,227 | (6,948) |
Loans and receivables | 20,674 | 487 | 449 | 88 | 20,886 | (82) |
|
|
Securities | 162,254 | 7,826 | 2,383 | 6,369 | 109,081 | (6,493) |
|
|
Deposits | 24,158 | 123 | 222 | (203) |
|
| 20,487 | (201) |
Debt securities | 191,242 | 217 | 8,878 | (6,745) |
|
| 130,740 | (6,747) |
Foreign exchange derivatives hedging the interest rate and foreign exchange risks related to | 6,979 | 886 | 1,152 | (91) | 3,451 | 4 | 3,481 | (82) |
Loans and receivables | 2,069 | 687 | 737 | (11) | 2,055 | 10 |
|
|
Securities | 1,405 | 184 | 193 | 8 | 1,396 | (6) |
|
|
Deposits | 833 | 6 | 21 | 4 |
|
| 846 | 3 |
Debt securities | 2,672 | 9 | 201 | (92) |
|
| 2,635 | (85) |
Interest rate risk hedged portfolios | 743,001 | 9,870 | 20,724 | (10,261) | 233,224 | (3,803) | 228,527 | (14,009) |
Interest rate derivatives hedging the interest rate risk related to(1) | 741,319 | 9,862 | 20,685 | (10,263) | 231,609 | (3,801) | 228,527 | (14,009) |
Loans and receivables | 339,035 | 6,302 | 1,938 | 3,780 | 231,609 | (3,801) |
|
|
Deposits | 402,284 | 3,560 | 18,747 | (14,043) |
|
| 228,527 | (14,009) |
Foreign exchange derivatives hedging the interest rate and foreign exchange risks related to | 1,682 | 8 | 39 | 2 | 1,615 | (2) | - | - |
Loans and receivables | 1,682 | 8 | 39 | 2 | 1,615 | (2) |
|
|
Total fair value hedge | 1,148,308 | 19,409 | 33,808 | (10,843) | 366,642 | (10,374) | 383,235 | (21,039) |
| ||||||||
An asset or a liability or set of assets and liabilities, can be hedged over several periods of time with different derivative financial instruments. Besides, some hedges are achieved by the combination of two derivative instruments. In this case, the notional amounts add up and their total amount is higher than the hedged amount. The first situation is observed more particularly for interest rate risk hedged portfolios and the second for hedges of issued debt securities.
As regards discontinued fair value hedge relationships where the derivative contract was terminated, the cumulated amount of revaluation remaining to be amortised over the residual life of the hedged instruments amounted to EUR 986 million in assets at 31 December 2024, and to -EUR 104 million in liabilities, for hedges of portfolios of financial instruments. At 31 December 2023, these amounts were EUR 1,143 million in assets and -EUR 166 million in liabilities.
Regarding hedges of identified instruments, the cumulated amount of revaluation remaining to be amortised over the residual life of the hedged instruments amounts to EUR 99 million in assets at 31 December 2024. At 31 December 2023, this amount was EUR 105 million in assets.
The notional amount of cash flow hedge derivatives is EUR 267,840 million at 31 December 2024. Changes in assets and liabilities recognised directly in equity amount to EUR 48 million. At 31 December 2023, the notional amount of cash flow hedge derivatives was EUR 241,125 million and changes in assets and liabilities recognised directly in equity amounted to EUR 189 million.
The tables below present the notional amounts of hedging derivatives by maturity at 31 December 2024 and at 31 December 2023:
In millions of euros, at 31 December 2024 | Maturity date | |||
Less than 1 year | Between 1 and 5 years | Over 5 years | Total | |
Fair value hedges | 454,601 | 456,223 | 304,360 | 1,215,184 |
Interest rate derivatives | 452,137 | 454,004 | 304,032 | 1,210,173 |
Foreign exchange derivatives | 2,464 | 2,219 | 328 | 5,011 |
Cash flow hedges | 198,515 | 55,256 | 14,069 | 267,840 |
Interest rate derivatives | 41,299 | 25,253 | 9,278 | 75,830 |
Foreign exchange derivatives | 156,886 | 29,563 | 4,788 | 191,237 |
Other derivatives | 330 | 440 | 3 | 773 |
Net foreign investment hedges | 2,432 | 453 | - | 2,885 |
Foreign exchange derivatives | 2,432 | 453 |
| 2,885 |
In millions of euros, at 31 December 2023 | Maturity date | |||
Less than 1 year | Between 1 and 5 years | Over 5 years | Total | |
Fair value hedges | 328,104 | 487,495 | 332,709 | 1,148,308 |
Interest rate derivatives | 323,853 | 483,325 | 332,469 | 1,139,647 |
Foreign exchange derivatives | 4,251 | 4,170 | 240 | 8,661 |
Cash flow hedges | 176,330 | 52,161 | 12,634 | 241,125 |
Interest rate derivatives | 30,565 | 28,999 | 6,570 | 66,134 |
Foreign exchange derivatives | 145,532 | 22,832 | 6,062 | 174,426 |
Other derivatives | 233 | 330 | 2 | 565 |
Net foreign investment hedges | 2,648 | - | - | 2,648 |
Foreign exchange derivatives | 2,648 |
|
| 2,648 |
In millions of euros, at | 31 December 2024 | 31 December 2023 | ||
Fair value | of which changes in value recognised directly to equity | Fair value | of which changes in value recognised directly to equity | |
Debt securities | 71,430 | (1,285) | 50,274 | (585) |
Governments | 36,128 | (545) | 23,334 | (207) |
Other public administrations | 20,721 | (432) | 16,188 | (117) |
Credit institutions | 11,148 | (306) | 7,388 | (248) |
Others | 3,433 | (2) | 3,364 | (13) |
Equity securities | 1,610 | 489 | 2,275 | 767 |
Total financial assets at fair value through equity | 73,040 | (796) | 52,549 | 182 |
Debt securities at fair value through equity include EUR 106 million classified as stage 3 at 31 December 2024 (EUR 109 million at 31 December 2023). For these securities, the credit impairment recognised in the profit and loss account has been charged to the negative changes in value recognised in equity amounting to EUR 102 million at 31 December 2024 (unchanged compared with 31 December 2023).
The option to recognise certain equity instruments at fair value through equity was retained in particular for shares held through strategic partnerships and shares that the Group is required to hold in order to carry out certain activities.
During the year ended 31 December 2024, the Group sold several of these investments and a net gain of EUR 207 million was transferred to “retained earnings” (EUR 9 million for the year ended 31 December 2023).
BNP Paribas has retained the fundamental principle that it should have a unique and integrated processing chain for producing and controlling the valuations of financial instruments that are used for the purpose of daily risk management and financial reporting. All these processes are based on a common economic valuation which is a core component of business decisions and risk management strategies.
Economic value is composed of mid-market value, to which valuation adjustments are made.
Mid-market value is derived from external data or valuation techniques that maximise the use of observable and market-based data. Mid-market value is a theoretical additive value which does not take account of i) the direction of the transaction or its impact on the existing risks in the portfolio, ii) the nature of the counterparties, and iii) the aversion of a market participant to particular risks inherent in the instrument, the market in which it is traded, or the risk management strategy.
Valuation adjustments take into account valuation uncertainty and include market and credit risk premiums to reflect costs that could be incurred in case of an exit transaction in the principal market.
Fair value generally equals the economic value, subject to limited adjustments, such as own credit adjustments, which are specifically required by IFRS standards.
The main valuation adjustments are presented in the section below.
Valuation adjustments retained by BNP Paribas for determining fair values are as follows:
Bid/offer adjustments: the bid/offer range reflects the additional exit cost for a price taker and symmetrically the compensation sought by dealers to bear the risk of holding the position or closing it out by accepting another dealer’s price.
BNP Paribas assumes that the best estimate of an exit price is the bid or offer price, unless there is evidence that another point in the bid/offer range would provide a more representative exit price.
Input uncertainty adjustments: when the observation of prices or data inputs required by valuation techniques is difficult or irregular, an uncertainty exists on the exit price. There are several ways to gauge the degree of uncertainty on the exit price such as measuring the dispersion of the available price indications or estimating the possible ranges of the inputs to a valuation technique.
Model uncertainty adjustments: these relate to situations where valuation uncertainty is due to the valuation technique used, even though observable inputs might be available. This situation arises when the risks inherent in the instruments are different from those available in the observable data, and therefore the valuation technique involves assumptions that cannot be easily corroborated.
Future Hedging Costs adjustments (FHC): this adjustment applies to positions that require dynamic hedging throughout their lifetime leading to additional bid/offer costs. Calculation methods capture these expected costs in particular based on the optimal hedging frequency.
Credit valuation adjustment (CVA): the CVA adjustment applies to valuations and market quotations whereby the credit worthiness of the counterparty is not reflected. It aims to account for the possibility that the counterparty may default and that BNP Paribas may not receive the full fair value of the transactions.
In determining the cost of exiting or transferring counterparty risk exposures, the relevant market is deemed to be an inter-dealer market. However, the determination of CVA remains judgemental due to i) the possible absence or lack of price discovery in the inter-dealer market, ii) the influence of the regulatory landscape relating to counterparty risk on the market participants’ pricing behaviour and iii) the absence of a dominant business model for managing counterparty risk.
The CVA model is grounded on the same exposures as those used for regulatory purposes. The model attempts to estimate the cost of an optimal risk management strategy based on i) implicit incentives and constraints inherent in the regulations in force and their evolutions, ii) market perception of the probability of default, and iii) default parameters used for regulatory purposes.
Funding valuation adjustment (FVA): when valuation techniques are used for the purpose of deriving fair value, funding assumptions related to the future expected cash flows are an integral part of the mid-market valuation, notably through the use of appropriate discount rates. These assumptions reflect what the Bank anticipates as being the effective funding conditions of the instrument that a market participant would consider. This notably takes into account the existence and terms of any collateral agreement. In particular, for non- or imperfectly collateralised derivative instruments, they include an explicit adjustment to the interbank interest rate.
Own-credit valuation adjustment for debts (OCA) and for derivatives (debit valuation adjustment – DVA): OCA and DVA are adjustments reflecting the effect of credit worthiness of BNP Paribas, on respectively the value of debt securities designated as at fair value through profit or loss and derivatives. Both adjustments are based on the expected future liability profiles of such instruments. The own credit worthiness is inferred from the market-based observation of the relevant bond issuance levels. The DVA adjustment is determined after taking into account the Funding Valuation Adjustment (FVA).
Thus, the carrying value of debt securities designated as at fair value though profit or loss increased by EUR 388 million at 31 December 2024, compared with a decrease in value of EUR 198 million at 31 December 2023, i.e. a +EUR 586 million variation recognised directly in equity that will not be reclassified to profit or loss.
As explained in the summary of significant accounting policies (note 1.f.10), financial instruments measured at fair value are categorised into a fair value hierarchy consisting of three levels.
In millions of euros, at | 31 December 2024 | |||||||||||
Financial instruments held for trading | Instruments at fair value through profit or | Financial assets at fair value through equity | ||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Securities | 215,211 | 40,417 | 1,151 | 256,779 | 640 | 1,397 | 8,541 | 10,578 | 62,844 | 9,427 | 769 | 73,040 |
Governments | 76,246 | 18,301 | 171 | 94,718 |
|
|
|
| 32,137 | 3,919 | 72 | 36,128 |
Other debt securities | 18,922 | 21,937 | 781 | 41,640 | 24 | 411 | 378 | 813 | 29,740 | 5,295 | 267 | 35,302 |
Equities and other equity securities | 120,043 | 179 | 199 | 120,421 | 616 | 986 | 8,163 | 9,765 | 967 | 213 | 430 | 1,610 |
Loans and repurchase agreements |
| 221,607 | 15 | 221,622 |
| 2,874 | 1,203 | 4,077 |
|
|
|
|
Loans |
| 9,324 |
| 9,324 |
| 2,874 | 1,203 | 4,077 |
|
|
|
|
Repurchase agreements |
| 212,283 | 15 | 212,298 |
|
|
|
|
|
|
|
|
FINANCIAL ASSETS AT FAIR VALUE | 215,211 | 262,024 | 1,166 | 478,401 | 640 | 4,271 | 9,744 | 14,655 | 62,844 | 9,427 | 769 | 73,040 |
Securities | 77,891 | 1,971 | 96 | 79,958 |
|
|
|
|
|
|
|
|
Governments | 54,020 | 373 |
| 54,393 |
|
|
|
|
|
|
|
|
Other debt securities | 8,648 | 1,576 | 96 | 10,320 |
|
|
|
|
|
|
|
|
Equities and other equity securities | 15,223 | 22 |
| 15,245 |
|
|
|
|
|
|
|
|
Borrowings and repurchase agreements |
| 301,036 | 1,452 | 302,488 |
| 2,126 | 203 | 2,329 |
|
|
|
|
Borrowings |
| 6,113 |
| 6,113 |
| 2,126 | 203 | 2,329 |
|
|
|
|
Repurchase agreements |
| 294,923 | 1,452 | 296,375 |
|
|
|
|
|
|
|
|
Issued debt securities and subordinated debt (note 4.h) |
|
|
|
|
| 66,580 | 38,354 | 104,934 |
|
|
|
|
Issued debt securities |
|
|
|
|
| 65,764 | 38,354 | 104,118 |
|
|
|
|
Subordinated debt |
|
|
|
|
| 816 |
| 816 |
|
|
|
|
FINANCIAL LIABILITIES AT FAIR VALUE | 77,891 | 303,007 | 1,548 | 382,446 | - | 68,706 | 38,557 | 107,263 |
|
|
|
|
In millions of euros, at | 31 December 2023 | |||||||||||
Financial instruments held for trading | Instruments at fair value through profit or | Financial assets at fair value through equity | ||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Securities | 171,172 | 30,482 | 571 | 202,225 | 1,205 | 1,079 | 7,125 | 9,409 | 44,707 | 7,095 | 747 | 52,549 |
Governments | 80,933 | 14,291 | 10 | 95,234 | 225 |
|
| 225 | 19,919 | 3,367 | 48 | 23,334 |
Other debt securities | 19,776 | 15,747 | 439 | 35,962 | 327 | 363 | 380 | 1,070 | 23,218 | 3,515 | 207 | 26,940 |
Equities and other equity securities | 70,463 | 444 | 122 | 71,029 | 653 | 716 | 6,745 | 8,114 | 1,570 | 213 | 492 | 2,275 |
Loans and repurchase agreements |
| 224,512 | 188 | 224,700 |
| 913 | 1,562 | 2,475 |
|
|
|
|
Loans |
| 8,441 |
| 8,441 |
| 913 | 1,562 | 2,475 |
|
|
|
|
Repurchase agreements |
| 216,071 | 188 | 216,259 |
|
|
|
|
|
|
|
|
FINANCIAL ASSETS AT FAIR VALUE | 171,172 | 254,994 | 759 | 426,925 | 1,205 | 1,992 | 8,687 | 11,884 | 44,707 | 7,095 | 747 | 52,549 |
Securities | 102,913 | 1,955 | 42 | 104,910 |
|
|
|
|
|
|
|
|
Governments | 69,811 | 398 |
| 70,209 |
|
|
|
|
|
|
|
|
Other debt securities | 9,670 | 1,544 | 41 | 11,255 |
|
|
|
|
|
|
|
|
Equities and other equity securities | 23,432 | 13 | 1 | 23,446 |
|
|
|
|
|
|
|
|
Borrowings and repurchase agreements |
| 270,854 | 632 | 271,486 |
| 1,973 | 155 | 2,128 |
|
|
|
|
Borrowings |
| 4,846 |
| 4,846 |
| 1,973 | 155 | 2,128 |
|
|
|
|
Repurchase agreements |
| 266,008 | 632 | 266,640 |
|
|
|
|
|
|
|
|
Issued debt securities and subordinated debt (note 4.h) |
|
|
|
|
| 52,080 | 31,683 | 83,763 |
|
|
|
|
Issued debt securities(1) |
|
|
|
|
| 51,345 | 31,683 | 83,028 |
|
|
|
|
Subordinated debt |
|
|
|
|
| 735 |
| 735 |
|
|
|
|
FINANCIAL LIABILITIES AT FAIR VALUE | 102,913 | 272,809 | 674 | 376,396 | - | 54,053 | 31,838 | 85,891 |
|
|
|
|
| ||||||||||||
Fair values of derivatives are broken down by dominant risk factor, namely interest rate, foreign exchange, credit and equity. Derivatives used for hedging purposes are mainly interest rate derivatives.
In millions of euros, at | 31 December 2024 | |||||||
Positive market value | Negative market value | |||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Interest rate derivatives | 479 | 119,383 | 1,629 | 121,491 | 505 | 92,636 | 1,904 | 95,045 |
Foreign exchange derivatives | 57 | 157,499 | 529 | 158,085 | 53 | 151,964 | 252 | 152,269 |
Credit derivatives |
| 10,161 | 606 | 10,767 |
| 10,362 | 723 | 11,085 |
Equity derivatives | 9 | 24,977 | 3,079 | 28,065 | 4 | 34,165 | 6,016 | 40,185 |
Other derivatives | 693 | 3,400 | 130 | 4,223 | 851 | 2,466 | 52 | 3,369 |
Derivative financial instruments not used for hedging purposes | 1,238 | 315,420 | 5,973 | 322,631 | 1,413 | 291,593 | 8,947 | 301,953 |
Derivative financial instruments used for hedging purposes | - | 20,851 | - | 20,851 | - | 36,864 | - | 36,864 |
In millions of euros, at | 31 December 2023 | |||||||
Positive market value | Negative market value | |||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Interest rate derivatives | 734 | 131,382 | 1,384 | 133,500 | 714 | 103,334 | 1,928 | 105,976 |
Foreign exchange derivatives | 18 | 118,300 | 776 | 119,094 | 16 | 118,065 | 45 | 118,126 |
Credit derivatives |
| 7,663 | 764 | 8,427 |
| 8,697 | 1,623 | 10,320 |
Equity derivatives | 15 | 21,177 | 2,875 | 24,067 | 659 | 31,222 | 6,146 | 38,027 |
Other derivatives | 586 | 6,365 | 40 | 6,991 | 607 | 5,769 | 67 | 6,443 |
Derivative financial instruments not used for hedging purposes | 1,353 | 284,887 | 5,839 | 292,079 | 1,996 | 267,087 | 9,809 | 278,892 |
Derivative financial instruments used for hedging purposes | - | 21,692 | - | 21,692 | - | 38,011 | - | 38,011 |
Transfers between levels may occur when an instrument fulfils the criteria defined, which are generally market and product dependent. The main factors influencing transfers are changes in the observation capabilities, passage of time, and events during the transaction lifetime. The timing of recognising transfers is determined at the beginning of the reporting period.
During the year 2024, transfers between Level 1 and Level 2 were not significant.
The following section provides a description of the instruments in each level in the hierarchy. It describes notably instruments classified in Level 3 and the associated valuation methodologies.
For main trading book instruments and derivatives classified in Level 3, further quantitative information is provided about the inputs used to derive fair value.
This level encompasses all derivatives and securities that are quoted continuously in active markets.
Level 1 includes notably equity securities and liquid bonds, shortselling of these instruments, derivative instruments traded on organised markets (futures, options, etc.). It includes shares of funds and UCITS, for which the net asset value is calculated on a daily basis.
The Level 2 stock of securities is composed of securities which are less liquid than the Level 1 bonds. They are predominantly corporate debt securities, government bonds, mortgage backed securities, fund shares and short-term securities such as certificates of deposit. They are classified in Level 2 notably when external prices for the same security can be regularly observed from a reasonable number of market makers that are active in this security, but these prices do not represent directly tradable prices. This comprises amongst other, consensus pricing services with a reasonable number of contributors that are active market makers as well as indicative runs from active brokers and/or dealers. Other sources, such as primary issuance market, may also be used where relevant.
Repurchase agreements are classified predominantly in Level 2. The classification is primarily based on the observability and liquidity of the repo market, depending on the underlying collateral and the maturity of the repo transaction.
Debts issued designated as at fair value through profit or loss, are classified in the same level as the one that would apply to the embedded derivative taken individually. The issuance spread is considered observable.
Derivatives classified in Level 2 comprise mainly the following instruments:
The above derivatives are classified in Level 2 when there is a documented stream of evidence supporting one of the following:
Determining whether an over-the-counter (OTC) derivative is eligible for Level 2 classification involves judgement. Consideration is given to the origin, transparency and reliability of external data used, and the amount of uncertainty associated with the use of models. It follows that the Level 2 classification criteria involve multiple analysis axis within an “observability zone” whose limits are determined by i) a predetermined list of product categories and ii) the underlying and maturity bands. These criteria are regularly reviewed and updated, together with the applicable valuation adjustments, so that the classification by level remains consistent with the valuation adjustment policy.
Level 3 securities of the trading book mainly comprise units of funds and unlisted equity shares measured at fair value through profit or loss or through equity.
Unlisted private equities are systematically classified as Level 3, with the exception of UCITS with a daily net asset value, which are classified in Level 1 of the fair value hierarchy.
Shares and other unlisted variable income securities in Level 3 are valued using one of the following methods: a share of revalued net book value, multiples of comparable companies, future cash flows method, multi-criteria approach.
Repurchase agreements, mainly long-term or structured repurchase agreements on corporate bonds and ABS: the valuation of these transactions requires proprietary methodologies given the bespoke nature of the transactions and the lack of activity and price discovery in the long-term repo market. The curves used in the valuation are corroborated using available data such as recent long-term repo trade data and price enquiry data. Valuation adjustments applicable to these exposures are commensurate with the degree of uncertainty inherent in the modelling choices and amount of data available.
Debts issued designated as at fair value through profit or loss, are classified in the same level as the one that would apply to the embedded derivative taken individually. The issuance spread is considered observable.
Vanilla derivatives are classified in Level 3 when the exposure is beyond the observation zone for rate curves or volatility surfaces, or relates to less liquid markets such as tranches on old credit index series or emerging markets interest rates markets. The main instruments are:
These vanilla derivatives are subject to valuation adjustments linked to uncertainty on liquidity, specialised by nature of underlying and liquidity bands.
Structured derivatives classified in Level 3 predominantly comprise hybrid products (FX/Interest Rates hybrids, Equity hybrids), credit correlation products, prepayment-sensitive products, some stock basket optional products and some interest rate optional instruments. The main exposures are described below, with insight into the related valuation techniques and on the source of uncertainty:
These structured derivatives are subject to specific valuation adjustments to cover uncertainties linked to liquidity, parameters and model risk.
The valuation adjustment for counterparty credit risk (CVA), own-credit risk for derivatives (DVA) and the explicit funding valuation adjustment (FVA) are deemed to be unobservable components of the valuation framework and therefore classified in Level 3. This does not impact, in general cases, the classification of individual transactions into the fair value hierarchy. However, a specific process allows to identify individual deals for which the marginal contribution of these adjustments and related uncertainty is significant and justifies classifying these transactions in Level 3.
The table below provides the range of values of main unobservable inputs for the valuation of Level 3 financial instruments. The ranges displayed correspond to a variety of different underlying instruments and are meaningful only in the context of the valuation technique implemented by BNP Paribas. The weighted averages, where relevant and available, are based on fair values, nominal amounts or sensitivities.
The main unobservable parameters used for the valuation of debt issued in Level 3 are equivalent to those of their economic hedge derivative. Information on those derivatives, displayed in the following table, is also applicable to these debts.
Risk classes | Balance Sheet valuation (in millions of euros) | Main product types composing the Level 3 stock within the risk class | Valuation technique used | Main unobservable inputs | Range of unobservable input across Level 3 population considered | Weighted average | |
Asset | Liability | ||||||
Repurchase agreements | 15 | 1,452 | Long-term repo | Proxy techniques, based amongst other on the funding basis of a benchmark bond pool, that is actively traded and representative of the repo underlying | Long-term repo spread on private bonds (High Yield, High Grade) and on ABS | 0 bp to 107 bp | 32 bp (a) |
Interest rate derivatives | 1,629 | 1,904 | Hybrid Forex / Interest rates derivatives | Hybrid Forex interest rate option pricing model | Correlation between FX rate and interest rates. Main currency pairs are EUR/JPY, USD/JPY, AUD/JPY | 3% to 56% | 9% (a) |
Hybrid inflation rates / Interest rates derivatives | Hybrid inflation interest rate option pricing model | Correlation between interest rates and inflation rates mainly in Europe. | 19% to 45% | 35% | |||
Floors and caps on inflation rate or on the cumulative inflation (such as redemption floors), predominantly on European and French inflation | Inflation pricing model | Volatility of cumulative inflation | 1.3% to 11.6% | (b) | |||
Volatility of the year-on- | 0.3% to 2.6% | ||||||
Forward Volatility products such as volatility swaps, mainly in euros | Interest rates option pricing model | Forward volatility of interest rates | 0.5% to 0.8% | (b) | |||
Balance-guaranteed fixed rate, basis or cross currency swaps, predominantly indexed on European collateral pools | Prepayment modelling Discounted cash flows | Constant prepayment rates | 0% to 25% | 0.2% (a) | |||
Credit derivatives | 606 | 723 | Collateralised Debt Obligations and index tranches for inactive index series | Base correlation projection technique and recovery modelling | Base correlation curve for bespoke portfolios | 27% to 88% | (b) |
Recovery rate variance for single name underlyings | 0% to 25% | (b) | |||||
N-to-default baskets | Credit default model | Default correlation | 50% to 83% | 54% (a) | |||
Single name Credit Default Swaps (other than CDS on ABs and loans indices) | Stripping, extrapolation and interpolation | Credit default spreads beyond observation limit (10 years) | 19 bp to 20 bp | 19 bp | |||
Illiquid credit default spread curves (across main tenors) | 1 bp to 2,217 bp (1) | 102 bp (c) | |||||
Equity derivatives | 3,079 | 6,016 | Simple and complex derivatives on multi-underlying baskets on stocks | Various volatility option models | Unobservable equity volatility | 0% to 184% (2) | 24% (d) |
Unobservable equity correlation | 16% to 99% | 62% (c) | |||||
(1) (2) (a) (b) (c) (d) | The upper bound of the range relates to building, retail and services sector issuers that represent an insignificant portion of the balance sheet (CDS with illiquid underlying instruments). The underlyings with implied volatility greater than 50% have a very limited exposure. Weights based on relevant risk axis at portfolio level. No weighting, since no explicit sensitivity is attributed to these inputs. Weighting is not based on risks, but on an alternative methodology in relation with the Level 3 instruments (present value or notional). Simple averaging. | ||||||
For Level 3 financial instruments, the following movements occurred during the year ended 2024:
In millions of euros | Financial assets | Financial liabilities | |||||
Financial instruments | Financial instruments | Financial | TOTAL | Financial instruments | Financial instruments designated | TOTAL | |
At 31 December 2023 | 6,598 | 8,687 | 747 | 16,032 | (10,483) | (31,838) | (42,321) |
Purchases | 2,327 | 1,797 | 306 | 4,430 |
|
| - |
Issues |
|
|
| - |
| (21,959) | (21,959) |
Sales | (1,856) | (1,383) | (281) | (3,520) | 167 |
| 167 |
Settlements(1) | 1,970 | (9) | (20) | 1,941 | (1,045) | 14,371 | 13,326 |
Transfers to Level 3 | 724 | 2 | 145 | 871 | (760) | (517) | (1,277) |
Transfers from Level 3 | (1,227) | (36) | (51) | (1,314) | 659 | 1,583 | 2,242 |
Gains (or losses) recognised in profit or loss with respect to transactions expired or terminated during the period | (95) | 623 | (8) | 520 | 147 | 55 | 202 |
Gains (or losses) recognised in profit or loss with respect to unexpired instruments at the end of the period | (1,303) | (9) |
| (1,312) | 825 | (209) | 616 |
Items related to exchange rate movements | 1 | 72 | (11) | 62 | (5) | (43) | (48) |
Changes in fair value of assets and liabilities recognised in equity |
|
| (58) | (58) |
|
|
|
At 31 December 2024 | 7,139 | 9,744 | 769 | 17,652 | (10,495) | (38,557) | (49,052) |
| |||||||
Transfers out of Level 3 of derivatives include mainly the update of the observability tenor of certain yield curves, and of market parameters related to repurchase agreements and credit transactions but also the effect of derivatives becoming only or mainly sensitive to observable inputs due to the shortening of their lifetime.
Transfers into Level 3 of instruments at fair value reflect the effect of the regular update of the observability zones.
Transfers have been reflected as if they had taken place at the beginning of the reporting period.
The Level 3 financial instruments may be hedged by other Level 1 and Level 2 instruments, the gains and losses of which are not shown in this table. Consequently, the gains and losses shown in this table are not representative of the gains and losses arising from management of the net risk on all these instruments.
The following table summarises those financial assets and financial liabilities classified as Level 3 for which alternative assumptions in one or more of the unobservable inputs would change fair value significantly.
The amounts disclosed are intended to illustrate the range of possible uncertainty inherent to the judgement applied when estimating Level 3 parameters, or when selecting valuation techniques. These amounts reflect valuation uncertainties that prevail at the measurement date, and even though such uncertainties predominantly derive from the portfolio sensitivities that prevailed at that measurement date, they are not predictive or indicative of future movements in fair value, nor do they represent the effect of market stress on the portfolio value.
In estimating sensitivities, BNP Paribas either remeasured the financial instruments using reasonably possible inputs, or applied assumptions based on the valuation adjustment policy.
For the sake of simplicity, the sensitivity on cash instruments that are not relating to securitised instruments was based on a uniform 1% shift in the price. More specific shifts were however calibrated for each class of the Level 3 securitised exposures, based on the possible ranges of the unobservable inputs.
For derivative exposures, the sensitivity measurement is based on the credit valuation adjustment (CVA), the explicit funding valuation adjustment (FVA) and the parameter and model uncertainty adjustments related to Level 3.
Regarding the credit valuation adjustment (CVA) and the explicit funding valuation adjustment (FVA), the uncertainty was calibrated based on prudent valuation adjustments described in the technical standard “Prudent Valuation” published by the European Banking Authority. For other valuation adjustments, two scenarios were considered: a favourable scenario where all or portion of the valuation adjustment is not considered by market participants, and an unfavourable scenario where market participants would require twice the amount of valuation adjustments considered by BNP Paribas for entering into a transaction.
In millions of euros, at | 31 December 2024 | 31 December 2023 | ||
Potential impact on income | Potential impact on equity | Potential impact on income | Potential impact on equity | |
Debt securities | +/- 10 | +/- 4 | +/- 6 | +/- 2 |
Equities and other equity securities | +/- 84 | +/- 4 | +/- 68 | +/- 5 |
Loans and repurchase agreements | +/- 26 |
| +/- 20 |
|
Derivative financial instruments | +/- 584 |
| +/- 586 |
|
Interest rate and foreign exchange derivatives | +/- 194 |
| +/- 218 |
|
Credit derivatives | +/- 79 |
| +/- 94 |
|
Equity derivatives | +/- 308 |
| +/- 271 |
|
Other derivatives | +/- 3 |
| +/- 3 |
|
Sensitivity of Level 3 financial instruments | +/- 704 | +/- 8 | +/- 680 | +/- 7 |
Deferred margin on financial instruments (“Day One Profit”) primarily concerns the scope of financial instruments eligible for Level 3 and to a lesser extent some financial instruments eligible for Level 2 where valuation adjustments for uncertainties regarding parameters or models are not negligible compared with the initial margin.
The Day One Profit is calculated after setting aside valuation adjustments for uncertainties as described previously and released to profit or loss over the expected period for which the inputs will be unobservable. The unamortised amount is included under “Financial instruments at fair value through profit or loss” as a reduction in the fair value of the relevant transactions.
In millions of euros | Deferred margin at 31 December 2023 | Deferred margin on transactions during the period | Margin taken to the profit and loss account during the period | Deferred margin at 31 December 2024 |
|---|---|---|---|---|
Interest rate and foreign exchange derivatives | 167 | 68 | (68) | 167 |
Credit derivatives | 225 | 145 | (141) | 229 |
Equity derivatives | 381 | 385 | (393) | 373 |
Other instruments | 11 | 29 | (28) | 12 |
Financial instruments | 784 | 627 | (630) | 781 |
In millions of euros, at | 31 December 2024 | 31 December 2023 | ||||
Gross value | Impairment (note 2.g) | Carrying | Gross value | Impairment (note 2.g) | Carrying | |
Loans and advances to credit institutions | 31,232 | (85) | 31,147 | 24,434 | (99) | 24,335 |
On demand accounts | 8,384 | (4) | 8,380 | 7,252 | (6) | 7,246 |
Loans(1) | 14,447 | (81) | 14,366 | 12,267 | (93) | 12,174 |
Repurchase agreements | 8,401 |
| 8,401 | 4,915 |
| 4,915 |
Loans and advances to customers | 917,049 | (16,908) | 900,141 | 876,712 | (17,512) | 859,200 |
On demand accounts | 59,558 | (2,720) | 56,838 | 46,733 | (2,752) | 43,981 |
Loans to customers(2) | 804,734 | (12,941) | 791,793 | 780,638 | (13,593) | 767,045 |
Finance leases | 52,268 | (1,247) | 51,021 | 48,842 | (1,167) | 47,675 |
Repurchase agreements | 489 |
| 489 | 499 |
| 499 |
Total loans and advances at amortised cost | 948,281 | (16,993) | 931,288 | 901,146 | (17,611) | 883,535 |
| ||||||
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Gross investment | 57,602 | 53,562 |
Receivable within 1 year | 17,772 | 15,771 |
Receivable after 1 year but within 5 years | 34,434 | 32,539 |
Receivable beyond 5 years | 5,396 | 5,252 |
Unearned interest income | (5,334) | (4,720) |
Net investment before impairment | 52,268 | 48,842 |
Receivable within 1 year | 15,858 | 14,057 |
Receivable after 1 year but within 5 years | 31,481 | 29,999 |
Receivable beyond 5 years | 4,929 | 4,786 |
Impairment provisions | (1,247) | (1,167) |
Net investment after impairment | 51,021 | 47,675 |
In millions of euros, at | 31 December 2024 | 31 December 2023 | ||||
Gross value | Impairment (note 2.g) | Carrying | Gross value | Impairment (note 2.g) | Carrying | |
Governments | 69,172 | (31) | 69,141 | 62,659 | (11) | 62,648 |
Other public administration | 25,709 | (2) | 25,707 | 16,288 | (2) | 16,286 |
Credit institutions | 14,743 | (2) | 14,741 | 10,318 | (2) | 10,316 |
Others | 37,539 | (153) | 37,386 | 32,000 | (89) | 31,911 |
Total debt securities at amortised cost | 147,163 | (188) | 146,975 | 121,265 | (104) | 121,161 |
In millions of euros, at | 31 December 2024 | 31 December 2023 | ||||
Gross Value | Impairment (note 2.g) | Carrying | Gross Value | Impairment (note 2.g) | Carrying | |
Loans and advances to credit institutions | 31,232 | (85) | 31,147 | 24,434 | (99) | 24,335 |
Stage 1 | 30,998 | (8) | 30,990 | 23,673 | (19) | 23,654 |
Stage 2 | 157 | (6) | 151 | 679 | (13) | 666 |
Stage 3 | 77 | (71) | 6 | 82 | (67) | 15 |
Loans and advances to customers | 917,049 | (16,908) | 900,141 | 876,712 | (17,512) | 859,200 |
Stage 1 | 821,576 | (1,762) | 819,814 | 777,190 | (1,906) | 775,284 |
Stage 2 | 69,649 | (1,904) | 67,745 | 74,214 | (2,399) | 71,815 |
Stage 3 | 25,824 | (13,242) | 12,582 | 25,308 | (13,207) | 12,101 |
Debt securities | 147,163 | (188) | 146,975 | 121,265 | (104) | 121,161 |
Stage 1 | 144,987 | (15) | 144,972 | 120,991 | (12) | 120,979 |
Stage 2 | 1,911 | (28) | 1,883 | 94 | (5) | 89 |
Stage 3 | 265 | (145) | 120 | 180 | (87) | 93 |
Total financial assets at amortised cost | 1,095,444 | (17,181) | 1,078,263 | 1,022,411 | (17,715) | 1,004,696 |
The following tables present the carrying amounts of impaired financial assets carried at amortised cost and of impaired financing and guarantee commitments, as well as related collateral and other guarantees.
The amounts shown for collateral and other guarantees correspond to the lower of the value of the collateral or other guarantee and the value of the secured assets.
In millions of euros, at | 31 December 2024 | |||
Impaired financial assets (Stage 3) | Collateral | |||
Gross value | Impairment | Net | ||
Loans and advances to credit institutions (note 4.e) | 77 | (71) | 6 |
|
Loans and advances to customers (note 4.e) | 25,824 | (13,242) | 12,582 | 8,044 |
Debt securities at amortised cost (note 4.e) | 265 | (145) | 120 |
|
Total amortised-cost impaired assets (stage 3) | 26,166 | (13,458) | 12,708 | 8,044 |
Financing commitments given | 1,384 | (95) | 1,289 | 554 |
Guarantee commitments given | 1,054 | (223) | 831 | 195 |
Total off-balance sheet impaired commitments (stage 3) | 2,438 | (318) | 2,120 | 749 |
In millions of euros, at | 31 December 2023 | |||
Impaired financial assets (Stage 3) | Collateral | |||
Gross value | Impairment | Net | ||
Loans and advances to credit institutions (note 4.e) | 82 | (67) | 15 |
|
Loans and advances to customers (note 4.e) | 25,308 | (13,207) | 12,101 | 7,720 |
Debt securities at amortised cost (note 4.e) | 180 | (87) | 93 |
|
Total amortised-cost impaired assets (stage 3) | 25,570 | (13,361) | 12,209 | 7,720 |
Financing commitments given | 889 | (96) | 793 | 263 |
Guarantee commitments given | 769 | (218) | 551 | 135 |
Total off-balance sheet impaired commitments (stage 3) | 1,658 | (314) | 1,344 | 398 |
The following table presents the changes in gross exposures of stage 3 assets (EU CR2):
Gross value In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
|---|---|---|
Impaired exposures (stage 3) at opening balance | 25,570 | 25,517 |
Transfer to stage 3 | 9,163 | 8,632 |
Transfer to stage 1 or stage 2 | (2,041) | (2,166) |
Assets written off | (4,101) | (3,769) |
Other changes | (2,425) | (2,644) |
Impaired exposures (stage 3) at closing balance | 26,166 | 25,570 |
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Deposits from credit institutions | 66,872 | 95,175 |
On demand accounts | 10,608 | 10,770 |
Interbank borrowings(1) | 33,753 | 54,825 |
Repurchase agreements | 22,511 | 29,580 |
Deposits from customers | 1,034,857 | 988,549 |
On demand deposits | 562,520 | 542,133 |
Savings accounts | 162,064 | 152,636 |
Term accounts and short-term notes | 307,335 | 292,491 |
Repurchase agreements | 2,938 | 1,289 |
| ||
This note covers all issued debt securities and subordinated debt measured at amortised cost and designated as at fair value through profit or loss.
Issuer/Issue date In millions of euros, at | Currency | Original amount in foreign currency (millions) | Date of call or interest step-up | Interest | Interest rate reset | Conditions precedent for coupon payment(1) | 31 December 2024 | 31 December 2023 |
|---|---|---|---|---|---|---|---|---|
ISSUED DEBT SECURITIES AND SUBORDINATED DEBT |
|
|
|
| 104,934 | 83,763 | ||
Debt securities |
|
|
|
| 104,118 | 83,028 | ||
Subordinated debt |
|
|
|
| 816 | 735 | ||
Redeemable subordinated debt | (2) |
|
|
| 18 | 18 | ||
Perpetual subordinated debt |
|
|
|
| 798 | 717 | ||
BNP Paribas Fortis Dec. 2007(3) | EUR | 3,000 | Dec.-14 | 3-month Euribor +200 bp |
| A | 798 | 717 |
| ||||||||
Issuer/Issue date In millions euros, at | Currency | Original amount in foreign currency (millions) | Date of call or interest step-up | Interest rate | Interest rate reset | Conditions precedent for coupon payment(1) | 31 December 2024 | 31 December 2023 |
|---|---|---|---|---|---|---|---|---|
Debt securities |
|
|
|
|
| 198,119 | 191,482 | |
Debt securities in issue with an initial maturity of less than one year |
| 82,327 | 75,743 | |||||
Negotiable debt securities |
|
|
|
|
| 82,327 | 75,743 | |
Debt securities in issue with an initial maturity of more than one year |
| 115,792 | 115,739 | |||||
Negotiable debt securities |
|
|
|
|
| 31,109 | 30,592 | |
Bonds |
|
|
|
|
|
| 84,683 | 85,147 |
Subordinated debt |
|
|
|
|
|
| 31,799 | 24,743 |
Redeemable subordinated debt | (2) |
|
|
| 26,073 | 21,594 | ||
Undated subordinated notes |
|
|
|
| 5,460 | 2,920 | ||
Contingent convertible bonds recognised as Tier 1 capital |
|
|
|
| 3,851 | 1,352 | ||
BNP Paribas SA Aug. 23(5) | USD | 1,500 | Aug.-28 | 8.5% | CMT + 4.354% | E | 1,449 | 1,352 |
BNP Paribas SA Feb. 24(5) | USD | 1,500 | Aug.-31 | 8.000% | CMT + 3.727% | E | 1,449 | - |
BNP Paribas SA Sept. 24(5) | USD | 1,000 | Sept.-34 | 7.375% | CMT +3.535% | E | 953 | - |
Other perpetual subordinated notes |
|
|
| 1,609 | 1,568 | |||
BNP Paribas SA Oct. 85(3) | EUR | 305 | - | TMO - 0.25% | - | B | 254 | 254 |
BNP Paribas SA Sept. 86 (4) | USD | 500 | - | Libor 6 month + 0.075% | - | C | - | 248 |
BNP Paribas Cardif Nov. 14 | EUR | 1,000 | Nov.-25 | 4.032% | Euribor 3 month + 393 bp | D | 1,000 | 998 |
BMCI Feb. 23 | MAD | 750 | Feb.-28 | 3.9% | 2.5%-2.6% | F | 71 | 68 |
TEB Sept. 24 | USD | 300 | sept.-29 | 9.375% | CMT +5.758% | G | 284 | - |
Perpetual participating notes |
|
|
|
|
| 225 | 225 | |
BNP Paribas SA July 84(3)(6) | EUR | 337 | - | (7) | - |
| 219 | 219 |
Others |
|
|
|
|
|
| 6 | 6 |
Expenses and commission, related debt |
|
|
| 41 | 4 | |||
| ||||||||
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Current taxes | 2,836 | 2,942 |
Deferred taxes | 3,379 | 3,614 |
Current and deferred tax assets | 6,215 | 6,556 |
Current taxes | 2,346 | 2,725 |
Deferred taxes | 1,311 | 1,096 |
Current and deferred tax liabilities | 3,657 | 3,821 |
Change in deferred tax by nature over the period:
In millions of euros, at | 31 December 2023 | Changes recognised in profit or loss | Changes recognised in equity that may be reclassified to profit or loss | Changes recognised in equity that will not be reclassified to profit or loss | Effects of exchange rates, consolidation scope and other movements | 31 December 2024 |
|---|---|---|---|---|---|---|
Financial instruments | (2,067) | (862) | 150 | 159 | 97 | (2,523) |
Provisions for employee benefit obligations | 897 | 252 |
| (47) | 18 | 1,120 |
Unrealised finance lease reserve | (599) | (44) |
|
| 37 | (606) |
Credit risk impairment | 2,352 | (301) |
|
| (32) | 2,019 |
Tax loss carryforwards | 732 | 14 |
|
| 340 | 1,086 |
Other items | 1,203 | (47) |
|
| (184) | 972 |
Net deferred taxes | 2,518 | (988) | 150 | 112 | 276 | 2,068 |
Deferred tax assets | 3,614 |
|
|
|
| 3,379 |
Deferred tax liabilities | (1,096) |
|
|
|
| (1,311) |
In order to determine the amount of the tax loss carryforwards recognised as assets, the Group conducts every year a specific review for each relevant entity based on the applicable tax regime, notably incorporating any time limit rules, and a realistic projection of their future revenue and charges in line with their business plan.
The vast majority of tax losses are carried forward indefinitely. The expected recovery period for the related deferred taxes is 5 years.
Unrecognised deferred tax assets totalled EUR 658 million at 31 December 2024 (of which EUR 585 million of tax loss carryforwards) compared with EUR 541 million at 31 December 2023 (of which EUR 491 million of tax loss carryforwards).
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Guarantee deposits and bank guarantees paid | 125,090 | 119,187 |
Collection accounts | 460 | 773 |
Accrued income and prepaid expenses | 5,686 | 5,400 |
Other debtors and miscellaneous assets | 42,911 | 45,398 |
Total accrued income and other assets | 174,147 | 170,758 |
Guarantee deposits received | 86,113 | 87,612 |
Collection accounts | 2,959 | 3,124 |
Accrued expense and deferred income | 8,498 | 8,265 |
Lease liabilities | 2,848 | 3,058 |
Other creditors and miscellaneous liabilities | 36,537 | 41,614 |
Total accrued expense and other liabilities | 136,955 | 143,673 |
Cumulated financial information of associates and joint ventures is presented in the following table:
In millions of euros | Year to 31 Dec. 2024 | 31 December 2024 | Year to 31 Dec. 2023 | 31 December 2023 | ||||
Share of net income | Share of changes in assets and liabilities recognised directly in equity | Share of net income and changes in assets and liabilities recognised directly in equity | Equity- | Share of net income | Share of changes in assets and liabilities recognised directly in equity | Share of net income and changes in assets and liabilities recognised directly in equity | Equity- | |
Joint ventures | (10) | 225 | 215 | 1,960 | (49) | (64) | (113) | 1,784 |
Associates(1) | 711 | 308 | 1,019 | 5,902 | 642 | 16 | 658 | 4,967 |
Total equity-method entities | 701 | 533 | 1,234 | 7,862 | 593 | (48) | 545 | 6,751 |
| ||||||||
Financing and guarantee commitments given by the Group to joint ventures are listed in note 8.i Other related parties.
The carrying amount of the Group’s investment in the main joint ventures and associates is presented in the following table:
In millions of euros, at | Country of registration | Activity | Interest (%) | 31 December 2024 | 31 December 2023 |
|---|---|---|---|---|---|
Joint ventures |
|
|
|
|
|
Union de Creditos Inmobiliarios | Spain | Retail mortgage | 50% | 233 | 256 |
BoB Cardif Life Insurance | China | Life Insurance | 50% | 454 | 240 |
Genius Auto Finance Co Ltd | China | Specialised loans | 25% | 331 | 290 |
Pinnacle Pet Holding Ltd | United Kingdom | Insurance | 25% | 407 | 393 |
Associates |
|
|
|
|
|
BON BNPP Consumer Finance Co Ltd | China | Specialised loans | 32% | 256 | 223 |
AG Insurance | Belgium | Insurance | 25% | 593 | 462 |
Bank of Nanjing | China | Retail Banking | 16% | 3,661 | 2,813 |
Allfunds Group Plc | United Kingdom | Financial Services | 12% | 283 | 312 |
In millions of euros, at | 31 December 2024 | 31 December 2023 | ||||
Gross value | Accumulated depreciation, amortisation and impairment | Carrying | Gross value | Accumulated depreciation, amortisation and impairment | Carrying | |
Investment property | 855 | (331) | 524 | 785 | (299) | 486 |
Land and buildings | 11,049 | (4,758) | 6,291 | 11,317 | (4,633) | 6,684 |
Equipment, furniture and fixtures | 7,067 | (5,468) | 1,599 | 7,007 | (5,321) | 1,686 |
Plant and equipment leased as lessor under operating leases | 51,333 | (11,021) | 40,312 | 45,720 | (10,567) | 35,153 |
Other property, plant and equipment | 2,924 | (1,336) | 1,588 | 2,338 | (1,125) | 1,213 |
Property, plant and equipment | 72,373 | (22,583) | 49,790 | 66,382 | (21,646) | 44,736 |
Of which right of use | 5,786 | (3,387) | 2,399 | 5,978 | (3,322) | 2,656 |
Property, plant and equipment and investment property | 73,228 | (22,914) | 50,314 | 67,167 | (21,945) | 45,222 |
Purchased software | 4,135 | (3,407) | 728 | 3,853 | (3,145) | 708 |
Internally developed software | 6,752 | (5,137) | 1,615 | 6,908 | (5,398) | 1,510 |
Other intangible assets | 2,696 | (647) | 2,049 | 2,547 | (623) | 1,924 |
Intangible assets | 13,583 | (9,191) | 4,392 | 13,308 | (9,166) | 4,142 |
Land and buildings leased by the Group as lessor under operating leases are recorded in “Investment property”.
The estimated fair value of investment property accounted for at amortised cost at 31 December 2024 is EUR 718 million, compared with EUR 702 million at 31 December 2023.
Operating leases and investment property transactions are in certain cases subject to agreements providing for the following minimum future payments:
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Future minimum lease payments receivable under non-cancellable leases | 12,142 | 10,718 |
Payments receivable within 1 year | 5,131 | 4,570 |
Payments receivable after 1 year but within 5 years | 6,987 | 6,105 |
Payments receivable beyond 5 years | 24 | 43 |
Future minimum lease payments receivable under non-cancellable leases are payments that the lessee is required to make during the lease term.
At 31 December 2024, commitments to purchase vehicles and equipment intended for operating leasing amounted to EUR 5.2 billion.
Other intangible assets include leasehold rights, goodwill and trademarks acquired by the Group.
Net depreciation and amortisation expense for the year ended 31 December 2024 was EUR 2,356 million, compared with EUR 2,224 million for the year ended 31 December 2023.
The net increase in impairment on property, plant, equipment and intangible assets taken to the profit and loss account for the year ended 31 December 2024 amounted to EUR 34 million, compared with EUR 19 million for the year ended 31 December 2023.
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Carrying amount at start of period | 5,549 | 5,294 |
Acquisitions | 130 | 260 |
Divestments | (157) | (7) |
Impairment recognised during the period |
|
|
Exchange rate adjustments | 28 | 2 |
Carrying amount at end of period | 5,550 | 5,549 |
Gross value | 8,636 | 8,639 |
Accumulated impairment recognised at the end of period | (3,086) | (3,090) |
Goodwill by cash-generating unit is as follows:
In millions of euros | Carrying amount | Recognised impairment | Acquisitions | |||
31 December 2024 | 31 December 2023 | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 | 31 December 2024 | 31 December 2023 | |
Corporate & Institutional Banking | 1,275 | 1,275 | - | - | - | 67 |
Global Banking | 280 | 277 |
|
|
|
|
Global Markets | 534 | 549 |
|
|
| 67 |
Securities Services | 461 | 449 |
|
|
|
|
Commercial, Personal Banking & Services | 2,954 | 3,058 | - | - | 30 | 166 |
Arval | 641 | 633 |
|
|
| 23 |
Leasing Solutions | 147 | 147 |
|
|
|
|
Personal Finance(1) | 1,360 | 1,432 |
|
| 30 | 143 |
Personal Investors(1) | 488 | 562 |
|
|
|
|
New Digital Businesses | 253 | 220 |
|
|
|
|
Commercial Bank in Belgium | 34 | 34 |
|
|
|
|
Other | 31 | 30 |
|
|
|
|
Investment & Protection Services | 1,318 | 1,213 | - | - | 100 | 27 |
Asset Management | 202 | 197 |
|
|
| 9 |
Insurance | 397 | 299 |
|
| 100 | 18 |
Real Estate | 407 | 404 |
|
|
|
|
Wealth Management | 312 | 313 |
|
|
|
|
Other Activities | 3 | 3 | - | - | - | - |
Total goodwill | 5,550 | 5,549 | - | - | 130 | 260 |
Negative goodwill |
|
| 241 |
|
|
|
Change in value of goodwill recognised in the profit and loss account |
|
| 241 | - |
|
|
| ||||||
The Group carried out a detailed analysis of goodwill to identify whether impairments were necessary in connection with the the current economic situation.
This analysis is based in particular on the assumptions of economic scenarios (see note 2.g).
The cash-generating units (CGU) to which goodwill is allocated are:
Global Banking: Global Banking combines financing solutions to corporates, all transaction banking products, corporate finance advisory services in mergers and acquisitions and primary equity activities.
Global Markets: Global Markets provides investment, hedging, financing and research services across asset classes, to corporate and institutional clients – as well as private and retail banking networks. The sustainable, long-term business model of Global Markets connects clients to capital markets throughout EMEA (Europe, Middle East & Africa), Asia Pacific and the Americas, with innovative solutions and digital platforms. Global Markets includes activities of Global Macro (Foreign Exchange, Global Rates, Local Markets, Commodity Derivatives), Global Credit (DCM Bonds, Credit, Securitisation) and Global Equities (Equities, Cash Equities and Prime Services).
Securities Services: Securities Services provides integrated solutions for all actors involved in the investment cycle, sell side, buy side and issuers.
Arval: specialist in vehicle long-term leasing and mobility, Arval offers corporates (from multinational companies to small and medium companies), employees and individuals tailored solutions that optimise their mobility.
Leasing Solutions: BNP Paribas Leasing Solutions uses a multi-channel partnership approach (sales via referrals, partnerships, direct sales and banking networks) to offer corporate and small business clients an array of leasing and rental solutions, ranging from equipment financing to fleet outsourcing.
Personal Finance: BNP Paribas Personal Finance is the Group’s consumer credit specialist. Through its brands and partnerships such as Cetelem, Cofinoga, Findomestic, AlphaCredit or Stellantis Financial Services, Personal Finance provides a full range of consumer loans at point of sale (retail stores and car dealerships) or through its customer relation centres and websites and mobile applications. The business line, in some countries outside the domestic markets, is integrated into the BNP Paribas Group’s retail banking.
Personal Investors: BNP Paribas Personal Investors is a digital specialist of banking and investment services. Based in Germany, it provides a wide range of banking, savings and long and short-term investment services to individual clients via the internet, and also on the phone and face-to-face. In addition to its activities destined to private clients, Personal Investors offers its services and IT platform to independent financial consultants, asset managers and FinTechs.
New Digital Businesses: they include the account management service “Nickel”, 50% of Floa since January 2022 and 50% of Kantox since July 2023. Nickel is open to all, without any conditions regarding income, deposits or personal wealth, and without any overdraft or credit facility. This service, which operates in real time using the latest technology, is available through over 11,500 points of sale in France, Spain, Belgium, Portugal and Germany. Floa offers consumers split payments, mini-loans and bank cards. The company is a partner of major e-retailers, key players in travel and FinTechs, for which it develops tailor-made services. Already leader in France in payment facilities, Floa is present in Spain, Belgium, Italy, Germany, Netherlands and Portugal. Kantox provides currency management automation software, enabling companies to effectively handle the entire currency management stream and unlock growth opportunities.
Asset Management: BNP Paribas Asset Management is the dedicated asset management business line of the BNP Paribas Group. It offers services to individual investors (through internal distributors – BNP Paribas private and retail banking – and external distributors), to corporates and to institutional investors (insurance companies, retirement funds, official institutions). Its aim is to offer an added value based on a broad range of expertise throughout its active management of equities and bonds, its activity of private debt, private asset and real asset management and its multi-asset, quantitative and solutions division.
Insurance: BNP Paribas Cardif, a world leader in personal insurance, designs, develops and markets savings and protection products and services to protect individuals, their projects and their assets. BNP Paribas Cardif also offers products in damage insurance, health insurance, budget insurance, revenue and means of payment insurance, unexpected event protection (unemployment, accident, death, theft or breakage) or the protection of private digital data to meet the evolution of customers’ needs.
Real Estate: BNP Paribas Real Estate serves the needs of its clients, whether institutional investors, corporates, public entities or individuals, at all stages of the life cycle of their property (from the conception of a construction project to its daily management). The Group is involved in property development, investment management as well as property management, brokerage, consulting and valuation services.
Wealth Management: Wealth Management encompasses the private banking activities of BNP Paribas and serves a clientele of wealthy individuals, shareholder families and entrepreneurs seeking a one-stop shop for all their wealth management and financial needs.
Commercial & Personal Banking In Belgium: Commercial & Personal Banking in Belgium activities comprise banking services to a range of client types, including individual customers, self-employed people and those in the liberal professions, small and medium-sized companies, local businesses, corporate clients and non-profit organisations.
Goodwill impairment tests are based on three different methods: observation of transactions related to comparable businesses, share price data for listed companies with comparable businesses, and discounted future cash flows (DCF).
If one of the two comparables-based methods indicates the need for impairment, the DCF method is used to validate the results and determine the amount of impairment required.
The DCF method is based on a number of assumptions in terms of future revenues, expenses and cost of risk (cash flows) based on medium-term business plans over a period of five years. Cash flow projections beyond the 5-year forecast period are based on a growth rate to perpetuity and are normalised when the short-term environment does not reflect the normal conditions of the economic cycle.
The key parameters which are sensitive to the assumptions made are the cost of capital, the cost/income ratio, the cost of risk and the growth rate to perpetuity.
Cost of capital is determined on the basis of a risk-free rate, an observed market risk premium weighted by a risk factor based on comparables specific to each cash-generating unit. The values of these parameters are obtained from external information sources.
Allocated capital is determined for each cash-generating unit based on the “Common Equity Tier One” regulatory requirements for the main legal entity to which the cash-generating unit belongs, with a minimum of 7%.
The infinite growth rate applied is 2%. It is calculated based on data provided by private companies specialised in macroeconomic research and analysis.
The following table shows the sensitivity of the valuation of the Personal Finance cash generating unit to changes in the value of parameters used in the DCF calculation: the cost of capital after tax, the cost/income ratio in terminal value, the cost of risk in terminal value and the growth rate to perpetuity.
In millions of euros | Personal Finance |
|---|---|
Cost of capital | 9.4% |
Adverse change (+10 basis points) | (192) |
Positive change (-10 basis points) | 198 |
Cost/income ratio | 46.2% |
Adverse change (+100 basis points) | (453) |
Positive change (-100 basis points) | 453 |
Cost of risk | (1,762) |
Adverse change (+5%) | (607) |
Positive change (-5%) | 607 |
Growth rate to perpetuity | 2.0% |
Adverse change (-50 basis points) | (293) |
Positive change (+50 basis points) | 335 |
Concerning the cash-generating unit Personal Finance, there would be no need to depreciate even by using, for the impairment test, the four most unfavourable variations in the table.
In millions of euros, at | 31 December 2023 | Net additions to provisions | Provisions used | Changes in value recognised directly in equity | Effect of movements in exchange rates and other movements | 31 December 2024 |
|---|---|---|---|---|---|---|
Provisions for employee benefits | 6,509 | 1,414 | (1,307) | (182) | 109 | 6,543 |
of which post-employment benefits (note 7.b) | 3,198 | 205 | (277) | (175) | 46 | 2,997 |
of which post-employment healthcare benefits (note 7.b) | 78 | 7 | (3) | (7) |
| 75 |
of which provision for other long-term benefits (note 7.c) | 1,571 | 491 | (382) |
| 29 | 1,709 |
of which provision for voluntary departure, early retirement plans, and headcount adaptation plan (note 7.d) | 482 | 65 | (216) |
| (3) | 328 |
of which provision for share-based payments (note 7.e) | 1,180 | 646 | (429) |
| 37 | 1,434 |
Provisions for home savings accounts and plans | 48 | (13) |
|
|
| 35 |
Provisions for credit commitments (note 2.g) | 1,270 | (145) | (39) |
| (31) | 1,055 |
Provisions for litigations(1) | 1,005 | 193 | (283) |
| (10) | 905 |
Other provisions for contingencies and charges | 1,686 | 148 | (614) |
| 48 | 1,268 |
Total provisions for contingencies and charges | 10,518 | 1,597 | (2,243) | (182) | 116 | 9,806 |
| ||||||
In 2023, the Group modified its accounting policy relating to the risk of loss of cash flows on financial instruments granted that are not linked to the counterparty’s default, such as legal risks calling into question the validity or enforceability of such contracts (see note 2.h).
The effect on expected cash flows due to these risks is now considered as a change in the contract’s cash flows, in accordance with IFRS 9 B5.4.6, and is recorded as a decrease in the gross value of the asset. It was previously recognised separately in accordance with IAS 37 in “Provisions for risks and charges”. Expected losses on derecognised financial instruments, as is the case when loans have been repaid, continue to be recognised in accordance with IAS 37.
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Deposits collected under home savings accounts and plans | 12,636 | 14,606 |
of which deposits collected under home savings plans | 10,504 | 12,426 |
Aged more than 10 years | 7,131 | 6,695 |
Aged between 4 and 10 years | 2,610 | 4,926 |
Aged less than 4 years | 763 | 805 |
Outstanding loans granted under home savings accounts and plans | 18 | 9 |
of which loans granted under home savings plans | 14 | 4 |
Provisions and discount recognised for home savings accounts and plans | 35 | 48 |
provisions recognised for home savings plans | 24 | 33 |
provisions recognised for home savings accounts | 11 | 15 |
discount recognised for home savings accounts and plans | - | - |
The following tables present the amounts of financial assets and liabilities before and after offsetting. This information, required by IFRS 7, aims to enable the comparability with the accounting treatment applicable in accordance with generally accepted accounting principles in the United States (US GAAP), which are less restrictive than IAS 32 as regards offsetting.
“Amounts set off on the balance sheet” have been determined according to IAS 32. Thus, a financial asset and a financial liability are offset and the net amount presented on the balance sheet when, and only when, the Group has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Amounts set off derive mainly from repurchase agreements and derivative instruments traded with clearing houses.
The “impacts of master netting agreements and similar agreements” are relative to outstanding amounts of transactions within an enforceable agreement, which do not meet the offsetting criteria defined by IAS 32. This is the case of transactions for which offsetting can only be performed in case of default, insolvency or bankruptcy of one of the contracting parties.
“Financial instruments given or received as collateral” include guarantee deposits and securities collateral recognised at fair value. These guarantees can only be exercised in case of default, insolvency or bankruptcy of one of the contracting parties.
Regarding master netting agreements, the guarantee deposits received or given in compensation for the positive or negative fair values of financial instruments are recognised in the balance sheet in accrued income or expenses and other assets or liabilities.
In millions of euros, at 31 December 2024 | Gross amounts of financial assets | Gross amounts set off on the balance sheet | Net amounts presented on the balance sheet | Impact of Master Netting Agreements (MNA) and similar agreements | Financial instruments received as collateral | Net amounts |
|---|---|---|---|---|---|---|
Assets |
|
|
|
|
|
|
Financial instruments at fair value |
|
|
|
|
|
|
Securities | 267,357 |
| 267,357 |
|
| 267,357 |
Loans and repurchase agreements | 429,312 | (203,613) | 225,699 | (28,506) | (178,752) | 18,441 |
Derivative financial instruments | 986,171 | (642,689) | 343,482 | (245,188) | (52,223) | 46,071 |
Financial assets at amortised cost | 1,078,804 | (541) | 1,078,263 | (1,194) | (7,485) | 1,069,584 |
of which repurchase agreements | 9,431 | (541) | 8,890 | (1,194) | (7,485) | 211 |
Accrued income and other assets | 174,147 |
| 174,147 |
| (43,944) | 130,203 |
of which guarantee deposits paid | 125,090 |
| 125,090 |
| (43,944) | 81,146 |
Other assets not subject to offsetting | 615,960 |
| 615,960 |
|
| 615,960 |
TOTAL ASSETS | 3,551,751 | (846,843) | 2,704,908 | (274,888) | (282,404) | 2,147,616 |
In millions of euros, at 31 December 2024 | Gross amounts of financial liabilities | Gross amounts set off on the balance sheet | Net amounts presented on the balance sheet | Impact of Master Netting Agreements (MNA) and similar agreements | Financial instruments given as collateral | Net amounts |
|---|---|---|---|---|---|---|
Liabilities |
|
|
|
|
|
|
Financial instruments at fair value |
|
|
|
|
|
|
Securities | 79,958 |
| 79,958 |
|
| 79,958 |
Deposits and repurchase agreements | 508,430 | (203,613) | 304,817 | (27,351) | (262,872) | 14,594 |
Issued debt securities | 104,934 |
| 104,934 |
|
| 104,934 |
Derivative financial instruments | 981,506 | (642,689) | 338,817 | (245,188) | (46,548) | 47,081 |
Financial liabilities at amortised cost | 1,102,270 | (541) | 1,101,729 | (2,349) | (22,573) | 1,076,807 |
of which repurchase agreements | 25,990 | (541) | 25,449 | (2,349) | (22,573) | 527 |
Accrued expense and other liabilities | 136,955 |
| 136,955 |
| (44,223) | 92,732 |
of which guarantee deposits received | 86,113 |
| 86,113 |
| (44,223) | 41,890 |
Other liabilities not subject to offsetting | 503,557 |
| 503,557 |
|
| 503,557 |
TOTAL LIABILITIES | 3,417,610 | (846,843) | 2,570,767 | (274,888) | (376,216) | 1,919,663 |
In millions of euros, at 31 December 2023 | Gross | Gross | Net amounts | Impact of Master Netting Agreements (MNA) and similar agreements | Financial | Net amounts |
|---|---|---|---|---|---|---|
Assets |
|
|
|
|
|
|
Financial instruments at fair value through profit or loss |
|
|
|
|
|
|
Securities | 211,634 |
| 211,634 |
|
| 211,634 |
Loans and repurchase agreements | 462,109 | (234,934) | 227,175 | (28,383) | (181,529) | 17,263 |
Derivative financial instruments (including derivatives used for hedging purposes) | 890,604 | (576,833) | 313,771 | (213,517) | (51,325) | 48,929 |
Financial assets at amortised cost | 1,005,096 | (400) | 1,004,696 | (676) | (4,325) | 999,695 |
of which repurchase agreements | 5,814 | (400) | 5,414 | (676) | (4,325) | 413 |
Accrued income and other assets | 170,758 |
| 170,758 |
| (40,664) | 130,094 |
of which guarantee deposits paid | 119,187 |
| 119,187 |
| (40,664) | 78,523 |
Other assets not subject to offsetting | 663,465 |
| 663,465 |
|
| 663,465 |
TOTAL ASSETS | 3,403,666 | (812,167) | 2,591,499 | (242,576) | (277,843) | 2,071,080 |
In millions of euros, at 31 December 2023 | Gross | Gross | Net amounts | Impact of Master Netting Agreements (MNA) and similar agreements | Financial | Net amounts |
|---|---|---|---|---|---|---|
Liabilities |
|
|
|
|
|
|
Financial instruments at fair value through profit or loss |
|
|
|
|
|
|
Securities | 104,910 |
| 104,910 |
|
| 104,910 |
Deposits and repurchase agreements | 508,548 | (234,934) | 273,614 | (26,113) | (231,737) | 15,764 |
Issued debt securities | 83,763 |
| 83,763 |
|
| 83,763 |
Derivative financial instruments (including derivatives used | 893,736 | (576,833) | 316,903 | (213,517) | (41,756) | 61,630 |
Financial liabilities at amortised cost | 1,084,124 | (400) | 1,083,724 | (2,946) | (26,145) | 1,054,633 |
of which repurchase agreements | 31,269 | (400) | 30,869 | (2,946) | (26,145) | 1,778 |
Accrued expense and other liabilities | 143,673 |
| 143,673 |
| (46,631) | 97,042 |
of which guarantee deposits received | 87,612 |
| 87,612 |
| (46,631) | 40,981 |
Other liabilities not subject to offsetting | 456,045 |
| 456,045 |
|
| 456,045 |
TOTAL LIABILITIES | 3,274,799 | (812,167) | 2,462,632 | (242,576) | (346,269) | 1,873,787 |
Financial assets that have been transferred but not derecognised by the Group are mainly composed of securities sold temporarily under repurchase agreements or securities lending transactions, as well as securitised assets. The liabilities associated to securities temporarily sold under repurchase agreements consist of debts recognised under the “repurchase agreements” heading. The liabilities associated to securitised assets consist of the securitisation notes purchased by third parties.
In millions of euros, at | 31 December 2024 | 31 December 2023 | ||
Carrying amount of transferred assets | Carrying amount of associated liabilities | Carrying amount of transferred assets | Carrying amount of associated liabilities | |
Securities lending operations |
|
|
|
|
Financial instruments at fair value through profit or loss | 11,034 |
| 7,565 |
|
Financial assets at amortised cost | 85 |
| 474 |
|
Financial assets at fair value through equity |
|
| 39 |
|
Repurchase agreements |
|
|
|
|
Financial instruments at fair value through profit or loss | 59,543 | 59,543 | 49,747 | 49,700 |
Financial assets at amortised cost | 2,009 | 2,009 | 5,949 | 5,949 |
Financial assets at fair value through equity | 1,165 | 1,165 | 1,936 | 1,936 |
Financial investments of insurance activities | 4,163 | 4,194 | 8,995 | 8,316 |
Total | 77,999 | 66,911 | 74,705 | 65,901 |
In millions of euros, | Carrying amount of transferred assets | Carrying amount of associated liabilities | Fair value of transferred assets | Fair value of associated liabilities | Net position |
|---|---|---|---|---|---|
Securitisation |
|
|
|
|
|
Financial assets at amortised cost | 28,465 | 26,122 | 28,517 | 26,060 | 2,457 |
Total | 28,465 | 26,122 | 28,517 | 26,060 | 2,457 |
In millions of euros, | Carrying amount of transferred assets | Carrying amount of associated liabilities | Fair value of transferred assets | Fair value of associated liabilities | Net position |
|---|---|---|---|---|---|
Securitisation |
|
|
|
|
|
Financial assets at amortised cost | 27,995 | 26,355 | 28,032 | 26,278 | 1,754 |
Total | 27,995 | 26,355 | 28,032 | 26,278 | 1,754 |
The various income and expenses of insurance contracts are broken down in the “Net income from insurance activities” as follows:
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
|---|---|---|
Insurance revenue | 9,711 | 8,945 |
Insurance service expenses(1) | (7,502) | (6,786) |
Investment return | 11,554 | 10,254 |
Net finance income or expenses from insurance contracts | (11,367) | (10,093) |
Net income from insurance activities | 2,396 | 2,320 |
| ||
“Insurance service result” includes:
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
|---|---|---|
Contracts not measured under the premium allocation approach | 5,551 | 5,435 |
Changes in the liability for remaining coverage | 2,349 | 2,221 |
Change in the risk adjustment | 133 | 122 |
Contractual service margin | 1,908 | 1,825 |
Recovery of insurance acquisition cash flows | 1,161 | 1,267 |
Contracts measured under the premium allocation approach | 4,160 | 3,510 |
Insurance revenue | 9,711 | 8,945 |
Incurred claims and expenses | (4,077) | (3,928) |
Amortisation of insurance acquisition cash flows | (2,876) | (2,612) |
Changes that relate to past service | (42) | 249 |
Loss component recognised in profit or loss | (54) | (62) |
Net expenses from reinsurance contracts held | (453) | (433) |
Insurance service expenses | (7,502) | (6,786) |
INSURANCE SERVICE RESULT | 2,209 | 2,159 |
“Financial Result” includes “Investment return” and “Net finance income or expenses from insurance contracts.”
“Investment return” includes net income from financial instruments and from investment properties.
“Changes in fair value of underlying items of direct participation contracts” reflects the changes in value of underlying investments, for the amount which was not recognised directly in equity, and excluding the portion of these changes adjusting the contract service margin.
“Other insurance financial expenses” measured under the general model and under the simplified model represent the change in technical liabilities arising from financial risks (discount rates variations, forex rates, time value and financial variations expected in the contracts) for the amount which was not recognised directly in equity.
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
|---|---|---|
Net interest income | 2,579 | 2,376 |
Net gain on financial instruments at fair value through equity | (329) | (432) |
Net gain on debt instruments | (413) | (445) |
Dividend income on equity instruments | 84 | 13 |
Net gain on financial instruments at fair value through profit and loss | 9,000 | 9,040 |
Cost of risk | 3 | 24 |
Investment property income | 374 | (672) |
Share of earnings of equity-method investments | 1 | (6) |
Other expenses | (74) | (76) |
Investment return | 11,554 | 10,254 |
Changes in fair value of underlying items of direct participation contracts | (11,197) | (9,940) |
Other insurance financial expenses | (170) | (153) |
Net finance income or expenses from insurance contracts | (11,367) | (10,093) |
FINANCIAL RESULT | 187 | 161 |
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
|---|---|---|
Commissions and other expenses | (2,949) | (2,494) |
Expenses incurred by internal distributors (see note 2.f) | (1,085) | (1,041) |
Salary and employee benefit expense (see note 7.a) | (839) | (778) |
Taxes and contributions | (97) | (86) |
Depreciation, amortisation and impairment of property, plant and equipment and intangible assets | (173) | (32) |
Total expenses by type | (5,143) | (4,431) |
Acquisition cash flows incurred over the period | 3,062 | 2,562 |
Amortisation of acquisition cash flows | (2,876) | (2,612) |
Total expenses by type adjusted for acquisition cash flows amortisation effect | (4,957) | (4,481) |
Insurance contracts attributable expenses (see note 5.a) | (4,125) | (3,723) |
Insurance activities non attributable costs (see note 2.f) | (832) | (758) |
Acquisition cash flows over the period are deducted from total expenses and amortised over the coverage period of the contracts.
In millions of euros, at | 31 December 2024 | 31 December 2023 | ||||
Assets not representative of unit-linked insurance contracts | Assets representative of unit-linked accounts | Total | Assets not representative of unit-linked insurance contracts | Assets representative of unit-linked accounts | Total | |
Derivative financial instruments | 1,731 |
| 1,731 | 1,658 |
| 1,658 |
Derivatives used for hedging purposes | 74 |
| 74 | 36 |
| 36 |
Financial assets at fair value through profit or loss | 61,465 | 111,954 | 173,419 | 64,492 | 92,266 | 156,758 |
Financial assets at fair value through equity | 102,222 |
| 102,222 | 89,139 |
| 89,139 |
Financial assets at amortised cost | 1,379 |
| 1,379 | 1,267 |
| 1,267 |
Investment properties | 3,868 | 3,178 | 7,046 | 4,008 | 3,483 | 7,491 |
Equity-method investments | 82 |
| 82 | 89 |
| 89 |
Assets related to insurance activities (see note 5.d) | 896 |
| 896 | 660 |
| 660 |
Investments and other assets related to insurance activities | 171,717 | 115,132 | 286,849 | 161,349 | 95,749 | 257,098 |
“Financial liabilities related to insurance activities” includes unit-linked investment contracts without discretionary participating features. Those contracts are measured under IFRS 9 at fair value through profit or loss.
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Derivative financial instruments | 982 | 1,138 |
Derivatives used for hedging purposes | 238 | 152 |
Deposit at fair value through profit or loss | 960 | 1,063 |
Debt representative of shares of consolidated funds held by third parties | 7,317 | 5,802 |
Investment contracts without discretionary participation feature – Unit-linked contracts | 8,388 | 8,427 |
Other debts | 1,922 | 1,657 |
Financial liabilities related to insurance activities | 19,807 | 18,239 |
The criteria for allocating instruments to each level of the fair value hierarchy, the measurement methods, and the principles governing transfers between levels are those presented in note 4.d for the Group’s financial instruments.
In millions of euros, at | 31 December 2024 | 31 December 2023 | ||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
Financial assets designated as at fair value through profit or loss | 110,018 | 47,346 | 16,055 | 173,419 | 85,585 | 56,294 | 14,879 | 156,758 |
Equity instruments | 102,824 | 31,996 | 15,772 | 150,592 | 79,269 | 41,846 | 14,779 | 135,894 |
Debt securities | 7,194 | 14,827 | 218 | 22,239 | 6,316 | 13,740 | 41 | 20,097 |
Loans | 523 | 65 | 588 | 708 | 59 | 767 | ||
Financial assets at fair value through equity | 89,003 | 13,214 | 5 | 102,222 | 81,018 | 8,106 | 15 | 89,139 |
Equity instruments | 1,729 | 1,729 | 646 | 646 | ||||
Debt securities | 87,274 | 13,214 | 5 | 100,493 | 80,372 | 8,106 | 15 | 88,493 |
Derivative financial instruments | - | 1,772 | 33 | 1,805 | 2 | 1,678 | 14 | 1,694 |
FINANCIAL ASSETS MEASURED AT FAIR VALUE | 199,021 | 62,332 | 16,093 | 277,446 | 166,605 | 66,078 | 14,908 | 247,591 |
Financial liabilities designated at fair value through profit or loss | 4,666 | 10,866 | 1,133 | 16,665 | 2,625 | 12,039 | 628 | 15,292 |
Deposit at fair value through profit or loss | 960 | 960 | 1,063 | 1,063 | ||||
Debt representative of shares of consolidated funds held by third parties | 4,666 | 2,352 | 299 | 7,317 | 2,625 | 3,177 | 5,802 | |
Investment contracts without discretionary participation feature - Unit-linked contracts | 7,554 | 834 | 8,388 | 7,799 | 628 | 8,427 | ||
Derivative financial instruments | - | 1,198 | 22 | 1,220 | 127 | 977 | 186 | 1,290 |
FINANCIAL LIABILITIES MEASURED AT FAIR VALUE | 4,666 | 12,064 | 1,155 | 17,885 | 2,752 | 13,016 | 814 | 16,582 |
Level 1: includes notably equity securities and liquid bonds, derivative instruments traded on organised markets (futures, options, etc.), shares of funds and UCITS, for which the net asset value is calculated on a daily basis.
Level 2: includes equity securities, government bonds, corporate debt securities, shares of funds and UCITS, and over-the-counter derivatives.
Level 3: includes units of funds and unlisted equity shares which are mainly company shares and venture capital.
For Level 3 financial instruments, the following movements occurred during the period:
In millions of euros | Financial assets | Financial liabilities | |||
Financial instruments at fair value through profit or loss | Financial assets at fair value through equity | Total | Financial instruments at fair value through profit or loss | Total | |
At 31 December 2023 | 14,893 | 15 | 14,908 | (814) | (814) |
Purchases | 2,209 |
| 2,209 |
|
|
Sales | (2,325) |
| (2,325) |
|
|
Settlements | 40 | (3) | 37 | (110) | (110) |
Transfers to Level 3 | 463 |
| 463 |
|
|
Transfers from Level 3 | (141) | (8) | (149) |
|
|
Gains recognised in profit or loss | 187 |
| 187 | (226) | (226) |
Items related to exchange rate movement and changes in scope of consolidation | 762 |
| 762 | (5) | (5) |
Changes in fair value of assets and liabilities recognised in equity |
| 1 | 1 |
|
|
At 31 December 2024 | 16,088 | 5 | 16,093 | (1,155) | (1,155) |
In millions of euros, at | 31 December 2024 | 31 December 2023 | ||
Fair value | of which changes in value recognised directly to equity | Fair Value | of which changes in value recognised directly to equity | |
Debt securities | 100,493 | (5,341) | 88,493 | (5,154) |
Equity securities | 1,729 | 107 | 646 | 70 |
Total financial assets at fair value through equity | 102,222 | (5,234) | 89,139 | (5,084) |
The option to recognise certain equity instruments at fair value through equity was retained in particular for shares held through strategic partnerships and shares that the Group is required to hold in order to carry out certain activities.
During the year ended 31 December 2024, the Group sold several of these investments and a net gain of EUR 3 million was transferred to “retained earnings” (EUR 26 million for the year ended 31 December 2023).
The fair value of investment properties amounted to EUR 7.0 billion at 31 December 2024, compared with EUR 7.5 billion at 31 December 2023. The value of investment properties classified in Level 3 amounted to EUR 0.5 billion at 31 December 2024.
The entire non-listed real estate portfolio is appraised by one or more independent third parties. Experts have professional rules for carrying out these assessments.
For buildings that are directly held, experts use three main methods:
The final value retained by the expert may be a compromise between these three methods.
In millions of euros, at | 31 December 2024 | 31 December 2023 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Estimated fair value | Carrying value | Estimated fair value | Carrying value | |||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||
Loans and receivables |
| 1,326 | 47 | 1,373 | 1,379 |
| 1,242 | 24 | 1,266 | 1,267 |
The main contracts issued by the Group are (see note 1.g.2):
Reinsurance contracts held are also measured under the general model or the premium allocation approach.
Insurance and reinsurance contracts issued and reinsurance contracts held are presented on the assets or liabilities side of the balance sheet according to the overall position of the portfolios to which they belong. They are presented separately according to their valuation model: allocation method or other models (general model and variable fee approach). Reinsurance contracts held are isolated.
In millions of euros, at | 31 December 2024 | 31 December 2023 | ||||
Assets | Liabilities | Net (Assets) | Assets | Liabilities | Net (Assets) | |
Insurance contracts not measured under the premium allocation approach | 34 | 244,978 | 244,944 | 22 | 215,689 | 215,667 |
Insurance contracts measured under the premium allocation approach | 153 | 2,709 | 2,556 | 84 | 2,354 | 2,270 |
Reinsurance contracts held | 709 | 12 | (697) | 554 |
| (554) |
Assets and liabilities related to insurance contracts | 896 | 247,699 | 246,803 | 660 | 218,043 | 217,383 |
Tables below show movements in carrying amounts of insurance contracts and do not include reinsurance contracts held.
Insurance contracts issued, excluding reinsurance contracts In millions of euros | Remaining coverage | Incurred claims(3) | Total net liabilities | |
Excluding loss component | Loss component | |||
NET (ASSETS) OR LIABILITIES AT 31 DECEMBER 2022 | 205,437 | 152 | 3,962 | 209,551 |
Insurance service result: (income) or expenses | (6,610) | 23 | 3,995 | (2,592) |
of which insurance revenue | (8,945) |
|
| (8,945) |
of which insurance service expenses | 2,335 | 23 | 3,995 | 6,353 |
Net finance (income) or expenses from insurance contracts(2) | 14,617 | 2 | 65 | 14,684 |
Total changes recognised in profit and loss and in equity | 8,007 | 25 | 4,060 | 12,092 |
Investment component | (23,892) | - | 23,892 | - |
Premiums received for insurance contracts issued | 26,128 |
|
| 26,128 |
Insurance acquisition cash flows | (2,285) |
|
| (2,285) |
Claims and other service expenses paid |
|
| (27,454) | (27,454) |
Total cash flows | 23,843 | - | (27,454) | (3,611) |
Changes in scope of consolidation and other items | (371) | (7) | 283 | (95) |
NET (ASSETS) OR LIABILITIES AT 31 DECEMBER 2023(1) | 213,024 | 170 | 4,743 | 217,937 |
Insurance service result: (income) or expenses | (7,116) | 17 | 4,437 | (2,662) |
of which insurance revenue | (9,711) | (9,711) | ||
of which insurance service expenses | 2,595 | 17 | 4,437 | 7,049 |
Net finance (income) or expenses from insurance contracts(2) | 10,952 | 3 | 164 | 11,119 |
Total changes recognised in profit and loss and in equity | 3,836 | 20 | 4,601 | 8,457 |
Investment component | (19,641) | - | 19,641 | - |
Premiums received for insurance contracts issued | 32,795 | 32,795 | ||
Insurance acquisition cash flows | (2,781) | (2,781) | ||
Claims and other service expenses paid | (24,166) | (24,166) | ||
Total cash flows | 30,014 | - | (24,166) | 5,848 |
Changes in scope of consolidation and other items | 15,061 | 6 | 191 | 15,258 |
NET (ASSETS) OR LIABILITIES AT 31 DECEMBER 2024(1) | 242,294 | 196 | 5,010 | 247,500 |
| ||||
Insurance contracts issued not measured under the premium allocation approach, In millions of euros | Present value | Non-financial risk adjustment | Contractual service margin | Total |
|---|---|---|---|---|
NET (ASSETS) OR LIABILITIES AT 31 DECEMBER 2022 | 189,422 | 1,048 | 17,065 | 207,535 |
Insurance service result: (income) or expenses | (1,674) | 550 | (839) | (1,963) |
of which changes related to future services - new contracts | (1,164) | 90 | 1,107 | 33 |
of which changes related to future services - change in estimation | (447) | 602 | (121) | 34 |
of which changes related to current service(2) | 32 | (103) | (1,825) | (1,896) |
of which changes related to past service | (95) | (39) |
| (134) |
Net finance (income) or expenses from insurance contracts(3) | 14,510 | 8 | 51 | 14,569 |
Total changes recognised in profit and loss and in equity | 12,836 | 558 | (788) | 12,606 |
Premiums received for insurance contracts issued | 22,621 |
|
| 22,621 |
Insurance acquisition cash flows | (892) |
|
| (892) |
Claims and other service expenses paid | (25,994) |
|
| (25,994) |
Total cash flows | (4,265) | - | - | (4,265) |
Changes in scope of consolidation and other items | (204) | (3) | (2) | (209) |
NET (ASSETS) OR LIABILITIES AT 31 DECEMBER 2023(1) | 197,789 | 1,603 | 16,275 | 215,667 |
Insurance service result: (income) or expenses | (2,919) | 154 | 721 | (2,044) |
of which changes related to future services - new contracts | (1,529) | 123 | 1,435 | 29 |
of which changes related to future services - change in estimation | (1,337) | 170 | 1,194 | 27 |
of which changes related to current service(2) | (8) | (118) | (1,908) | (2,034) |
of which changes related to past service | (45) | (21) | (66) | |
Net finance (income) or expenses from insurance contracts(3) | 10,867 | 18 | 60 | 10,945 |
Total changes recognised in profit and loss and in equity | 7,948 | 172 | 781 | 8,901 |
Premiums received for insurance contracts issued | 28,552 |
|
| 28,552 |
Insurance acquisition cash flows | (978) |
|
| (978) |
Claims and other service expenses paid | (22,363) |
|
| (22,363) |
Total cash flows | 5,211 | - | - | 5,211 |
Changes in scope of consolidation and other items | 14,613 | 98 | 454 | 15,165 |
NET (ASSETS) OR LIABILITIES AT 31 DECEMBER 2024(1) | 225,561 | 1,873 | 17,510 | 244,944 |
| ||||
The schedule presents the amortisation of the contractual service margin to be recognised over time in profit or loss for protection contracts under the general model and for saving contracts under the variable fee approach. For the latter, it considers the over performance of financial assets compared with a risk-neutral measurement.
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Less than 5 years | 7,938 | 6,734 |
5 to 10 years | 5,347 | 5,183 |
More than 10 years | 4,225 | 4,358 |
TOTAL | 17,510 | 16,275 |
The table below presents the average discount rates used in the measurement of savings and protection contracts for the main horizons of the euro curve.
| 31 December 2024 | 31 December 2023 | ||
Savings | Protection | Savings | Protection | |
1 year | 3.17% | 2.24% | 4.00% | 3.36% |
5 years | 3.07% | 2.14% | 2.96% | 2.32% |
10 years | 3.20% | 2.27% | 3.03% | 2.39% |
15 years | 3.26% | 2.33% | 3.10% | 2.47% |
20 years | 3.19% | 2.26% | 3.04% | 2.41% |
40 years | 3.09% |
| 3.04% |
|
For the construction of the yield curve, an approach based on the risk-free rate has been adopted, with the following parameters:
For savings contracts valued according to the variable fee method, for which the fulfilment cash flows take into account the return on underlying financial assets, the risk-free yield curve is supplemented by a liquidity premium calculated on the basis of the portfolio of assets backing the savings and the retirement contracts. By assumption, bonds (sovereign and corporate) and diversified financial assets benefit from a liquidity premium (or illiquidity premium). The average liquidity premium on all savings portfolios (in France, Italy and Luxembourg) is 0.91% at 31 December 2024, compared with 0.65% at 31 December 2023.
For protection contracts measured under the general model and for liabilities for incurred claims under the simplified approach, the discounting rate consists of the risk-free rate adjusted to reflect the illiquidity of liabilities. For protection, the liquidity premium is currently valued at zero due to the short settlement period for claims on the main risks covered.
For savings contrats the risk adjustment is determined according to the cost of capital method, without taking into account the risk of massive lapses, including future payments, and considering only attributable expenses. It is measured within a confidence range of 60% and 70%. This one corresponds to a level of confidence of 65% at 31 December 2024 (unchanged compared with 31 December 2023).
For protection contracts, the level of confidence used in determining the adjustment for non-financial risks for the main countries is 70% (based on the quantile method).
The BNP Paribas Group conducts its insurance activities mainly through BNP Paribas Cardif and its subsidiaries.
Risk management is an integral part of the BNP Paribas Group’s business model. The Group has developed and implemented a risk management framework designed to identify, assess, control and monitor risks related to its various activities.
Risk management involves identifying, measuring, monitoring, managing and reporting risks arising from the external environment as well as those inherent to insurance activities. Its objective is to guarantee the solvency, business continuity and development of the BNP Paribas Group’s insurance activities under satisfactory risk and profitability conditions.
The general risk management framework for insurance activities is presented in section 5.10 Risks related to insurance activity of the Universal registration document. This framework has been developed to meet the needs of Solvency II prudential regulation. The BNP Paribas Group’s exposure to insurance contracts is disclosed in note 5.d Assets and liabilities related to insurance contracts.
Pursuant to IFRS 17, the nature and extent of risks arising from BNP Paribas Group insurance and investment contracts are determined by their contractual characteristics. Underwriting and financial risks are the main risks to which the BNP Paribas Group is exposed as parts of its insurance activities.
Under IFRS 17, underwriting risks include:
Through its life insurance and savings activities, the BNP Paribas Group is mainly exposed to:
The risks related to protection relate mainly to the marketing of creditor protection insurance, but also to activities such as personal protection insurance, extended warranty, theft or damage to property, civil liability, life annuity policies in France, and health, with geographical coverage in many countries.
Creditor protection insurance mainly covers risks of death, disability, dreaded diseases, incapacity for work, loss of employment and financial losses on revolving loans, consumer loans and real estate loans. This activity is based on a multitude of contracts involving low risk and premium amounts, the profitability of which depends on the size of the portfolio of contracts, the effective mutualisation of risks and the control of operating expenses. The insurer is also exposed to lapse risk in the event of early redemption or transfer of the contract to another insurer where permitted by regulation.
Other activities (personal protection insurance, extended warranty, theft, accidental damage to property, life annuity policies in France, civil liability, health) relate to personal risk (death, accidental death, hospitalisation, critical illness, healthcare expenses) or to property and/or liabilities (accidental damage, breakdown or theft of consumer goods or automobiles, civil liability, etc.). These contracts are characterised by individual insured sums which are generally low, whether they are indemnities or lump sums.
Lastly, mainly through the Cardif IARD entity in France, insurance for motor vehicles (material damage, civil liability, assistance, etc.) and property risks are also underwritten. Such products are also growing internationally, particularly in Latin American countries.
The underwriting risk monitoring and management framework is based on documented governance and processes. Subscription operations for direct and intermediated activities, and for accepted reinsurance are based on similar principles. Within the BNP Paribas Cardif group, risk underwriting complies with specific delegation rules involving several levels, both local and central. The level of delegation depends on the level of assessment of the maximum acceptable loss, the estimated Solvency II capital requirement and the estimated profitability of the contracts concerned. The experience gained from managing geographically diversified portfolios enables the databases used for risk pricing to be updated regularly, taking into account numerous parameters (type of loan for creditor insurance, guarantee, insured population, etc.). Each contract is priced based on the measurement and monitoring of profitability and the return on equity set by the Executive Management of BNP Paribas Cardif.
Contractual clauses allow underwriting risk to be managed in accordance with regulatory and commercial frameworks through technical and legal measures, such as tariff revision clauses provided for in the contract in the event of changes in taxation or risk of adverse development in loss experience, and the limitation of the duration of some guarantees.
Partners are interested in the quality of the risks of the contracts they bring so as to encourage the compliance with good underwriting practices defined by the Group.
Ceded reinsurance is a complementary element of the underwriting risk management framework. It aims to protect BNP Paribas from the main risks to which the Group is exposed.
In savings, underwriting risk is managed through monitoring and supervision of the offering, adapted to the market context. The Group thus limits the risk exposure, which is characterised by an insufficient performance of the investments compared with the contractual remuneration obligation. Thus 97% of Cardif Assurance Vie’s outstanding savings and of the retirement contracts in their accumulation phase do not provide for a guaranteed minimum rate or a guaranteed minimum rate of more than one year beyond the capital guarantee. For the French portfolio, the guaranteed average rate is less than 0.1%. In Italy, Cardif Vita offers an average guaranteed minimum rate of less than 0.15% on the main general Capital Vita fund. In Italy, only three segregated funds, in run-off, whose total outstandings represent less than 2% of the subsidiary’s outstandings, have an average guaranteed minimum rate of 2.20%.
Besides, the average redemption rates for BNP Paribas Cardif group general funds stood in France at 6.2% (compared with 7.9% in 2023), in Italy at 14.0% (compared with 21.1% in 2023) and in Luxembourg at 10.6% (compared with 23.8% in 2023).
The table below shows the liabilities related to insurance contracts excluding reinsurance by country of issuance. These liabilities include the present value of future cash flows, the contractual service margin, and the adjustment for non-financial risk.
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
France(1) | 180,289 | 158,470 |
Italy(1) | 28,109 | 23,236 |
Luxembourg(1) | 31,138 | 28,158 |
Other Europe(1) | 1,547 | 1,492 |
Asia(1) | 5,714 | 6,055 |
Latin America(2) | 703 | 526 |
TOTAL | 247,500 | 217,937 |
| ||
The table below shows the impact gross of taxes on income and shareholders’ equity of reasonably possible changes in the main underwriting risk variables at reporting date (i.e. changes in surrenders and mortality for life savings activities and changes in claims for protection activities). Shocks are applied to current-year death claims and surrenders. Sensitivity to non-financial risks is presented excluding the effect of ceded reinsurance contracts and assuming that all other variables remain unchanged.
In millions of euros, at | 31 December 2024 | 31 December 2023 | ||
Potential impact on income | Potential impact on equity | Potential impact on income | Potential impact on equity | |
Savings |
|
|
|
|
Mortality rates (1% increase/decrease) | - | - | - | - |
Lapse rates (5% increase/decrease) | -/+ 2 | - | -/+ 2 | - |
Protection |
|
|
|
|
Ultimate loss rate (5% increase/decrease) | -/+ 95 | - | -/+ 94 | - |
Qualitative information on the valuation of the carrying amount and fair value of financial instruments is provided in the financial instruments section of note 1.f Financial assets and liabilities. Quantitative information on the carrying value of financial instruments is disclosed in note 5.c Investments, other financial assets and liabilities related to insurance activities.
IFRS 17 defines market risk as the risk that changes in market prices (e.g. interest rates, currency exchange rates, share prices) affect the fulfilment cash flows of insurance and reinsurance contracts and the fair value or future cash flows of financial instruments. Market risk includes:
For its insurance activities, the Group has equipped itself with the necessary management tools to calibrate the strategic asset allocation and to measure asset-liability matching risks. Asset-liability studies enable to project expected flows on both the assets and the liabilities of the various general funds. In particular, they allow to adapt the duration of assets according to the profile of the various liabilities.
The investment policy dictates the framework for asset management. It defines the principles for aligning the structure of asset portfolios with the commitments made to policyholders, while optimising the expected return on investment relative to the risk limit set. Thus, in particular in the case of BNP Paribas Cardif, the implementation of the investment policy, entrusted to the Asset Management Department, is governed for each portfolio by a management agreement that specifies the investment limits according to asset classes. Market risk can also be managed through the use of financial hedging instruments.
Market risk exposure is also monitored through targeted studies such as the review of securities in an unrealised loss position.
In addition, foreign currency exchange risk exposure arises from the funding of the foreign branches, equity investments in foreign currency or investment strategy in foreign currency-denominated assets in general funds. Foreign exchange risk may be hedged by forward financial instruments, such as cross-currency swaps, or by foreign currency borrowings.
For unit-linked commitments, market risk is mainly transferred to policyholders.
The sensitivity on insurance contracts arises from the following effects:
The table below shows the impact gross of taxes on income and shareholders’ equity of reasonably possible changes in interest rates at reporting date. Sensitivities are presented on all financial assets, excluding assets representing unit-linked contracts.
Sensitivity was determined for the most significant countries, i.e. France, Italy and Luxembourg.
In millions of euros, at | 31 December 2024 | |||||
Potential impact on income | Potential impact on equity | |||||
related to investments(1) | related to insurance contracts | Net impact | related to investments | related to insurance contracts | Net impact | |
+50 bps variation of interest rate risk | (190) | 178 | (12) | (4,019) | 3,738 | (281) |
-50 bps variation of interest rate risk | 249 | (237) | 12 | 4,015 | (3,738) | 277 |
| ||||||
In millions of euros, at | 31 December 2023 | |||||
Potential impact on income | Potential impact on equity | |||||
related to investments(1) | related to insurance contracts | Net impact | related to investments | related to insurance contracts | Net impact | |
+50 bps variation of interest rate risk | (225) | 206 | (19) | (3,662) | 3,330 | (332) |
-50 bps variation of interest rate risk | 239 | (220) | 19 | 3,662 | (3,330) | 332 |
| ||||||
The table below shows the impact gross of taxes on income and equity of reasonably possible changes in market and real estate prices at the reporting date. Sensitivities are presented excluding unit-linked contracts.
Sensitivity was determined for the most significant countries, i.e. France, Italy and Luxembourg.
In millions of euros, at | 31 December 2024 | |||||
Potential impact on income | Potential impact on equity | |||||
related to investments(1) | related to insurance contracts | Net impact | related to investments | related to insurance contracts | Net impact | |
+10% variation of equity market | 1,310 | (1,246) | 64 | 175 | (3) | 172 |
-10% variation of equity market | (1,310) | 1,246 | (64) | (175) | 3 | (172) |
+10% variation of real estate market | 1,183 | (1,153) | 30 |
|
|
|
-10% variation of real estate market | (1,183) | 1,153 | (30) |
|
|
|
| ||||||
In millions of euros, at | 31 December 2023 | |||||
Potential impact on income | Potential impact on equity | |||||
related to investments(1) | related to insurance contracts | Net impact | related to investments | related to insurance contracts | Net impact | |
+10% variation of equity market | 1,834 | (1,760) | 74 | 61 |
| 61 |
-10% variation of equity market | (1,834) | 1,760 | (74) | (61) |
| (61) |
+10% variation of real estate market | 1,062 | (1,031) | 31 | 37 |
| 37 |
-10% variation of real estate market | (1,062) | 1,031 | (31) | (37) |
| (37) |
| ||||||
For savings contracts valued using the variable fees approach, the change in the value of the underlying financial assets is largely offset by the change in the value of the liabilities, provided that the contractual service margin remains positive.
Potential effects on income and equity are therefore mainly derived from non-participating contracts and assets representing the shareholders’ equity of insurance entities.
IFRS 17 defines credit risk as the risk that a party to a financial instrument, an insurance contract issued which is an asset or a reinsurance contract held, fails to meet one of its obligations and thereby causes the other party to suffer a financial loss.
The credit risk related to contracts in the scope of IFRS 17 relates mainly to reinsurance contracts held (risk of default by a reinsurer that would no longer allow him to assume a share of the amount due to him) and to receivables on the partners to whom the collection of the premiums have been delegated.
Counterparty risk management on reinsurers is achieved through rigorous selection of reinsurers, negotiation of collateral provided and regular monitoring of major exposures. The guarantees required may be real sureties, such as cash deposits and security pledges, or financial guarantees given and letters of guarantee.
The counterparty risk of BNP Paribas Cardif’s partners comes under the Partners and Reinsurers credit governance. As with a reinsurer, an exposure to a partner may be subject to real or personal security. Depending on the quality of the counterparty, the following techniques may be used: guarantee of the parent company, first-demand bank guarantee, segregated account of the rest of the assets in the event of bankruptcy, etc.
IFRS 17 defines liquidity risk as the difficulty of honouring commitments related to insurance contracts and financial liabilities that are to be settled through the provision of cash or other financial assets.
Tactical asset management is carried out to release the cash needed to settle insurance benefits, in keeping with the fund's current management framework, while minimising impacts on the rate of return on assets.
Liquidity risk is managed centrally based on studies carried out at intervals appropriate to the risk exposure.
Stress tests are carried out as part of asset-liability management studies. They test the ability to honour its commitments in adverse financial market situations, taking into account the impact of these situations on the behaviour of policyholders. These medium and long-term asset-liability matching analyses are based on a projection of the medium and/or long-term profit and loss account and balance sheet under various economic scenarios. The analysis of the results obtained makes it possible to take, where appropriate, measures to adjust the constraints on asset allocation (strategic allocation, diversification, derivatives, etc.).
The table below details the forward schedule of the present value of the future cash flows of all insurance contracts excluding reinsurance.
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
1 year | 7,770 | 7,094 |
1 to 2 years | 8,037 | 6,274 |
2 to 3 years | 6,685 | 6,179 |
3 to 4 years | 6,923 | 6,074 |
4 to 5 years | 7,735 | 5,598 |
5 to 10 years | 33,032 | 19,511 |
More than 10 years | 157,419 | 148,819 |
TOTAL | 227,601 | 199,549 |
For participating contracts, amounts payable on demand correspond to surrender values of saving contracts.
In millions of euros, at | 31 December 2024 | 31 December 2023 | ||
Amount payable on demand | Carrying amount | Amount payable on demand | Carrying amount | |
Participating contracts | 227,706 | 241,278 | 197,551 | 212,297 |
Non-participating contracts | 57 | 6,222 | 70 | 5,640 |
TOTAL | 227,763 | 247,500 | 197,621 | 217,937 |
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Financing commitments given |
|
|
to credit institutions | 5,345 | 3,650 |
to customers | 385,321 | 365,821 |
Credit facilities | 345,840 | 328,678 |
Other financing commitments given to customers | 39,481 | 37,143 |
Total financing commitments given | 390,666 | 369,471 |
of which stage 1 | 375,012 | 353,147 |
of which stage 2 | 14,175 | 14,857 |
of which stage 3 | 1,384 | 889 |
of which insurance activities | 95 | 578 |
Financing commitments received |
|
|
from credit institutions | 77,655 | 69,596 |
from customers | 2,731 | 3,185 |
Total financing commitments received | 80,386 | 72,781 |
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Guarantee commitments given |
|
|
to credit institutions | 82,872 | 63,132 |
to customers | 125,447 | 127,203 |
Financial guarantees | 70,266 | 74,710 |
Other guarantees | 55,181 | 52,493 |
Total guarantee commitments given | 208,319 | 190,335 |
of which stage 1 | 197,003 | 177,315 |
of which stage 2 | 9,562 | 11,701 |
of which stage 3 | 1,054 | 769 |
of which insurance activities | 700 | 550 |
The Group’s annual contribution to the European Union’s Single Resolution Fund may be partly in the form of an irrevocable payment commitment (IPC) guaranteed by a cash deposit of the same amount. In the event of the fund being involved in a resolution action, the Single Resolution Board (SRB) shall call part or all of the irrevocable payment commitments.
The IPC is qualified as a contingent liability. A provision is recognised if the probability of a commitment call by the fund exceeds 50%. Based on the risk assessment carried out by the Group, this probability is estimated to be below this threshold. Consequently, no provision was recognised by the Group at 31 December 2024.
The ruling of the European Court of Justice on the BNP Paribas Public Sector case is expected in the first half of 2025. The Group continues to monitor legal developments and their potential impacts.
IPC amounted to EUR 1,263 million at 31 December 2024 (compared with EUR 1,261 million at 31 December 2023).
Cash provided as collateral is remunerated and recognised as a financial asset at amortised cost within the line "Other debtors and miscellaneous assets” (see note 4.j Accrued income/expense and other assets/liabilities)
In connection with the settlement date accounting for securities, commitments representing securities to be delivered or securities to be received are the following:
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Securities to be delivered | 20,929 | 23,159 |
Securities to be received | 20,915 | 21,384 |
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Financial instruments (negotiable securities and private receivables) lodged with central banks and eligible for use at any time as collateral for refinancing transactions after haircut | 77,314 | 87,881 |
Used as collateral with central banks | 1,436 | 20,560 |
Available for refinancing transactions | 75,878 | 67,321 |
Securities sold under repurchase agreements | 514,733 | 519,731 |
Other financial and similar assets pledged as collateral for transactions with credit institutions, financial customers or subscribers of covered bonds issued by the Group(1) | 363,995 | 323,491 |
| ||
The fair value of financial instruments given as collateral or transferred under repurchase agreements by the Group that the beneficiary is authorised to sell or reuse as collateral amounted to EUR 747,190 million at 31 December 2024 (EUR 726,703 million at 31 December 2023).
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Financial instruments received as collateral (excluding repurchase agreements) | 401,812 | 350,947 |
of which instruments that the Group is authorised to sell and reuse as collateral | 217,745 | 187,021 |
Securities received under repurchase agreements | 438,010 | 467,822 |
The fair value of financial instruments received as collateral or under repurchase agreements that the Group effectively sold or reused as collateral amounted to EUR 370,728 million at 31 December 2024 (compared with EUR 377,078 million at 31 December 2023).
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
|---|---|---|
Fixed and variable remuneration, incentive bonuses and profit-sharing | 14,066 | 13,445 |
Employee benefit expense | 3,697 | 3,856 |
Payroll taxes | 380 | 474 |
Total salary and employee benefit expense for banking activities (note 2.f) | 18,143 | 17,775 |
Salary and employee benefit expense of insurance activities (note 5.b) | 839 | 778 |
Total salary and employee benefit expense | 18,982 | 18,553 |
IAS 19 distinguishes between two categories of plans, each handled differently depending on the risk incurred by the entity. When the entity is only committed to paying a fixed amount, stated as a percentage of the beneficiary’s annual salary, for example, to an external entity handling payment of the benefits based on the assets available for each plan member, it is described as a defined-contribution plan. Conversely, when the entity’s obligation is to manage the financial assets funded through the collection of contributions from employees and to bear the cost of benefits itself or to guarantee the final amount subject to future events, it is described as a defined-benefit plan. The same applies if the entity entrusts management of the collection of premiums and payment of benefits to a separate entity but retains the risk arising from management of the assets and/or from future changes in the benefits.
The BNP Paribas Group has implemented over the past few years a wide campaign of converting defined-benefit plans into defined-contribution plans.
Thus, in France, the BNP Paribas Group pays contributions to mandatory state and complementary pension schemes. BNP Paribas SA and certain subsidiaries have set up a complementary defined-contribution pension plan under a company-wide agreement. Under this plan, employees will receive an annuity or a lump sum on retirement in addition to the pension paid by mandatory schemes.
Since defined-benefit plans have been closed to new employees in most countries outside France, they are offered the benefit of joining defined-contribution pension plans.
In Italy, the plan introduced by BNL is funded by employer contributions (4.35% of salaries) and employee contributions (2% of salaries). Employees can also make additional voluntary contributions.
In the United Kingdom, the employer contributes 12% of salaries for the majority of employees; employees can make additional voluntary contributions.
In the US, the bank matches the voluntary contributions made by employees, within certain limits.
The amount paid into defined-contribution retirement plans for the year ended 31 December 2024 was EUR 828 million, compared with EUR 791 million for the year ended 31 December 2023.
The breakdown by major contributors is determined as follows:
Contribution amount In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
|---|---|---|
France | 383 | 386 |
Italy | 110 | 106 |
UK | 74 | 62 |
Türkiye | 50 | 39 |
Luxembourg | 31 | 30 |
Hong Kong | 30 | 29 |
USA | 29 | 27 |
Others | 121 | 112 |
TOTAL | 828 | 791 |
In Belgium, BNP Paribas Fortis funds a defined-benefit plan, based on final salary and number of years of service, for its management and employees who joined the bank before its pension plans were harmonised on 1 January 2002. Actuarial liabilities under this scheme are pre-funded at 95% at 31 December 2024 (compared with 91% at 31 December 2023) through insurance companies.
BNP Paribas Fortis senior managers joining before 1 January 2015 are covered by a top-up pension plan, paying a lump sum based on the number of years of service and final salary. This plan is pre-funded at 100% at 31 December 2024 (94% at 31 December 2023) through insurance companies.
In Belgium, employees benefit from a defined-contribution scheme with a legal obligation for the employer to guarantee a minimum return on financial assets invested. Thus, a provision was recognised for these schemes, as this guarantee is not entirely covered by the insurance company.
In France, BNP Paribas pays a top-up banking industry pension arising from rights acquired to 31 December 1993 by retired employees and active employees in service at that date. At 31 December 2024, the Group’s residual obligations for these employees were recognised on the balance sheet in full.
The defined-benefit plans previously granted to some Group senior managers have all been closed to new employees and converted into top-up type schemes. The amounts allocated to residual beneficiaries, subject to their presence within the Group at retirement, were fixed when these schemes were closed. At 31 December 2024, these pension plans were funded at 442% through insurance companies (264% at 31 December 2023).
In the United Kingdom, defined-benefit pension plans (pension funds) still exist but are closed to new employees. Under these plans, the defined pension is generally based on final salary and number of years of service. Pension schemes are managed by independent management bodies (Trustees). At 31 December 2024, obligations for all UK entities were 124% covered by financial assets, compared with 118% at 31 December 2023.
In Switzerland, liabilities relate to top-up pension plans based on the principle of defined-contribution schemes with guaranteed returns, paying an annuity under pre-defined terms. These schemes are managed by a foundation. At 31 December 2024, obligations were 105% covered by financial assets, compared with 111% at 31 December 2023.
In the United States, main defined-benefit pension plans are based on annual vesting rights to a lump sum comprising a pension expressed as a percentage of annual frozen salary and paying interest at a pre-defined rate. These plans are closed to new entrants and do not offer new vesting rights. At 31 December 2024, the obligation was 85% covered by financial assets (87% at 31 December 2023).
In Germany, liabilities are mainly related to defined-benefit pension plans, closed to new employees. Under these plans, the defined pension is generally based on the number of years of service and final salary. They offer the payment of an annuity under pre-defined terms. At 31 December 2024, the obligation was 72% covered by financial assets, (66% at 31 December 2023).
In Türkiye, the main pension plan replaces the national pension scheme and should eventually be transferred to the Turkish State. This plan offers guarantees exceeding the minimal legal requirements. At the end of 2024, obligations under this plan are fully funded by financial assets held with an external foundation; these financial assets exceeding the related obligations, this surplus is not recognised as an asset by the Group.
Group employees also receive various other contractual post-employment benefits, such as indemnities payable on retirement, determined according to minimal legal requirements (Labour Code, collective agreements) or according to specific company-level agreements.
In France, the obligations for these benefits are funded through a contract held with a third-party insurer. At 31 December 2024, this obligation was 129% covered by financial assets, compared with 127% at 31 December 2023.
In other countries, the obligations of the Group related to other post-employment benefits are mainly concentrated in Italy, where vested rights up to 31 December 2006 were frozen.
In millions of euros, at 31 December 2024 | Defined- | Defined- | Present value of defined-benefit obligation | Fair value of plan assets | Fair value of reimburse- | Effect of asset ceiling | Net obligation | of which asset recognised in the balance sheet for defined- | of which net assets of defined- | of which fair value of reimburse- | of which obligation recognised in the balance sheet for defined- |
|---|---|---|---|---|---|---|---|---|---|---|---|
Belgium | 2,691 | 15 | 2,706 | (183) | (2,456) |
| 67 | (2,457) | (1) | (2,456) | 2,524 |
UK | 1,082 |
| 1,082 | (1,337) |
|
| (255) | (255) | (255) |
|
|
Switzerland | 1,212 |
| 1,212 | (1,276) |
|
| (64) | (68) | (68) |
| 4 |
France | 811 | 47 | 858 | (1,114) |
|
| (256) | (355) | (355) |
| 99 |
USA | 145 | 1 | 146 | (124) |
|
| 22 |
|
|
| 22 |
Türkiye | 346 | 32 | 378 | (347) |
| 1 | 32 |
|
|
| 32 |
Italy |
| 139 | 139 |
|
|
| 139 |
|
|
| 139 |
Germany | 130 | 47 | 177 | (127) |
|
| 50 | (6) | (6) |
| 56 |
Others | 314 | 49 | 363 | (254) | (1) | 2 | 110 | (11) | (10) | (1) | 121 |
TOTAL | 6,731 | 330 | 7,061 | (4,762) | (2,457) | 3 | (155) | (3,152) | (695) | (2,457) | 2,997 |
In millions of euros, at 31 December 2023 | Defined- | Defined- | Present value of defined- | Fair value of plan assets | Fair value of reimburse- | Effect of asset ceiling | Net obligation | of which asset recognised in the balance sheet for defined- | of which net assets of defined- | of which fair value of reimburse- | of which obligation recognised in the balance sheet for defined- |
|---|---|---|---|---|---|---|---|---|---|---|---|
Belgium | 2,830 |
| 2,830 | (152) | (2,502) |
| 176 | (2,502) |
| (2,502) | 2,678 |
UK | 1,158 |
| 1,158 | (1,365) |
|
| (207) | (209) | (209) |
| 2 |
Switzerland | 1,123 |
| 1,123 | (1,251) |
| 130 | 2 |
|
|
| 2 |
France | 856 | 52 | 908 | (1,134) |
|
| (226) | (331) | (331) |
| 105 |
USA | 146 | 1 | 147 | (127) |
|
| 20 | (4) | (4) |
| 24 |
Türkiye | 235 | 43 | 278 | (258) |
| 22 | 42 |
|
|
| 42 |
Italy |
| 164 | 164 |
|
|
| 164 |
|
|
| 164 |
Germany | 129 | 49 | 178 | (118) |
|
| 60 |
|
|
| 60 |
Others | 334 | 47 | 381 | (269) | (1) | 1 | 112 | (9) | (8) | (1) | 121 |
TOTAL | 6,811 | 356 | 7,167 | (4,674) | (2,503) | 153 | 143 | (3,055) | (552) | (2,503) | 3,198 |
| |||||||||||
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
|---|---|---|
Present value of defined-benefit obligation at start of period | 7,167 | 7,174 |
Current service cost | 193 | 181 |
Interest cost | 226 | 236 |
Past service cost | (18) | (25) |
Settlements | (7) | (15) |
Actuarial (gains)/losses on change in demographic assumptions | (1) | (11) |
Actuarial (gains)/losses on change in financial assumptions | (142) | 203 |
Actuarial (gains)/losses on experience gaps | 194 | 330 |
Actual employee contributions | 25 | 24 |
Benefits paid directly by the employer | (103) | (87) |
Benefits paid from assets/reimbursement rights | (483) | (453) |
Exchange rate (gains)/losses on obligation | 10 | (41) |
(Gains)/losses on obligation related to changes in the consolidation scope |
| (349) |
Present value of defined-benefit obligation at end of period | 7,061 | 7,167 |
In millions of euros | Plan assets | Reimbursement rights | ||
|---|---|---|---|---|
Year to 31 Dec. 2024 | Year to 31 Dec. 2023 | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 | |
Fair value of assets at start of period | 4,674 | 4,964 | 2,503 | 2,397 |
Expected return on assets | 148 | 169 | 77 | 84 |
Settlements | (8) | (14) |
|
|
Actuarial gains/(losses) on assets | 88 | 10 | 21 | 99 |
Actual employee contributions | 14 | 14 | 11 | 10 |
Employer contributions | 54 | 60 | 98 | 131 |
Benefits paid from assets | (226) | (234) | (257) | (219) |
Exchange rate gains/(losses) on assets | 22 | (36) |
|
|
Gains/(losses) on assets related to changes in the consolidation scope | (4) | (259) | 4 | 1 |
Fair value of assets at end of period | 4,762 | 4,674 | 2,457 | 2,503 |
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
|---|---|---|
Service costs | 176 | 155 |
Current service cost | 193 | 181 |
Past service cost | (18) | (25) |
Settlements | 1 | (1) |
Net financial expense | 7 | 1 |
Interest cost | 226 | 236 |
Interest income on plan asset | 6 | 18 |
Interest income on reimbursement rights | (148) | (169) |
Expected return on asset ceiling | (77) | (84) |
Total recognised in “Salary and employee benefit expense” | 183 | 156 |
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
|---|---|---|
Actuarial (losses)/gains on plan assets or reimbursement rights | 109 | 109 |
Actuarial (losses)/gains of demographic assumptions on the present value of obligations | 1 | 11 |
Actuarial (losses)/gains of financial assumptions on the present value of obligations | 142 | (203) |
Experience (losses)/gains on obligations | (194) | (330) |
Variation of the effect of assets limitation | 165 | 216 |
Total of other items recognised directly in equity | 223 | (197) |
In the Eurozone, United Kingdom and United States, the Group discounts its obligations using the yields of high quality corporate bonds, with a term consistent with the duration of the obligations.
The ranges of rates used are as follows:
In % | 31 December 2024 | 31 December 2023 | ||
Discount rate | Compensation increase rate(1) | Discount rate | Compensation increase rate(1) | |
Belgium | 2.60% / 3.60% | 3.10% / 3.80% | 3.00% / 3.60% | 3.30% / 4.10% |
UK | 4.80% / 5.50% | 2.00% / 3.60% | 4.40% / 5.30% | 2.00% / 3.40% |
France | 2.80% / 3.40% | 2.00% / 4.10% | 3.00% / 3.60% | 2.10% / 3.60% |
Switzerland | 0.90% / 1.00% | 1.75% / 1.80% | 1.40% / 1.60% | 1.80% / 2.00% |
USA | 4.90% / 5.20% | NA | 4.70% / 5.30% | 2.50% |
Italy | 2.90% / 3.20% | 2.60% / 3.50% | 3.00% / 3.60% | 3.00% / 3.10% |
Germany | 3.00% / 3.60% | 2.00% / 2.70% | 3.20% / 3.70% | 2.00% / 2.90% |
Türkiye | 30.50% | 26.25% | 23.10% | 18.80% |
| ||||
Average discount rates weighted by obligation amounts are as follows:
The impact of a 100bps change in discount rates on the present value of post-employment benefit obligations is as follows:
Change in the present value of obligations In millions of euros, at | 31 December 2024 | 31 December 2023 | ||
Discount rate -100 bps | Discount rate +100 bps | Discount rate -100 bps | Discount rate +100 bps | |
Belgium | 243 | (181) | 231 | (168) |
UK | 156 | (126) | 170 | (137) |
France | 94 | (80) | 88 | (75) |
Switzerland | 175 | (139) | 148 | (119) |
USA | 16 | (13) | 15 | (13) |
Italy | 9 | (8) | 10 | (9) |
Germany | 28 | (22) | 27 | (21) |
Türkiye | 15 | (12) | 11 | (9) |
Inflation assumptions used for the valuations of the Group obligations are determined locally depending on the monetary area, except for the Eurozone for which the assumption is determined centrally.
Average discount rates weighted by obligation amounts are as follows:
The impact of a +100-bps increase in inflation rates on the present value of post-employment benefit obligations is as follows:
Change in the present value of obligations In millions of euros, at | 31 December 2024 | 31 December 2023 |
Inflation rate +100 bps | Inflation rate +100 bps | |
Belgium | 121 | 133 |
UK | 94 | 100 |
France | 106 | 88 |
Switzerland | 10 | 8 |
Italy | 6 | 7 |
Germany | 18 | 16 |
Türkiye | 15 | 11 |
Variation effects of discount and inflation rates presented above are not cumulative.
In % | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 | ||
Range of value (reflecting the existence of several | Weighted average | Range of value (reflecting the existence of several | Weighted average | |
Belgium | -9.80% / 18.60% | 3.40% | -0.20% / 13.20% | 6.45% |
UK | -6.40% / 8.90% | -3.40% | -10.50% / 5.40% | 0.50% |
France | 2.80% | 2.80% | 2.60% | 2.60% |
Switzerland | 2.10% / 9.30% | 6.55% | 1.70% / 2.50% | 2.50% |
USA | 2.45% | 2.45% | 1.65% / 5.45% | 5.25% |
Germany | 1.85% / 15.90% | 11.15% | -2.85% / 11.50% | 9.30% |
Türkiye | 35.95% | 35.95% | 44.90% | 44.90% |
In % | 31 December 2024 | 31 December 2023 | ||||||||||
Shares | Governmental bonds | Non- | Real- | Deposit account | Others | Shares | Governmental bonds | Non- | Real- | Deposit account | Others | |
Belgium | 8% | 46% | 20% | 1% | 0% | 25% | 8% | 46% | 19% | 1% | 2% | 24% |
UK | 7% | 58% | 27% | 0% | 1% | 7% | 12% | 62% | 16% | 0% | 2% | 8% |
France(1) | 12% | 64% | 13% | 9% | 2% | 0% | 8% | 59% | 18% | 13% | 2% | 0% |
Switzerland | 30% | 0% | 26% | 20% | 3% | 21% | 29% | 0% | 26% | 25% | 4% | 16% |
USA | 20% | 26% | 49% | 0% | 5% | 0% | 17% | 24% | 45% | 0% | 13% | 1% |
Germany | 18% | 54% | 0% | 0% | 1% | 27% | 22% | 52% | 0% | 0% | 0% | 26% |
Türkiye | 0% | 73% | 0% | 18% | 8% | 1% | 0% | 68% | 0% | 6% | 21% | 5% |
Others | 11% | 24% | 13% | 2% | 2% | 48% | 9% | 22% | 12% | 1% | 2% | 54% |
GROUP | 12% | 43% | 20% | 6% | 2% | 17% | 12% | 43% | 19% | 7% | 3% | 16% |
| ||||||||||||
The Group introduced an asset management governance for assets backing defined-benefit pension plan commitments, the main objectives of which are the management and control of the risks in terms of investment.
It sets out investment principles, in particular, by defining an investment strategy for plan assets, based on financial objectives and risk management, to specify the way in which plan assets have to be managed, via financial management servicing contracts.
The investment strategy is based on an assets and liabilities management analysis that should be realised at least every three years for plans with assets in excess of EUR 100 million.
The Group offers some healthcare benefit plans for retired employees, mainly in Belgium.
The present value of post-employment healthcare benefit obligations stood at EUR 75 million at 31 December 2024, compared with EUR 78 million at 31 December 2023.
BNP Paribas offers its employees various long-term benefits, mainly long-service awards, the ability to save up paid annual leave in time savings accounts, and certain guarantees protecting them in the event they become incapacitated. The net provision amounted to EUR 465 million at 31 December 2024 (EUR 462 million at 31 December 2023).
As part of the Group’s variable compensation policy, annual deferred compensation plans are set up for certain high-performing employees or pursuant to special regulatory frameworks. Under these plans, payment is deferred over time and is subject to the performance achieved by the business lines, divisions and Group.
Since 2013, BNP Paribas has introduced a Group loyalty scheme with a cash payment, at the end of a three-year to four-year vesting period, which fluctuates according to the Group’s intrinsic performance. The aim of this loyalty scheme is to make different categories of managerial staff partners in the Group’s development and profitability objectives. These personnels are representative of the Group’s talent and the breadth of its managerial framework i.e. senior managers, managers in key positions, line managers and experts, high-potential managers, high-performing young executives with good career development prospects and key contributors to the Group’s results.
The amounts allocated under this plan are linked to changes in the Group’s operational performance over the duration of the plan (for 80%) and to the achievement of the Group’s Corporate Social Responsibility (CSR) targets (for 20%). These ten targets are in line with the four pillars on which the Group’s CSR policy is based. In addition, the final payment is subject to continuous service within the Group between the grant date and the payment date, provided that the Group’s operating income and pre-tax income for the year prior to payment are strictly positive. For employees subject to special regulatory frameworks, this loyalty scheme is adjusted in accordance with the CRD European Directive.
The net obligation related to deferred compensation plans and loyalty schemes amounts to EUR 1,152 million at 31 December 2024 (EUR 1,033 million at 31 December 2023).
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Net provisions for other long-term benefits | 1,617 | 1,495 |
Asset recognised in the balance sheet under the other long-term benefits | (92) | (76) |
Obligation recognised in the balance sheet under the other long-term benefits | 1,709 | 1,571 |
BNP Paribas has implemented a number of voluntary redundancy plans and headcount adaptation plans for employees who meet certain eligibility criteria. The obligations to eligible active employees under such plans are provided for as soon as a bilateral agreement or a bilateral agreement proposal for a particular plan is made.
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Provision for voluntary departure, early retirement plans, and headcount adaptation plans | 328 | 482 |
As part of the Group’s variable remuneration policy, deferred annual compensation plans offered to certain high-performing employees or set up pursuant to special regulatory frameworks may entitle beneficiaries to variable compensation settled in cash but linked to the share price, payable over several years.
Since the publication of the Decree by the French Ministry of Finance on 13 December 2010, and following the provisions of the European Directive CRD 4 of 26 July 2013, modified by the CRD 5 Directive of 20 May 2019, transposed into the French law in the Monetary and Financial Code by the Ordinance of 20 February 2014, and the Ordinance of 21 December 2020, as well as the Decrees and Orders of 3 November 2014 and 22 December 2020 and the Delegated European Regulation of 25 March 2021, the variable compensation plans apply to Group employees performing activities that may have a material impact on the Group’s risk profile.
Under these plans, payment is deferred over time and is contingent on the performance achieved by the business lines, core businesses and Group.
Sums will mostly be paid in cash linked to the increase or decrease in the BNP Paribas share price.
Sums due under the annual deferred compensation plans for high-performing employees are partly paid in cash linked to the increase or decrease in the BNP Paribas share price.
Expense/(revenue) In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
|---|---|---|
Prior deferred compensation plans | 46 | 48 |
Deferred compensation plans for the year | 600 | 541 |
Total | 646 | 589 |
At 31 December 2024, the share capital of BNP Paribas SA amounted to EUR 2,261,621,342 and was divided into 1,130,810,671 shares (compared with 1,147,477,409 at 31 December 2023). The nominal value of each share is EUR 2.
| Proprietary transactions | Trading transactions(1) | Total | |||
Number of shares | Carrying amount (In millions of euros) | Number of shares | Carrying amount (In millions of euros) | Number of shares | Carrying amount (In millions of euros) | |
Shares held at 31 December 2022 | 721,971 | 38 | 159,670 | 8 | 881,641 | 46 |
Acquisitions | 86,854,237 | 5,000 |
|
| 86,854,237 | 5,000 |
Capital decrease | (86,854,237) | (5,000) |
|
| (86,854,237) | (5,000) |
Net movements |
|
| 64,888 | 5 | 64,888 | 5 |
Shares held at 31 December 2023 | 721,971 | 38 | 224,558 | 13 | 946,529 | 51 |
Acquisitions | 16,666,738 | 1,055 |
|
| 16,666,738 | 1,055 |
Capital decrease | (16,666,738) | (1,055) |
|
| (16,666,738) | (1,055) |
Net movements |
|
| 309,669 | 18 | 309,669 | 18 |
Shares held at 31 December 2024 | 721,971 | 38 | 534,227 | 31 | 1,256,198 | 69 |
| ||||||
Throughout the year 2024, BNP Paribas SA bought back on the market then cancelled 16,666,738 of its own shares in accordance with the Board of directors’ decision of 31 January 2024 to proceed to the share buyback of EUR 1,055 million.
At 31 December 2024, the Group holds 1,256,198 BNP Paribas shares representing an amount of EUR 69 million, which were deducted from equity.
BNP Paribas SA has issued undated super subordinated notes which pay a fixed, fixed adjustable or floating-rate coupon and are redeemable at the end of a fixed period and thereafter at each coupon date or every five years.
On 11 January 2023, BNP Paribas SA issued undated super subordinated notes for an amount of EUR 1,250 million which pay a 7.375% fixed-rate coupon. These notes could be redeemed at the end of a period of 7 years. If the notes are not redeemed in 2030, a mid-swap rate EUR 5-year coupon will be paid half-yearly. This issue is eligible to Additional Tier 1 capital.
On 28 February 2023, BNP Paribas SA issued undated super subordinated notes for an amount of SGD 600 million which pay a 5.9% fixed-rate coupon. These notes could be redeemed at the end of a period of 5 years. If the notes are not redeemed in 2028, a SGD SORA 5-year rate coupon will be paid half-yearly. This issue is eligible to Additional Tier 1 capital.
On 25 March 2024, BNP Paribas SA redeemed the March 2019 issue, for an amount of USD 1,500 million, at the first call date. These notes paid a 6.625% fixed-rate coupon.
On 10 January 2025, BNP Paribas SA redeemed the July 2019 issue, for an amount of AUD 300 million. These notes are not eligible to Additional Tier 1 capital at 31 December 2024.
The following table summarises the characteristics of these various issues:
Date of issue | Currency | Amount (in millions of currency units) | Coupon | Rate and term | Rate after 1st call date | |
|---|---|---|---|---|---|---|
August 2015 | USD | 1,500 | semi-annual | 7.375% | 10 years | USD 5-year swap +5.150% |
November 2017 | USD | 750 | semi-annual | 5.125% | 10 years | USD 5-year swap +2.838% |
August 2018 | USD | 750 | semi-annual | 7.000% | 10 years | USD 5-year swap +3.980% |
July 2019 | AUD | 300 | semi-annual | 4.500% | 5.5 years | AUD 5-year swap +3.372% |
February 2020 | USD | 1,750 | semi-annual | 4.500% | 10 years | US 5-year CMT +2.944% |
February 2021 | USD | 1,250 | semi-annual | 4.625% | 10 years | US 5-year CMT +3.340% |
January 2022 | USD | 1,250 | semi-annual | 4.625% | 5 years | US 5-year CMT +3.196% |
August 2022 | USD | 2,000 | semi-annual | 7.750% | 7 years | US 5-year CMT +4.899% |
September 2022 | EUR | 1,000 | semi-annual | 6.875% | 7.25 years | EUR 5-year Mid-swap +4.645% |
November 2022 | USD | 1,000 | semi-annual | 9.250% | 5 years | US 5-year CMT +4.969% |
January 2023 | EUR | 1,250 | semi-annual | 7.375% | 7 years | EUR 5-year Mid-swap +4.631% |
February 2023 | SGD | 600 | semi-annual | 5.900% | 5 years | SGD SORA 5-year +2.674% |
Total euro-equivalent historical value at 31 December 2024 | 12 129 (1) |
|
|
|
| |
| ||||||
BNP Paribas has the option of not paying interest due on these undated super subordinated notes. Unpaid interest is not carried forward.
For notes issued before 2015, the absence of coupon payment is conditional on the absence of dividend payment on BNP Paribas SA ordinary shares or on undated super subordinated note equivalents during the previous year. Interest due is payable once dividend payment on BNP Paribas SA ordinary shares resumes.
The contracts relating to these undated super subordinated notes contain a loss absorption clause. Under the terms of this clause, in the event of insufficient regulatory capital, the nominal value of the notes may be reduced in order to serve as a new basis for the calculation of the related coupons until the capital deficiency is made up and the nominal value of the notes is increased to its original amount.
The proceeds from these issues are recorded in equity under “Capital and retained earnings”. In accordance with IAS 21, issues denominated in foreign currencies are recognised at their historical value based on their translation into euros at the issue date. Interest on the instruments is deducted from shareholders' equity.
At 31 December 2024, the BNP Paribas Group held EUR 29 million of its own undated super subordinated notes which were deducted from shareholders’ equity.
Basic earnings per share are calculated by dividing the net income for the period attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the period. The net income attributable to ordinary shareholders is determined by deducting the net income attributable to holders of preferred shares.
Diluted earnings per share correspond to the net income for the period attributable to holders of ordinary shares, divided by the weighted average number of shares outstanding as adjusted for the maximum effect of the conversion of dilutive equity instruments into ordinary shares. In-the-money stock subscription options are taken into account in the diluted earnings per share calculation, as are performance shares granted under the Global Share-based Incentive Plan. Conversion of these instruments would have no effect on the net income figure used in this calculation. All stock option and performance share plans are expired.
| Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
|---|---|---|
Net profit used to calculate basic and diluted earnings per ordinary share (In millions of euros)(1) | 10,843 | 10,298 |
Weighted average number of ordinary shares outstanding during the year | 1,133,302,357 | 1,200,367,337 |
Effect of potentially dilutive ordinary shares | - | - |
Weighted average number of ordinary shares used to calculate diluted earnings per share | 1,133,302,357 | 1,200,367,337 |
Basic earnings per share (in euros) | 9.57 | 8.58 |
of which continuing activities (in euros) | 9.57 | 6.12 |
of which discontinued activities (in euros) | - | 2.46 |
Diluted earnings per share (in euros) | 9.57 | 8.58 |
of which continuing activities (in euros) | 9.57 | 6.12 |
of which discontinued activities (in euros) | - | 2.46 |
| ||
The Board of directors will propose to the Annual General Meeting on 13 May 2025, a dividend per share of EUR
The proposed distribution amounts to EUR
This distribution is raised to 60% of the 2024 net income with a share buyback programme of EUR 1,084 million, after receiving the autorisation from the European Central Bank.
In millions of euros | Capital and | Changes in assets | Changes in assets | Minority interests |
|---|---|---|---|---|
Balance at 31 December 2022 | 4,714 | 21 | 38 | 4,773 |
Appropriation of net income for 2022 | (179) |
|
| (179) |
Increases in capital and issues | 316 |
|
| 316 |
Share-based payment plans | 1 |
|
| 1 |
Remuneration on undated super subordinated notes | (3) |
|
| (3) |
Impact of internal transactions on minority shareholders | 21 |
|
| 21 |
Movements in consolidation scope impacting minority shareholders | (90) |
|
| (90) |
Acquisitions of additional interests or partial sales of interests | (12) |
|
| (12) |
Change in commitments to repurchase minority shareholders’ interests | (225) |
|
| (225) |
Other movements |
|
|
| - |
Changes in assets and liabilities recognised directly in equity |
| (5) | 97 | 92 |
Net income for 2023 | 431 |
|
| 431 |
Balance at 31 December 2023 | 4,974 | 16 | 135 | 5,125 |
Appropriation of net income for 2023 | (364) |
|
| (364) |
Increases in capital and issues | 5 |
|
| 5 |
Share-based payment plans |
|
|
| - |
Remuneration on undated super subordinated notes | (8) |
|
| (8) |
Impact of internal transactions on minority shareholders |
|
|
| - |
Movements in consolidation scope impacting minority shareholders | 258 |
|
| 258 |
Acquisitions of additional interests or partial sales of interests | 192 |
|
| 192 |
Change in commitments to repurchase minority shareholders’ interests | 93 |
|
| 93 |
Other movements | 2 |
|
| 2 |
Changes in assets and liabilities recognised directly in equity |
| 7 | 195 | 202 |
Net income for 2024 | 499 |
|
| 499 |
Balance at 31 December 2024 | 5,651 | 23 | 330 | 6,004 |
The assessment of the material nature of minority interests is based on the contribution of the relevant subsidiaries to the Group balance sheet (before elimination of intra-group balances and transactions) and to the Group profit and loss account.
In millions of euros | 31 December 2024 | Year to 31 Dec. 2024 | ||||||
Total assets | Revenues | Net income | Net income and changes in assets and liabilities recognised directly in equity | Minority shareholders’ interest (%) | Net income attributable to minority | Net income and changes in assets and liabilities recognised directly in equity - attributable to minority | Dividends paid to minority shareholders | |
Contribution of the entities belonging to the BGL BNP Paribas Group | 100,365 | 2,019 | 670 | 697 | 34% | 243 | 247 | 185 |
Other minority interests |
|
|
|
|
| 256 | 454 | 187 |
TOTAL |
|
|
|
|
| 499 | 701 | 372 |
In millions of euros | 31 December 2023 | Year to 31 Dec. 2023 | ||||||
Total assets | Revenues | Net income | Net income and changes in assets and liabilities recognised directly in equity | Minority shareholders’ interest (%) | Net income attributable to minority | Net income and changes in assets and liabilities recognised directly in equity - attributable to minority | Dividends paid to minority shareholders | |
Contribution of the entities belonging to the BGL BNP Paribas Group | 97,504 | 1,922 | 674 | 766 | 34% | 230 | 260 | 137 |
Other minority interests |
|
|
|
|
| 201 | 263 | 45 |
TOTAL |
|
|
|
|
| 431 | 523 | 182 |
There are no particular contractual restrictions on the assets of BGL BNP Paribas related to the presence of the minority shareholder.
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 | ||
Attributable to shareholders | Minority interests | Attributable to shareholders | Minority interests | |
TEB Finansman |
|
|
|
|
Internal sale from BNPP Personal Finance to TEB Holding, raising the Group interest rate to 72.5%. |
|
| (22) | 22 |
Others | - | - | 1 | (1) |
Total | - | - | (21) | 21 |
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 | ||
Attributable to shareholders | Minority interests | Attributable to shareholders | Minority interests | |
BNP Paribas Bank Polska |
|
|
|
|
Partial disposal of 6% of the total share, decreasing the Group’s share to 81.26% | 7 | 196 |
|
|
Artigiancassa SpA |
|
|
|
|
Additional acquisition of 26.14% of the total share, increasing the Group's share to 100% |
|
| 5 | (9) |
Dynamic Credit Group |
|
|
|
|
Additional acquisition of 25% of the total share, increasing the Group's share to 73.65% |
|
| (3) | (4) |
Other | (3) | (4) | (1) | 1 |
Total | 4 | 192 | 1 | (12) |
In connection with the acquisition of certain entities, the Group granted minority shareholders put options on their holdings.
The total value of these commitments, which are recorded as a reduction in shareholders’ equity, amounted to EUR 369 million at 31 December 2024, compared with EUR 510 million at 31 December 2023.
BNP Paribas (the “Bank”) is party as a defendant in various claims, disputes and legal proceedings (including investigations by judicial or supervisory authorities) in a number of jurisdictions arising in the ordinary course of its business, including inter alia in connection with its activities as market counterparty, lender, employer, investor and taxpayer.
The related risks have been assessed by the Bank and are subject, where appropriate, to provisions disclosed in notes 4.n Provisions for contingencies and charges and 4.e Financial assets at amortised cost; a provision is recognised when it is probable that an outflow of resources embodying economic benefits will be required to settle an obligation arising from a past event and a reliable estimate can be made of the amount of the obligation.
The main contingent liabilities related to pending legal, governmental, or arbitral proceedings as of 31 December 2024 are described below. The Bank currently considers that none of these proceedings is likely to have a material adverse effect on its financial position or profitability; however, the outcome of legal or governmental proceedings is by definition unpredictable.
The Bank and certain of its subsidiaries are defendants in several actions pending before the United States Bankruptcy Court for the Southern District of New York brought by the Trustee appointed for the liquidation of Bernard L. Madoff Investment Securities LLC (“BLMIS”). These actions, known generally as “clawback claims”, are similar to those brought by the BLMIS Trustee under the US Bankruptcy Code and New York state law against numerous institutions, and seek recovery of amounts allegedly received by BNP Paribas entities from BLMIS or indirectly through BLMIS-related “feeder funds” in which BNP Paribas entities held interests. As a result of certain decisions of the Bankruptcy Court and the United States District Court between 2016 and 2018, the majority of the BLMIS Trustee’s actions were either dismissed or substantially narrowed. However, those decisions were either reversed or effectively overruled by subsequent decisions of the United States Court of Appeals for the Second Circuit issued on 25 February 2019 and 30 August 2021. As a result, the BLMIS Trustee refiled certain of these actions and, as of end May 2023, had asserted claims amounting in the aggregate to approximately USD 1.2 billion. As of the end of December 2024, following the dismissal of certain of the BLMIS Trustee’s actions or claims, the aggregate amount of the claims stood at approximately USD 1.1 billion. BNP Paribas has substantial and credible defences to these actions and is defending against them vigorously.
Litigation was brought in Belgium by minority shareholders of the previous Fortis Group against the Société Fédérale de Participations et d’Investissement, Ageas and BNP Paribas seeking (amongst other things) damages from BNP Paribas as restitution for part of the BNP Paribas Fortis shares that were contributed to BNP Paribas in 2009, on the ground that the transfer of these shares was null and void. On 29 April 2016, the Brussels Commercial court decided to stay the proceedings until the resolution of the pending Fortis criminal proceeding in Belgium. The criminal proceeding, in which the Public Prosecutor had requested a dismissal, is definitively closed, as the Council Chamber of the Brussels Court of first instance issued on 4 September 2020 a ruling (which since became final) that the charges were time-barred. Certain minority shareholders are continuing the civil proceedings against BNP Paribas and the Société Fédérale de Participations et d’Investissement before the Brussels Commercial court; BNP Paribas continues to defend itself vigorously against the allegations of these shareholders. Hearings on the matter took place in September and October 2024 before the Brussels Commercial court; a judgment is expected to be rendered in the coming months.
On 26 February 2020, the Paris Criminal Court found BNP Paribas Personal Finance guilty of misleading commercial practice and concealment of this practice. BNP Paribas Personal Finance was ordered to pay a fine of EUR 187,500 and damages and legal fees to the civil plaintiffs. On 28 November 2023, the Paris Court of Appeals upheld the Paris Criminal Court’s decision relating to misleading commercial practice and the concealment of those practices. As for the damages owed to the civil plaintiffs, though the Paris Court of Appeals adjusted the calculation methodology, the majority of the damages had already been paid by provisional enforcement of the Paris Criminal Court’s judgment. An agreement was also entered into with the Consommation Logement Cadre de Vie association to settle the case with customers wishing to do so.
The Bank and one of its US subsidiaries are defendants in a civil class action and related individual actions seeking money damages pending before the United States District Court for the Southern District of New York brought by former Sudanese citizens, now US citizens and legal residents, claiming they were injured by the government of Sudan between 1997 and 2011. Plaintiffs base their claims on the historical facts set forth in the Bank’s 30 June 2014 settlement agreements with US authorities concerning the processing of financial transactions for entities in certain countries subject to US economic sanctions. In early 2024, both the Board of Governors of the Federal Reserve in the United States and the Secrétariat Général of the Autorité de Contrôle Prudentiel et de Résolution in France announced the end of BNP Paribas’s probationary period and the termination of the Cease-and-Desist Order entered into in 2014, marking the completion of BNP Paribas Group’s US sanctions remediation as set forth under this Cease-and-Desist Order. Plaintiffs allege that the transactions processed by the Bank, predominately through its Swiss-based subsidiary, with Sudanese entities subject to US sanctions make the Bank and its US subsidiary liable for injuries perpetrated to plaintiffs by the government of Sudan. On 9 May 2024, the District Court granted plaintiffs’ motion to proceed as a class of all refugees or asylees admitted by the United States who formerly lived in Sudan or South Sudan between November 1997 and December 2011, and ruled that the case would proceed to trial scheduled for 8 September 2025. BNP Paribas has substantial and credible defences to these actions and is defending against them vigorously.
BNP Paribas Bank Polska holds mortgage loan portfolios in Swiss franc or indexed to the Swiss franc. The Swiss franc loan agreements, a majority of which were concluded in 2006-2008, were entered into in accordance with industry practices at the time of entry. Like many other financial institutions in Poland, BNP Paribas Bank Polska is a defendant in civil proceedings with retail customers who took out these Swiss franc mortgage loans. BNP Paribas Bank Polska is not a party to any class action proceeding in relation to such mortgage loan agreements.
As at 31 December 2024, BNP Paribas Bank Polska was a defendant in 6,596 individual pending court proceedings, in which plaintiffs are demanding either a declaration of invalidity or a declaration of non-enforceability of the mortgage loan agreement and the reimbursement of the payments made thereunder to date. The significant number of claims against banks in relation to these mortgage loans is believed to have been impacted by changes in exchange rates since 2009, and developments in EU and Polish court rulings since 2019. In particular, Polish courts to date have, in the vast majority of cases, ruled that such mortgage loan agreements were invalid or non-enforceable.
Since December 2021, BNP Paribas Bank Polska has been conducting individual negotiations with clients with whom it remains in dispute or with whom there is a reasonable risk of entering into a dispute.
Like many other financial institutions in the banking, investment, mutual funds and brokerage sectors, the Bank has received or may receive requests for information from, or be subject to investigations by supervisory, governmental or self-regulatory agencies. The Bank responds to such requests, and cooperates with the relevant authorities and regulators and seeks to address and remedy any issues that may arise.
In 2023, BNP Paribas premises (along with those of other financial institutions) were searched by the French financial prosecutor’s office; BNP Paribas was informed that the office had opened a preliminary investigation relating to French securities transactions.
There are no other legal, governmental or arbitral proceedings (including any such proceedings which are pending or threatened) that could have, or during the last twelve months have had, significant effects on the Bank’s financial condition or profitability.
The easing of a number of restrictions previously imposed by the National Bank of Ukraine made it possible to re-establish the conditions for exercising control as defined by IFRS 10, which had the effect of changing the consolidation method from equity method to full consolidation method.
This change of consolidation method was reflected in the increase in the Group’s balance sheet of EUR 3 billion, in particular in financial assets at amortised cost and led to the recognition of badwill of EUR 226 million.
On 27 March 2024, BNP Paribas Personal Finance sold 80% of its stake of its Mexican subsidiary Cetelem SA de CV.
The Group BNP Paribas lost exclusive control of this entity but kept a significant influence.
This partial disposal is accompanied by an agreement for the future disposal of the residual interest, thereby depriving the Group of the return on the shares held, and leading to the recognition of a debt of EUR 125 million.
The loss of control led to the recognition of a net gain on disposal of EUR 119 million and to a decrease of the Group’s balance sheet by EUR 3 billion, in particular in financial assets at amortised cost.
On 15 May 2024, BNP Paribas Cardif SA acquired 51% of the capital of BCC Vita SpA, together with a purchase agreement of 19% additional holding.
BNP Paribas Group acquired exclusive control of this entity to the extent of 70% and the entity was consolidated using the full consolidation method.
This transaction resulted in the increase of the Group’s balance sheet at the acquisition date by EUR 4 billion, in particular in investments in insurance activities.
The goodwill related to this operation was EUR 100 million.
On 31 October 2024, BNP Paribas Cardif SA acquired 100% of the capital of Neuflize Vie.
BNP Paribas Group acquired exclusive control of this entity and consolidated it using the full consolidation method.
This transaction resulted in the increase of the Group’s balance sheet by EUR 12 billion at the acquisition date, in particular in investments in insurance activities.
The badwill related to this operation was EUR 15 million.
On 3 April 2023, BNP Paribas Personal Finance became the exclusive partner of Stellantis, a captive company in its financing activities across three strategic markets: Germany, Austria and the United Kingdom.
This operation involved the purchase of three entities in these three countries, in conjunction with the sale of activities to various Stellantis joint ventures in France, Italy and Spain.
This restructuring increased the Group’s balance sheet by EUR 8 billion, in particular in financial assets at amortised cost, and led to the recognition of a net gain on disposal of EUR 54 million and of a goodwill of EUR 173 million.
On 18 December 2021, BNP Paribas concluded an agreement with BMO Financial Group for the sale of 100% of its retail and commercial banking activities in the United States, operated by the BancWest cash-generating unit, for a total consideration of USD 16.3 billion in cash.
The transaction was closed on 1 February 2023 following receipt of all regulatory approvals by BMO Financial Group.
The net capital gain on the disposal amounted to EUR 2.9 billion, recognised in net income from discontinued activities in 2023.
The ability of entities to pay dividends or to repay loans and advances depends, inter alia, on local regulatory requirements for capitalisation and legal reserves, as well as the entities’ financial and operating performance. During 2024, none of the BNP Paribas Group entities were subject to significant restrictions other than those related to regulatory requirements.
Access to the assets of consolidated structured entities in which third-party investors have invested is limited inasmuch as these entities’ assets are reserved for the holders of units or securities. These assets total EUR 48 billion at 31 December 2024 (EUR 42 billion at 31 December 2023).
The financial instruments pledged by the BNP Paribas Group as collateral or under repurchase agreements are presented in notes 4.p and 6.d.
Significant restrictions related to liquidity reserves correspond to the mandatory deposits placed with central banks presented in chapter 5 of the Universal registration document under Liquidity risk.
Assets representative of unit-linked insurance contracts designated as at fair value through profit or loss, which amount to EUR 115.1 billion at 31 December 2024 (compared with EUR 95.8 billion at 31 December 2023), are held for the benefit of the holders of these contracts.
The BNP Paribas Group is engaged in transactions with sponsored structured entities mainly through its activities of securitisation of financial assets - as either originator or sponsor, fund management and specialised asset financing.
In addition, the BNP Paribas Group is also engaged in transactions with structured entities that it has not sponsored, notably in the form of investments in funds or securitisation vehicles.
The method for assessing control for structured entities is detailed in note 1.b.2. Consolidation methods.
The main categories of consolidated structured entities are:
ABCP (Asset-Backed Commercial Paper) conduits: the ABCP securitisation conduits Starbird and Matchpoint fund securitisation transactions managed by the BNP Paribas Group on behalf of its customers. Details on how these are financed and the Group’s risk exposure are presented in chapter 5 of the Universal registration document under Securitisation as sponsor on behalf of clients/Short-term refinancing.
Proprietary securitisation: proprietary securitisation positions originated and held by the BNP Paribas Group are detailed in chapter 5 of the Universal registration document under Proprietary securitisation activities (originator).
Funds managed by the Group: the BNP Paribas Group structures different types of funds for which it may act as fund manager, investor, custodian or guarantor. These funds are consolidated when the Group is both the manager and a significant investor and is therefore exposed to variable returns.
The BNP Paribas Group has entered into relations with unconsolidated structured entities in the course of its business activities to meet the needs of its customers.
The main categories of unconsolidated sponsored structured entities are as follows:
Securitisation: the BNP Paribas Group structures securitisation vehicles for the purposes of offering customers financing solutions for their assets, either directly or through consolidated ABCP conduits. Each vehicle finances the purchase of customers’ assets (receivables, bonds, etc.) primarily by issuing bonds backed by these assets and whose redemption is linked to their performance.
Funds: the Group structures and manages funds to offer investment opportunities to its customers. Dedicated or public funds are offered to institutional and individual customers and are distributed and commercially monitored by the BNP Paribas Group. The entities of the BNP Paribas Group responsible for managing these funds may receive management fees and performance commission. The BNP Paribas Group may hold units in these funds, as well as units in funds dedicated to the insurance activity not managed by the BNP Paribas Group.
Asset financing: the BNP Paribas Group establishes and finances structured entities that acquire assets (aircraft, ships, etc.) intended for lease, and the lease payments received by the structured entity are used to repay the financing, which is guaranteed by the asset held by the structured entity.
Other: on behalf of its customers, the Group may also structure entities which invest in assets or are involved in debt restructuring.
An interest in an unconsolidated structured entity is a contractual or non-contractual link that exposes the BNP Paribas Group to variable returns from the performance of the entity.
The Group’s assets and liabilities related to the interests held in sponsored structured entities are as follows:
In millions of euros, at 31 December 2024 | Securitisation | Funds | Asset Financing | Others | Total |
|---|---|---|---|---|---|
INTERESTS ON THE GROUP BALANCE SHEET |
|
|
|
|
|
ASSETS |
|
|
|
|
|
Financial instruments at fair value through profit or loss | 2 | 1,198 | 1 | 125 | 1,326 |
Derivatives used for hedging purposes | 5 | 1,367 | 6 | 58 | 1,436 |
Financial instruments at fair value through equity | 69 |
|
|
| 69 |
Financial assets at amortised cost | 27,785 | 184 | 2,166 | 7 | 30,142 |
Other assets |
| 105 |
| 3 | 108 |
Investments and other assets related to insurance activities |
| 37,026 |
|
| 37,026 |
TOTAL ASSETS | 27,861 | 39,880 | 2,173 | 193 | 70,107 |
LIABILITIES |
|
|
|
|
|
Financial instruments at fair value through profit or loss |
| 2,952 | 64 | 108 | 3,124 |
Derivatives used for hedging purposes |
|
|
| 4 | 4 |
Financial liabilities at amortised cost | 90 | 13,313 | 240 | 210 | 13,853 |
Other liabilities | 2 | 326 | 7 |
| 335 |
TOTAL LIABILITIES | 92 | 16,591 | 311 | 322 | 17,316 |
MAXIMUM EXPOSURE TO LOSS | 39,265 | 41,022 | 2,173 | 816 | 83,276 |
SIZE OF STRUCTURED ENTITIES(1) | 91,098 | 367,479 | 7,677 | 4,580 | 470,834 |
In millions of euros, at 31 December 2023 | Securitisation | Funds | Asset Financing | Others | Total |
|---|---|---|---|---|---|
INTERESTS ON THE GROUP BALANCE SHEET |
|
|
|
|
|
ASSETS |
|
|
|
|
|
Financial instruments at fair value through profit or loss | 1 | 1,374 | 1 | 480 | 1,856 |
Derivatives used for hedging purposes | 7 | 1,005 | 9 | 16 | 1,037 |
Financial instruments at fair value through equity | 105 |
|
|
| 105 |
Financial assets at amortised cost | 23,623 | 262 | 1,992 | 37 | 25,914 |
Other assets |
| 84 |
| 1 | 85 |
Investments and other assets related to insurance activities |
| 41,406 |
|
| 41,406 |
TOTAL ASSETS | 23,736 | 44,131 | 2,002 | 534 | 70,403 |
LIABILITIES |
|
|
|
|
|
Financial instruments at fair value through profit or loss |
| 528 | 41 | 438 | 1,007 |
Derivatives used for hedging purposes |
|
|
|
| - |
Financial liabilities at amortised cost | 116 | 13,223 | 242 | 299 | 13,880 |
Other liabilities | 2 | 251 | 57 |
| 310 |
TOTAL LIABILITIES | 118 | 14,002 | 340 | 737 | 15,197 |
MAXIMUM EXPOSURE TO LOSS | 34,922 | 44,657 | 3,097 | 1,517 | 84,193 |
SIZE OF STRUCTURED ENTITIES(1) | 199,055 | 344,598 | 6,611 | 4,362 | 554 626 |
| |||||
The BNP Paribas Group’s maximum exposure to losses on sponsored structured entities is the carrying amount of the assets, excluding, for financial assets at fair value through equity, changes in value taken directly to equity, as well as the nominal amount of the financing commitments and guarantee commitments given and the notional amount of credit default swaps (CDS) sold.
The main interests held by the BNP Paribas Group when it acts solely as an investor in non-sponsored structured entities are detailed below:
Besides, in the framework of its asset financing activity, the BNP Paribas Group provides financing to structured entities that are established by and for its clients and whose purpose is to acquire assets (aircraft, ships, etc.) intended for lease to those same clients. These financings amount to EUR 3 billion at 31 December 2024 (EUR 6 billion at 31 December 2023).
The Group’s corporate officers, their spouse and their dependent children are considered related parties.
The remuneration and benefits policy relating to the Group’s corporate officers, as well as the detailed information on an individual basis, are presented in chapter 2 Corporate governance of the Universal registration document.
In euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
|---|---|---|
Gross remuneration |
|
|
Gross remuneration paid during the year including benefits in kind | 11,064,899 | 9,319,675 |
Remuneration linked to the term of directorship (paid to the trade unions) | 519,062 | 428,648 |
Welfare benefits: premiums paid by BNP Paribas during the year | 28,179 | 26,788 |
Post-employment benefits | 1,207,702 | 1,141,635 |
Share-based payments: conditional long-term incentive plan (LTIP) - fair value at grant date(1) | 1,185,001 | 1,404,857 |
| ||
At 31 December 2024, no corporate officer is eligible for a contingent collective defined-benefit top-up pension plan.
Remuneration linked to the term of directorship paid to all members of the Board of directors in 2024 amounts to EUR 1,850,000. This amount was 1,540,000 in 2023. The amount paid in 2024 to members other than corporate officers was EUR 1,696,445 compared with EUR 1,410,484 in 2023
At 31 December 2024, the total outstanding loans granted directly or indirectly to the Group’s corporate officers and their spouse and dependent children amounted to EUR 4,628,369 (EUR 5,770,986 at 31 December 2023). These loans representing normal transactions were carried out on an arm’s length basis.
Other related parties of the BNP Paribas Group comprise consolidated companies (including entities consolidated under the equity method) and entities managing post-employment benefit plans offered to Group employees (except for multi-employer and multi-industry schemes).
Transactions between the BNP Paribas Group and related parties are carried out on an arm’s length basis.
A list of companies consolidated by the BNP Paribas Group is provided in note 8.k Scope of consolidation. Transactions and outstanding balances between fully-consolidated entities are eliminated. The tables below show transactions with entities accounted for under the equity method.
In millions of euros, at | 31 December 2024 | 31 December 2023 | ||
Joint ventures | Associates | Joint ventures | Associates | |
ASSETS |
|
|
|
|
On demand accounts |
| 2 |
| 5 |
Loans | 3,343 | 705 | 3,510 | 88 |
Securities | 167 | 111 | 356 |
|
Other assets | 74 | 49 | 1 | 52 |
Investments and other assets related to insurance activities | 1 |
|
| 3 |
TOTAL ASSETS | 3,585 | 867 | 3,867 | 148 |
LIABILITIES |
|
|
|
|
On demand accounts | 29 | 750 | 337 | 1,118 |
Other borrowings | 7 | 470 | 46 | 588 |
Other liabilities | 46 | 32 | 4 | 18 |
Liabilities related to insurance contracts |
|
|
| 195 |
TOTAL LIABILITIES | 82 | 1,252 | 387 | 1,919 |
FINANCING COMMITMENTS AND GUARANTEE COMMITMENTS |
|
|
|
|
Financing commitments given |
| 248 | 19 | 538 |
Guarantee commitments given |
| 152 | 7 | 111 |
TOTAL FINANCING COMMITMENTS AND GUARANTEE COMMITMENTS | - | 400 | 26 | 649 |
The Group also carries out trading transactions with related parties involving derivatives (swaps, options and forwards, etc.) and financial instruments purchased or underwritten and issued by them (equities, bonds, etc.).
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 | ||
Joint ventures | Associates | Joint ventures | Associates | |
Interest income | 170 | 13 | 155 | 9 |
Interest expense | (7) | (38) | (13) | (75) |
Commission income | 5 | 286 | 1 | 284 |
Commission expense | (1) | (107) | (1) | (78) |
Services provided |
|
|
| 2 |
Services received | 1 |
|
|
|
Lease income |
|
|
|
|
Net income from insurance activities |
| 6 |
| 8 |
Total | 168 | 160 | 142 | 150 |
In Belgium, BNP Paribas Fortis funds a number of pension schemes managed by AG Insurance in which the BNP Paribas Group has a 25% equity interest.
In other countries, post-employment benefit plans are generally managed by independent fund managers or independent insurance companies, and occasionally by Group companies, in particular BNP Paribas Asset Management.
At 31 December 2024, the value of plan assets managed by Group companies or by companies over which the Group exercises significant influence was EUR 3,858 million (EUR 3,864 million at 31 December 2023). Amounts received by Group companies in the year to 31 December 2024 totalled EUR 6 million and were mainly composed of management and custody fees (EUR 5 million at 31 December 2023).
The information supplied in this note must be used and interpreted with the greatest caution for the following reasons:
In millions of euros, at 31 December 2024 | Estimated fair value | Carrying | |||
Level 1 | Level 2 | Level 3 | Total | ||
FINANCIAL ASSETS |
|
|
|
|
|
Loans and advances to credit institutions and customers(1) |
| 114,149 | 753,614 | 867,763 | 880,267 |
Debt securities at amortised cost (note 4.e) | 103,780 | 39,122 | 1,423 | 144,325 | 146,975 |
FINANCIAL LIABILITIES |
|
|
|
|
|
Deposits from credit institutions and customers |
| 1,101,596 |
| 1,101,596 | 1,101,729 |
Debt securities (note 4.h) | 80,401 | 119,429 |
| 199,830 | 198,119 |
Subordinated debt (note 4.h) | 23,087 | 8,743 |
| 31,830 | 31,799 |
| |||||
In millions of euros, at 31 December 2023 | Estimated fair value | Carrying | |||
Level 1 | Level 2 | Level 3 | Total | ||
FINANCIAL ASSETS |
|
|
|
|
|
Loans and advances to credit institutions and customers(1) |
| 91,565 | 719,554 | 811,119 | 835,860 |
Debt securities at amortised cost (note 4.e) | 88,984 | 29,720 | 989 | 119,693 | 121,161 |
FINANCIAL LIABILITIES |
|
|
|
|
|
Deposits from credit institutions and customers |
| 1,083,782 |
| 1,083,782 | 1,083,724 |
Debt securities (note 4.h) | 77,165 | 115,102 |
| 192,267 | 191,482 |
Subordinated debt (note 4.h) | 17,128 | 7,588 |
| 24,716 | 24,743 |
| |||||
The valuation techniques and assumptions used by BNP Paribas ensure that the fair value of financial assets and liabilities carried at amortised cost is measured on a consistent basis throughout the Group. Fair value is based on prices quoted in an active market when these are available. In other cases, fair value is determined using valuation techniques such as discounting of estimated future cash flows for loans, liabilities and debt securities at amortised cost, or specific valuation models for other financial instruments as described in note 1, Summary of material accounting policies applied by the BNP Paribas Group. The description of the fair value hierarchy levels is also presented in the accounting principles (see note 1.f.10). In the case of loans, liabilities and debt securities at amortised cost that have an initial maturity of less than one year (including demand deposits) or of most regulated savings products, fair value equates to carrying amount. These instruments have been classified in Level 2, except for loans to customers, which are classified in Level 3.
During the year, the parent company did not change its name. BNP Paribas has its principal place of business in France and its head office is located at
Business | Name | Country | 31 December 2024 | 31 December 2023 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Method | Voting (%) | Interest (%) | Ref. | Method | Voting (%) | Interest (%) | Ref. | |||||
| BNP Paribas SA | France |
| (1) |
|
|
|
| (1) |
|
|
|
| BNPP SA (Argentina branch) | Argentina | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Australia branch) | Australia | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Austria branch) | Austria | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Bahrain branch) | Bahrain | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Belgium branch) | Belgium | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Bulgaria branch) | Bulgaria | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Canada branch) | Canada | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Czech Republic branch) | Czech Rep. | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Denmark branch) | Denmark | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Finland branch) | Finland | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Germany branch) | Germany | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Greece branch) | Greece | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Guernsey branch) | Guernsey | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Hong Kong branch) | Hong Kong | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Hungary branch) | Hungary | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (India branch) | India | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Ireland branch) | Ireland | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Italy branch) | Italy | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Japan branch) | Japan | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Jersey branch) | Jersey | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Kuwait branch) | Kuwait | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Luxembourg branch) | Luxembourg | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Malaysia branch) | Malaysia | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Monaco branch) | Monaco | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Netherlands branch) | Netherlands | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Norway branch) | Norway | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Philippines branch) | Philippines | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Poland branch) | Poland | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Portugal branch) | Portugal | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Qatar branch) | Qatar | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Republic of Korea branch) | Rep. of Korea | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Romania branch) | Romania | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Saudi Arabia branch) | Saudi Arabia | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Singapore branch) | Singapore | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (South Africa branch) | South Africa | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Spain branch) | Spain | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Sweden branch) | Sweden | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Switzerland branch) | Switzerland | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Taiwan branch) | Taiwan | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Thailand branch) | Thailand | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (United Arab Emirates branch) | United Arab Emirates | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (United Kingdom branch) | UK | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (United States branch) | USA | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP SA (Viet Nam branch) | Viet Nam | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
CORPORATE & INSTITUTIONAL BANKING |
|
|
|
|
|
|
|
|
|
|
| |
EMEA (Europe, Middle East, Africa) |
|
|
|
|
|
|
|
|
|
|
| |
France |
|
|
|
|
|
|
|
|
|
|
| |
| Austin Finance (s) | France |
|
|
|
|
|
|
|
|
| S4 |
| BNPP Financial Markets | France | Full | (1) | 100.0% | 100.0% |
| Full | (1) | 100.0% | 100.0% |
|
| Eurotitrisation | France | Equity |
| 22.0% | 22.0% |
| Equity |
| 22.0% | 22.0% | V4 |
| Exane | France |
|
|
|
|
|
|
|
|
| S4 |
| Exane (Germany branch) | Germany |
|
|
|
|
|
|
|
|
| S4 |
| Exane (Italy branch) | Italy |
|
|
|
|
|
|
|
|
| S4 |
| Exane (Spain branch) | Spain |
|
|
|
|
|
|
|
|
| S4 |
| Exane (Sweden branch) | Sweden |
|
|
|
|
|
|
|
|
| S4 |
| Exane (Switzerland branch) | Switzerland |
|
|
|
|
|
|
|
|
| S4 |
| Exane (United Kingdom branch) | UK |
|
|
|
|
|
|
|
|
| S4 |
| Exane Asset Management | France | Equity |
| 35.0% | 35.0% |
| Equity |
| 35.0% | 35.0% | V2 |
| Exane Derivatives | France |
|
|
|
|
|
|
|
|
| S4 |
| Exane Derivatives (Switzerland branch) | Switzerland |
|
|
|
|
|
|
|
|
| S4 |
| Exane Derivatives (United Kingdom branch) | UK |
|
|
|
|
|
|
|
|
| S4 |
| Exane Derivatives Gerance | France |
|
|
|
|
|
|
|
|
| S4 |
| Exane Finance | France | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| FCT Juice (t) | France | Full |
| - | - |
| Full |
| - | - |
|
| Financière des Italiens (s) | France |
|
|
|
|
|
|
|
|
| S4 |
| Financière du Marché Saint Honoré | France | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Optichamps (s) | France |
|
|
|
|
|
|
|
|
| S4 |
| Parilease | France | Full | (1) | 100.0% | 100.0% |
| Full | (1) | 100.0% | 100.0% |
|
| Participations Opéra (s) | France |
|
|
|
|
|
|
|
|
| S4 |
| Services Logiciels d’Intégration Boursière | France | Equity | (3) | 66.6% | 66.6% |
| Equity | (3) | 66.6% | 66.6% |
|
| Services Logiciels d’Intégration Boursière (Portugal branch) | Portugal | Equity | (3) | 66.6% | 66.6% |
| Equity | (3) | 66.6% | 66.6% | E2 |
| SNC Taitbout Participation 3 | France | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Société Orbaisienne de Participations | France | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Uptevia SA | France | Equity | (3) | 50.0% | 50.0% |
| Equity | (3) | 50.0% | 50.0% | E3 |
Other European countries |
|
|
|
|
|
|
|
|
|
|
| |
| Allfunds Group PLC | UK | Equity |
| 12.5% | 12.4% | V4 | Equity |
| 12.1% | 12.0% |
|
| Aries Capital DAC | Ireland | Full |
| 100.0% | 0.0% |
| Full |
| 100.0% | 0.0% |
|
| AssetMetrix | Germany | Equity |
| 23.1% | 23.1% | V4 | Equity |
| 22.3% | 22.3% | V4 |
| BNP PUK Holding Ltd | UK | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Bank JSC | Russia | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Emissions Und Handels GmbH | Germany | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Fund Administration Services Ireland Ltd | Ireland | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Ireland Unlimited Co | Ireland | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Islamic Issuance BV | Netherlands | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Issuance BV | Netherlands | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Net Ltd | UK |
|
|
|
| S3 | Full |
| 100.0% | 100.0% |
|
| BNPP Prime Brokerage International Ltd | Ireland | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Suisse SA | Switzerland | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Suisse SA (Guernsey branch) | Guernsey | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Technology LLC | Russia |
|
|
|
| S1 | Full |
| 100.0% | 100.0% |
|
| BNPP Trust Corp UK Ltd | UK | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Vartry Reinsurance DAC | Ireland | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Diamante Re SRL | Italy | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Ejesur SA | Spain |
|
|
|
|
|
|
|
|
| S1 |
| Exane Solutions Luxembourg SA | Luxembourg | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Expo Atlantico EAII Investimentos Imobiliarios SA (s) | Portugal | Full |
| - | - |
| Full |
| - | - |
|
| Expo Indico EIII Investimentos Imobiliarios SA (s) | Portugal | Full |
| - | - |
| Full |
| - | - |
|
| FScholen | Belgium | Equity | (3) | 50.0% | 50.0% |
| Equity | (3) | 50.0% | 50.0% |
|
| Greenstars BNPP | Luxembourg | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Kantox European Union SL | Spain | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% | V1/D3 |
| Kantox Holding Ltd | UK | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% | V1/D3 |
| Kantox Ltd | UK | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% | V1/D3 |
| Madison Arbor Ltd (t) | Ireland | Full |
| - | - |
| Full |
| - | - |
|
| Matchpoint Finance PLC (t) | Ireland | Full |
| - | - |
| Full |
| - | - |
|
| Ribera Del Loira Arbitrage | Spain | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Securasset SA | Luxembourg | Full |
| 100.0% | 0.0% |
| Full |
| 100.0% | 0.0% |
|
| Single Platform Investment Repackaging Entity SA | Luxembourg | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Utexam Logistics Ltd | Ireland |
|
|
|
|
|
|
|
|
| S3 |
| Utexam Solutions Ltd | Ireland |
|
|
|
|
|
|
|
|
| S3 |
| Volantis SARL (s) | Luxembourg | Full |
| - | - | E1 |
|
|
|
|
|
Middle East |
|
|
|
|
|
|
|
|
|
|
| |
| BNPP Investment Co KSA | Saudi Arabia | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
AMERICAS |
|
|
|
|
|
|
|
|
|
|
| |
| Banco BNPP Brasil SA | Brazil | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Capital Services Inc | USA | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Colombia Corporacion Financiera SA | Colombia | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP EQD Brazil Fund Fundo de Investmento Multimercado (s) | Brazil | Full |
| - | - |
| Full |
| - | - |
|
| BNPP Financial Services LLC | USA | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP FS LLC | USA |
|
|
|
| S1 | Full |
| 100.0% | 100.0% |
|
| BNPP IT Solutions Canada Inc | Canada | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Mexico Holding | Mexico | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Mexico SA Institucion de Banca Multiple | Mexico | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Proprietario Fundo de Investimento Multimercado (s) | Brazil | Full |
| - | - |
| Full |
| - | - |
|
| BNPP RCC Inc | USA | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Securities Corp | USA | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP US Investments Inc | USA | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP US Wholesale Holdings Corp | USA | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP USA Inc | USA | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP VPG Brookline Cre LLC (s) | USA | Full |
| - | - |
| Full |
| - | - |
|
| BNPP VPG EDMC Holdings LLC (s) | USA | Full |
| - | - |
| Full |
| - | - |
|
| BNPP VPG Express LLC (s) | USA | Full |
| - | - |
| Full |
| - | - |
|
| BNPP VPG I LLC (s) | USA | Full |
| - | - |
| Full |
| - | - |
|
| BNPP VPG II LLC (s) | USA | Full |
| - | - |
| Full |
| - | - |
|
| BNPP VPG III LLC (s) | USA | Full |
| - | - |
| Full |
| - | - |
|
| BNPP VPG IV LLC (s) | USA | Full |
| - | - |
| Full |
| - | - | E2 |
| BNPP VPG Master LLC (s) | USA | Full |
| - | - |
| Full |
| - | - |
|
| Corporation BNPP Canada (Ex- BNPP Canada Corp) | Canada | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Dale Bakken Partners 2012 LLC | USA |
|
|
|
|
|
|
|
|
| S2 |
| Decart Re Ltd | Bermuda | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| FSI Holdings Inc | USA | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Starbird Funding Corp (t) | USA | Full |
| - | - |
| Full |
| - | - |
|
PACIFIC ASIA |
|
|
|
|
|
|
|
|
|
|
| |
| Andalan Multi Guna PT | Indonesia | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Bank BNPP Indonesia PT | Indonesia | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Arbitrage Hong Kong Ltd | Hong Kong | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP China Ltd | China | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Finance Hong Kong Ltd | Hong Kong | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Fund Services Australasia Pty Ltd | Australia | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Fund Services Australasia Pty Ltd (New Zealand branch) | New Zealand | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Global Securities Operations Private Ltd | India |
|
|
|
|
|
|
|
|
| S4 |
| BNPP India Holding Private Ltd | India | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP India Solutions Private Ltd | India | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Malaysia Berhad | Malaysia | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Securities Asia Ltd | Hong Kong | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Securities China Ltd | China | Full |
| 100.0% | 100.0% | E2 |
|
|
|
|
|
| BNPP Securities India Private Ltd | India | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Securities Japan Ltd | Japan | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Securities Korea Co Ltd | Rep. of Korea | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Securities Taiwan Co Ltd | Taiwan | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Sekuritas Indonesia PT | Indonesia | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BPP Holdings Pte Ltd | Singapore | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
COMMERCIAL, PERSONAL BANKING & SERVICES |
|
|
|
|
|
|
|
|
|
|
| |
COMMERCIAL & PERSONAL BANKING IN THE EUROZONE |
|
|
|
|
|
|
|
|
|
| ||
Commercial & Personal Banking in France |
|
|
|
|
|
|
|
|
|
|
| |
| 2SF - Société des Services Fiduciaires | France | Equity | (3) | 33.3% | 33.3% |
| Equity | (3) | 33.3% | 33.3% |
|
| Banque de Wallis et Futuna | France | Full | (1) | 51.0% | 51.0% |
| Full | (1) | 51.0% | 51.0% |
|
| BNPP Antilles Guyane | France | Full | (1) | 100.0% | 100.0% |
| Full | (1) | 100.0% | 100.0% |
|
| BNPP Développement | France | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Développement Oblig | France | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Factor | France | Full | (1) | 100.0% | 100.0% |
| Full | (1) | 100.0% | 100.0% |
|
| BNPP Factor (Portugal branch) | Portugal | Full | (1) | 100.0% | 100.0% |
| Full | (1) | 100.0% | 100.0% | E2 |
| BNPP Factor (Spain branch) | Spain | Full | (1) | 100.0% | 100.0% |
| Full | (1) | 100.0% | 100.0% |
|
| BNPP Factor Sociedade Financeira de Credito SA | Portugal |
|
|
|
|
|
|
|
|
| S4 |
| BNPP Nouvelle Calédonie | France | Full | (1) | 100.0% | 100.0% |
| Full | (1) | 100.0% | 100.0% |
|
| BNPP Réunion | France | Full | (1) | 100.0% | 100.0% |
| Full | (1) | 100.0% | 100.0% |
|
| Compagnie pour le Financement des Loisirs | France | Full | (1) | 100.0% | 100.0% |
| Full | (1) | 100.0% | 100.0% |
|
| Copartis | France | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Euro Securities Partners | France |
|
|
|
|
|
|
|
|
| S2 |
| GIE Ocean | France | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Jivago Holding | France | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Partecis | France | Equity | (3) | 50.0% | 50.0% |
| Equity | (3) | 50.0% | 50.0% |
|
| Paylib Services | France | Equity |
| 14.3% | 14.3% |
| Equity |
| 14.3% | 14.3% |
|
| Portzamparc | France | Full | (1) | 100.0% | 100.0% |
| Full | (1) | 100.0% | 100.0% |
|
BNL banca commerciale |
|
|
|
|
|
|
|
|
|
|
| |
| Banca Agevolarti SPA (Ex- Artigiancassa SPA) | Italy | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% | V1 |
| Banca Nazionale Del Lavoro SPA | Italy | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP BNL Equity Investment SPA | Italy | Full |
| 100.0% | 100.0% | E1 |
|
|
|
|
|
| EMF IT 2008 1 SRL (t) | Italy | Full |
| - | - |
| Full |
| - | - |
|
| Era Uno SRL (t) | Italy | Full |
| - | - |
| Full |
| - | - |
|
| Eutimm SRL | Italy | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Financit SPA | Italy | Full |
| 60.0% | 60.0% |
| Full |
| 60.0% | 60.0% |
|
| Immera SRL (t) | Italy | Full |
| - | - |
| Full |
| - | - |
|
| International Factors Italia SPA | Italy | Full |
| 99.9% | 99.9% | V1 | Full |
| 99.7% | 99.7% |
|
| Permicro SPA | Italy | Equity |
| 21.9% | 21.9% |
| Equity |
| 21.9% | 21.9% |
|
| Servizio Italia SPA | Italy | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Sviluppo HQ Tiburtina SRL | Italy | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Tierre Securitisation SRL (t) | Italy | Full |
| - | - |
| Full |
| - | - |
|
| Vela OBG SRL (t) | Italy | Full |
| - | - |
| Full |
| - | - |
|
| Vela RMBS SRL (t) | Italy |
|
|
|
|
|
|
|
|
| S3 |
| Worldline Merchant Services Italia SPA | Italy | Equity |
| 20.0% | 20.0% |
| Equity |
| 20.0% | 20.0% |
|
Commercial & Personal Banking in Belgium |
|
|
|
|
|
|
|
|
|
|
| |
| Axepta BNPP Benelux | Belgium | Full |
| 100.0% | 99.9% |
| Full |
| 100.0% | 99.9% |
|
| Bancontact Paytoniq Company | Belgium | Equity |
| 22.5% | 22.5% |
| Equity |
| 22.5% | 22.5% |
|
| BASS Master Issuer NV (t) | Belgium | Full |
| - | - |
| Full |
| - | - |
|
| Batopin | Belgium | Equity |
| 25.0% | 25.0% |
| Equity |
| 25.0% | 25.0% |
|
| Belgian Mobile ID | Belgium | Equity |
| 12.2% | 12.2% |
| Equity |
| 12.2% | 12.2% |
|
| BNPP Commercial Finance Ltd | UK | Full |
| 100.0% | 99.9% |
| Full |
| 100.0% | 99.9% |
|
| BNPP Factor AS | Denmark | Full |
| 100.0% | 99.9% |
| Full |
| 100.0% | 99.9% |
|
| BNPP Factor GmbH | Germany | Full |
| 100.0% | 100.0% | V4 | Full |
| 100.0% | 99.9% |
|
| BNPP Factoring Support | Netherlands | Full |
| 100.0% | 99.9% |
| Full |
| 100.0% | 99.9% |
|
| BNPP Fortis | Belgium | Full |
| 99.9% | 99.9% |
| Full |
| 99.9% | 99.9% |
|
| BNPP Fortis (Spain branch) | Spain |
|
|
|
| S1 | Full |
| 99.9% | 99.9% |
|
| BNPP Fortis (United States branch) | USA | Full |
| 99.9% | 99.9% |
| Full |
| 99.9% | 99.9% |
|
| BNPP Fortis Factor NV | Belgium | Full |
| 100.0% | 99.9% |
| Full |
| 100.0% | 99.9% |
|
| BNPP Fortis Film Finance | Belgium | Full |
| 100.0% | 99.9% |
| Full |
| 100.0% | 99.9% |
|
| BNPP Fortis Funding SA | Luxembourg | Full |
| 100.0% | 99.9% |
| Full |
| 100.0% | 99.9% |
|
| BNPP FPE Belgium | Belgium | Full |
| 100.0% | 99.9% |
| Full |
| 100.0% | 99.9% |
|
| BNPP FPE Expansion | Belgium |
|
|
|
| S3 | Full |
| 100.0% | 99.9% |
|
| BNPP FPE Management | Belgium | Full |
| 100.0% | 99.9% |
| Full |
| 100.0% | 99.9% |
|
| BNPPF Credit Brokers (Ex-Demetris NV) | Belgium | Full |
| 100.0% | 99.9% |
| Full |
| 100.0% | 99.9% |
|
| Bpost Banque | Belgium |
|
|
|
| S4 | Full |
| 100.0% | 99.9% |
|
| Credissimo | Belgium | Full |
| 100.0% | 99.9% |
| Full |
| 100.0% | 99.9% |
|
| Credissimo Hainaut SA | Belgium | Full |
| 99.7% | 99.7% |
| Full |
| 99.7% | 99.7% |
|
| Crédit pour Habitations Sociales | Belgium | Full |
| 81.7% | 81.6% |
| Full |
| 81.7% | 81.6% |
|
| Epimede (s) | Belgium | Equity |
| - | - |
| Equity |
| - | - |
|
| Esmee Master Issuer (t) | Belgium | Full |
| - | - |
| Full |
| - | - |
|
| Immobilière Sauveniere SA | Belgium | Full |
| 100.0% | 99.9% |
| Full |
| 100.0% | 99.9% |
|
| Isabel SA NV | Belgium | Equity |
| 25.3% | 25.3% |
| Equity |
| 25.3% | 25.3% |
|
| Microstart | Belgium | Full |
| 43.9% | 77.5% | V4 | Full |
| 42.3% | 76.8% |
|
| Private Equity Investments (a) | BE/FR/LU | FV |
| - | - |
| FV |
| - | - |
|
| Sagip | Belgium | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Sowo Invest SA NV | Belgium | Full |
| 87.5% | 87.5% |
| Full |
| 87.5% | 87.5% |
|
Commercial & Personal Banking in Luxembourg |
|
|
|
|
|
|
|
|
|
|
| |
| BGL BNPP | Luxembourg | Full |
| 66.0% | 65.9% |
| Full |
| 66.0% | 65.9% |
|
| BGL BNPP (Germany branch) | Germany | Full |
| 66.0% | 65.9% |
| Full |
| 66.0% | 65.9% |
|
| BNPP Lease Group Luxembourg SA | Luxembourg | Full |
| 100.0% | 65.9% |
| Full |
| 100.0% | 65.9% |
|
| BNPP SB Re | Luxembourg | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cofhylux SA | Luxembourg |
|
|
|
|
|
|
|
|
| S4 |
| Compagnie Financière Ottomane SA | Luxembourg | Full |
| 97.4% | 97.4% | V4 | Full |
| 97.3% | 97.3% |
|
| Le Sphinx Assurances Luxembourg SA | Luxembourg | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Luxhub SA | Luxembourg | Equity |
| 28.0% | 18.5% |
| Equity |
| 28.0% | 18.5% |
|
| Visalux | Luxembourg | Equity |
| 25.2% | 16.6% |
| Equity |
| 25.2% | 16.6% | V3 |
COMMERCIAL & PERSONAL BANKING OUTSIDE THE EUROZONE |
|
|
|
|
|
|
|
|
|
| ||
Europe-Mediterranean |
|
|
|
|
|
|
|
|
|
|
| |
| Bank of Nanjing | China | Equity |
| 16.2% | 16.2% | V1/V3 | Equity |
| 13.8% | 13.8% | V3 |
| Banque Internationale pour le Commerce et l’Industrie de la Côte d’Ivoire | Ivory Coast |
|
|
|
|
|
|
|
|
| S2 |
| Banque Internationale pour le Commerce et l’Industrie du Sénégal | Senegal |
|
|
|
|
|
|
|
|
| S2 |
| Banque Marocaine pour le Commerce et l’Industrie | Morocco | Full |
| 67.0% | 67.0% |
| Full |
| 67.0% | 67.0% |
|
| Banque Marocaine pour le Commerce et l’Industrie Banque Offshore | Morocco | Full |
| 100.0% | 67.0% |
| Full |
| 100.0% | 67.0% |
|
| Bantas Nakit AS | Türkiye | Equity | (3) | 33.3% | 16.7% |
| Equity | (3) | 33.3% | 16.7% |
|
| BDSI | Morocco | Full |
| 100.0% | 96.4% |
| Full |
| 100.0% | 96.4% |
|
| BGZ Poland ABS1 DAC (t) | Ireland | Full |
| - | - |
| Full |
| - | - |
|
| BICI Bourse | Ivory Coast |
|
|
|
|
|
|
|
|
| S2 |
| BMCI Leasing | Morocco | Full |
| 86.9% | 58.2% |
| Full |
| 86.9% | 58.2% |
|
| BNPP Bank Polska SA | Poland | Full |
| 81.3% | 81.3% | V2 | Full |
| 87.3% | 87.3% | V3 |
| BNPP El Djazair | Algeria | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Faktoring Spolka ZOO | Poland | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Fortis Yatirimlar Holding AS | Türkiye | Full |
| 100.0% | 99.9% |
| Full |
| 100.0% | 99.9% |
|
| BNPP Group Service Center SA | Poland | Full |
| 100.0% | 81.3% | V3 | Full |
| 100.0% | 87.3% | V3 |
| BNPP IRB Participations | France | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Yatirimlar Holding AS | Türkiye | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Dreams Sustainable AB | Sweden |
|
|
|
| S2 | Full |
| 57.5% | 57.5% |
|
| Joint Stock Company Ukrsibbank | Ukraine | Full |
| 60.0% | 60.0% | D1 | Equity |
| 60.0% | 60.0% |
|
| TEB ARF Teknoloji Anonim Sirketi | Türkiye | Full |
| 100.0% | 72.5% |
| Full |
| 100.0% | 72.5% |
|
| TEB Faktoring AS | Türkiye | Full |
| 100.0% | 72.5% |
| Full |
| 100.0% | 72.5% |
|
| TEB Finansman AS | Türkiye | Full |
| 100.0% | 72.5% |
| Full |
| 100.0% | 72.5% | V3 |
| TEB Holding AS | Türkiye | Full |
| 50.0% | 50.0% |
| Full |
| 50.0% | 50.0% |
|
| TEB SH A | Kosovo | Full |
| 100.0% | 50.0% |
| Full |
| 100.0% | 50.0% |
|
| TEB Yatirim Menkul Degerler AS | Türkiye | Full |
| 100.0% | 72.5% |
| Full |
| 100.0% | 72.5% |
|
| Turk Ekonomi Bankasi AS | Türkiye | Full |
| 100.0% | 72.5% |
| Full |
| 100.0% | 72.5% |
|
BancWest |
|
|
|
|
|
|
|
|
|
|
| |
| BancWest Holding Inc | USA |
|
|
|
|
|
|
|
|
| S2 |
| BancWest Holding Inc Grantor Trust ERC Subaccount (s) | USA |
|
|
|
|
|
|
|
|
| S2 |
| BancWest Holding Inc Umbrella Trust (s) | USA |
|
|
|
|
|
|
|
|
| S2 |
| BancWest Investment Services Inc | USA |
|
|
|
|
|
|
|
|
| S2 |
| Bank of the West | USA |
|
|
|
|
|
|
|
|
| S2 |
| Bank of the West Auto Trust 2019-1 (t) | USA |
|
|
|
|
|
|
|
|
| S2 |
| Bank of the West Auto Trust 2019-2 (t) | USA |
|
|
|
|
|
|
|
|
| S2 |
| BNPP Leasing Solutions Canada Inc | Canada |
|
|
|
|
|
|
|
|
| S2 |
| BOW Auto Receivables LLC (t) | USA |
|
|
|
|
|
|
|
|
| S2 |
| BWC Opportunity Fund 2 Inc (t) | USA |
|
|
|
|
|
|
|
|
| S2 |
| BWC Opportunity Fund Inc (t) | USA |
|
|
|
|
|
|
|
|
| S2 |
| CFB Community Development Corp | USA |
|
|
|
|
|
|
|
|
| S2 |
| Claas Financial Services LLC | USA |
|
|
|
|
|
|
|
|
| S2 |
| Commercial Federal Affordable Housing Inc | USA |
|
|
|
|
|
|
|
|
| S2 |
| First Santa Clara Corp (s) | USA |
|
|
|
|
|
|
|
|
| S2 |
| United California Bank Deferred Compensation Plan Trust (s) | USA |
|
|
|
|
|
|
|
|
| S2 |
| Ursus Real Estate Inc | USA |
|
|
|
|
|
|
|
|
| S2 |
SPECIALISED BUSINESSES |
|
|
|
|
|
|
|
|
|
|
| |
Personal Finance |
|
|
|
|
|
|
|
|
|
|
| |
| Alpha Crédit SA | Belgium | Full |
| 100.0% | 99.9% |
| Full |
| 100.0% | 99.9% |
|
| Auto ABS UK Loans PLC (t) | UK |
|
|
|
| S3 | Full |
| - | - | E3 |
| AutoFlorence 1 SRL (t) | Italy | Full |
| - | - |
| Full |
| - | - |
|
| AutoFlorence 2 SRL (t) | Italy | Full |
| - | - |
| Full |
| - | - |
|
| AutoFlorence 3 SRL (t) | Italy | Full |
| - | - |
| Full |
| - | - | E2 |
| Autonoria 2019 (t) | France |
|
|
|
| S1 | Full |
| - | - |
|
| Autonoria DE 2023 (t) | France | Full |
| - | - |
| Full |
| - | - | E2 |
| Autonoria Spain 2019 (t) | Spain | Full |
| - | - |
| Full |
| - | - |
|
| Autonoria Spain 2021 FT (t) | Spain | Full |
| - | - |
| Full |
| - | - |
|
| Autonoria Spain 2022 FT (t) | Spain | Full |
| - | - |
| Full |
| - | - |
|
| Autonoria Spain 2023 FT (t) | Spain | Full |
| - | - |
| Full |
| - | - | E2 |
| Axa Banque Financement | France | Equity |
| 35.0% | 35.0% |
| Equity |
| 35.0% | 35.0% |
|
| Banco Cetelem SA | Brazil |
|
|
|
|
|
|
|
|
| S4 |
| Banco Cetelem SA | Spain | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BGN Mercantil E Servicos Ltda | Brazil |
|
|
|
| S4 | Full |
| 100.0% | 100.0% |
|
| BNPP Personal Finance | France | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Personal Finance (Austria branch) | Austria | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Personal Finance (Bulgaria branch) | Bulgaria |
|
|
|
|
|
|
|
|
| S1 |
| BNPP Personal Finance (Czech Republic branch) | Czech Rep. | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Personal Finance (Portugal branch) | Portugal | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Personal Finance (Romania branch) | Romania | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Personal Finance (Slovakia branch) | Slovakia | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Personal Finance BV | Netherlands | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Personal Finance South Africa Ltd | South Africa | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BON BNPP Consumer Finance Co Ltd | China | Equity |
| 31.7% | 31.7% | V3 | Equity |
| 33.1% | 33.1% | V1/V4 |
| Cafineo | France | Full | (1) | 51.0% | 50.8% |
| Full | (1) | 51.0% | 50.8% |
|
| Carrefour Banque | France | Equity |
| 40.0% | 40.0% |
| Equity |
| 40.0% | 40.0% |
|
| Central Europe Technologies SRL | Romania | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Cetelem America Ltda | Brazil |
|
|
|
| S4 | Full |
| 100.0% | 100.0% |
|
| Cetelem Business Consulting Shanghai Co Ltd | China | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Cetelem Gestion AIE | Spain | Full |
| 100.0% | 96.0% |
| Full |
| 100.0% | 96.0% |
|
| Cetelem SA de CV | Mexico | Equity |
| 20.0% | 0.0 % | S2 | Full |
| 100.0% | 100.0% |
|
| Cetelem Servicios Informaticos AIE | Spain | Full |
| 100.0% | 81.0% |
| Full |
| 100.0% | 81.0% |
|
| Cetelem Servicos Ltda | Brazil | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Cofica Bail | France | Full | (1) | 100.0% | 100.0% |
| Full | (1) | 100.0% | 100.0% |
|
| Cofiplan | France | Full | (1) | 100.0% | 100.0% |
| Full | (1) | 100.0% | 100.0% |
|
| Creation Consumer Finance Ltd | UK | Full |
| 100.0% | 99.9% |
| Full |
| 100.0% | 99.9% | V3 |
| Creation Financial Services Ltd | UK | Full |
| 100.0% | 99.9% |
| Full |
| 100.0% | 99.9% | V3 |
| Crédit Moderne Antilles Guyane | France | Full | (1) | 100.0% | 100.0% |
| Full | (1) | 100.0% | 100.0% |
|
| Crédit Moderne Océan Indien | France | Full | (1) | 97.8% | 97.8% |
| Full | (1) | 97.8% | 97.8% |
|
| Domofinance | France | Full | (1) | 55.0% | 55.0% |
| Full | (1) | 55.0% | 55.0% |
|
| E Carat 10 (t) | France |
|
|
|
|
|
|
|
|
| S1 |
| E Carat 11 PLC (t) | UK |
|
|
|
|
|
|
|
|
| S3 |
| E Carat 12 PLC (t) | UK |
|
|
|
| S3 | Full |
| - | - |
|
| Ecarat De SA (t) | Luxembourg | Full |
| - | - | E2 |
|
|
|
|
|
| Ekspres Bank AS | Denmark | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Ekspres Bank AS (Norway branch) | Norway | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Ekspres Bank AS (Sweden branch) | Sweden | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Eos Aremas Belgium SA NV | Belgium | Equity |
| 50.0% | 49.9% |
| Equity |
| 50.0% | 49.9% |
|
| Evollis | France | Equity |
| 49.2% | 49.2% |
| Equity |
| 49.2% | 49.2% | V4 |
| Findomestic Banca SPA | Italy | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Florence Real Estate Developments SPA | Italy | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Florence SPV SRL (t) | Italy | Full |
| - | - |
| Full |
| - | - |
|
| GCC Consumo Establecimiento Financiero de Credito SA | Spain | Full |
| 51.0% | 51.0% |
| Full |
| 51.0% | 51.0% |
|
| Genius Auto Finance Co Ltd | China | Equity | (3) | 25.0% | 25.0% |
| Equity | (3) | 25.0% | 25.0% | V1 |
| International Development Resources AS Services SA | Spain | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Iqera Services | France |
|
|
|
|
|
|
|
|
| S2 |
| Loisirs Finance | France | Full | (1) | 51.0% | 51.0% |
| Full | (1) | 51.0% | 51.0% |
|
| Magyar Cetelem Bank ZRT | Hungary |
|
|
|
| S2 | Full |
| 100.0% | 100.0% |
|
| Neuilly Contentieux | France | Full |
| 95.9% | 95.6% |
| Full |
| 95.9% | 95.6% |
|
| Noria 2018-1 (t) | France |
|
|
|
|
|
|
|
|
| S1 |
| Noria 2020 (t) | France |
|
|
|
|
|
|
|
|
| S1 |
| Noria 2021 (t) | France | Full |
| - | - |
| Full |
| - | - |
|
| Noria 2023 (t) | France | Full |
| - | - |
| Full |
| - | - | E2 |
| Noria De 2024 (t) | France | Full |
| - | - | E2 |
|
|
|
|
|
| Noria Spain 2020 FT (t) | Spain | Full |
| - | - |
| Full |
| - | - |
|
| Opel Finance NV | Netherlands |
|
|
|
|
|
|
|
|
| S3 |
| Opel Finance SA | Switzerland |
|
|
|
| S3 | Full |
| 100.0% | 50.0% |
|
| PBD Germany Auto Lease Master SA (t) | Luxembourg | Full |
| - | - |
| Full |
| - | - | E3 |
| Personal Finance Location | France | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| PF Services GmbH | Germany | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Phedina Hypotheken 2010 BV (t) | Netherlands | Full |
| - | - |
| Full |
| - | - |
|
| RCS Botswana Pty Ltd | Botswana | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| RCS Cards Pty Ltd | South Africa | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| RCS Investment Holdings Namibia Pty Ltd | Namibia | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Securitisation funds Genius (d) (t) | China | Equity | (3) | - | - |
| Equity | (3) | - | - | E3 |
| Securitisation funds UCI and RMBS Prado (b) (t) | Spain | Equity | (3) | - | - |
| Equity | (3) | - | - |
|
| Securitisation funds Wisdom (e) (t) | China | Equity | (3) | - | - |
| Equity | (3) | - | - | E3 |
| Servicios Financieros Carrefour EFC SA | Spain | Equity |
| 37.3% | 40.0% |
| Equity |
| 37.3% | 40.0% |
|
| Stellantis Bank SA | France | Full |
| 50.0% | 50.0% |
| Full |
| 50.0% | 50.0% |
|
| Stellantis Bank SA (Austria branch) | Austria | Full |
| 50.0% | 50.0% |
| Full |
| 50.0% | 50.0% |
|
| Stellantis Bank SA (Germany branch) | Germany | Full |
| 50.0% | 50.0% |
| Full |
| 50.0% | 50.0% |
|
| Stellantis Bank SA (Italy branch) | Italy |
|
|
|
|
|
|
|
|
| S1 |
| Stellantis Bank SA (Spain branch) | Spain |
|
|
|
|
|
|
|
|
| S1 |
| Stellantis Financial Services UK Ltd | UK | Full |
| 100.0% | 50.0% |
| Full |
| 100.0% | 50.0% | E3 |
| Union de Creditos Inmobiliarios SA | Spain | Equity | (3) | 50.0% | 50.0% |
| Equity | (3) | 50.0% | 50.0% |
|
| United Partnership | France | Equity | (3) | 50.0% | 50.0% |
| Equity | (3) | 50.0% | 50.0% |
|
| Vauxhall Finance Ltd | UK |
|
|
|
| S3 | Full |
| 100.0% | 50.0% |
|
| XFERA Consumer Finance EFC SA | Spain | Full |
| 51.0% | 51.0% |
| Full |
| 51.0% | 51.0% |
|
| Zhejiang Wisdom Puhua Financial Leasing Co Ltd | China | Equity | (3) | 25.0% | 25.0% |
| Equity | (3) | 25.0% | 25.0% | V1 |
Arval |
|
|
|
|
|
|
|
|
|
|
| |
| Artel | France |
|
|
|
| S4 | Full | (2) | 100.0% | 99.9% |
|
| Arval AB | Sweden | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval AS | Denmark | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval AS Norway | Norway | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval Austria GmbH | Austria | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval Belgium NV SA | Belgium | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval Brasil Ltda | Brazil | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval BV | Netherlands | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval CZ SRO | Czech Rep. | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval Deutschland GmbH | Germany | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval Fleet Services | France | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval Fleet Services (succ. Monaco) | Monaco | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval Hellas Car Rental SA | Greece | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval LLC | Russia | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval Luxembourg SA | Luxembourg | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval Magyarorszag KFT | Hungary | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval Maroc SA | Morocco | Full |
| 100.0% | 89.0% |
| Full | (2) | 100.0% | 89.0% |
|
| Arval OY | Finland | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval Relsa Colombia SAS | Colombia | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% | V1/D2 |
| Arval Relsa SPA | Chile | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% | V1/D2 |
| Arval Schweiz AG | Switzerland | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval Service Lease | France | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval Service Lease Aluger Operational Automoveis SA | Portugal | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval Service Lease Italia SPA | Italy | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval Service Lease Polska SP ZOO | Poland | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval Service Lease Romania SRL | Romania | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval Service Lease SA | Spain | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval Slovakia SRO | Slovakia | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval Trading | France | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval UK Group Ltd | UK | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval UK Leasing Services Ltd | UK | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Arval UK Ltd | UK | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| BNPP Fleet Holdings Ltd | UK | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Cent ASL | France | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Cofiparc | France | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Comercializadora de Vehiculos SA | Chile | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% | V1/D2 |
| FCT Pulse France 2022 (t) | France | Full |
| - | - |
| Full | (2) | - | - |
|
| Greenval Insurance DAC | Ireland | Full | (2) | 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Locadif | Belgium | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Louveo | France | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Personal Car Lease BV | Netherlands |
|
|
|
|
|
|
|
|
| S4 |
| Public Location Longue Durée | France | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
| Pulse UK 2024 PLC (s) | UK | Full |
| - | - | E2 |
|
|
|
|
|
| Rentaequipos Leasing Peru SA | Peru | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% | V1/D2 |
| Rentaequipos Leasing SA | Chile | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% | V1/D2 |
| TEB Arval Arac Filo Kiralama AS | Türkiye | Full |
| 100.0% | 75.0% |
| Full | (2) | 100.0% | 75.0% |
|
| Terberg Busines Lease Group BV | Netherlands |
|
|
|
|
|
|
|
|
| S4 |
| Terberg Leasing Justlease Belgium BV | Belgium | Full |
| 100.0% | 99.9% |
| Full | (2) | 100.0% | 99.9% |
|
Leasing Solutions |
|
|
|
|
|
|
|
|
|
|
| |
| Aprolis Finance | France | Full |
| 51.0% | 42.3% |
| Full |
| 51.0% | 42.3% |
|
| Artegy | France | Full |
| 100.0% | 83.0% |
| Full |
| 100.0% | 83.0% |
|
| BNL Leasing SPA | Italy | Full |
| 100.0% | 95.5% |
| Full |
| 100.0% | 95.5% |
|
| BNPP 3 Step IT | France | Full |
| 51.0% | 42.3% |
| Full |
| 51.0% | 42.3% |
|
| BNPP 3 Step IT (Belgium branch) | Belgium | Full |
| 51.0% | 42.3% |
| Full |
| 51.0% | 42.3% |
|
| BNPP 3 Step IT (Germany branch) | Germany | Full |
| 51.0% | 42.3% |
| Full |
| 51.0% | 42.3% |
|
| BNPP 3 Step IT (Italy branch) | Italy | Full |
| 51.0% | 42.3% |
| Full |
| 51.0% | 42.3% |
|
| BNPP 3 Step IT (Netherlands branch) | Netherlands | Full |
| 51.0% | 42.3% |
| Full |
| 51.0% | 42.3% |
|
| BNPP 3 Step IT (Spain branch) | Spain | Full |
| 51.0% | 42.3% |
| Full |
| 51.0% | 42.3% | E2 |
| BNPP 3 Step IT (United Kingdom branch) | UK | Full |
| 51.0% | 42.3% |
| Full |
| 51.0% | 42.3% |
|
| BNPP Finansal Kiralama AS | Türkiye | Full |
| 100.0% | 82.5% |
| Full |
| 100.0% | 82.5% |
|
| BNPP Lease Group | France | Full | (1) | 100.0% | 83.0% |
| Full | (1) | 100.0% | 83.0% |
|
| BNPP Lease Group (Germany branch) | Germany | Full | (1) | 100.0% | 83.0% |
| Full | (1) | 100.0% | 83.0% |
|
| BNPP Lease Group (Italy branch) | Italy | Full | (1) | 100.0% | 83.0% |
| Full | (1) | 100.0% | 83.0% |
|
| BNPP Lease Group (Portugal branch) | Portugal | Full | (1) | 100.0% | 83.0% |
| Full | (1) | 100.0% | 83.0% |
|
| BNPP Lease Group (Spain branch) | Spain | Full | (1) | 100.0% | 83.0% |
| Full | (1) | 100.0% | 83.0% |
|
| BNPP Lease Group Belgium | Belgium | Full |
| 100.0% | 83.0% |
| Full |
| 100.0% | 83.0% |
|
| BNPP Lease Group Leasing Solutions SPA | Italy | Full |
| 100.0% | 95.5% |
| Full |
| 100.0% | 95.5% |
|
| BNPP Lease Group Ltd (Ex-BNPP Lease Group PLC) | UK | Full |
| 100.0% | 83.0% |
| Full |
| 100.0% | 83.0% |
|
| BNPP Lease Group SP ZOO | Poland | Full |
| 100.0% | 83.0% |
| Full |
| 100.0% | 83.0% |
|
| BNPP Leasing Services | Poland | Full |
| 100.0% | 81.3% | V3 | Full |
| 100.0% | 87.3% | V3 |
| BNPP Leasing Solution AS | Norway | Full |
| 100.0% | 83.0% |
| Full |
| 100.0% | 83.0% |
|
| BNPP Leasing Solutions | Luxembourg | Full |
| 100.0% | 83.0% |
| Full |
| 100.0% | 83.0% |
|
| BNPP Leasing Solutions AB | Sweden | Full |
| 100.0% | 83.0% |
| Full |
| 100.0% | 83.0% |
|
| BNPP Leasing Solutions AS | Denmark | Full |
| 100.0% | 83.0% |
| Full |
| 100.0% | 83.0% |
|
| BNPP Leasing Solutions GmbH | Austria | Full |
| 100.0% | 83.0% |
| Full |
| 100.0% | 83.0% |
|
| BNPP Leasing Solutions IFN SA | Romania | Full |
| 100.0% | 83.0% |
| Full |
| 100.0% | 83.0% |
|
| BNPP Leasing Solutions Ltd | UK | Full |
| 100.0% | 83.0% |
| Full |
| 100.0% | 83.0% |
|
| BNPP Leasing Solutions NV | Netherlands | Full |
| 100.0% | 83.0% |
| Full |
| 100.0% | 83.0% |
|
| BNPP Leasing Solutions Suisse SA | Switzerland | Full |
| 100.0% | 83.0% |
| Full |
| 100.0% | 83.0% |
|
| BNPP Rental Solutions Ltd | UK |
|
|
|
|
|
|
|
|
| S3 |
| BNPP Rental Solutions SPA | Italy | Full |
| 100.0% | 83.0% |
| Full |
| 100.0% | 83.0% |
|
| Claas Financial Services | France | Full | (1) | 51.0% | 42.3% |
| Full | (1) | 51.0% | 42.3% |
|
| Claas Financial Services (Germany branch) | Germany | Full | (1) | 51.0% | 42.3% |
| Full | (1) | 51.0% | 42.3% |
|
| Claas Financial Services (Italy branch) | Italy | Full | (1) | 51.0% | 42.3% |
| Full | (1) | 51.0% | 42.3% |
|
| Claas Financial Services (Poland branch) | Poland | Full | (1) | 51.0% | 42.3% |
| Full | (1) | 51.0% | 42.3% |
|
| Claas Financial Services (Spain branch) | Spain | Full | (1) | 51.0% | 42.3% |
| Full | (1) | 51.0% | 42.3% |
|
| Claas Financial Services Ltd | UK | Full |
| 51.0% | 42.3% |
| Full |
| 51.0% | 42.3% |
|
| CNH Industrial Capital Europe | France | Full | (1) | 50.1% | 41.6% |
| Full | (1) | 50.1% | 41.6% |
|
| CNH Industrial Capital Europe (Belgium branch) | Belgium | Full | (1) | 50.1% | 41.6% |
| Full | (1) | 50.1% | 41.6% |
|
| CNH Industrial Capital Europe (Germany branch) | Germany | Full | (1) | 50.1% | 41.6% |
| Full | (1) | 50.1% | 41.6% |
|
| CNH Industrial Capital Europe (Italy branch) | Italy | Full | (1) | 50.1% | 41.6% |
| Full | (1) | 50.1% | 41.6% |
|
| CNH Industrial Capital Europe (Poland branch) | Poland | Full | (1) | 50.1% | 41.6% |
| Full | (1) | 50.1% | 41.6% |
|
| CNH Industrial Capital Europe | Spain | Full | (1) | 50.1% | 41.6% |
| Full | (1) | 50.1% | 41.6% |
|
| CNH Industrial Capital Europe BV | Netherlands | Full |
| 100.0% | 41.6% |
| Full |
| 100.0% | 41.6% |
|
| CNH Industrial Capital Europe GmbH | Austria | Full |
| 100.0% | 41.6% |
| Full |
| 100.0% | 41.6% |
|
| CNH Industrial Capital Europe Ltd | UK | Full |
| 100.0% | 41.6% |
| Full |
| 100.0% | 41.6% |
|
| ES Finance | Belgium | Full |
| 100.0% | 99.9% |
| Full |
| 100.0% | 99.9% |
|
| FL Zeebrugge (s) | Belgium | Full |
| - | - |
| Full |
| - | - |
|
| Fortis Lease | France | Full | (1) | 100.0% | 83.0% |
| Full | (1) | 100.0% | 83.0% |
|
| Fortis Lease Belgium | Belgium | Full |
| 100.0% | 83.0% |
| Full |
| 100.0% | 83.0% |
|
| Fortis Lease Deutschland GmbH | Germany |
|
|
|
|
|
|
|
|
| S3 |
| Fortis Lease Iberia SA | Spain |
|
|
|
|
|
|
|
|
| S1 |
| Fortis Lease Portugal | Portugal |
|
|
|
|
|
|
|
|
| S1 |
| Fortis Lease UK Ltd | UK | Full |
| 100.0% | 83.0% |
| Full |
| 100.0% | 83.0% |
|
| Fortis Vastgoedlease BV | Netherlands |
|
|
|
| S3 | Full |
| 100.0% | 83.0% |
|
| Heffiq Heftruck Verhuur BV | Netherlands | Full |
| 50.1% | 41.5% |
| Full |
| 50.1% | 41.5% |
|
| JCB Finance | France | Full | (1) | 100.0% | 41.6% |
| Full | (1) | 100.0% | 41.6% |
|
| JCB Finance (Germany branch) | Germany | Full | (1) | 100.0% | 41.6% |
| Full | (1) | 100.0% | 41.6% |
|
| JCB Finance (Italy branch) | Italy | Full | (1) | 100.0% | 41.6% |
| Full | (1) | 100.0% | 41.6% |
|
| JCB Finance Holdings Ltd | UK | Full |
| 50.1% | 41.6% |
| Full |
| 50.1% | 41.6% |
|
| JFL BNPP Agriculture And Technology Financial Leasing Co Ltd | Chine | Equity |
| 45.0% | 37.3% | E2 |
|
|
|
|
|
| Manitou Finance Ltd | UK | Full |
| 51.0% | 42.3% |
| Full |
| 51.0% | 42.3% |
|
| MGF | France | Full | (1) | 51.0% | 42.3% |
| Full | (1) | 51.0% | 42.3% |
|
| MGF (Germany branch) | Germany | Full | (1) | 51.0% | 42.3% |
| Full | (1) | 51.0% | 42.3% |
|
| MGF (Italy branch) | Italy | Full | (1) | 51.0% | 42.3% |
| Full | (1) | 51.0% | 42.3% |
|
| Natio Energie 2 | France | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Natiocredibail | France | Full | (1) | 100.0% | 100.0% |
| Full | (1) | 100.0% | 100.0% |
|
| Pixel 2021 (t) | France | Full |
| - | - |
| Full |
| - | - |
|
| Same Deutz Fahr Finance | France | Full | (1) | 100.0% | 83.0% |
| Full | (1) | 100.0% | 83.0% |
|
| SNC Natiocredimurs | France | Full | (1) | 100.0% | 100.0% |
| Full | (1) | 100.0% | 100.0% |
|
New Digital Businesses |
|
|
|
|
|
|
|
|
|
|
| |
| Financière des Paiements Electroniques | France | Full |
| 95.0% | 95.0% |
| Full |
| 95.0% | 95.0% |
|
| Financière des Paiements Electroniques (Belgium branch) | Belgium | Full |
| 95.0% | 95.0% |
| Full |
| 95.0% | 95.0% |
|
| Financière des Paiements Electroniques (Germany branch) | Germany | Full |
| 95.0% | 95.0% |
| Full |
| 95.0% | 95.0% |
|
| Financière des Paiements Electroniques (Portugal branch) | Portugal | Full |
| 95.0% | 95.0% |
| Full |
| 95.0% | 95.0% |
|
| Financière des Paiements Electroniques (Spain branch) | Spain | Full |
| 95.0% | 95.0% |
| Full |
| 95.0% | 95.0% |
|
| Floa | France | Full | (1) | 100.0% | 100.0% |
| Full | (1) | 100.0% | 100.0% |
|
| Lyf SA | France | Equity | (3) | 44.8% | 44.8% | V1 | Equity | (3) | 43.8% | 43.8% |
|
| Lyf SAS | France | Equity | (3) | 50.0% | 50.0% |
| Equity | (3) | 50.0% | 50.0% | V4 |
Personal Investors |
|
|
|
|
|
|
|
|
|
|
| |
| Espresso Financial Services Private Ltd | India |
|
|
|
| S2 | Full |
| 100.0% | 100.0% |
|
| Geojit Technologies Private Ltd | India | Equity |
| 35.0% | 35.0% |
| Equity |
| 35.0% | 35.0% |
|
| Human Value Developers Private Ltd | India |
|
|
|
| S2 | Full |
| 100.0% | 100.0% |
|
| Sharekhan BNPP Financial Services Ltd | India |
|
|
|
| S2 | Full |
| 100.0% | 100.0% |
|
| Sharekhan Ltd | India |
|
|
|
| S2 | Full |
| 100.0% | 100.0% |
|
INVESTMENT & PROTECTION SERVICES |
|
|
|
|
|
|
|
|
|
|
| |
Insurance |
|
|
|
|
|
|
|
|
|
|
| |
| AEW Immocommercial (s) | France | FV |
| - | - |
| FV |
| - | - |
|
| AG Insurance | Belgium | Equity |
| 25.0% | 25.0% |
| Equity |
| 25.0% | 25.0% |
|
| Agathe Retail France | France | FV |
| 33.3% | 33.3% |
| FV |
| 33.3% | 33.3% |
|
| AM Select (s) | Luxembourg | Full | (4) | - | - |
| Full | (4) | - | - | E1 |
| Astridplaza | Belgium | Full | (2) | 100.0% | 98.5% |
| Full | (2) | 100.0% | 98.5% |
|
| Batipart Participations SAS | Luxembourg | FV |
| 29.7% | 29.7% |
| FV |
| 29.7% | 29.7% |
|
| BCC Vita SPA | Italy | Full | (2) | 70.0% | 70.0% | E3 |
|
|
|
|
|
| Becquerel (s) | France | Full | (4) | - | - |
| Full | (4) | - | - |
|
| BNPP Actions Croissance ISR (s) | France | Full | (4) | - | - |
| Full | (4) | - | - |
|
| BNPP Actions Euro ISR (s) | France | Full | (4) | - | - |
| Full | (4) | - | - |
|
| BNPP Actions Monde ISR (s) | France | Full | (4) | - | - |
| Full | (4) | - | - |
|
| BNPP Actions Patrimoine ISR (s) | France | Full | (4) | - | - | E1 |
|
|
|
|
|
| BNPP Actions PME ETI (s) | France |
|
|
|
| S3 | Full | (4) | - | - |
|
| BNPP Aqua (s) | France | Full | (4) | - | - |
| Full | (4) | - | - |
|
| BNPP Best Selection Actions Euro ISR (s) | France | Full | (4) | - | - |
| Full | (4) | - | - |
|
| BNPP Cardif | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Cardif BV | Netherlands | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Cardif Compania de Seguros y Reaseguros SA | Peru | Full | (2) | 100.0% | 100.0% | D1 | Equity* |
| 100.0% | 100.0% |
|
| BNPP Cardif Emeklilik AS | Türkiye | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Cardif Hayat Sigorta AS | Türkiye | Equity* |
| 100.0% | 100.0% |
| Equity* |
| 100.0% | 100.0% |
|
| BNPP Cardif Livforsakring AB | Sweden | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Cardif Livforsakring AB (Denmark branch) | Denmark | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Cardif Livforsakring AB (Norway branch) | Norway | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Cardif Pojistovna AS | Czech Rep. | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Cardif Seguros de Vida SA | Chile | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Cardif Seguros Generales SA | Chile | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Cardif Services SRO | Czech Rep. | Full | (2) | 100.0% | 100.0% | D1 | Equity* |
| 100.0% | 100.0% |
|
| BNPP Cardif Servicios y Asistencia Ltda | Chile | Full | (2) | 100.0% | 100.0% | D1 | Equity* |
| 100.0% | 100.0% |
|
| BNPP Cardif Sigorta AS | Türkiye | Equity* |
| 100.0% | 100.0% |
| Equity* |
| 100.0% | 100.0% |
|
| BNPP Cardif TCB Life Insurance Co Ltd | Taiwan | Equity |
| 49.0% | 49.0% |
| Equity |
| 49.0% | 49.0% |
|
| BNPP Cardif Vita Compagnia di Assicurazione E Riassicurazione SPA | Italy | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Convictions (s) | France | Full | (4) | - | - |
| Full | (4) | - | - |
|
| BNPP CP Cardif Private Debt (s) | France |
|
|
|
| S3 | Full | (4) | - | - |
|
| BNPP Deep Value (s) | France |
|
|
|
|
|
|
|
|
| S3 |
| BNPP Développement Humain (s) | France | Full | (4) | - | - |
| Full | (4) | - | - |
|
| BNPP Diversiflex (s) | France |
|
|
|
| S1 | Full | (4) | - | - |
|
| BNPP Diversipierre (s) | France | Full | (2) | - | - |
| Full | (2) | - | - |
|
| BNPP Euro Climate Aligned (s) | France | Full | (4) | - | - | E1 |
|
|
|
|
|
| BNPP France Crédit (s) | France | Full | (4) | - | - |
| Full | (4) | - | - |
|
| BNPP Global Senior Corporate Loans (s) | France | Full | (4) | - | - |
| Full | (4) | - | - |
|
| BNPP Indice Amerique du Nord (s) | France | Full | (4) | - | - |
| Full | (4) | - | - |
|
| BNPP Indice France ESG (s) | France | Full | (4) | - | - | E1 |
|
|
|
|
|
| BNPP Infrastructure Investments Fund (s) | France | Full | (4) | - | - |
| Full | (4) | - | - |
|
| BNPP Moderate Focus Italia (s) | France |
|
|
|
|
|
|
|
|
| S3 |
| BNPP Monétaire Assurance (s) | France |
|
|
|
|
|
|
|
|
| S1 |
| BNPP Multistratégies Protection 80 (s) | France |
|
|
|
| S3 | Full | (4) | - | - |
|
| BNPP Next Tech (s) | France |
|
|
|
|
|
|
|
|
| S3 |
| BNPP Obliselect Euro Dec 2028 (s) | France | Full | (4) | - | - | E1 |
|
|
|
|
|
| BNPP Protection Monde (s) | France |
|
|
|
|
|
|
|
|
| S3 |
| BNPP Select (s) | France | Full | (4) | - | - | E1 |
|
|
|
|
|
| BNPP Sélection Dynamique Monde (s) | France | Full | (4) | - | - |
| Full | (4) | - | - |
|
| BNPP Selection Patrimoine Responsable (s) | France | Full | (4) | - | - | E1 |
|
|
|
|
|
| BNPP Smallcap Euroland ISR (s) | France | Full | (4) | - | - |
| Full | (4) | - | - |
|
| BNPP Social Business France (s) | France | Full | (4) | - | - |
| Full | (4) | - | - |
|
| BOB Cardif Life Insurance Co Ltd | China | Equity |
| 50.0% | 50.0% |
| Equity |
| 50.0% | 50.0% |
|
| C Santé (s) | France | Full | (2) | - | - | D1 | FV |
| - | - |
|
| Camgestion Obliflexible (s) | France |
|
|
|
|
|
|
|
|
| S1 |
| Capital France Hotel | France | Full | (2) | 98.5% | 98.5% |
| Full | (2) | 98.5% | 98.5% |
|
| Cardif Alternatives Part I (s) | France | Full | (2) | - | - |
| Full | (2) | - | - |
|
| Cardif Assurance Vie | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Assurance Vie (Austria branch) | Austria | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Assurance Vie (Belgium branch) | Belgium | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Assurance Vie (Bulgaria branch) | Bulgaria | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Assurance Vie (Germany branch) | Germany | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Assurance Vie (Italy branch) | Italy | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Assurance Vie (Netherlands branch) | Netherlands | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Assurance Vie (Portugal branch) | Portugal | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Assurance Vie (Romania branch) | Romania | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Assurance Vie (Spain branch) | Spain | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Assurance Vie (Switzerland branch) | Switzerland | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Assurance Vie (Taiwan branch) | Taiwan | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Assurances Risques Divers | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Assurances Risques Divers (Austria branch) | Austria | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Assurances Risques Divers (Belgium branch) | Belgium | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Assurances Risques Divers (Bulgaria branch) | Bulgaria | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Assurances Risques Divers (Germany branch) | Germany | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Assurances Risques Divers (Italy branch) | Italy | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Assurances Risques Divers (Netherlands branch) | Netherlands | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Assurances Risques Divers (Poland branch) | Poland | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Assurances Risques Divers (Portugal branch) | Portugal | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Assurances Risques Divers (Romania branch) | Romania | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Assurances Risques Divers (Spain branch) | Spain | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Assurances Risques Divers (Switzerland branch) | Switzerland | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Assurances Risques Divers (Taiwan branch) | Taiwan | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Biztosito Magyarorszag ZRT | Hungary |
|
|
|
| S3 | Equity* |
| 100.0% | 100.0% |
|
| Cardif BNPP AM Emerging Bond (s) | France | Full | (4) | - | - |
| Full | (4) | - | - |
|
| Cardif BNPP AM Euro Paris Climate Aligned (s) | France | Full | (4) | - | - | D1 | FV |
| - | - |
|
| Cardif BNPP AM Global Environmental Equity (s) | France | Full | (4) | - | - |
| Full | (4) | - | - |
|
| Cardif BNPP AM Global Senior Corporate Loans (s) | France |
|
|
|
|
|
|
|
|
| S3 |
| Cardif BNPP AM Sustainable Euro Equity (s) | France | Full | (4) | - | - | D1 | FV |
| - | - |
|
| Cardif BNPP AM Sustainable Europe Equity (s) | France | Full | (4) | - | - | D1 | FV |
| - | - |
|
| Cardif BNPP IP Signatures (s) | France | Full | (4) | - | - |
| Full | (4) | - | - |
|
| Cardif BNPP IP Smid Cap Euro (s) | France |
|
|
|
| S3 | Full | (2) | - | - |
|
| Cardif Colombia Seguros Generales SA | Colombia | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif CPR Global Return (s) | France | Full | (2) | - | - |
| Full | (2) | - | - |
|
| Cardif do Brasil Seguros e Garantias SA | Brazil | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif do Brasil Vida e Previdencia SA | Brazil | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Edrim Signatures (s) | France | Full | (2) | - | - |
| Full | (2) | - | - |
|
| Cardif El Djazair | Algeria | Equity* |
| 85.0% | 85.0% | V2 | Equity* |
| 100.0% | 100.0% |
|
| Cardif Forsakring AB | Sweden | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Forsakring AB (Denmark branch) | Denmark | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Forsakring AB (Norway branch) | Norway | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif IARD | France | Full | (2) | 66.0% | 66.0% |
| Full | (2) | 66.0% | 66.0% |
|
| Cardif Insurance Co LLC | Russia |
|
|
|
|
|
|
|
|
| S2 |
| Cardif Insurance Holdings PLC | UK | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Life Insurance Co Ltd | Rep. of Korea | Full | (2) | 85.0% | 85.0% |
| Full | (2) | 85.0% | 85.0% |
|
| Cardif Life Insurance Japan | Japan | Full | (2) | 75.0% | 75.0% |
| Full | (2) | 75.0% | 75.0% |
|
| Cardif Ltda | Brazil | Full | (2) | 100.0% | 100.0% | D1 | Equity* |
| 100.0% | 100.0% |
|
| Cardif Lux Vie | Luxembourg | Full | (2) | 100.0% | 88.6% |
| Full | (2) | 100.0% | 88.6% |
|
| Cardif Mexico Seguros de Vida SA de CV | Mexico | Full | (2) | 100.0% | 100.0% | D1 | Equity* |
| 100.0% | 100.0% |
|
| Cardif Mexico Seguros Generales SA de CV | Mexico | Full | (2) | 100.0% | 100.0% | D1 | Equity* |
| 100.0% | 100.0% |
|
| Cardif Non Life Insurance Japan | Japan | Full | (2) | 100.0% | 75.0% |
| Full | (2) | 100.0% | 75.0% |
|
| Cardif Nordic AB | Sweden | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Polska Towarzystwo Ubezpieczen Na Zycie SA | Poland |
|
|
|
| S3 | Equity* |
| 100.0% | 100.0% |
|
| Cardif Retraite | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cardif Seguros SA | Argentina |
|
|
|
|
|
|
|
|
| S2 |
| Cardif Services AEIE | Portugal |
|
|
|
| S1 | Full | (2) | 100.0% | 100.0% |
|
| Cardif Servicios de Colombia SAS | Colombia | Full | (2) | 100.0% | 100.0% | E1 |
|
|
|
|
|
| Cardif Servicios SAC | Peru |
|
|
|
| S3 | Equity* |
| 100.0% | 100.0% |
|
| Cardif Support Unipessoal Lda | Portugal | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% | E1 |
| Cardif Vita Convex Fund Eur (s) | France |
|
|
|
|
|
|
|
|
| S1 |
| Cardimmo | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Carma Grand Horizon SARL | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cedrus Carbon Initiative Trends (s) | France | Full | (2) | - | - |
| Full | (2) | - | - |
|
| Centre Commercial Francilia | France | FV |
| 21.7% | 21.7% |
| FV |
| 21.7% | 21.7% |
|
| CFH Alexanderplatz Hotel SARL | Luxembourg | Full | (2) | 100.0% | 93.5% |
| Full | (2) | 100.0% | 93.5% | E2 |
| CFH Algonquin Management Partners France Italia | Italy | Full | (2) | 100.0% | 98.5% |
| Full | (2) | 100.0% | 98.5% |
|
| CFH Bercy | France | Full | (2) | 100.0% | 98.5% |
| Full | (2) | 100.0% | 98.5% |
|
| CFH Bercy Hotel | France | Full | (2) | 100.0% | 98.5% |
| Full | (2) | 100.0% | 98.5% |
|
| CFH Bercy Intermédiaire | France | Full | (2) | 100.0% | 98.5% |
| Full | (2) | 100.0% | 98.5% |
|
| CFH Berlin GP GmbH | Germany | Full | (2) | 100.0% | 98.5% |
| Full | (2) | 100.0% | 98.5% | E2 |
| CFH Berlin Holdco SARL | Luxembourg | Full | (2) | 100.0% | 98.5% |
| Full | (2) | 100.0% | 98.5% |
|
| CFH Boulogne | France | Full | (2) | 100.0% | 98.5% |
| Full | (2) | 100.0% | 98.5% |
|
| CFH Cap d’Ail | France | Full | (2) | 100.0% | 98.5% |
| Full | (2) | 100.0% | 98.5% |
|
| CFH Hostel Berlin SARL | Luxembourg | Full | (2) | 100.0% | 93.5% |
| Full | (2) | 100.0% | 93.5% | E2 |
| CFH Hotel Project SARL | Luxembourg | Full | (2) | 100.0% | 93.5% |
| Full | (2) | 100.0% | 93.5% | E2 |
| CFH Milan Holdco SRL | Italy | Full | (2) | 100.0% | 98.5% |
| Full | (2) | 100.0% | 98.5% |
|
| CFH Montmartre | France | Full | (2) | 100.0% | 98.5% |
| Full | (2) | 100.0% | 98.5% |
|
| CFH Montparnasse | France | Full | (2) | 100.0% | 98.5% |
| Full | (2) | 100.0% | 98.5% |
|
| Corosa | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Darnell DAC | Ireland | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Défense CB3 SAS | France | FV |
| 25.0% | 25.0% |
| FV |
| 25.0% | 25.0% |
|
| Diversipierre DVP 1 | France | Full | (2) | 100.0% | 94.6% | V4 | Full | (2) | 100.0% | 93.4% | V4 |
| Diversipierre Germany GmbH | Germany | Full | (2) | 100.0% | 94.6% | D1/V4 | Equity* |
| 100.0% | 93.4% | V4 |
| DVP European Channel | France | Full | (2) | 100.0% | 94.6% | D1/V4 | Equity* |
| 100.0% | 93.4% | V4 |
| DVP Green Clover | France | Full | (2) | 100.0% | 94.6% | D1/V4 | Equity* |
| 100.0% | 93.4% | V4 |
| DVP Haussmann | France | Full | (2) | 100.0% | 94.6% | D1/V4 | Equity* |
| 100.0% | 93.4% | V4 |
| DVP Heron | France | Full | (2) | 100.0% | 94.6% | D1/V4 | Equity* |
| 100.0% | 93.4% | V4 |
| Eclair (s) | France |
|
|
|
|
|
|
|
|
| S3 |
| EP L (s) | France | Full | (2) | - | - |
| Full | (2) | - | - |
|
| EP1 Grands Moulins (s) | France | Full | (2) | - | - | D1 | Equity* |
| - | - |
|
| Fleur SAS | France |
|
|
|
| S1 | FV |
| 33.3% | 33.3% |
|
| Foncière Partenaires (s) | France | FV |
| - | - |
| FV |
| - | - |
|
| Fondev (Ex- FDI Poncelet) | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Fondo BNPP Aqua Protetto (s) | France | Full | (4) | - | - | E1 |
|
|
|
|
|
| Fonds d’Investissements Immobiliers pour le Commerce et la Distribution | France | FV |
| 25.0% | 25.0% |
| FV |
| 25.0% | 25.0% |
|
| FP Cardif Convex Fund USD (s) | France | Full | (2) | - | - |
| Full | (2) | - | - |
|
| Fundamenta (s) | Italy | Full | (2) | - | - |
| Full | (2) | - | - |
|
| G C Thematic Opportunities II (s) | Ireland |
|
|
|
|
|
|
|
|
| S1 |
| GIE BNPP Cardif | France | Full | (2) | 99.7% | 99.7% |
| Full | (2) | 99.7% | 99.7% | V2 |
| GPinvest 10 | France | FV |
| 50.0% | 50.0% |
| FV |
| 50.0% | 50.0% |
|
| Harewood Helena 2 Ltd | UK | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Harmony Prime (s) | France | Full | (4) | - | - |
| Full | (4) | - | - |
|
| Hemisphere Holding | France | Equity |
| 20.0% | 20.0% |
| Equity |
| 20.0% | 20.0% |
|
| Hibernia France | France | Full | (2) | 100.0% | 98.5% |
| Full | (2) | 100.0% | 98.5% |
|
| Horizon Development GmbH | Germany | FV |
| 66.7% | 64.9% | V4 | FV |
| 66.7% | 62.9% |
|
| Icare | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Icare Assurance | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| ID Cologne A1 GmbH | Germany | Full | (2) | 89.2% | 86.8% | D1/V4 | Equity* |
| 89.2% | 86.2% | V1 |
| ID Cologne A2 GmbH | Germany | Full | (2) | 89.2% | 86.8% | D1/V4 | Equity* |
| 89.2% | 86.2% | V1 |
| Karapass Courtage | France |
|
|
|
| S3 | Equity* |
| 100.0% | 100.0% |
|
| Korian et Partenaires Immobilier 1 | France | FV |
| 24.5% | 24.5% |
| FV |
| 24.5% | 24.5% |
|
| Korian et Partenaires Immobilier 2 | France | FV |
| 24.5% | 24.5% |
| FV |
| 24.5% | 24.5% |
|
| Luizaseg Seguros SA | Brazil | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% | V1/D4 |
| Natio Assurance | France |
|
|
|
| S4 | Full | (2) | 100.0% | 100.0% |
|
| Natio Fonds Ampère 1 (s) | France | Full | (4) | - | - |
| Full | (4) | - | - |
|
| NCVP Participacoes Societarias SA | Brazil | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Neuflize Vie | France | Full | (2) | 100.0% | 100.0% | E3 |
|
|
|
|
|
| New Alpha Cardif Incubator Fund (s) | France | Full | (2) | - | - |
| Full | (2) | - | - |
|
| OC Health Real Estate GmbH | Germany | FV |
| 35.0% | 31.0% |
| FV |
| 35.0% | 31.0% |
|
| Opéra Rendement (s) | France | Full | (2) | - | - |
| Full | (2) | - | - |
|
| Paris Management Consultant Co Ltd | Taiwan |
|
|
|
| S3 | Equity* |
| 100.0% | 100.0% |
|
| Permal Cardif Co Investment Fund (s) | France | Full | (2) | - | - |
| Full | (2) | - | - |
|
| Pinnacle Pet Holdings Ltd | UK | Equity |
| 24.7% | 24.7% |
| Equity |
| 24.7% | 24.7% | V3 |
| Poistovna Cardif Slovakia AS | Slovakia |
|
|
|
| S3 | Equity* |
| 100.0% | 100.0% |
|
| Preim Healthcare SAS (s) | France | FV |
| - | - |
| FV |
| - | - |
|
| PWH | France | FV |
| 47.5% | 47.5% |
| FV |
| 47.5% | 47.5% |
|
| Reumal Investissements | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Rubin SARL | Luxembourg | FV |
| 50.0% | 50.0% |
| FV |
| 50.0% | 50.0% |
|
| Rueil Ariane | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| SAS HVP | France |
|
|
|
| S4 | Full | (2) | 100.0% | 98.5% |
|
| Schroder European Operating Hotels Fund 1 (s) | Luxembourg | FV |
| - | - |
| FV |
| - | - |
|
| SCI 68/70 rue de Lagny Montreuil | France | Full | (2) | 99.9% | 99.9% |
| Full | (2) | 99.9% | 99.9% |
|
| SCI Alpha Park | France |
|
|
|
| S2 | FV |
| 50.0% | 50.0% |
|
| SCI Batipart Chadesrent | France | FV |
| 20.0% | 20.0% |
| FV |
| 20.0% | 20.0% |
|
| SCI Biv Malakoff | France | FV |
| 23.3% | 23.3% |
| FV |
| 23.3% | 23.3% |
|
| SCI BNPP Pierre I | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| SCI BNPP Pierre II | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| SCI Bobigny Jean Rostand | France |
|
|
|
| S4 | Full | (2) | 100.0% | 100.0% |
|
| SCI Bouleragny | France | FV |
| 50.0% | 50.0% |
| FV |
| 50.0% | 50.0% |
|
| SCI Cardif Logement | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| SCI Citylight Boulogne | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| SCI Clichy Nuovo | France | FV |
| 50.0% | 50.0% |
| FV |
| 50.0% | 50.0% |
|
| SCI Défense Etoile | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| SCI Défense Vendôme | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| SCI Etoile du Nord | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| SCI Fontenay Plaisance | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| SCI Imefa Velizy | France | FV |
| 21.8% | 21.8% |
| FV |
| 21.8% | 21.8% |
|
| SCI Le Mans Gare | France |
|
|
|
| S4 | Full | (2) | 100.0% | 100.0% |
|
| SCI Nanterre Guilleraies | France |
|
|
|
| S4 | Full | (2) | 100.0% | 100.0% |
|
| SCI Nantes Carnot | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| SCI Odyssée | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| SCI Pantin Les Moulins | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| SCI Paris Batignolles | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| SCI Paris Cours de Vincennes | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| SCI Paris Grande Armée | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| SCI Paris Turenne | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| SCI Portes de Claye | France | Equity |
| 45.0% | 45.0% |
| Equity |
| 45.0% | 45.0% |
|
| SCI Rue Moussorgski | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| SCI Rueil Caudron | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| SCI Saint Denis Landy | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| SCI Saint Denis Mitterrand | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| SCI Saint-Denis Jade | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| SCI SCOO | France | FV |
| 46.4% | 46.4% |
| FV |
| 46.4% | 46.4% |
|
| SCI Vendôme Athènes | France | FV |
| 50.0% | 50.0% |
| FV |
| 50.0% | 50.0% |
|
| SCI Villeurbanne Stalingrad | France |
|
|
|
| S4 | Full | (2) | 100.0% | 100.0% |
|
| Secar | France | FV |
| 55.1% | 55.1% |
| FV |
| 55.1% | 55.1% |
|
| Seniorenzentren Deutschland Holding SARL | Luxembourg | FV |
| 20.0% | 17.7% |
| FV |
| 20.0% | 17.7% |
|
| Seniorenzentren Reinbeck Oberursel München Objekt GmbH | Germany | FV |
| 35.0% | 31.0% |
| FV |
| 35.0% | 31.0% |
|
| Seniorenzentrum Butzbach Objekt GmbH | Germany | FV |
| 35.0% | 31.0% |
| FV |
| 35.0% | 31.0% |
|
| Seniorenzentrum Heilbronn Objekt GmbH | Germany | FV |
| 35.0% | 31.0% |
| FV |
| 35.0% | 31.0% |
|
| Seniorenzentrum Kassel Objekt GmbH | Germany | FV |
| 35.0% | 31.0% |
| FV |
| 35.0% | 31.0% |
|
| Seniorenzentrum Wolfratshausen Objekt GmbH | Germany | FV |
| 35.0% | 31.0% |
| FV |
| 35.0% | 31.0% |
|
| Services Epargne Entreprise | France | Equity |
| 36.8% | 36.8% | V1 | Equity |
| 35.6% | 35.6% |
|
| SNC Batipart Mermoz | France | FV |
| 25.0% | 25.0% |
| FV |
| 25.0% | 25.0% |
|
| SNC Batipart Poncelet | France | FV |
| 25.0% | 25.0% |
| FV |
| 25.0% | 25.0% |
|
| Société Francaise d’Assurances sur la Vie | France | Equity |
| 50.0% | 50.0% |
| Equity |
| 50.0% | 50.0% |
|
| Société Immobilière du Royal Building SA | Luxembourg | Full | (2) | 100.0% | 88.6% |
| Full | (2) | 100.0% | 88.6% |
|
| Theam Quant Europe Climate Carbon Offset Plan (s) | France |
|
|
|
| S3 | Full | (4) | - | - |
|
| Tikehau Cardif Loan Europe (s) | France | Full | (2) | - | - |
| Full | (2) | - | - |
|
| Valeur Pierre Epargne | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Valtitres FCP (s) | France | Full | (4) | - | - | D1 | FV | (4) | - | - |
|
| Velizy Holding | France | FV |
| 33.3% | 33.3% |
| FV |
| 33.3% | 33.3% |
|
Wealth Management |
|
|
|
|
|
|
|
|
|
|
| |
| BNPP Wealth Management Monaco | Monaco |
|
|
|
| S4 | Full | (1) | 100.0% | 100.0% |
|
Asset Management |
|
|
|
|
|
|
|
|
|
|
| |
| Alfred Berg Kapitalforvaltning AS | Norway | Full |
| 100.0% | 73.7% |
| Full |
| 100.0% | 73.7% | V2 |
| Alfred Berg Kapitalforvaltning AS (Sweden branch) | Sweden | Full |
| 100.0% | 73.7% |
| Full |
| 100.0% | 73.7% | V3 |
| Bancoestado Administradora General de Fondos SA | Chile | Equity |
| 50.0% | 49.1% |
| Equity |
| 50.0% | 49.1% |
|
| Baroda BNPP AMC Private Ltd | India | Equity | (3) | 49.9% | 49.1% | V4 | Equity | (3) | 49.9% | 49.0% |
|
| BNPP ABC Wealth Management Co Ltd | China | Equity | (3) | 51.0% | 50.1% |
| Equity | (3) | 51.0% | 50.1% | E2 |
| BNPP Agility Capital | France |
|
|
|
|
|
|
|
|
| S4 |
| BNPP Agility Fund Equity SLP (s) | France | Full | (4) | - | - |
| Full | (4) | - | - |
|
| BNPP Agility Fund Private Debt SLP (s) | France | Full | (4) | - | - |
| Full | (4) | - | - |
|
| BNPP AM International Hedged Strategies (s) | France | Full | (4) | - | - |
| Full | (4) | - | - |
|
| BNPP Asset Management Asia Ltd | Hong Kong | Full |
| 100.0% | 98.3% | V4 | Full |
| 100.0% | 98.2% |
|
| BNPP Asset Management Be Holding | Belgium | Full |
| 100.0% | 98.3% | V4 | Full |
| 100.0% | 98.2% |
|
| BNPP Asset Management Brasil Ltda | Brazil | Full |
| 100.0% | 99.6% | V4 | Full |
| 100.0% | 99.5% |
|
| BNPP Asset Management Europe (Austria branch) (Ex- BNPP Asset Management France (Austria branch)) | Austria | Full |
| 100.0% | 98.3% | V4 | Full |
| 100.0% | 98.2% |
|
| BNPP Asset Management Europe (Belgium branch) (Ex- BNPP Asset Management France (Belgium branch)) | Belgium | Full |
| 100.0% | 98.3% | V4 | Full |
| 100.0% | 98.2% |
|
| BNPP Asset Management Europe (Ex-BNPP Asset Management France) | France | Full |
| 100.0% | 98.3% | V4 | Full |
| 100.0% | 98.2% |
|
| BNPP Asset Management Europe (Germany branch) (Ex-BNPP Asset Management France (Germany branch)) | Germany | Full |
| 100.0% | 98.3% | V4 | Full |
| 100.0% | 98.2% |
|
| BNPP Asset Management Europe (Italy branch) (Ex-BNPP Asset Management France (Italy branch)) | Italy | Full |
| 100.0% | 98.3% | V4 | Full |
| 100.0% | 98.2% |
|
| BNPP Asset Management Europe (Netherlands branch) (Ex-BNPP Asset Management France (Netherlands branch)) | Netherlands | Full |
| 100.0% | 98.3% | V4 | Full |
| 100.0% | 98.2% |
|
| BNPP Asset Management Europe (Poland branch) | Poland | Full |
| 100.0% | 98.3% | E2 |
|
|
|
|
|
| BNPP Asset Management Holding | France | Full |
| 100.0% | 98.3% | V1 | Full |
| 99.9% | 98.2% |
|
| BNPP Asset Management Japan Ltd | Japan | Full |
| 100.0% | 98.3% | V4 | Full |
| 100.0% | 98.2% |
|
| BNPP Asset Management Luxembourg | Luxembourg | Full |
| 99.7% | 98.0% | V4 | Full |
| 99.7% | 97.9% |
|
| BNPP Asset Management NL Holding NV | Netherlands |
|
|
|
|
|
|
|
|
| S1 |
| BNPP Asset Management PT | Indonesia | Full |
| 100.0% | 98.3% | V4 | Full |
| 100.0% | 98.2% |
|
| BNPP Asset Management Services Grouping | France |
|
|
|
|
|
|
|
|
| S1 |
| BNPP Asset Management Taiwan Co Ltd | Taiwan | Full |
| 100.0% | 98.3% | V4 | Full |
| 100.0% | 98.2% | E1 |
| BNPP Asset Management UK Ltd | UK | Full |
| 100.0% | 98.3% | V4 | Full |
| 100.0% | 98.2% |
|
| BNPP Asset Management USA Holdings Inc | USA | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Asset Management USA Inc | USA | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP B Institutional II (s) | Belgium | Full | (4) | - | - |
| Full | (4) | - | - |
|
| BNPP Dealing Services | France | Full |
| 100.0% | 98.3% | V4 | Full |
| 100.0% | 98.2% |
|
| BNPP Easy (s) | Luxembourg | Full | (4) | - | - |
| Full | (4) | - | - |
|
| BNPP Flexi I (s) | Luxembourg | Full | (4) | - | - |
| Full | (4) | - | - |
|
| BNPP Funds (s) | Luxembourg | Full | (4) | - | - |
| Full | (4) | - | - |
|
| Drypnir AS | Norway | Full |
| 100.0% | 0.0% |
| Full |
| 100.0% | 0.0% |
|
| Dynamic Credit Group BV | Netherlands | Full |
| 75.0% | 73.7% | V4 | Full |
| 75.0% | 73.6% | E3 |
| Gambit Financial Solutions | Belgium | Full |
| 100.0% | 98.3% | V4 | Full |
| 100.0% | 98.2% |
|
| Haitong Fortis Private Equity Fund Management Co Ltd | China | Equity |
| 33.0% | 32.4% |
| Equity |
| 33.0% | 32.4% |
|
| Harewood Helena 1 Ltd | UK | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| HFT Investment Management Co Ltd | China | Equity |
| 49.0% | 48.2% | V4 | Equity |
| 49.0% | 48.1% |
|
| Impax Asset Management Group PLC | UK | Equity |
| 13.8% | 13.5% |
| Equity |
| 13.8% | 13.5% |
|
| SME Alternative Financing DAC (s) | Ireland | Full |
| - | - |
| Full |
| - | - |
|
| Theam Quant (s) | Luxembourg | Full | (4) | - | - |
| Full | (4) | - | - |
|
Real Estate |
|
|
|
|
|
|
|
|
|
|
| |
| Auguste Thouard Expertise | France |
|
|
|
| S4 | Full | (2) | 100.0% | 100.0% |
|
| BNPP Immobilier Promotion | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Immobilier Résidences Services | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate (United Arab Emirates branch) | United Arab Emirates | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate Advisory & Property Management Luxembourg SA | Luxembourg | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate Advisory & Property Management UK Ltd | UK | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate Advisory and Property Management Ireland Ltd | Ireland | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate Advisory Italy SPA | Italy | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate Advisory Netherlands BV | Netherlands | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate Belgium SA | Belgium | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate Conseil Habitation & Hospitality | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate Consult France | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate Consult GmbH | Germany | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate Facilities Management Ltd | UK | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate Financial Partner | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate GmbH | Germany | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate Holding GmbH | Germany | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate Investment Management Belgium | Belgium |
|
|
|
| S4 | Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate Investment Management France | France | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Real Estate Investment Management Germany GmbH | Germany | Full |
| 94.9% | 94.9% |
| Full |
| 94.9% | 94.9% |
|
| BNPP Real Estate Investment Management Germany GmbH (Italy branch) | Italy | Full |
| 94.9% | 94.9% |
| Full |
| 94.9% | 94.9% |
|
| BNPP Real Estate Investment Management Germany GmbH (Portugal branch) | Portugal | Full |
| 94.9% | 94.9% |
| Full |
| 94.9% | 94.9% |
|
| BNPP Real Estate Investment Management Germany GmbH (Spain branch) | Spain | Full |
| 94.9% | 94.9% |
| Full |
| 94.9% | 94.9% |
|
| BNPP Real Estate Investment Management Italy SPA | Italy | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Real Estate Investment Management Ltd | UK | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate Investment Management Luxembourg SA | Luxembourg | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Real Estate Investment Management Luxembourg SA (Italy branch) | Italy | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% | E2 |
| BNPP Real Estate Investment Management Spain SA | Spain | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate Investment Management UK Ltd | UK | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate Poland SP ZOO | Poland | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate Portugal Unipersonal LDA | Portugal | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate Property Development & Services GmbH | Germany | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate Property Development UK Ltd | UK | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate Property Management France SAS | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate Property Management GmbH | Germany | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate Property Management Italy SRL | Italy | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate Singapore Pte Ltd | Singapore | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate Spain SA | Spain | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| BNPP Real Estate Transaction France | France | Full | (2) | 97.4% | 97.4% | V1 | Full | (2) | 97.2% | 97.2% | V1 |
| BNPP Real Estate Valuation France | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Cariboo Development SL | Spain | Equity |
| 65.0% | 65.0% |
| Equity |
| 65.0% | 65.0% |
|
| Construction-Sale Companies (c) | France | Full / Equity | (2) | - | - |
| Full / Equity | (2) | - | - |
|
| Exeo Aura & Echo Offices Lda | Portugal | Equity |
| 31.9% | 31.9% |
| Equity |
| 31.9% | 31.9% |
|
| GIE BNPP Real Estate | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Horti Milano SRL | Italy | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Nanterre Arboretum | France | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Parker Tower Ltd | UK | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Partner’s & Services | France |
|
|
|
| S4 | Full | (2) | 100.0% | 100.0% |
|
| REPD Parker Ltd | UK | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Sviluppo Residenziale Italia SRL | Italy | Full | (2) | 100.0% | 100.0% |
| Full | (2) | 100.0% | 100.0% |
|
| Wapiti Development SL | Spain | Equity |
| 65.0% | 65.0% |
| Equity |
| 65.0% | 65.0% |
|
OTHER BUSINESS UNITS |
|
|
|
|
|
|
|
|
|
|
| |
Property Companies (Property Used In Operations) and Others |
|
|
|
|
|
|
|
|
|
|
| |
| Antin Participation 5 | France | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Home Loan SFH | France | Full | (1) | 100.0% | 100.0% |
| Full | (1) | 100.0% | 100.0% |
|
| BNPP Partners for Innovation | France | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Partners for Innovation Belgium | Belgium | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Partners For Innovation Global Connect | France | Full |
| 100.0% | 100.0% | E1 |
|
|
|
|
|
| BNPP Partners for Innovation Italia SRL | Italy |
|
|
|
| S3 | Full |
| 100.0% | 100.0% |
|
| BNPP Procurement Tech | France | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| BNPP Public Sector SA | France | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| FCT Lafayette 2021 (t) | France | Full |
| - | - |
| Full |
| - | - |
|
| FCT Laffitte 2021 (t) | France | Full |
| - | - |
| Full |
| - | - |
|
| FCT Opéra 2014 (t) | France |
|
|
|
|
|
|
|
|
| S1 |
| FCT Opera 2023 (t) | France | Full |
| - | - |
| Full |
| - | - | E2 |
| FCT Pyramides 2022 (t) | France | Full |
| - | - |
| Full |
| - | - |
|
| GIE Groupement Auxiliaire de Moyens | France | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| GIE Groupement d’Etudes et de Prestations | France | Full |
| 100.0% | 100.0% |
| Full |
| 100.0% | 100.0% |
|
| Transvalor | France |
|
|
|
|
|
|
|
|
| S2 |
| ||||||||||||
As requested by the ANC 2016 regulation, the list of entities that are controlled by the Group, jointly controlled or under significant influence, but excluded from the scope of consolidation since their contribution to the consolidated financial statements would be immaterial to the Group, and the list of equity investments, are available on the “Regulated Information” page of the https://invest.bnpparibas.com website.
Changes in the scope of consolidation | |
|---|---|
New entries (E) in the scope of consolidation | |
E1 | Passing above consolidation thresholds |
E2 | Incorporation |
E3 | Purchase, gain of control or significant influence |
Removals (S) from the scope of consolidation | |
S1 | Cessation of activity (dissolution, liquidation, etc.) |
S2 | Disposal, loss of control or loss of significant influence |
S3 | Passing below consolidation thresholds |
S4 | Merger, Universal transfer of assets and liabilities |
Variance (V) in voting or ownership interest | |
V1 | Additional purchase |
V2 | Partial disposal |
V3 | Dilution |
V4 | Increase in % |
Miscellaneous | |
D1 | Consolidation method change not related to fluctuation in voting or ownership interest |
D2 | Following the additional purchase of interest by the Group, Arval Relsa and its subsidiaries were fully consolidated since the fourth quarter 2023 |
D3 | Following the additional purchase of interest by the Group, the whole entities Kantox and its subsidiaries were fully consolidated since the fourth quarter 2023. |
D4 | Following the additional purchase of interest by the Group, Luizaseg Seguros SA was fully consolidated since the fourth quarter 2023 |
Equity* | Controlled but non material entities consolidated under the equity method as associates |
FV | Joint control or investment in associates measured at fair value through profit or loss |
(s) | Structured entities |
(t) | Securitisation funds |
|
|
Prudential scope of consolidation | |
(1) | French subsidiaries for which supervision of prudential requirements is complied with through the supervision on a consolidated basis of BNP Paribas SA, in accordance with article 7.1 of Regulation n°575/2013 of the European Parliament and of the Council |
(2) | Entities consolidated under the equity method in the prudential scope |
(3) | Jointly controlled entities under proportional consolidation in the prudential scope |
(4) | Collective investment undertaking excluded from the prudential scope |
Year to 31 Dec. 2024 Excluding tax, in thousands of euros | Deloitte | EY | TOTAL | |||
Total | % | Total | % | Total | % | |
Certification of statutory audit | 34,381 | 82% | 34,531 | 82% | 68,912 | 82% |
Issuer | 10,771 |
| 20,927 |
| 31,698 |
|
Consolidated subsidiaries | 23,610 |
| 13,604 |
| 37,214 |
|
Certification of sustainability reporting | 547 | 1% | 640 | 2% | 1,187 | 1% |
Issuer | 436 |
| 448 |
| 884 |
|
Consolidated subsidiaries | 111 |
| 192 |
| 303 |
|
Services other than those required for the certification of statutory audit and sustainability reporting | 7,024 | 17% | 6,599 | 16% | 13,623 | 17% |
Issuer | 2,970 |
| 4,362 |
| 7,332 |
|
Consolidated subsidiaries | 4,054 |
| 2,237 |
| 6,291 |
|
TOTAL | 41,952 | 100% | 41,770 | 100% | 83,722 | 100% |
of which fees paid to External Auditors in France for the certification of statutory audit | 16,353 |
| 18,784 |
| 35,137 |
|
of which fees paid to Statutory Auditors in France for the certification of sustainability reporting | 436 |
| 576 |
| 1,012 |
|
of which fees paid to External Auditors and their network in France for services other than those required for the certification of statutory audit and sustainability reporting The amount of the External Auditors’ fees for services other than those required for the certification of statutory audit and sustainability reporting was, as of 31 December 2024, EUR 1,337 thousand for Deloitte & Associés and EUR 92 thousand for Ernst & Young et Autres | 1,802 |
| 2,123 |
| 3,925 |
|
Year to 31 Dec. 2023 Excluding tax, in thousands of euros | Deloitte | PricewaterhouseCoopers | Mazars | TOTAL | ||||
Total | % | Total | % | Total | % | Total | % | |
Certification of statutory audit | 20,696 | 75% | 17,142 | 62% | 10,994 | 87% | 48,832 | 72% |
Issuer | 5,505 |
| 5,627 |
| 3,083 |
| 14,215 |
|
Consolidated subsidiaries | 15,191 |
| 11,515 |
| 7,911 |
| 34,617 |
|
Services other than those required for the certification of statutory audit | 6,731 | 25% | 10,703 | 38% | 1,629 | 13% | 19,063 | 28% |
Issuer | 3,385 |
| 6,815 |
| 736 |
| 10,936 |
|
Consolidated subsidiaries | 3,346 |
| 3,888 |
| 893 |
| 8,127 |
|
TOTAL | 27,427 | 100% | 27,845 | 100% | 12,623 | 100% | 67,895 | 100% |
of which fees paid to Statutory Auditors in France for the statutory audit and contractual audit | 7,551 |
| 6,080 |
| 4,406 |
| 18,037 |
|
of which fees paid to External Auditors and their network in France for services other than those required for the certification of statutory audit and sustainability reporting | 2,014 |
| 4,179 |
| 1,130 |
| 7,323 |
|
Audit fees paid to external auditors who are not part of the network of the external auditors certifying the individual and consolidated financial statements of BNP Paribas SA, as mentioned in the above table, amount to EUR 8,176 thousand for the year 2024 (EUR 3,990 thousand in 2023). Variation is mainly explained by the work performed by the PWC and Mazars firms (EUR 4,511 thousand), mostly on the review of the 2024 first quarter financial information and on the audit of several entities.
Year ended December 31, 2024
This is a translation into English of the statutory auditors’ report on the consolidated financial statements of the Company issued in French and it is provided solely for the convenience of English-speaking users.
This statutory auditors’ report includes information required by European regulations and French law, such as information about the appointment of the statutory auditors or verification of the information concerning the Group presented in the management report and other documents provided to shareholders.
This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France.
To the Annual General Meeting of BNP Paribas,
In compliance with the engagement entrusted to us by your Annual General Meeting, we have audited the accompanying consolidated financial statements of BNP Paribas for the year ended December 31, 2024.
In our opinion, the consolidated financial statements give a true and fair view of the assets and liabilities and of the financial position of the Group at December 31, 2024 and of the results of its operations for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union.
The audit opinion expressed above is consistent with our report to the Financial Statements Committee.
We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Our responsibilities under those standards are further described in the Statutory Auditors’ Responsibilities for the audit of the consolidated financial statements section of our report.
We conducted our audit engagement in compliance with the independence requirements of the French Commercial Code (Code de commerce) and the French Code of Ethics for Statutory Auditors (Code de déontologie de la profession de commissaire aux comptes) for the period from January 1, 2024 to the date of our report and specifically, we did not provide any prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No. 537/2014
In accordance with the requirements of Articles L. 821-53 and R. 821-180 of the French Commercial Code (Code de commerce) relating to the justification of our assessments, we inform you of the key audit matters relating to the risks of material misstatement that, in our professional judgement, were of most significant in our audit of the consolidated financial statements of the current period, as well as how we addressed those risks.
These matters were addressed in the context of our audit of the consolidated financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on specific items of the consolidated financial statements.
Assessment of credit risk and measurement of impairment losses (stages 1, 2 and 3) on customer loan portfolios (See Notes 1.f.5, 1.f.6, 1.p, 2.g, 4.e, 4.f et 4.n to the consolidated financial statements) | ||
Risk identified |
| Our response |
BNP Paribas records impairments to cover credit risks inherent to its activities. As of December 31, 2024, customer loans exposed to credit risk amount to 917.0 billion euros, and impairments amount to 16.9 billion euros. In an environment of persistent uncertainties marked by geopolitical and economic tensions, the assessment of expected credit losses on customer loan portfolios requires increased judgment and the use of assumptions from BNP Paribas management, particularly to:
We consider that the assessment of credit risk and the measurement of related impairment constitute a key audit matter, as these items involve management’s judgment and estimates in an environment marked by above-mentioned uncertainties. |
| We examined BNP Paribas’ internal control system, particularly its adaptation to the environment of uncertainties, and tested manual orautomated controls related to the credit risk assessment and the measurement of expected losses. Our work particularly focused on the following processes:
We also reviewed credit risk disclosures in the notes to the consolidated financial statements, espacially information required by IFRS 9 and IFRS 7. |
Valuation of financial instruments classified as levels 2 and 3 in the fair value hierarchy (see Notes 1.f.7, 1.f.10, 1.p, 2.c, 4.a et 4.d to the consolidated financial statements) | ||
Risk identified |
| Our response |
As part of its market activities, BNP Paribas holds financial instruments measured at market value in the balance sheet. Market value is determined through different approaches, depending on the type of instrument and its complexity: (i) using directly observable quoted prices (instruments classified as level 1 in the fair value hierarchy), (ii) using valuation models whose main inputs are observable (instruments classified as level 2), and (iii) using valuation models whose main inputs are unobservable (instruments classified as level 3). These financial instruments amount to 566.1 billion euros (of which 275.7 billion euros as level 2 and 11.7 billion euros as level 3) on the asset side and 489.7 billion euros (of which 371.7 billion euros as level 2 and 40.1 billion euros as level 3) on the liability side of the group’s consolidated balance sheet as of December 31, 2024. Market values may include valuation adjustments to account for specific market, liquidity, or counterparty risks. For instruments classified as level 3, valuation techniques used by management may involve significant judgment and estimation regarding the choice of valuation models and the parameters used, some of which are not observable in the market. This may lead to deferred recognition of margins on related operations, as specified in note 4.d to the consolidated financial statements. Given the materiality of exposures, the complexity of modeling in determining market value, the multiplicity of models used, and the reliance on management’s judgment in determining market values, we consider the valuation of financial instruments classified as levels 2 and 3 in the fair value hierarchy to be a key audit matter. |
| We examined BNP Paribas’ internal control system related to the valuation of financial instruments and performed tests, on a sample basis, on a selection of financial instruments classified as levels 2 and 3 in the fair value hierarchy. With the support of our financial instrument valuation specialists, our work particularly consisted in:
On a sample basis, we also:
We also analyzed, on a sample basis, any differences between valuations and collateral calls with counterparties. We reviewed the information related to the valuation of financial instruments disclosed in the consolidated financial statements, especially those required by IFRS 13. |
IT General Controls | ||
Risk identified |
| Our response |
The various activities carried out by your group entail a high level of complexity due to the volume of transactions and the use of numerous interfaced information systems. The reliability of the information system management processes and their security are key elements for the financial information preparation process. The risk of a material misstatement occurring on the accounts due to an incident in the IT chains may result from:
The existence of a set of controls for managing access rights to IT systems involved in the financial information preparation process, as well as an appropriate incident identification and treatment process are key controls to mitigate this risk, the assessment of which is a key audit matter. |
| We identified the key systems, processes, and controls underpinning the preparation of financial information.
We also tested IT application controls related to automated interfaces between key systems to assess the completeness and integrity of information transfers, as well as certain sensitive or complex automated application configurations. |
Valuation of insurance contract liabilities in the "Retirement savings" businesses (See Notes 1.g, 1.p and 5 to the consolidated financial statements) | ||
Risk identified |
| Our response |
As of December 31, 2024, the group booked insurance liabilities related to "savings and retirement" insurance contracts as disclosed in Note 5 to the consolidated financial statements. Participating contracts amount to 241.3 billion euros, as specified in Note 5.e.4 to the consolidated financial statements. As described in note 5 to the consolidated financial statements, the group has assessed the eligibility of insurance contract groups for accounting valuation models defined by IFRS 17. Therefore the group considered that liabilities related to "savings and retirement" insurance contracts correspond to direct participating insurance contracts and are specifically evaluated according to the "variable fee" accounting model. The valuation of insurance liabilities under this accounting model involves determining the best estimate of the present value of cash flows to be paid or received necessary to fulfill contractual obligations to policyholders, a non-financial risk adjustment based on a confidence level chosen by the group, and a contractual service margin representing the unearned profit to be recognized as services are rendered. The valuation of these insurance liabilities using the variable fee methodology relies on complex actuarial models, drawing on data and assumptions related to future periods, such as the determination of the discount rate, policyholder behavior laws, future management decisions, and the definition of real-world assumptions for financial asset returns, used for the release of the contractual service margin into income. The evolution and updates of the selected parameters are likely to significantly affect the amount of insurance liabilities in the Life/Savings perimeter. Given the long-term horizon of commitments related to "savings and retirement" insurance contracts, their significant sensitivity to the economic and financial environment that can impact policyholder behavior, and the significant judgment from management in selecting data and assumptions, as well as the use of complex modeling techniques to reflect the most probable estimated future situation, we considered the valuation of insurance contracts liabilities in the “savings and retirement” businesses to be a key audit matter. |
| With the support of our actuarial modeling specialists and our IT specialized teams, we performed the following audit procedures:
|
We have also performed, in accordance with professional standards applicable in France, the specific verifications required by laws and regulations of the information relating to the Group given in the Board of Directors’ management report.
We have no matters to report as to its fair presentation and its consistency with the consolidated financial statements.
We have also verified, n accordance with the professional standard applicable in France relating to the procedures performed by statutory auditors regarding the annual and consolidated financial statements prepared in the European single electronic format, that the preparation of the consolidated financial statements included in the annual financial report mentioned in Article L. 451-1-2, I of the French Monetary and Financial Code (Code monétaire et financier), prepared under the Chief Executive Officer’s responsibility, complies with the single electronic format defined in Commission Delegated Regulation (EU) No. 2019/815 of 17 December 2018. Regarding consolidated financial statements, our work includes verifying that the tagging thereof complies with the format defined in the above-mentioned regulation.
On the basis of our work, we conclude that the preparation of the consolidated financial statements included in the annual financial report complies, in all material respects, with the European single electronic format.
We were appointed as statutory auditors of BNP Paribas by the annual general meeting held on May 23, 2006 for Deloitte & Associés and on May 14, 2024 for ERNST & YOUNG et Autres.
As of December 31, 2024, Deloitte & Associés was in the nineteenth year of total uninterrupted engagement, and ERNST & YOUNG et Autres was in the first year, respectively.
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards as adopted by the European Union and for such internal control as Management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.In preparing the consolidated financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting, unless it expects to liquidate the Company or to cease operations.
The Financial Statements Committee is responsible for monitoring the financial reporting process and the effectiveness of internal control and risk management systems and where applicable, its internal audit, regarding the accounting and financial reporting procedures.
The consolidated financial statements were approved by the Board of Directors.
Our role is to issue a report on the consolidated financial statements. Our objective is to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with professional standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions taken by users on the basis of these consolidated financial statements.
As specified in Article L. 821-55 of the French Commercial Code (Code de commerce), our statutory audit does not include assurance on the viability of the Company or the quality of management of the affairs of the Company.
As part of an audit conducted in accordance with professional standards applicable in France, the statutory auditor exercises professional judgement throughout the audit and furthermore:
We submit to the Financial Statements Committee a report which includes, in particular a description of the scope of the audit and the audit program implemented, as well as the results of our audit. We also report significant deficiencies, if any, in internal control regarding the accounting and financial reporting procedures that we have identified.
Our report to the Financial Statements Committee includes the risks of material misstatement that, in our professional judgement, were of most significance in the audit of the consolidated financial statements of the current period and which are therefore the key audit matters, that we are required to describe in this report.
We also provide the Financial Statements Committee with the declaration provided for in Article 6 of Regulation (EU) No. 537/2014, confirming our independence within the meaning of the rules applicable in France as set out in particular in Articles L. 821-27 to L. 821-34 of the French Commercial Code (Code de commerce) and in the French Code of Ethics for Statutory Auditors (Code de déontologie de la profession de commissaire aux comptes). Where appropriate, we discuss with the Financial Statements Committee the risks that may reasonably be thought to bear on our independence, and the related safeguards.
Paris-La Défense, March 20, 2025
The Statutory Auditors
French original signed by
Deloitte & Associés
Damien Leurent Jean-Vincent Coustel
ERNST & YOUNG et Autres
Olivier Drion
The purpose of Pillar 3 relative to market discipline is to complement the minimum capital requirements (Pillar 1) and the supervisory review process (Pillar 2) with a set of disclosures completing the usual financial disclosures.
Chapter 5 presents the information relative to the BNP Paribas Group’s risks and in this respect meets:
The Basel current measures (known as Basel 3), approved in November 2010, strengthen the ability of banks to withstand economic and financial shocks of all kinds by introducing a series of regulatory provisions. The content of this reform was transposed into European law in Directive 2013/36/EU (CRD 4) and Regulation (EU) No. 575/2013 of 26 June 2013 (CRR), supplemented in June 2019 by Directive (EU) No. 2019/878 (CRD 5) and Regulation (EU) No. 2019/876 (CRR 2).
The regulatory framework of Basel 3 had the following main impacts:
Furthermore, on 7 December 2017, the Group of Governors and Heads of Supervision (GHOS) approved the reforms finalising the Basel 3 regulatory framework. They consist of a revision of the framework for credit risk, credit valuation adjustment (CVA – Credit Value Adjustment) risk, and operational risk, as well as the introduction of a floor for the calculation of risk-weighted assets when an internal method is used. These proposals were supplemented by the fundamental review of the trading book (FRTB) in January 2019 and the CVA risk in July 2020.
Transposition of Basel 3 finalisation into European law, Regulation (EU) 2024/1623 of the European Parliament and of the Council of 31 May 2024 amending Regulation (EU) No 575/2013 was published in the Official Journal of European Union on 19 June 2024. This regulation entered into force on 9 July 2024 and is applicable from 1 January 2025. On 24 July 2024, the European Commission adopted a delegated act (2024/2795) that postpones by one year (i.e. until 1 January 2026) the date of application of the Basel 3 fundamental review of the trading book (FRTB) standards in the EU for the banks’ calculation of their own funds requirements for market risk.
In chapter 5, the figures shown may not appear to add up in certain columns and rows due to rounding.
I, the undersigned, Lars Machenil, Chief Financial Officer (CFO) of the BNP Paribas Group, hereby confirm that the information contained in chapter 5 Risks and capital adequacy – Pillar 3 is, to the best of my knowledge, compliant with the requirements of the eighth part of Regulation (EU) No. 2019/876 (CRR 2).
Paris, 20 March 2025.
The BNP Paribas Group operates all of its activities within the framework of a robust internal control system.
Control plans and procedures are in place within the Group to ensure the proper compliance of the information contained in the management report.
A committee, chaired by the Deputy Chief Financial Officer, has examined chapter 5 and verified that the controls have been carried out and that the regulatory requirements in terms of publication have been complied with, including the provisions of article 432 of Regulation (EU) No. 2019/876 (CRR 2) relating to non-material, sensitive and confidential information.
Since 1 January 2023, the Group’s insurance entities have applied IFRS 17 “Insurance Contracts” and IFRS 9, deferred for these entities until IFRS 17 comes into force.
In the first half of 2024, the Group carried out the 2024 share buyback programme in full for a total amount of EUR 1.055 billion.
Since 1 July 2024, the entities of the Arval business under exclusive control are fully consolidated within the prudential scope. As at 30 September 2024, this evolution had an impact of -30 basis points on the Group's Common Equity Tier 1 (CET1) ratio linked to the EUR 20.2 billion increase in these entities’ risk-weighted assets, mainly on credit risk.
The Group has a solid financial structure. The CET1 ratio stands at 12,9%(2) as at 31 December 2024, increasing by 30 basis points compared to 31 December 2023. This is explained by:
The Group’s CET1 ratio was significantly higher than requirements at 31 December 2024 at 10.33%.
The capital structure is solid in line with the CET1 ratio target of 12.3% at 31 December 2025 and 31 December 2026 before the fundamental review of the trading book (FRTB) standards.
The leverage ratio stood at 4.6% at 31 December 2024, stable compared 31 December 2023. It was well above the 3.85% leverage requirement in force at 31 December 2024.
As at 31 December 2024, the Group TLAC ratio was above the minimum level of requirement (see part TLAC of section 5.2 Capital management and capital adequacy).
As at 31 December 2024, the Group MREL ratios is above the minimum requirements (see part MREL of section 5.2 Capital management and capital adequacy).
The evolution of these ratios illustrates the Group’s ability to continuously adapt and the strength of its balance sheet.
The capital ratio data below take into account the transitional provisions relating to the introduction of IFRS 9 (article 473a of Regulation (EU) No. 2017/2395 and Regulation (EU) No. 2020/873). The impact of these transitional measures on regulatory capital and regulatory ratios is presented under Regulatory capital in section 5.2 Capital management and capital adequacy (see Table 16 IFRS 9-FL).
|
| a | b | c | d | e |
In millions of euros | 31 December 2024 | 30 September 2024 | 30 June 2024 | 31 March 2024 | 31 December 2023 | |
Available own funds | ||||||
1 | Common Equity Tier 1 (CET1) capital | 98,128 | 96,255 | 95,506 | 94,383 | 92,857 |
2 | Tier 1 capital | 113,768 | 111,853 | 110,303 | 109,146 | 107,501 |
3 | Total capital | 130,581 | 126,867 | 124,075 | 123,246 | 121,744 |
Risk-weighted assets |
|
|
|
|
| |
4 | Total risk-weighted assets | 762,247 | 759,445 | 732,758 | 722,349 | 703,694 |
Capital ratios (as a percentage of risk-weighted assets) |
|
|
|
|
| |
5 | Common Equity Tier 1 ratio | 12.87% | 12.67% | 13.03% | 13.07% | 13.20% |
6 | Tier 1 ratio | 14.93% | 14.73% | 15.05% | 15.11% | 15.28% |
7 | Total capital ratio | 17.13% | 16.71% | 16.93% | 17.06% | 17.30% |
Additional own funds requirements in relation to on SREP (Pillar 2 requirement as a percentage of risk-weighted assets) | ||||||
EU 7a | Total Pillar 2 requirements | 1.77% | 1.77% | 1.77% | 1.77% | 1.57% |
EU 7b | Of which Additional CET1 SREP requirements | 1.11% | 1.11% | 1.11% | 1.11% | 0.88% |
EU 7c | Of which Additional AT1 SREP requirements | 1.40% | 1.40% | 1.40% | 1.40% | 1.18% |
EU 7d | Total SREP own funds requirements | 9.77% | 9.77% | 9.77% | 9.77% | 9.57% |
Combined buffer requirement (as a percentage of risk-weighted assets) | ||||||
8 | Capital conservation buffer | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% |
EU 8a | Conservation buffer due to macro-prudential or systemic risk identified at the level of a Member State (%) |
|
|
|
|
|
9 | Countercyclical capital buffer | 0.67% | 0.65% | 0.65% | 0.59% | 0.40% |
EU 9a | Systemic risk buffer(1) | 0.04% | 0.00% | 0.00% | 0.00% | 0.00% |
10 | Global Systemically Important Institution buffer (G-SIB) | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
EU 10a | Other Systemically Important Institution buffer (D-SIB) | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
11 | Combined buffer requirement(2) | 4.72% | 4.65% | 4.65% | 4.59% | 4.40% |
EU 11a | Total overall capital requirements(3) | 14.49% | 14.42% | 14.42% | 14.36% | 13.97% |
12 | CET1 available after meeting the total SREP own funds requirements | 7.26% | 6.94% | 7.16% | 7.29% | 7.73% |
Leverage ratio | ||||||
13 | Leverage ratio total exposure measure | 2,464,334 | 2,532,529 | 2,478,954 | 2,471,247 | 2,346,500 |
14 | Leverage ratio | 4.62% | 4.42% | 4.45% | 4.42% | 4.58% |
Additional own funds requirements to address risks of excessive leverage (as a percentage of leverage ratio total exposure measure) | ||||||
EU 14a | Additional requirements to address risk of excessive leverage | 0.10% | 0.10% | 0.10% | 0.10% | 0.00% |
EU 14b | Of which Additional AT1 leverage ratio requirements (%) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EU 14c | Total SREP leverage ratio requirements | 3.10% | 3.10% | 3.10% | 3.10% | 3.00% |
Buffer and total leverage ratio requirement (as a percentage of leverage ratio total exposure measure) | ||||||
EU 14d | Applicable leverage buffer | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
EU 14e | Overall leverage ratio requirements | 3.85% | 3.85% | 3.85% | 3.85% | 3.75% |
Liquidity Coverage Ratio | ||||||
15 | Total high-quality liquid assets (HQLA) (Weighted value – average) | 380,615 | 382,064 | 385,811 | 397,582 | 408,476 |
EU 16a | Cash outflows – Total weighted value | 544,168 | 528,616 | 520,995 | 516,104 | 519,311 |
EU 16b | Cash inflows – Total weighted value | 253,015 | 241,052 | 234,735 | 225,538 | 219,452 |
16 | Total net cash outflows (adjusted value) | 291,153 | 287,565 | 286,260 | 290,566 | 299,859 |
17 | Liquidity coverage ratio | 130.80% | 132.96% | 134.85% | 136.92% | 136.47% |
Net Stable Funding Ratio | ||||||
18 | Total available stable funding | 1,041,153 | 1,023,548 | 1,007,767 | 1,004,717 | 984,120 |
19 | Total required stable funding | 931,639 | 920,796 | 892,980 | 887,452 | 848,977 |
20 | Net Stable Funding Ratio | 111.75% | 111.16% | 112.85% | 113.21% | 115.92% |
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The minimum requirement for LCR and NSFR ratios is 100%.
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| a | b | c | d | e | f |
In millions of euros | MREL | TLAC | |||||
31 December 2024 | 31 December 2024 | 30 September | 30 June | 31 March | 31 December | ||
Own funds and eligible liabilities, ratios and components | |||||||
1 | Total capital and other eligible liabilities | 231,690 | 208,042 | 203,377 | 202,111 | 201,935 | 198,082 |
EU-1a | Of which own funds and subordinated liabilities | 208,042 |
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2 | Risk-weighted assets | 762,247 | 762,247 | 759,445 | 732,758 | 722,349 | 703,694 |
3 | Own funds and eligible liabilities ratio | 30.40% | 27.29% | 26.78% | 27.58% | 27.96% | 28.15% |
EU-3a | Of which own funds and subordinated liabilities | 27.29% |
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4 | Leverage ratio total exposure measure | 2,464,334 | 2,464,334 | 2,532,529 | 2,478,954 | 2,471,247 | 2,346,500 |
5 | Own funds and eligible liabilities ratio | 9.40% | 8.44% | 8.03% | 8.15% | 8.17% | 8.44% |
EU-5a | Of which own funds and subordinated liabilities | 8.44% |
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6a | Application of the exemption provided by article 72b(4) of EU Regulation 2019/876(1) |
| Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
6b | In case of application of article 72b, paragraph 3 of Regulation (UE) No. 2019/876: total amount of preferred senior debt eligible to TLAC ratio(1) |
| Not applied | Not applied | Not applied | Not applied | Not applied |
6c | In case of application of article 72b, paragraph 3 of Regulation (UE) No. 2019/876: proportion of preferred senior debt used in the calculation of the TLAC ratio(1) |
| Not applied | Not applied | Not applied | Not applied | Not applied |
Requirement of own funds and eligible liabilities | |||||||
EU-7 | Requirement (in percentage of risk-weighted assets) | 22.64% | 18.00% | 18.00% | 18.00% | 18.00% | 18.00% |
EU-8 | Of which to be met with own funds or subordinated liabilities | 14.52% |
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| Requirement, including combined buffer requirement | 27.36% | 22.72% | 22.65% | 22.65% | 22.59% | 22.40% |
| Of which to be met with own funds or subordinated liabilities | 19.24% |
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EU-9 | Requirement (in percentage of leverage ratio total exposure measure) | 5.91% | 6.75% | 6.75% | 6.75% | 6.75% | 6.75% |
EU-10 | Of which to be met with own funds or subordinated liabilities | 5.86% |
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Tables providing details of instruments recognised as capital (CET1, AT1 and Tier 2), as well as debt instruments eligible for TLAC ratio (senior non-preferred debt) are available in the BNP Paribas Debt section of the Investor Relations website: https://invest.bnpparibas/en/search/debt/documents/documentation-on-programs-and-issuances.
(1) Breakdown at 31 December 2024.
Most of the Group’s exposures are subject to credit risk. Market risk is limited to 4% of the Group’s risk-weighted assets as at 31 December 2024.
(1) Breakdown at 31 December 2024.
As at 31 December 2024, the Group’s risks were well spread and no single business made up more than 20% of the Group’s risk-weighted assets. Commercial, Personal Banking & Services account for 54% of risk-weighted assets.
(1) Breakdown at 31 December 2024.
As at 31 December 2024, the Group’s exposure was mainly concentrated in Europe (74%). See the section Credit risk diversification in section 5.4 Credit risk for more details about the diversification of the Group’s exposures.
(1) Breakdown at 31 December 2024.
Exposure to central governments and central banks, credit institutions, other financial corporations and non-financial corporations represented 80% of total exposure as at 31 December 2024, versus 80% as at 31 December 2023.
| 31 December 2024 | 31 December 2023 |
|---|---|---|
DOUBTFUL LOANS(1)/LOANS(2) | 1.6% | 1.7% |
| ||
In billions of euros | 31 December 2024 | 31 December 2023 |
|---|---|---|
Stage 3 provisions | 13.9 | 13.8 |
Doubtful loans(1) | 19.9 | 19.2 |
STAGE 3 COVERAGE RATIO | 69.7% | 71.7% |
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In annualised basis points | 31 December 2024 | 31 December 2023 |
|---|---|---|
COST OF RISK/CUSTOMER LOANS(1) | 33 | 32 |
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In billions of euros | 31 December 2024 | 31 December 2023 |
|---|---|---|
IMMEDIATELY AVAILABLE LIQUIDITY RESERVE(1) | 480 | 474 |
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The main categories of risks inherent to the BNP Paribas Group’s business are presented below and defined in the sections of chapter 5. They can be measured through risk-weighted assets or other quantitative or qualitative indicators, to the extent risk-weighted assets are not relevant (for example, for liquidity and funding risk).
In billions of euros | RWAs | |
31 December 2024 | 31 December 2023 | |
Credit risk | 580 | 535 |
Counterparty credit risk | 48 | 45 |
Securitisation risk in the banking book | 21 | 17 |
Operational risk | 65 | 59 |
Market risk | 28 | 29 |
Amounts below the thresholds for deduction (subject to 250% risk weight) | 21 | 19 |
TOTAL | 762 | 704 |
More generally, the risks to which the BNP Paribas Group is exposed may arise from a number of factors related, among others, to changes in its macroeconomic or regulatory environment or factors related to the implementation of its strategy and its business.
The material risks specific to the BNP Paribas Group’s business, determined based on the circumstances known to the management as of the date of this document, are thus presented below under seven principal categories, in accordance with article 16 of Regulation (EU) No. 2017/1129 of 14 June 2017, as amended from time to time: credit risk, counterparty risk and securitisation risk in the banking book; operational risk; market risk; liquidity and funding risk; risks related to the macroeconomic and market environment; regulatory risks; and risks related to the BNP Paribas Group’s growth in its current environment.
The risk management policies have been taken into account in assessing the materiality of these risks; in particular, risk-weighted assets factor in risk mitigation elements to the extent eligible in accordance with applicable banking regulations.
Credit risk and counterparty risk impact the BNP Paribas Group’s consolidated financial statements when a customer or counterparty is unable to honour its obligations and when the book value of these obligations in the BNP Paribas Group’s records is positive. The customer or counterparty may be a bank, a financial institution, an industrial or commercial enterprise, a government or a government entity, an investment fund, or a natural person.
At 31 December 2024, the BNP Paribas Group’s credit risk exposure broke down as follows: corporates (44%), central governments and central banks (22%), retail customers (24%), credit institutions and investment firms (4%), other risk assets (4%) and equities (1%). At 31 December 2024, 28% of the Bank’s credit exposure was comprised of exposures in France, 16% in Belgium and Luxembourg, 10% in Italy, 23% in other European countries, 11% in North America, 7% in Asia and 5% in the rest of the world. The BNP Paribas Group’s risk-weighted assets subject to this type of risk amounted to EUR 580 billion at 31 December 2024, or 76% of the total risk-weighted assets of the BNP Paribas Group, as compared to EUR 535 billion at 31 December 2023, representing 77% of the total risk-weighted assets of the BNP Paribas Group.
At 31 December 2024, BNP Paribas Group’s exposure to counterparty risk was: 36% to the corporate sector, 11% to central governments and central banks, 18% to credit institutions and investment firms, and 34% to clearing houses. By product, BNP Paribas Group’s exposure at 31 December 2024, excluding CVA (“Credit Valuation Adjustment”) risk, is comprised of: 43% in OTC derivatives, 34% in repurchase transactions and securities lending/borrowing, 9% in listed derivatives and 14% in contributions to the clearing houses’ default funds. The level of this counterparty risk varies over time, depending on fluctuations in market parameters affecting the potential future value of the covered transactions. In addition, CVA risk measures the risk of losses related to CVA volatility resulting from fluctuations in credit spreads associated with the counterparties to which the Group is subject to risk. The risk-weighted assets subject to counterparty credit risk amounted to EUR 48 billion at 31 December 2024, or 6% of the total risk-weighted assets of the BNP Paribas Group, as compared to EUR 45 billion at 31 December 2023, or 6% of the total risk-weighted assets of the BNP Paribas Group.
The BNP Paribas Group is also exposed to credit and counterparty risk through securitisation in its banking book, either because it has not fully transferred its own credit exposure as the originator of a securitisation or because it has invested in a securitisation transaction with third-party assets (whether as an investor or as a sponsor that has structured the transaction for a client and retained a position). Of the exposures to securitisation positions originated, held or acquired by the BNP Paribas Group as at 31 December 2024, the Bank was originator of 39%, was sponsor of 31% and was investor of 30%. The risk-weighted assets subject to this type of risk amounted to EUR 21 billion at 31 December 2024, or 3% of the total risk-weighted assets for the BNP Paribas Group, compared to EUR 17 billion at 31 December 2023, or 2% of the total risk-weighted assets for the BNP Paribas Group.
If the default rate of customers or counterparties increases, the BNP Paribas Group may have to record increased charges or provisions in respect of irrecoverable or doubtful loans (Stage 3) or performing loans (Stages 1 and 2), in response to a deterioration in economic conditions or other factors, which may affect its profitability.
As a result, in connection with its lending activities, the BNP Paribas Group regularly establishes provisions, which are recorded on its income statement in the line item Cost of Risk. In 2024, the cost of risk amounted to EUR 2,999 million compared to EUR 2,907 million in 2023. This amount reflects write-backs of provisions on performing loans in an amount of EUR 765 million in 2024, and provisions on doubtful loans of EUR 3,764 million. At 31 December 2024, the cost of risk does not include other net charges for risk on financial instruments (i.e. charges relating to risks that call into question the validity or enforceability of financial instruments). These charges amount to EUR 202 million as at 31 December 2024, and in 2024 they included provisions relating to mortgage loans denominated in Swiss francs or indexed to the Swiss franc in the amount of EUR 186 million and losses in connection with the act on assistance to borrowers in Poland in the amount of EUR 16 million.
The BNP Paribas Group’s overall level of provisions is based on its assessment of prior loss experience, the volume and type of lending being conducted, industry standards, past due loans, economic conditions and other factors related to the recoverability of various loans or statistical analysis based on scenarios applicable to asset classes. The BNP Paribas Group seeks to establish an appropriate level of provisions.
Although the BNP Paribas Group seeks to establish an appropriate level of provisions, its lending businesses may have to substantially increase their provisions for loan losses or sound receivables in the future as a result of deteriorating economic conditions or other causes. For example, provisions increased in 2020 primarily due to the early ex-ante recognition of potential losses related to the effects of the health crisis (Stages 1 and 2 provisions on performing loans in accordance with IFRS 9). These provisions could also increase if the rise in corporate defaults observed in 2024 persists and/or if defaults stabilise at a high level compared with previous years. Any significant increase in provisions for loan losses or a significant change in the BNP Paribas Group’s estimate of the risk of loss inherent in its portfolio of non-impaired loans, as well as the occurrence of loan losses in excess of the related provisions, could have a material adverse effect on the BNP Paribas Group’s results of operations and financial condition.
For reference, at 31 December 2024, the ratio of doubtful loans to total loans outstanding was 1.6% and the coverage ratio of these doubtful commitments (net of guarantees received) by provisions was 69.7%, against 1.7% and 71.7%, respectively, as at 31 December 2023.
While the BNP Paribas Group seeks to reduce its exposure to credit risk and counterparty risk by using risk mitigation techniques such as collateralisation, obtaining guarantees, entering into credit derivatives and entering into netting agreements, it cannot be certain that these techniques will be effective to offset losses resulting from counterparty defaults that are covered by these techniques. Moreover, the BNP Paribas Group is also exposed to the risk of default by the party providing the credit risk coverage (such as a counterparty in a derivative or a loan insurance contract) or to the risk of loss of value of any collateral. In addition, only a portion of the BNP Paribas Group’s overall credit risk and counterparty risk is covered by these techniques. Accordingly, the BNP Paribas Group has significant exposure to these risks.
The BNP Paribas Group’s ability to engage in financing, investment and derivative transactions could be adversely affected by the soundness of other financial institutions or market participants. Financial institutions are interrelated as a result of trading, clearing, counterparty, funding or other relationships. As a result, defaults by one or more States or financial institutions, or even rumours or questions about one or more financial institutions, or the financial services industry generally, may lead to market-wide liquidity problems and could lead to further losses or defaults. The BNP Paribas Group has exposure to many counterparties in the financial industry, directly and indirectly, including clearing houses, brokers and dealers, commercial banks, investment banks, mutual and alternative investment funds, and other institutional clients with which it regularly executes transactions. The BNP Paribas Group may also be exposed to risks related to the increasing involvement in the financial sector of players and the introduction of new types of transactions subject to little or no regulation (e.g. unregulated funds, trading venues or crowdfunding platforms). Credit and counterparty risks could be exacerbated if the collateral held by the BNP Paribas Group cannot be realised, it decreases in value or it is liquidated at prices not sufficient to recover the full amount of the loan or derivative exposure due to the BNP Paribas Group or in the event of the failure of a significant financial market participant such as a central counterparty.
For reference, counterparty risk exposure related to credit institutions and investment firms was EUR 44 billion at 31 December 2024, or 18% of the BNP Paribas Group’s total counterparty risk exposure, and counterparty risk exposure related to clearing houses was EUR 82 billion, or 34% of the BNP Paribas Group’s total counterparty risk exposure, compared with rates of 23% and 28%, respectively, as at 31 December 2023.
In addition, fraud or misconduct by financial market participants can have a material adverse effect on financial institutions due in particular to the interrelated nature of the financial markets. An example is the fraud perpetrated by Bernard L. Madoff Investment Securities LLC that came to light in 2008, as a result of which numerous financial institutions, including the BNP Paribas Group, announced losses or exposure to losses in substantial amounts. The BNP Paribas Group remains the subject of various claims in connection with this matter; see note 8.c Legal proceedings and arbitration to its audited consolidated financial statements for the year ended 31 December 2024.
Losses resulting from the risks summarised above could materially and adversely affect the BNP Paribas Group’s results of operations.
The BNP Paribas Group’s risk-weighted assets subject to operational risk amounted to EUR 65 billion at 31 December 2024, or 8% of the total risk-weighted assets of the BNP Paribas Group, and EUR 59 billion at 31 December 2023, or 8% of the total risk-weighted assets of the BNP Paribas Group. The breakdown of losses by type of operational risk for the 2016-2024 period is balanced on the whole. The main type of operational risk incidents remains the “Clients, products and business practices” category (35%), followed by process failures, including errors in executing or processing transactions (30%), and then external fraud (25%). Between 2016 and 2024, other types of risk in operational risk consisted of business disruption and systems failure (4%), employment practices and workplace safety (3%), damage to physical assets (2%) and internal fraud (1%).
The BNP Paribas Group devotes significant resources to developing its risk management policies, procedures and assessment methods and intends to continue to do so in the future. Nonetheless, the BNP Paribas Group’s risk management techniques and strategies may not be fully effective in mitigating its risk exposure in all economic and market environments within which the BNP Paribas Group operates. These techniques and strategies could also prove to be ineffective against all types of risk, particularly risks that the BNP Paribas Group may have failed to identify or anticipate. The BNP Paribas Group’s ability to assess the creditworthiness of its customers, or risk parameters, such as the value of its assets and the effectiveness of its hedges, or to measure risks adequately if, as a result of market turmoil or in certain market environments such as those experienced in recent years, the models and approaches it uses become less predictive of future behaviour, valuations, assumptions or estimates. Some of the BNP Paribas Group’s qualitative tools and metrics for managing risk are based on its use of observed historical market behaviour. The BNP Paribas Group applies statistical and other tools to these observations to arrive at quantifications of its risk exposures. The process the BNP Paribas Group uses to estimate losses inherent in its credit exposure or estimate the value of certain assets requires difficult, subjective, and complex judgments, including forecasts of economic conditions and how these economic predictions might impair the ability of its borrowers to repay their loans or impact the value of assets, which may, during periods of market disruption or substantial uncertainty, be incapable of accurate estimation and, in turn, impact the reliability of the process. These tools and metrics may fail to predict future risk exposures, including, for example, if the BNP Paribas Group does not anticipate or correctly evaluate certain factors in its statistical models, or upon the occurrence of an event deemed extremely unlikely by the tools and metrics. This would limit the BNP Paribas Group’s ability to manage its risks. The BNP Paribas Group’s losses could therefore be significantly greater than the historical measures indicate. In addition, the BNP Paribas Group’s quantified modelling does not take all risks into account. Its more qualitative approach to managing certain risks could prove insufficient, exposing it to material unanticipated losses.
As with most other banks, the BNP Paribas Group relies heavily on communications and information systems to conduct its business. This dependency has increased with the spread of mobile and online banking and payment services, the development of cloud computing, and more generally the use of new technologies. These technologies are mainly developed internally but some are provided by third parties. Any failure or interruption or breach in security of these systems could result in failures or interruptions in the BNP Paribas Group’s customer relationship management, general ledger, deposit, servicing and/or loan organisation systems or could cause the BNP Paribas Group to incur significant costs in recovering and verifying lost data. The BNP Paribas Group cannot provide assurances that such failures or interruptions will not occur or, if they do occur, that they will be adequately addressed by it or by its third-party service providers.
In addition, the BNP Paribas Group is subject to cybersecurity risk, or risk caused by a malicious and/or fraudulent act, committed virtually, with the intention of manipulating information (confidential, banking/insurance, technical or strategic data), processes and users, in order to cause material losses to the BNP Paribas Group’s subsidiaries, employees, partners and clients, for the purpose of extortion (ransomware) and/or for political or ideological purposes. An increasing number of companies (including financial institutions) have in recent years experienced intrusion attempts or even breaches of their information technology security, some of which have involved highly sophisticated and targeted attacks on their computer networks. Because the techniques used to obtain unauthorised access, disable or degrade service, steal confidential data or sabotage information systems have become more sophisticated, change frequently and often are not recognised until launched against a target, the BNP Paribas Group and its third-party service providers may be unable to anticipate these techniques or to implement in a timely manner effective and efficient countermeasures. Any failures of or interruptions in the BNP Paribas Group’s information systems or those of its providers and any subsequent disclosure of confidential information related to any client, counterpart or employee of the BNP Paribas Group (or any other person) or any intrusion or attack against its communication system, or the communication systems of its third-party service providers, could cause significant losses and have an adverse effect on the BNP Paribas Group’s reputation, financial condition and results of operations.
Regulatory authorities now consider cybercriminality to be a growing systemic risk for the financial sector. They have stressed the need for financial institutions to improve their resilience to cyber-attacks by strengthening internal IT monitoring and control procedures. A successful cyber-attack could therefore expose the Group to a regulatory fine, especially should any personal customer data be lost.
Moreover, the BNP Paribas Group is exposed to the risk of operational failure or interruption of a clearing agent, foreign markets, clearing houses, custodian banks or any other financial intermediary or external service provider used by the BNP Paribas Group to execute or facilitate financial transactions. Due to its increased interaction with clients, the BNP Paribas Group is also exposed to the risk of operational malfunction of the latter’s information systems. The BNP Paribas Group’s communications and data systems and those of its clients, service providers and counterparties may also be subject to malfunctions or interruptions as a result of cyber-crime or cyber-terrorism. The BNP Paribas Group cannot guarantee that these malfunctions or interruptions in its own systems or those of other parties will not occur or that in the event of a cyber-attack, these malfunctions or interruptions will be adequately resolved.
Considering the highly competitive environment in the financial services industry, a reputation for financial strength and integrity is critical to the BNP Paribas Group’s ability to attract and retain customers. The BNP Paribas Group’s reputation could be harmed if the means it uses to market and promote its products and services were to be deemed inconsistent with client interests. The BNP Paribas Group’s reputation could also be damaged if, as it increases its client base and the scale of its businesses, its overall procedures and controls dealing with conflicts of interest fail, or appear to fail, to address them properly. Moreover, the BNP Paribas Group’s reputation could be damaged by employee misconduct or labour strikes or other disputes, fraud or misconduct by financial industry participants to which the BNP Paribas Group is exposed, a restatement of, a decline in, or corrections to its results, as well as any adverse legal or regulatory action, such as the settlement the BNP Paribas Group entered into with the US authorities in 2014 for violations of US laws and regulations regarding economic sanctions. The loss of business that could result from damage to the BNP Paribas Group’s reputation could have an adverse effect on its results of operations and financial position.
The risk-weighted assets of the BNP Paribas Group subject to market risk amounted to EUR 28 billion at 31 December 2024, or almost 4% of the BNP Paribas Group’s total risk-weighted assets, compared to EUR 29 billion at 31 December 2023, or 4% of the total risk-weighted assets of the BNP Paribas Group.
BNP Paribas Group is exposed to market risk mainly through trading activities carried out by the business lines of its Corporate & Institutional Banking (CIB) operating division, in particular in Global Markets, which represented 18% of the BNP Paribas Group’s revenue in 2024. The BNP Paribas Group maintains trading and investment positions in the debt, currency, commodity and equity markets, and in unlisted securities, real estate and other asset classes, including through derivative contracts. BNP Paribas Group’s trading activities are directly linked to economic relations with clients of these business lines, or indirectly as part of its market making activity.
These positions could be adversely affected by extreme volatility in these markets, i.e. the degree to which prices fluctuate over a particular period in a particular market, regardless of market levels. Moreover, volatility trends that prove substantially different from the BNP Paribas Group’s expectations may lead to losses relating to a broad range of other products that the BNP Paribas Group uses, including swaps, forward and future contracts, options and structured products.
To the extent that the BNP Paribas Group owns assets, or has net long positions, in any of those markets, a market downturn could result in losses from a decline in the value of its positions. Conversely, to the extent that the BNP Paribas Group has sold assets that it does not own, or has net short positions in any of those markets, a market upturn could, in spite of the existing limitation of risks and control systems, expose the BNP Paribas Group to potentially substantial losses as it attempts to cover its net short positions by acquiring assets in a rising market.
The BNP Paribas Group may from time to time hold a long position in one asset and a short position in another, in order to hedge transactions with clients and/or in view of benefitting from changes in the relative value of the two assets. If, however, the relative value of the two assets changes in a direction or manner that the BNP Paribas Group did not anticipate or against which its positions are not hedged, it might realise a loss on those paired positions. Such losses, if significant, could adversely affect the BNP Paribas Group’s results and financial condition. In addition, the BNP Paribas Group’s hedging strategies may not be suitable for certain market conditions.
If any of the variety of instruments and strategies that the BNP Paribas Group uses to hedge its exposure to various types of risk in its businesses is not effective, the BNP Paribas Group may incur losses that could adversely affect its operating results and financial position. Many of its strategies are based on historical trading patterns and correlations. For example, if the BNP Paribas Group holds a long position in an asset, it may hedge that position by taking a short position in another asset where the short position has historically moved in a direction that would offset a change in the value of the long position. However, the hedge may only be partial, or the strategies used may not protect against all future risks or may not be fully effective in mitigating the BNP Paribas Group’s risk exposure in all market environments or against all types of risk in the future. Unexpected market developments may also reduce the effectiveness of the BNP Paribas Group’s hedging strategies. In addition, the manner in which gains and losses resulting from certain ineffective hedges are recorded may result in additional volatility in the BNP Paribas Group’s reported earnings.
In addition, market risk relating to the BNP Paribas Group’s banking activities includes its interest rate and foreign exchange rate risks in connection with its activities as a banking intermediary. The “operating” foreign exchange risk exposure relates to net earnings generated by activities conducted in currencies other than the functional currency of the entity concerned. The “structural” foreign exchange risk position of an entity relates to investments in currencies other than the functional currency. The BNP Paribas Group uses the concepts of standard rate risk and structural rate risk in measuring interest rate risk. Standard rate risk corresponds to the general case for a given transaction. Structural rate risk is the interest rate risk relating to own funds and non-interest-bearing current accounts.
The BNP Paribas Group uses a “Value at Risk” (VaR) model and various other market indicators (stressed VaR, Incremental Risk Charge, Comprehensive Risk Measure for the credit correlation portfolio) to quantify its exposure to potential losses from market risks, and also performs stress testing and sensitivity analysis compared with market limits with a view to quantifying its potential exposure in extreme scenarios (see Market Risk Stress Testing Framework in section 5.7 Market risk of BNP Paribas’ Universal registration document at 31 December 2024). However, these techniques rely on statistical methodologies based on historical observations, which may turn out to be unreliable predictors of future market conditions. Accordingly, the BNP Paribas Group’s exposure to market risk in extreme scenarios could be greater than the exposures predicted by its quantification techniques.
More generally, the volatility of financial markets resulting from disruptions or deteriorations in macroeconomic conditions could adversely affect the BNP Paribas Group’s trading and investment positions in the debt, currency, commodity and equity markets, as well as its positions in other investments such as commercial real estate. For reference, and as indicated below, the revenues of Global Markets, the main business line of the Corporate & Institutional Banking (CIB) division, which handles the BNP Paribas Group’s trading activities, accounted for 18% of the BNP Paribas Group’s revenues in 2024. Severe market disruptions and extreme market volatility have occurred often in recent years (including in 2024 in response to the political instability in France since the dissolution of the Assemblée nationale on 9 June 2024) and may persist or resurface, which could result in significant losses for the BNP Paribas Group. Such losses may extend to a broad range of trading and hedging products, including swaps, forward and future contracts, options and structured products. The volatility of financial markets makes it difficult to predict trends and implement effective trading strategies. It also weighs on the primary equity and bond markets, affecting the activity of Corporate & Institutional Banking.
Commissions received by the BNP Paribas Group represented 22% of its revenues in 2024. Financial and economic conditions affect the number and size of transactions for which the BNP Paribas Group provides securities underwriting, financial advisory and other investment banking services. These revenues, which include fees from these services, are directly related to the number and size of the transactions in which the BNP Paribas Group participates and can thus be significantly affected by economic or financial changes that are unfavourable to its investment banking business and clients. In addition, because the fees that the BNP Paribas Group charges for managing its clients’ portfolios are in many cases based on the value or performance of those portfolios, a market downturn that reduces the value of its clients’ portfolios or increases the amount of withdrawals would reduce the revenues it receives from its asset management, equity derivatives and private banking businesses. Independently of market changes, the development of index portfolios or the below-market performance by the BNP Paribas Group’s mutual funds may lead to reduced revenues from the BNP Paribas Group’s asset management business, and increased withdrawals and reduced inflows for these vehicles. A reduced level of net banking income from the abovementioned commission and fee-based businesses may have a material adverse impact on the BNP Paribas Group’s financial results.
The carrying value of the BNP Paribas Group’s securities and derivatives portfolios and certain other assets, as well as its own debt, in its balance sheet, is adjusted as of each financial statement date. As at 31 December 2024, on the assets side of the BNP Paribas Group’s balance sheet, financial instruments at fair value through profit or loss, derivative financial instruments used for hedging purposes and financial assets at fair value through shareholders’ equity amounted to EUR 816 billion, EUR 21 billion and EUR 73 billion respectively. In the liabilities column, financial instruments at fair value through profit or loss and derivative financial instruments used for hedging purposes amounted to EUR 792 billion and EUR 37 billion, respectively, at 31 December 2024. Most of the adjustments are made on the basis of changes in fair value of the BNP Paribas Group’s assets or debt during an accounting period, with the changes recorded either in the income statement or directly in shareholders’ equity. Changes that are recorded in the income statement, to the extent not offset by opposite changes in the value of other assets, affect the BNP Paribas Group’s consolidated revenues and, as a result, its net income. A downward adjustment of the fair value of the BNP Paribas Group’s securities and derivatives portfolios may lead to reduced shareholders’ equity and, to the extent not offset by opposite changes in the value of the BNP Paribas Group’s liabilities, the BNP Paribas Group’s capital adequacy ratios may also be lowered. The fact that fair value adjustments are recorded in one accounting period does not mean that further adjustments will not be needed in subsequent periods.
The financial crisis, the Eurozone sovereign debt crisis as well as the general macroeconomic environment, at times during a period around fifteen years ago adversely affected the availability and cost of funding for European banks. This was due to several factors, including a sharp increase in the perception of bank credit risk due to exposure to sovereign debt in particular, credit rating downgrades of sovereigns and of banks, and debt market speculation. Many European banks, including the BNP Paribas Group, at various points during these periods experienced restricted access to wholesale debt markets for institutional investors and to the interbank market, as well as a general increase in their cost of funding.
Such adverse credit market conditions may reappear in the event of a change in monetary policy (as seen, for example, with respect to worsening inflation in 2022 and 2023), a recession, prolonged stagnation of growth, deflation, “stagflation” (sluggish growth accompanied by inflation), or another sovereign debt crisis, in particular in France should it fail to reduce its level of indebtedness (due to political or institutional deadlock or for any other reason). Such conditions could also reemerge following a sovereign borrower ratings downgrade in the Group’s key markets, in particular due to excessive political instability (such as has occurred in France since the dissolution of the Assemblée nationale on 9 June 2024 and which has led to renewed volatility on financial markets and the widening of the credit spread of the French Obligation Assimilable du Trésor (OAT) against, in particular, the German Bund (German sovereign bond), followed by the downgrading of France's credit rating by Moody's in December 2024 and the subsequent downgrading of several French banking institutions), new forms of financial crisis and factors relating to the financial industry or the economy in general (including the economic consequences of the war in Ukraine or the conflicts in the Middle East) or to the BNP Paribas Group in particular. In such a case, the effect on the liquidity, balance sheet strength and cost of funding of European financial institutions in general or the BNP Paribas Group in particular could be materially adverse and have a negative impact on the BNP Paribas Group’s results of operations and financial condition.
In some of the BNP Paribas Group’s businesses, particularly Global Markets (which represented 18% of the BNP Paribas Group’s revenue in 2024) and Asset/Liability Management, protracted market movements, such as asset price declines, can reduce the level of activity in the market or reduce market liquidity. These developments can lead to material losses if the BNP Paribas Group cannot close out deteriorating positions in a timely way. This is particularly true for assets that are intrinsically illiquid. Assets that are not traded on stock exchanges or other public trading markets, such as certain derivative contracts between financial institutions, may have values that the BNP Paribas Group calculates using models rather than publicly-quoted prices. Monitoring the deterioration of prices of assets like these is difficult and could lead to significant unanticipated losses (see section 5.8 Liquidity risk, paragraph Stress tests and liquidity reserve of BNP Paribas’ Universal registration document at 31 December 2024). The liquidity risk of the BNP Paribas Group can be assessed through its short-term liquidity ratio (the Liquidity Coverage Ratio, “LCR”) which analyses the coverage of net cash outflows at 30 days in a stress scenario. The BNP Paribas Group’s period end LCR was 137% as at 31 December 2024. The liquidity reserve was EUR 480 billion as at 31 December 2024.
The BNP Paribas Group is exposed to the risk that the maturity, interest rate or currencies of its assets might not precisely match those of its liabilities. The timing of payments on certain of the BNP Paribas Group’s assets is uncertain and, if the BNP Paribas Group receives lower revenues than expected at a given time, it might require additional market funding in order to meet its obligations on its liabilities. While the BNP Paribas Group imposes strict limits on the gaps between its assets and its liabilities as part of its risk management procedures, it cannot be certain that these limits will be fully effective to eliminate potential negative effects arising from asset and liability mismatches.
Credit ratings have a significant impact on the BNP Paribas Group’s liquidity and cost of funding. The BNP Paribas Group is rated by four ratings agencies: Standard & Poor’s, Moody’s, Fitch and DRBS. On 24 April 2023, Standard & Poor’s confirmed the long-term rating of BNP Paribas SA’s deposits and senior preferred debt rating as A+, and its short- term rating as A-1 with a stable outlook. On 16 October 2024, Fitch maintained its long-term deposits and senior preferred debt rating for BNP Paribas SA at AA- and its short term deposits and senior preferred debt rating for BNP Paribas SA at F1+, with a stable outlook. On 17 December 2024, Moody’s downgraded its long-term deposits and senior preferred debt rating to A1, and maintained its short-term rating as P-1, with a stable outlook. On 20 June 2024, DBRS confirmed BNP Paribas SA’s senior preferred debt rating as AA(low), and its short-term rating as R-1(middle), with a stable outlook. A downgrade in the BNP Paribas Group’s credit rating could affect the liquidity and competitive position of the Group. A downgrade could also increase the BNP Paribas Group’s borrowing costs, limit access to the capital markets or trigger additional obligations under its covered bonds or under certain bilateral provisions in some trading, derivative or collateralised financing contacts. Moreover, a downgrade in the sovereign credit rating of France, the Group’s principal country market, could indirectly affect BNP Paribas’ credit rating and cost of funding due to a potential resulting increase in the risk premium of French financial institutions. For example, Moody’s downgraded France’s credit rating in December 2024, and subsequently downgraded several French banking institutions, in response to the political instability in France since June 2024 and the country’s rising debt levels.
In addition, the BNP Paribas Group’s cost of obtaining long-term unsecured funding from market investors is also directly related to its credit spreads, which in turn depend to a certain extent on its credit ratings. Increases in credit spreads can significantly increase the BNP Paribas Group’s cost of funding. Changes in credit spreads are continuous, market-driven, and subject at times to unpredictable and highly volatile movements. Credit spreads are also influenced by market perceptions of the BNP Paribas Group’s creditworthiness. Furthermore, credit spreads may be influenced by movements in the cost to purchasers of credit default swaps referenced to the Group’s debt obligations, which are influenced both by the credit quality of those obligations, and by a number of market factors that are beyond the control of the BNP Paribas Group.
The BNP Paribas Group’s business is affected by changes in the financial markets and more generally by trends in economic conditions in France (26% of the Group’s revenues at 31 December 2024), other countries in Europe (51% of the Group’s revenues at 31 December 2024) and the rest of the world (23% of the Group’s revenues at 31 December 2024). Fluctuations, deterioration or turbulence in the markets and/or the economic or political environment in the countries where the BNP Paribas Group operates has in the past had, and could again in the future have, various impacts including the following:
While by definition the occurrence of such adverse geopolitical events is difficult to predict, in 2025 they could include the worsening of the consequences or the extension of the war in Ukraine or of the conflicts in the Middle East, commercial and geopolitical tensions among China, Taiwan and the United States, which could extend to and implicate the European Union and other countries, and changes to trade or other policies, including the imposition of tariffs and retaliatory tariffs, any of which could lead to inflationary pressures and affect the energy market and/or supply chains, contribute to the occurrence of a sovereign debt crisis (high level of public debt, rapid increase in (re)financing costs, aggravating exchange rate effects, particularly for borrowers exposed to the US dollar), negatively affect economic growth and lead to the materialisation of various political risks. Moreover, political instability or fragmentation, or even changes in priorities or policies such as those stemming from shifts in the balance of power between political parties or new administrations, may have similar negative effects, such as market volatility and reductions in consumption, investment (including foreign investment) and overall economic performance. As an illustration, the snap legislative elections following the dissolution of the French Assemblée nationale on 9 June 2024, and the motion of censure of the French government voted on 4 December 2024, have created market volatility, particularly in the financial sector. Continuing political fragmentation is also affecting France’s ability to deliver measures to address elevated levels of public debt and may affect France’s ability to achieve economic growth and result in a deterioration of French asset quality. Any such events may have a material adverse effect on the BNP Paribas Group’s business, results of operations and financial condition.
Interest rates rose significantly in 2022 and 2023, after many years of low interest rates, and then began to fall in the second half of 2024. In this context, the results of the BNP Paribas Group have been and could continue to be significantly affected in several ways. Net interest income amounted to 19,524 million euros in 2024 and 19,058 million euros in 2023, respectively (see note 2.a Interest margin to the audited consolidated financial statements for the year ended 31 December 2024). The interest margin of Eurozone commercial banks increased over the year 2024 despite the impact of headwinds (inflation hedges, reserve requirement and Belgian government bonds representing a base effect of EUR -352 million in 2024 compared to 2023) and the shortfall of around EUR300 million due to the high short-term rates underpinning the stronger-than-expected shift from demand deposits to interest-bearing accounts (price signal) between 2022 and 2024. At Group level, the interest margin rose by +2.4% in 2024 compared with 2023.
High interest rates increase the cost of funding for the Group through higher interest rates on liabilities such as short-term deposits, commercial paper and bonds, as well as the risk of arbitrage by customers between non-interest-bearing deposits and interest-bearing deposits (compounded in France by policy decisions to increase rates on regulated savings, including to levels above the return received by banks on the same deposits). This increase in the cost of funding could create an imbalance and a reduction in net interest margin as a result of the Group holding a significant portfolio of loans originated in a low interest rate environment. The Group may also have difficulty (in particular due to the usury rate in France) promptly reflecting higher interest rates in new mortgage or other fixed-rate consumer or corporate loans, while the cost of customer deposits and hedging costs would increase more rapidly. Moreover, a portfolio comprising significant amounts of lower-interest loans and fixed-income assets as a result of an extended period of low interest rates may (in a rapidly rising market interest-rate environment) decline in value. If the Group’s hedging strategies are ineffective or provide only a partial hedge against such a change in value, the Group could incur significant losses. Higher interest rates also increase financial expense for borrowers and may strain their ability to meet their debt obligations, which could test the resilience of the BNP Paribas Group’s loan and bond portfolios and could, in turn, lead to an increase in doubtful loans and defaults. More generally, the end of accommodating monetary policies, in particular by the ECB and the Fed, has led, and could continue to lead, to sharp corrections in certain markets or assets. For example, in early 2024, the commercial real estate crisis affected the share prices of many US regional banks, as well as the financial condition of some major real estate developers. More generally, such corrections could potentially be contagious to financial markets generally, including by the effect of substantially increased volatility and heightened investor mistrust, generally or in relation to certain sectors, including the banking sector due to its exposure to the commercial real estate market, leveraged financing or other sectors particularly affected by rising interest rates. The BNP Paribas Group’s operations could as a result be significantly disrupted with a consequential material adverse effect on its business, results of operations and financial condition.
Conversely, if a low interest rates environment were to re-emerge, due in particular to monetary easing decided by central banks, weak growth or other economic factors, the BNP Paribas Group’s profitability could also be negatively impacted. During periods of low interest rates, interest rate spreads tend to tighten, and the BNP Paribas Group may be unable to lower interest rates on deposits sufficiently to offset reduced income from lending at lower interest rates. In addition, the BNP Paribas Group may face an increase in early repayment and refinancing of mortgages and other fixed-rate consumer and corporate loans as clients take advantage of lower borrowing costs. This, along with the issuance of new loans at the low prevailing market interest rates, may result in a decrease in the average interest rate of the BNP Paribas Group’s portfolio of loans, thereby causing a decline in its net interest income from lending activities. Low interest rates may also affect the profitability and even the solvency of the insurance activities of BNP Paribas Group, particularly due to the prevalence in the market of life insurance contracts backed by euro-denominated funds, which may not be able to generate sufficient returns to be competitive with other investment products.
Low interest rates may also adversely affect commissions charged by the BNP Paribas Group’s asset management subsidiaries on money market and other fixed income products. A reduction in credit spreads and decline in retail banking income resulting from lower portfolio interest rates may adversely affect the profitability of the BNP Paribas Group’s retail banking operations.
The BNP Paribas Group monitors country risk and takes it into account in the fair value adjustments and cost of risk recorded in its consolidated financial statements. However, a significant change in political or macroeconomic environments may require it to record additional charges or to incur losses beyond the amounts previously written down in its consolidated financial statements. In addition, factors specific to a country or region in which the BNP Paribas Group operates could make it difficult for it to carry out its business and lead to losses or impairment of assets.
At 31 December 2024, the BNP Paribas Group’s loan portfolio consisted of receivables from borrowers located in France (28%), Belgium and Luxembourg (16%), Italy (10%), other European countries (23%), North America, (11%), Asia (7%) and the rest of the world (5%). Adverse economic, political or regulatory conditions that affect these countries and regions would have a significant impact on the BNP Paribas Group. For example, at 31 December 2024, the BNP Paribas Group, operating in Poland through BNP Paribas Bank Polska, recorded a charge of EUR 202 million under other net charges for risk on financial instruments relating to mortgage loans in Poland denominated in Swiss francs or indexed to the Swiss franc in the amount of EUR 186 million as well as losses related to the act on assistance to borrowers in Poland in the amount of EUR 16 million. As another example, hyperinflation in Türkiye and the application of the IAS 29 accounting standard negatively affected the 2023 and 2024 results of the BNP Paribas Group. Moreover, the BNP Paribas Group has significant exposures in countries outside the OECD, which are subject to risks that include political instability, unpredictable regulation and taxation, expropriation and other risks that are less present in more developed economies.
In addition, the BNP Paribas Group is present in Ukraine, through its subsidiary UkrSibbank, in which it holds a 60% stake alongside the European Bank for Reconstruction and Development (40%). Certain restrictions previously imposed by the National Bank of Ukraine were lifted, thereby allowing the BNP Paribas Group to satisfy once more the conditions required for establishing control, as defined under IFRS 10, from 1 January 2024. This had the effect of changing the consolidation method for UkrSibbank from the equity method, which had been applied as from 1 March 2022, to the full consolidation method.
With regard to Russia, which is subject to extensive economic sanctions imposed in particular by the European Union, the United States and the United Kingdom, gross on- and off- balance sheet credit risk exposures of the BNP Paribas Group to this country represented 0.02% of the BNP Paribas Group’s gross exposures on- and off- balance sheet at 31 December 2024. In March 2022, the BNP Paribas Group decided to stop all new financing as well as all new operations in Russia. The Group is diligently monitoring developments in the situation in conjunction with the authorities concerned and, in particular, the reactions of the international community with regard to economic sanctions.
Laws and regulations in force in the jurisdictions in which the BNP Paribas Group operates (in particular in France, Europe and the United States) have substantially changed, and in the future could potentially continue to substantially change, the environment in which financial institutions, such as the BNP Paribas Group, operate. These measures include in particular:
Existing measures, as well as those (by definition unpredictable) which could be adopted in the future, could in particular reduce the BNP Paribas Group’s ability to allocate and apply its capital and financing resources, limit its ability to diversify its risks, reduce the availability of certain financing and liquidity resources, increase the cost of financing, increase the cost of compliance, increase the cost or reduce the demand for its products and services, require it to effect internal reorganisations, structural changes or reallocations, affect its ability to conduct certain activities or to attract and/or retain talent, facilitate the entry of new players in the financial services sector or affect the business model of the BNP Paribas Group and, more generally, affect its competitiveness (including with other international banking groups that may not be subject to the same level of regulation) and profitability, which could have a significant impact on its business, financial condition and results of operations.
The BNP Paribas Group is subject to regulatory compliance risk. This risk is exacerbated by the adoption by different countries of multiple and occasionally diverging and even conflicting legal or regulatory requirements. Besides damage to the Group’s reputation and private rights of action (including class actions), non-compliance could lead to material legal proceedings, fines and expenses (including fines and expenses in excess of recorded provisions), public reprimand, enforced suspension of operations or, in extreme cases, withdrawal by the authorities of operating licences. This risk is further exacerbated by continuously increasing regulatory scrutiny of financial institutions as well as substantial increases in the quantum of applicable fines and penalties. Moreover, litigation by private parties against financial institutions has substantially increased in recent years. Accordingly, the BNP Paribas Group faces significant legal risk in its operations. The volume and amount of damages claimed in litigation, regulatory proceedings and other adversarial proceedings against financial services firms have substantially increased in recent years and may increase further. The BNP Paribas Group may record provisions in this respect as indicated in note 4.n Provisions for contingencies and charges to its audited consolidated financial statements for the year ended 31 December 2024.
Regarding the Cease and Desist Order issued jointly by the French Autorité de contrôle prudentiel et de résolution and the Fed’s Board of Governors on 30 June 2014, related to violations by the bank of US laws and regulations on economic sanctions (which resulted among other things in a fine of USD 8.9 billion), the Secrétariat Général de l’Autorité de contrôle prudentiel et de résolution informed BNP Paribas on 19 January 2024 of its conclusion that the Group had fully complied with the provisions of the Cease and Desist Order and that it would no longer monitor the Group’s compliance. On 6 February 2024, the Fed’s Board of Governors also announced the termination of the Cease and Desist Order and a related enforcement action.
The BNP Paribas Group is also currently involved in various litigations and investigations as summarised in note 8.c Legal proceedings and arbitration to its audited consolidated financial statements for the year ended 31 December 2024. It may become involved in other litigation or investigations at any time. No assurance can be given that an adverse outcome in one or more of such matters would not have a material adverse effect on the BNP Paribas Group’s operating results for any particular period.
The BRRD, the Ordinances of 20 August 2015 and 21 December 2020 transposing it, and the Regulation of the European Parliament and Council of the European Union of 15 July 2014, each as amended from time to time, confer upon the ACPR or the Single Resolution Board the power to commence resolution proceedings for a banking institution, such as the BNP Paribas Group, with a view to ensure the continuity of critical functions, to avoid the risks of contagion and to recapitalise or restore the viability of the institution. These powers must be implemented so as to ensure that losses, subject to certain exceptions, are borne first by shareholders, then by holders of additional capital instruments qualifying as Tier 1 (such as super subordinated bonds) and Tier 2 (such as subordinated bonds), then by the holders of senior non-preferred debt and finally by the holders of senior preferred debt, all in accordance with the insolvency ranking in normal insolvency proceedings. For reference, the BNP Paribas Group’s medium‑ to long-term wholesale financing at 31 December 2024 consisted of the following: EUR 15.9 billion in hybrid Tier 1 debt, EUR 25.4 billion in Tier 2 subordinated debt, EUR 2.5 billion in subordinated debt not included in own funds, EUR 73.2 billion in senior unsecured non-preferred debt, EUR 115.7 billion in senior unsecured preferred debt (including EUR 23.6 billion in MREL-eligible senior unsecured preferred debt) and EUR 13.6 billion in senior secured debt.
Resolution authorities have broad powers to implement resolution measures with respect to institutions and groups subject to resolution proceedings, which may include : the total or partial sale of the institution’s business to a third party or a bridge institution, the separation of assets, the replacement or substitution of the institution as obligor in respect of debt instruments, the full or partial write-down of capital instruments and/or debt instruments, the conversion into common equity tier 1 instruments of additional tier 1 instruments, tier 2 instruments and/or debt instruments, the dilution of capital instruments through the issuance of new equity, modifications to the terms of debt instruments (including altering the maturity and/or the amount of interest payable and/or imposing a temporary suspension on payments), discontinuing the listing and admission to trading of financial instruments, the dismissal of managers or the appointment of a special manager (administrateur spécial). In addition, the resolution authorities must exercise the full or partial write-down of capital instruments or the conversion into equity of additional capital instruments qualifying as tier 1 (such as super-subordinated bonds) and tier 2 (such as subordinated bonds) before the opening of a resolution proceeding if the conditions for initiating it are met.
Moreover, certain powers, including the full or partial write-down of capital instruments, the dilution of capital instruments through the issuance of new equity or the conversion into equity of additional capital instruments qualifying as Tier 1 (such as super-subordinated bonds) and Tier 2 (such as subordinated bonds), can also be exercised before resolution proceedings and/or independently thereof, such as pursuant to the European Commission’s State Aid framework if the institution requires exceptional public financial support.
The implementation of these tools and powers with respect to the BNP Paribas Group may result in significant structural changes to the BNP Paribas Group (including as a result of asset or business sales or the creation of bridge institutions) and in a partial or total write-down, modification or variation of claims of shareholders and creditors. Such powers may also result, after any transfer of all or part of the BNP Paribas Group’s business or separation of any of its assets, in the holders of securities (even in the absence of any such write-down or conversion) being left as the creditors of the BNP Paribas Group whose remaining business or assets are insufficient to support the claims of all or any of its creditors.
In connection with the publication of its results for the year ended 31 December 2024, the BNP Paribas Group detailed the 2025-2026 trajectory of its strategic plan at the level of the Group and within each division. The BNP Paribas Group’s actual results could vary significantly from these trends for a number of reasons, including the materialisation of one or more of the risks described in this section. If the BNP Paribas Group’s results do not follow these trends, its financial condition and the price of its securities, as well as its financing costs, could be affected.
Additionally, the Group is pursuing an ambitious corporate social responsibility (CSR) policy and is committed to making a positive impact on society with concrete commitments and targets. If the Group fails to meet these commitments and targets, which depend in part on factors beyond its control, its reputation could be affected.
The BNP Paribas Group regularly undertakes merger and acquisition transactions. It has in particular announced its intention to allocate part of the proceeds from the sale of Bank of the West to acquisitions. The BNP Paribas Group’s most recent major such transactions were the integration of Deutsche Bank’s Prime Brokerage & Electronic Execution platform in 2019, the closing of the acquisition of 100% of the capital of Exane, previously 50% owned by BNP Paribas, in 2021, the acquisition of 100% of Floa in 2022, the acquisition of Kantox in 2023 and the acquisitions of BCC Vita SpA and Neuflize Vie in 2024 as well as the signing of the purchase agreement for the acquisition of 100% of AXA Investment Managers, which is expected in mid-2025. Successful integration and the realisation of synergies require, among other things, proper coordination of business development and marketing efforts, retention of key members of management, policies for effective recruitment and training as well as the ability to adapt information and computer systems. Any difficulties encountered in combining operations could result in higher integration costs and lower savings or revenues than expected. There will accordingly be uncertainty as to the extent to which anticipated synergies will be achieved and the timing of their realisation. Moreover, the integration of the BNP Paribas Group’s existing operations with those of the acquired operations could interfere with its respective businesses and divert management’s attention from other aspects of the BNP Paribas Group’s business, which could have a negative impact on the Group’s business and results. In some cases, moreover, disputes relating to acquisitions may have an adverse impact on the integration process or have other adverse consequences, including financial ones. Moreover, the acquisition of certain companies may have the effect of increasing the BNP Paribas Group’s capital requirements.
Although the BNP Paribas Group undertakes an in-depth analysis of the companies it plans to acquire, such analyses often cannot be complete or exhaustive. In the event that the Group is unable to conduct comprehensive due diligence prior to an acquisition, it may acquire doubtful or troubled assets or businesses that may be unprofitable or have certain potential risks that only materialise after the acquisition, The acquisition of an unprofitable business or a business with materialised risks may have a significant adverse effect on the BNP Paribas Group’s overall profitability and may increase its liabilities.
Competition is intense in all of the BNP Paribas Group’s primary business areas in France and the other countries in which it conducts a substantial portion of its business, including other European countries and the United States. Competition in the banking industry could intensify as a result of consolidation in the financial services area, the increased appeal of certain banking products or securities, such as Belgian government bonds since 2023, the presence of new players in the payment and the financing services area or the development of crowdfunding platforms, as well as the continuing evolution of consumer habits in the banking sector. While the BNP Paribas Group has launched initiatives in these areas, such as the debut of Hello bank! and its acquisitions of Nickel and Floa, competitors subject to less extensive regulatory requirements or to less strict capital requirements (e.g. debt funds, shadow banks), or benefiting from economies of scale, data synergies, technological innovation (e.g. Internet and mobile operators, digital platforms, fintechs), or free access to customer financial data could be more competitive by offering lower prices and more innovative services to address the new needs of consumers. New technologies that facilitate or transform transaction processes and payment systems, such as blockchain technologies and related services, or that could significantly impact the fundamental mechanisms of the banking system, such as central bank digital currencies, have been developed in recent years or could be developed in the near future. While it is difficult to predict the effects of these developments and the regulations that apply to them, the use of such technology could nevertheless reduce the market share of banks, including the BNP Paribas Group, secure investments that otherwise would have used technology used by more established financial institutions, such as BNP Paribas or, more broadly, lead to the emergence of a different monetary system in which the attractiveness of using established financial institutions such as BNP Paribas would be affected. If such developments continue to gain momentum, particularly with the support of governments and central banks, if the BNP Paribas Group is unable to respond to the competitive environment in France or in its other major markets by offering more attractive, innovative and profitable product and service solutions than those offered by current competitors or new entrants or if some of these activities were to be carried out by institutions other than banks, it may lose market share in key areas of its business or incur losses on some or all of its activities. In addition, downturns in the economies of its principal markets could add to the competitive pressure, through, for example, increased price pressure and lower business volumes for the BNP Paribas Group and its competitors. It is also possible that the imposition of more stringent requirements (particularly capital requirements and business restrictions) on large or systemically significant financial institutions that new players may not be subject to could lead to distortions in competition in a manner adverse to large private-sector institutions such as the BNP Paribas Group.
ESG-related risks are not considered to be a stand-alone risk category. Instead, they are factors that may affect various risk categories, such as credit risks, market risks, operational risks or liquidity risks, and which may increase pressure on the Group's financial performance. Accordingly, the BNP Paribas Group is progressively integrating the assessment of these risks into its existing risk management systems and processes. Twenty ESG risk factors were integrated in 2024, covering in particular climate change risks, nature-related risks, social risks and governance-related risks. In addition, in order to improve risk identification processes, the Group has implemented specific actions as detailed in section 5.11 Environmental, social and governance risk of the BNP Paribas Universal Registration Document at 31 December 2024 and in sustainability-related sections, including section 7.1.2 Climate change, section 7.1.4 Own workforce, section 7.1.5 Consumers and end-users and section 7.1.6 Business conduct.
In addition, the development of ESG-related regulatory requirements could lead to an increase in litigation faced by financial institutions. Policy and regulatory initiatives and frameworks, including at the European and international levels, concerning climate change and sustainability, as well as voluntary and joint commitments through industry alliances, create increasing legal, regulatory and reputational risks. The ESG regulatory framework is constantly changing and instituting, among other things, requirements in terms of disclosure and the integration of climate risks into risk measurement and management systems. These initiatives and frameworks overlap in some respects and are not always consistent in their objectives, resulting in regulatory complexity and, in some cases, a lack of clarity and difficulty in interpretation.
Notwithstanding its efforts to combat climate change and monitor the related risks, the physical, transitional or liability risks related to climate change, or any delay or failure to implement ESG risk management, could have a material adverse effect on the Group’s business, financial condition or reputation.
Certain classes of assets may carry a high risk-weight of 250%. They include credit or financial institutions consolidated under the equity method within the prudential scope (excluding insurance); significant financial interest in credit or financial institutions in which the BNP Paribas Group holds a stake of more than 10%; and deferred tax assets that rely on future profitability and arise from temporary differences.
The risk-weighted assets carrying a risk-weight of 250% amounted to EUR 21 billion at 31 December 2024, or 3% of the total risk-weighted assets of the BNP Paribas Group. They amounted to EUR 19 billion at 31 December 2023, or 3% of the total risk-weighted assets of the BNP Paribas Group. If the BNP Paribas Group increases the amount of high risk-weighted assets (either by increasing the proportion of such high risk-weighted assets in its overall asset portfolio or due to an increase of the regulatory risk‑weighting applicable to these assets), its capital adequacy ratios may be lowered.
The identification and monitoring of top and emerging risks are central to BNP Paribas’ approach to risk management.
These risks are identified, analysed and managed thanks to different work and analyses carried out by the RISK Function, the divisions and the businesses, and through several committees. They notably give rise to:
A top risk is defined as having:
The top risks to which the Group is exposed are described below.
Given the nature of the Bank’s business, the Bank and its results are particularly sensitive to macroeconomic and market conditions in Europe.
In 2024, global activity continued to grow at a maderate pace. According to the latest IMF estimates of January 2025, World GDP grew by 3.2% (compared to 3.3% the previous year).
In the Eurozone, activity picked up in 2024, with growth estimated to reach 0.8% (compared to 0.4% the previous year). The recovery should continue at a moderate pace in 2025, due in particular to the positive impact of disinflation on real incomes and consumption and the gradual easing of monetary conditions. However, its size will remain limited by the expected tightening of budgetary policies.
Inflation continued to slow down in the course of 2024, getting closer to main central banks targets. The latter started their rate reduction cycle during the year. This monetary policy adjustment is expected to continue in the first part of 2025.
Long-term interest rates reached levels in 2023-2024 not seen for more than a decade and are expected to remain relatively high for some time.
After reaching very high levels following the health crisis and in the context of the war in Ukraine, inflation has dropped significantly in most economies in 2023-2024. Nevertheless, potential upside risks remain:
On top of these exogenous risks, labour market tensions, when high, are susceptible to generate second-round effects and disseminate these price increases to other areas.
Beyond these short-term risks, the energy transition is likely to exert upward pressure on prices in the medium term, in particular due to the carbon tax or price increases for some raw materials necessary for the transition (metals).
The high levels of interest rates generate risks for the economy and the financial system and are susceptible to trigger unfavourable market reactions (equity market, foreign exchange, capital flows).
Sectors that are sensitive to interest rates, such as residential and commercial real estate, are more exposed than others. Businesses and households with high debt levels may find it more difficult to repay or refinance their debt. The moderate growth environment aggravates these risks.
The combination of moderate growth in activity and high interest rates is also increasing pressures on public finances, especially given the high public debt levels reached in recent years. High financing costs and persistent fiscal deficits are limiting governments' policy space, leading them to adopt less growth-friendly fiscal policies than in recent years. In addition, risks related to fiscal imbalances are susceptible to generate additional pressures (e.g., higher sovereign spreads), particularly in the euro area.
The vulnerability of some emerging economies to these risks could lead to a deterioration in the rating of these countries by agencies, which can be followed by an increase in risk premiums and debt servicing. The Group’s exposure in emerging countries is limited.
Geopolitical risks have increased significantly in recent years. While the war in Ukraine and the conflict in the Middle East are clearly susceptible to generate significant risks for the global economy, other tensions are also worth monitoring, notably in Asia. Geopolitical tensions can weigh on the global economy through various channels, including shocks on commodity prices, financial markets, business confidence, supply chains and trade. Such developments are susceptible to lead to higher inflation developments and weaker activity developments at the same time, complicating the task of central banks. The growing use of international sanctions also increases the magnitude of potential consequences of such events.
Geopolitical tensions are contributing to some fragmentation of the global economy. Businesses and governments tend to reduce dependencies on some countries, whereas protectionist measures are more common than a few years ago. These developments look overall susceptible to weigh on growth and support inflation, notably by generating additional costs and a less efficient diffusion of technologies.
Recent and future changes in the laws and regulations applicable to financial institutions may have a significant impact on the Bank. Measures recently adopted or of which implementing measures are still under elaboration, that have or are likely to have an impact on the Bank notably include prudential regulations with the finalisation of Basel 3 published by the Basel Committee in December 2017, supplemented by the Fundamental Review of the Trading Book (FRTB) in January 2019 and of CVA risk (Credit Value Adjustment) in July 2020, which introduces a revision of the credit risk, operational risk, market risk and CVA risk measurement in the calculation of risk-weighted assets. The new Basel framework also provides for the gradual introduction of an overall floor which will be based on standardised approaches. These measures enter into force on 1 January 2025 in the European Union with the exception of the FRTB, whose binding application has been pushed back by one year to 1 January 2026, following the publication of a European Commission Delegated Act. This text also provides for the issuance by the EBA of a number of regulatory or implementing technical standards as well as guidelines.
For a more detailed description, see risk factor 6.1 Laws and regulations adopted in force, as well as current and future legislative and regulatory developments, may significantly impact the BNP Paribas Group and the financial and economic environment in which it operates.
Moreover, in this strengthened regulatory context, the risk of non‑compliance with existing laws and regulations, in particular those relating to the protection of the interests of customers and personal data, is a significant risk for the banking industry, potentially resulting in significant losses and fines(3). In addition to its compliance system, which specifically covers this type of risk, the Group places the interest of its customers, and more broadly that of its stakeholders, at the heart of its mechanism. Thus, the Code of conduct adopted by the Group in 2016, updated in 2021, sets out detailed values and rules of conduct in this area.
The BNP Paribas Group is exposed to risks related to climate change, either directly through its own operations or for certain of its assets or indirectly through its financing and investment activities.
The two main risk factors related to climate change are as follows:
The Group assesses the impacts of climate change by identifying all risk drivers linked to these two main risks factors. The way these risk factors or drivers are impacting the Group are called transmission channels and this allows for a precise assessment of all material risks for the Group (for a more detailed description, see chapter 5.11 Risk ID).
In line with international regulators and the Network of Supervisors and Central Banks for Greening the Financial System (NGFS), the Group considers the risks associated with the emergence of legal proceedings related to climate change for companies and investors, including liability risks, as a subset of physical and transition risks.
Indeed, reputational or litigation risks may also arise due to potential negative impacts that the Group may have, either directly or indirectly, on the climate, or if its public commitments or disclosures are not perceived as accurate by some of its stakeholders. The Group may face in this case potential disputes, claims for compensation, legal proceedings and therefore held liable by any stakeholder or citizen who has suffered from climate change.
The Group has set up a monitoring on the potential impact of these risk factors in the conduct of its business, in that of its counterparties or in its investments on its own behalf or on behalf of third parties. The Group thus integrates these risk factors into its risk management process and gradually strengthens their assessment, as the methodologies for measuring and analysing these factors and their impact on traditional risks, in particular, those relating to credit quality, are developed.
For more details, please see risk factor 7.4 The BNP Paribas Group could experience business disruption and losses due to risks related to environmental, social and governance (“ESG”) issues, particularly relating to climate change, such as transition risks, physical risks or liability risks as well as the measures taken and commitments made by the Group in this area in section 7.1 Sustainability statements of chapter 7.
BNP Paribas’ ability to do business is intrinsically tied to the fluidity of electronic transactions as well as the protection and security of information and technology assets.
The technological change is accelerating with the digital transformation and the resulting increase in the number of communications circuits, dependency on systemic technological infrastructure, proliferation in data sources, growing process automation, and greater use of electronic banking transactions.
The progress and acceleration of the technological changes needed to respond to customer requirements are giving cybercriminals new options for altering, stealing and disclosing data. Attacks are more frequent, with a bigger reach and sophistication across all sectors, including financial services. Besides, in the current context of geopolitical tensions and development of hybrid war, cyber threat is heightened.
The outsourcing of a number of processes is also likely to expose the Group to structural cybersecurity and technology risks which can lead to the appearance of potential attack vectors that cybercriminals can exploit.
In this context, the Group has reinforced its lines of defence dedicated to managing technological and cybersecurity risks (see the paragraph Cybersecurity and technology in section 5.9 Operational Risk) and operational standards are regularly adapted to support the Bank’s digital evolution and innovation while managing existing and emerging threats (such as cyber-crime, espionage, etc.).
An emerging risk is defined as a new or evolving risk which potential impact could be material in the future but is currently not fully known or is difficult to quantify.
The Group identified emerging risks related to insurance and reinsurance markets technological innovations, the evolving regulatory environment, as well as certain health, demographic and societal risks.
Insurance and reinsurance are crucial, notably, for managing disaster-related financial risks. They facilitate risk sharing, cover damage and loss expenses, and aid in economic recovery after disasters by providing necessary funds for rebuilding efforts. Countries with well-developed insurance markets tend to recover more swiftly and efficiently from disasters.
With the increasing frequency and severity of extreme weather events due to climate change (such as floods, wildfires and storms), there is a potential risk in the coming years that:
Therefore, banks should critically evaluate the long-term effectiveness of insurance protections as mitigants for potential direct or indirect losses, all the more that the capacity of states to compensate for lack of insurance protection scheme is jeopardised by deteriorated public finance situations.
Beyond climate-related risks, insurers must also manage a variety of emerging risks, including:
The fundamental trend of the evolution of insurance and reinsurance markets conditions the ability of economic agents to transfer and mutualise risks. It has to be considered together with the capacity of States to replace insurers and reinsurers or to structure guarantee schemes that will ensure a continuation of the protections.
The surge in data collection tools and the application of data-centric technologies, including increasingly complex algorithms and artificial intelligence, paired with the extraordinary growth in computing capabilities – exemplified by the advent of quantum computing – are reshaping decision-making processes. These developments introduce new kinds of risks, altering how people perceive information and truth (evidenced by the rise of the "post-truth" concept), reality, and standardised behaviours, which can rapidly influence certain markets.
The anticipated advancements in quantum computing present substantial risks to data security and existing encryption methods, making the shift to post-quantum cryptography essential.
Artificial intelligence’s influence extends to the job market, where it can displace workers and exacerbate inequality, as well as lead to the deterioration of professional skills. The pace of artificial intelligence innovation often exceeds the development of regulatory frameworks, resulting in governance gaps and the potential geopolitical friction. Moreover, the considerable energy demands of artificial intelligence and its carbon footprint are increasing sustainability concerns.
The financial sector is also witnessing transformative shifts due to the rise of decentralised finance, digital assets based on blockchain technology, and the creation of digital currencies by central banks, all of which could structurally alter the banking industry.
In light of these trends, the Group's competitive landscape is being transformed. The emergence of fintechs, significant companies investing in the financial space like GAFAM & BigTechs (Google, Apple, Facebook, Amazon, Microsoft), and other technological breakthroughs are disrupting traditional business models. These forces are shifting the focus towards enhancing customer experiences and employing new technologies to lower costs in less valuable operations.
To remain relevant in this dynamic environment of changing value chains and heightened security needs for information systems and data, the Group is implementing a proactive strategy. This includes fostering industrial collaborations with fintech entities.
In addition to the regulatory measures recently adopted or pending adoption, and already cited as top risks, the trend towards increasing complexity of the banking regulatory environment and associated supervision, as well as regional divergences, induces relative uncertainty about future developments, compliance costs, and the risk of proper execution of various measures. The Group has established an active monitoring system for its regulatory environment, enabling it to minimise these risks.
Possible future divergence by type of regulated entity, for example, depending on their degree of innovation, may introduce risk of a competitive nature.
The threats posed by climate change and environmental degradation are substantial, endangering vital ecosystem services that are fundamental to health and healthcare infrastructure. The anticipated impacts on health stemming from climate change and the destruction of natural habitats are set to escalate, including a rise in air pollution and greater occurrence of heatwaves. The threat of compromised access to safe water and sanitation, along with an uptick in waterborne diseases due to flooding, are additional worries. Moreover:
Furthermore, the emergence of antimicrobial resistance and diseases that transmit from animals to humans (zoonotic diseases) introduces additional complexity to prospective health challenges. The risk of new germs or re-emerging pathogens—bacteria, viruses, parasites, or fungi—that could lead to epidemics of infectious diseases difficult to control with high mortality rates and economic disruptions is amplified by the resistance that bacteria have developed to antibiotics, viruses to antiviral drugs, and fungi to antifungal treatments.
The evolution of lifestyles, the aging of populations, and the decline in birth rates in certain regions will impact healthcare systems and economic production. Healthcare systems are also facing financial deficits and the migration of medical personnel to more profitable and/or less demanding sectors or regions.
In this context, the increasing frequency and extent of infectious disease outbreaks, combined with chronic illnesses, could negatively impact already overburdened healthcare systems over the next decade.
Despite the lessons learned from the health crisis associated with Covid-19, a similar outbreak could result in novel breakdowns in infrastructure and supply chains, leading to significant repercussions for all involved parties.
Demographic transition (decrease in fertility rate, increase in life expectancy) is a major underlying development in many countries. In the years and decades to come, it will have a significant impact on economic growth, but also on health and retirement budgets, and on savings and consumption behaviour.
The spread of manipulated information, especially through synthetic content and artificial intelligence technologies, is rapidly evolving and constitutes a risk. It can significantly impact society by influencing individual opinions and contributing to societal divisions and polarisation. Key concerns include:
Additionally, the interaction between digitalisation, social media, and artificial intelligence has intangible consequences, as deepfakes and disinformation-for-hire services increase mistrust between societies, businesses, and governments. Social media amplifies the spread of negative news, with false information proven to disseminate faster and wider than true information.
Such risks also affect financial institutions, blurring the relationship with truth and evidence, and posing multiple risks to banks that can impact their operations and reputation.
Overall, misinformation and disinformation represent significant challenges across various levels of society and industry, with profound implications for global stability, trust, and economic health.
The widening wealth gap, societal polarisation, and social unrest highlight a complex interplay of economic, social, political and geopolitical issues that can lead to economic downturns and fewer business opportunities. Inequalities have intensified over the past years, with inflation eroding purchase powers, exacerbating job losses consequences and economic strain, particularly affecting the less affluent and fuelling populist movements.
Disinformation is a key driver of societal polarisation, which risks triggering economic and political instability, as trust in government and media declines. This fragmentation and loss of social cohesion threaten social stability and economic productivity, driven by factors such as debt crises, state instability, cost-of-living issues, unemployment, climate migration, digital divides, and algorithmic biases.
The increasing divide between rich and poor poses significant political challenges and can ignite social unrest, disrupting infrastructure and services. Coupled with other risk factors—technological, economic, and environmental—this increase in inequalities fosters the development of illicit activities and the growth of organised crime, further destabilising societies.
State fragility, fuelled by climate change, conflicts, and economic hardship, creates a governance gap where transnational organised crime can flourish. Corruption exacerbates this issue, allowing criminal networks to control transportation hubs, law enforcement, and parts of the public sector, thereby undermining the rule of law and weakening economic growth. Environmental crimes, such as illegal logging and fishing, drive forced labour and human rights abuses, while socioeconomic vulnerabilities heighten exposure to criminal networks.
Polarisation on various issues has marked recent political events, leading to economic slowdowns, civil unrest, and deeper political divisions, which threaten democratic stability. It highlights social discontent over inequality and perceived policy failures.
Financial institutions and companies must be mindful of societal expectations.
Beyond responses designed to meet its customers’ changing needs, the Group is, on a more general basis, adapting its responses to the expectations of the society in which it operates in terms of how it conducts its business, respect for human rights and environmental protection.
The BNP Paribas Group Code of conduct defines standards of conduct in line with the values and missions determined by the Bank.
The prudential scope of application defined in Regulation (EU) No. 575/2013 on capital requirements is not the same as the accounting scope of consolidation whose composition concerns the application of IFRS as adopted by the European Union. The notes to the consolidated financial statements cover the accounting consolidation scope.
The consolidation principles and the scope of consolidation in accordance with the accounting consolidation method used are described respectively in notes 1.b Consolidation and 8.k Scope of consolidation to the consolidated financial statements.
In accordance with banking regulation, BNP Paribas Group has defined a prudential scope to monitor capital ratios calculated on a consolidated basis. Its specificities are as follows:
As a reminder, since 1 July 2024, the entities of the Arval business under exclusive control are fully consolidated within the prudential scope.
The differences between the accounting and prudential scopes of consolidation are summarised in the table below.
Name of the entity | 31 December 2024 | |||||
Method of accounting consolidation | Method of regulatory consolidation | Neither consolidated | Description of the entity | |||
Full consolidation | Proportional consolidation | Equity method | ||||
BNP Paribas Cardif and its subsidiaries(1) | Full consolidation |
|
| x |
| Insurance |
BNPP SB Re | Full consolidation |
|
| x |
| Insurance |
BNPP Vartry Reinsurance DAC | Full consolidation |
|
| x |
| Insurance |
Darnell DAC | Full consolidation |
|
| x |
| Insurance |
Decart Re Ltd | Full consolidation |
|
| x |
| Insurance |
Greenstars BNPP | Full consolidation |
|
| x |
| Insurance |
Greenval Insurance DAC | Full consolidation |
|
| x |
| Insurance |
Le Sphinx Assurances Luxembourg SA | Full consolidation |
|
| x |
| Insurance |
BNP Paribas Real Estate and its non-regulated subsidiaries(1) | Full consolidation |
|
| x |
| Real Estate services |
Collective investment funds(2) | Full consolidation |
|
|
| x | Asset management |
2SF – Société des Services Fiduciaires | Equity method |
| x |
|
| Retail Banking |
Bantas Nakit AS | Equity method |
| x |
|
| Retail Banking |
Partecis | Equity method |
| x |
|
| Retail Banking |
Baroda BNPP AMC Private Ltd | Equity method |
| x |
|
| Asset Management |
BNPP ABC Wealth Management Co Ltd | Equity method |
| x |
|
| Asset Management |
FScholen | Equity method |
| x |
|
| Corporate & Institutional Banking |
Uptevia SA | Equity method |
| x |
|
| Corporate & Institutional Banking |
Lyf SA | Equity method |
| x |
|
| Internet financial services |
Lyf SAS | Equity method |
| x |
|
| Internet financial services |
Services Logiciels d’Intégration Boursière | Equity method |
| x |
|
| Securities custody |
Securitisation funds UCI and RMBS Prado | Equity method |
| x |
|
| Specialised loans |
Securitisation funds Genius | Equity method |
| x |
|
| Specialised loans |
Securitisation funds Wisdom | Equity method |
| x |
|
| Specialised loans |
Genius Auto Finance Co Ltd | Equity method |
| x |
|
| Specialised loans |
Union de Creditos Inmobiliarios SA | Equity method |
| x |
|
| Specialised loans |
United Partnership | Equity method |
| x |
|
| Specialised loans |
Zhejiang Wisdom Puhua Financial Leasing Co Ltd | Equity method |
| x |
|
| Specialised loans |
| ||||||
The table below shows the restatements between the accounting and prudential scopes of consolidation for each balance sheet item.
In millions of euros | 31 December 2024 | ||||
Accounting scope | Adjustment of | Other adjustments related to consolidation methods(*) | Prudential scope | Reference to | |
ASSETS |
|
|
|
|
|
Cash and amounts due from central banks | 182,496 | (4) | 12 | 182,504 |
|
Financial instruments at fair value through profit or loss |
|
|
|
|
|
Securities | 267,357 | 591 | (29) | 267,919 |
|
of which own funds instruments in credit or financial institutions more than 10%-owned | 390 | 590 |
| 980 | 1 |
of which own funds instruments in credit or financial institutions less than 10%-owned | 6,461 | 1 |
| 6,462 | 2 |
Loans and repurchase agreements | 225,699 | 1,365 | (293) | 226,771 |
|
Derivative financial instruments | 322,631 | 723 | (23) | 323,331 |
|
Derivatives used for hedging purposes | 20,851 | (13) | 92 | 20,930 |
|
Financial assets at fair value through equity |
|
|
|
|
|
Debt securities | 71,430 | 3,445 |
| 74,875 |
|
of which own funds instruments in credit or financial institutions more than 10%-owned |
| 3,443 |
| 3,443 | 1 |
of which own funds instruments in credit or financial institutions less than 10%-owned |
|
|
|
| 2 |
Equity securities | 1,610 |
|
| 1,610 |
|
of which own funds instruments in credit or financial institutions more than 10%-owned | 668 |
|
| 668 | 1 |
of which own funds instruments in credit or financial institutions less than 10%-owned | 294 |
|
| 294 | 2 |
Financial assets at amortised cost |
|
|
|
|
|
Loans and advances to credit institutions | 31,147 |
| 246 | 31,393 |
|
of which own funds instruments in credit or financial institutions more than 10%-owned | 177 |
|
| 177 | 1 |
of which own funds instruments in credit or financial institutions less than 10%-owned |
|
|
|
| 2 |
Loans and advances to customers | 900,141 | 6,987 | 4,361 | 911,489 |
|
of which own funds instruments in credit or financial institutions more than 10%-owned | 141 | 25 | (141) | 25 | 1 |
of which own funds instruments in credit or financial institutions less than 10%-owned | 1 |
|
| 1 | 2 |
Debt securities | 146,975 |
| (144) | 146,831 |
|
of which own funds instruments in credit or financial institutions more than 10%-owned |
|
|
|
| 1 |
of which own funds instruments in credit or financial institutions less than 10%-owned |
|
|
|
| 2 |
Remeasurement adjustment on interest-rate risk hedged portfolios | (758) |
|
| (758) |
|
Investments and other assets of insurance activities | 286,849 | (286,849) |
|
|
|
Current and deferred tax assets | 6,215 | (612) | (37) | 5,566 |
|
Accrued income and other assets | 174,147 | (2,874) | (1,417) | 169,856 |
|
Equity-method investments | 7,862 | 4,422 | (4) | 12,280 |
|
of which investments in credit or financial institutions | 7,096 | 4,387 | (727) | 10,756 | 1 |
of which goodwill | 519 | 32 | 98 | 649 | 3 |
Property, plant and equipment and investment property | 50,314 | (535) | (172) | 49,607 |
|
Intangible assets | 4,392 | (687) | (23) | 3,682 |
|
of which intangible assets excluding mortgage servicing rights | 4,392 | (687) | (23) | 3,682 | 3 |
Goodwill | 5,550 | (323) | (290) | 4,937 | 3 |
TOTAL ASSETS | 2,704,908 | (274,364) | 2,279 | 2,432,823 |
|
In millions of euros | 31 December 2024 | ||||
Accounting scope | Adjustment of | Other adjustments related to consolidation methods(*) | Prudential scope | Reference to | |
LIABILITIES |
|
|
|
|
|
Deposits from central banks | 3,366 |
|
| 3,366 |
|
Financial instruments at fair value through profit or loss |
|
|
|
|
|
Securities | 79,958 |
|
| 79,958 |
|
Deposits and repurchase agreements | 304,817 | 128 | (67) | 304,878 |
|
Issued debt securities | 104,934 | 27 | (369) | 104,592 |
|
of which liabilities qualifying for additional Tier 1 capital |
|
|
|
| 4 |
of which liabilities qualifying for additional Tier 2 capital | 18 |
|
| 18 | 5 |
Derivative financial instruments | 301,953 | 308 | (17) | 302,244 |
|
Derivatives used for hedging purposes | 36,864 | (58) | 17 | 36,823 |
|
Financial liabilities at amortised cost |
|
|
|
|
|
Deposit from credit institutions | 66,872 | (4,790) | 985 | 63,067 |
|
Deposit from customers | 1,034,857 | 1,177 | 632 | 1,036,666 |
|
Debt securities | 198,119 | 17 | 2,083 | 200,219 |
|
Subordinated debt | 31,799 | (1,062) |
| 30,737 |
|
of which liabilities qualifying for additional Tier 1 capital(2) | 3,851 |
|
| 3,851 | 4 |
of which liabilities qualifying additional for Tier 2 capital(3) | 26,640 |
|
| 26,640 | 5 |
Remeasurement adjustment on interest-rate risk hedged portfolios | (10,696) |
|
| (10,696) |
|
Current and deferred tax liabilities | 3,657 | (64) | 5 | 3,598 |
|
Accrued expenses and other liabilities | 136,955 | (1,951) | (923) | 134,081 |
|
Liabilities related to insurance contracts | 267,506 | (267,506) |
|
|
|
Financial liabilities related to insurance activities |
|
|
|
|
|
Provisions for contingencies and charges | 9,806 | (345) | (66) | 9,395 |
|
TOTAL LIABILITIES | 2,570,767 | (274,119) | 2,280 | 2,298,928 |
|
EQUITY |
|
|
|
|
|
Share capital, additional paid-in capital and retained earnings | 118,957 | (1) | 3 | 118,959 | 6 |
Net income Group share for the period | 11,688 |
|
| 11,688 | 7 |
Total capital, retained earnings and net income Group share for the period | 130,645 | (1) | 3 | 130,647 |
|
Changes in assets and liabilities recognised directly in equity | (2,508) | 2 |
| (2,506) |
|
Shareholders’ equity | 128,137 | 1 | 3 | 128,141 |
|
Minority interests | 6,004 | (246) | (4) | 5,754 | 8 |
TOTAL CONSOLIDATED EQUITY | 134,141 | (245) | (1) | 133,895 |
|
TOTAL LIABILITIES AND EQUITY | 2,704,908 | (274,364) | 2,279 | 2,432,823 |
|
| |||||
In millions of euros | 31 December 2023 | ||||
Accounting scope | Adjustment of insurance companies | Other adjustments related to consolidation methods(1) | Prudential scope | Reference to capital table | |
ASSETS |
|
|
|
|
|
Cash and amounts due from central banks | 288,259 |
| 11 | 288,270 |
|
Financial instruments at fair value through profit or loss |
|
|
|
|
|
Securities | 211,634 | 598 | (105) | 212,127 |
|
of which own funds instruments in credit or financial institutions more than 10%-owned | 344 | 590 |
| 934 | 1 |
of which own funds instruments in credit or financial institutions less than 10%-owned | 3,606 | 1 |
| 3,606 | 2 |
Loans and repurchase agreements | 227,175 | 188 | (325) | 227,038 |
|
Derivative financial instruments | 292,079 | 764 | (89) | 292,754 |
|
Derivatives used for hedging purposes | 21,692 | (49) | 171 | 21,814 |
|
Financial assets at fair value through equity |
|
|
|
|
|
Debt securities | 50,274 | 2,693 |
| 52,967 |
|
of which own funds instruments in credit or financial institutions more than 10%-owned |
| 2,690 |
| 2,690 | 1 |
of which own funds instruments in credit or financial institutions less than 10%-owned |
|
|
|
| 2 |
Equity securities | 2,275 |
|
| 2,275 |
|
of which own funds instruments in credit or financial institutions more than 10%-owned | 766 |
|
| 766 | 1 |
of which own funds instruments in credit or financial institutions less than 10%-owned | 894 |
|
| 894 | 2 |
Financial assets at amortised cost |
|
|
|
|
|
Loans and advances to credit institutions | 24,335 |
| (80) | 24,255 |
|
of which own funds instruments in credit or financial institutions more than 10%-owned | 177 |
|
| 177 | 1 |
of which own funds instruments in credit or financial institutions less than 10%-owned |
|
|
|
| 2 |
Loans and advances to customers | 859,200 | 5,050 | 27,556 | 891,806 |
|
of which own funds instruments in credit or financial institutions more than 10%-owned | 150 | 25 | (150) | 25 | 1 |
of which own funds instruments in credit or financial institutions less than 10%-owned | 1 |
|
| 1 | 2 |
Debt securities | 121,161 |
| (179) | 120,982 |
|
of which own funds instruments in credit or financial institutions more than 10%-owned | 100 |
|
| 100 | 1 |
of which own funds instruments in credit or financial institutions less than 10%-owned |
|
|
|
| 2 |
Remeasurement adjustment on interest-rate risk hedged portfolios | (2,661) |
|
| (2,661) |
|
Financial investments and other assets of insurance activities | 257,098 | (257,098) |
|
|
|
Current and deferred tax assets | 6,556 | (104) | (128) | 6,324 |
|
Accrued income and other assets | 170,758 | (1,998) | (4,460) | 164,300 |
|
Equity-method investments | 6,751 | 3,789 | 3,811 | 14,351 |
|
of which investments in credit or financial institutions | 6,076 | 3,563 | (798) | 8,841 | 1 |
of which goodwill | 512 | 226 | 923 | 1,661 | 3 |
Property, plant and equipment and investment property | 45,222 | (581) | (34,937) | 9,704 |
|
Intangible assets | 4,142 | (462) | (164) | 3,516 |
|
of which intangible assets excluding mortgage servicing rights | 4,142 | (462) | (164) | 3,516 | 3 |
Goodwill | 5,549 | (225) | (922) | 4,402 | 3 |
TOTAL ASSETS | 2,591,499 | (247,435) | (9,840) | 2,334,224 |
|
In millions of euros | 31 December 2023 | ||||
Accounting scope | Adjustment of insurance companies | Other adjustments related to consolidation methods(1) | Prudential scope | Reference to capital table | |
LIABILITIES |
|
|
|
|
|
Deposits from central banks | 3,374 |
|
| 3,374 |
|
Financial instruments at fair value through profit or loss |
|
|
|
|
|
Securities | 104,910 |
|
| 104,910 |
|
Deposits and repurchase agreements | 273,614 | 260 |
| 273,874 |
|
Issued debt securities | 83,763 | 21 | (441) | 83,343 |
|
of which liabilities qualifying for additional Tier 1 capital |
|
|
|
| 4 |
of which liabilities qualifying for additional Tier 2 capital | 18 |
|
| 18 | 5 |
Derivative financial instruments | 278,892 | 638 | (84) | 279,446 |
|
Derivatives used for hedging purposes | 38,011 | (65) | (35) | 37,911 |
|
Financial liabilities at amortised cost |
|
|
|
|
|
Deposit from credit institutions | 95,175 | (8,510) | (1,075) | 85,590 |
|
Deposit from customers | 988,549 | 1,193 | 4,133 | 993,875 |
|
Debt securities | 191,482 | 12 | (6,822) | 184,672 |
|
Subordinated debt | 24,743 | (1,780) | 2 | 22,965 |
|
of which liabilities qualifying for additional Tier 1 capital(2) | 1,352 |
|
| 1,352 | 4 |
of which liabilities qualifying for additional Tier 2 capital(3) | 22,433 |
|
| 22,433 | 5 |
Remeasurement adjustment on interest-rate risk hedged portfolios | (14,175) |
|
| (14,175) |
|
Current and deferred tax liabilities | 3,821 | 533 | (751) | 3,603 |
|
Accrued expenses and other liabilities | 143,673 | (2,965) | (3,818) | 136,890 |
|
Liabilities related to insurance contracts | 218,043 | (218,043) |
|
|
|
Financial liabilities related to insurance activities | 18,239 | (18,239) |
|
|
|
Provisions for contingencies and charges | 10,518 | (348) | (949) | 9,221 |
|
TOTAL LIABILITIES | 2,462,632 | (247,293) | (9,840) | 2,205,499 |
|
EQUITY |
|
|
|
|
|
Share capital, additional paid-in capital and retained earnings | 115,809 |
| 5 | 115,814 | 6 |
Net income Group share for the period | 10,975 |
|
| 10,975 | 7 |
Total capital, retained earnings and net income Group share for the period | 126,784 | - | 5 | 126,789 |
|
Changes in assets and liabilities recognised directly in equity | (3,042) |
| 1 | (3,041) |
|
Shareholders’ equity | 123,742 | - | 6 | 123,748 |
|
Minority interests | 5,125 | (142) | (6) | 4,977 | 8 |
TOTAL CONSOLIDATED EQUITY | 128,867 | (142) | - | 128,725 |
|
TOTAL LIABILITIES AND EQUITY | 2,591,499 | (247,435) | (9,840) | 2,334,224 |
|
| |||||
The following table shows the breakdown of the different categories of assets and liabilities recognised on the Bank’s prudential balance sheet by regulatory risk type. The sum of the amounts thus broken down is not necessarily equal to the net carrying values of the prudential scope, because some items may be subject to capital requirements for several types of risk.
In millions of euros | 31 December 2024 | |||||
Net carrying values: prudential scope | Items subject to: | Not subject to capital requirements or deducted from capital | ||||
Credit risk framework | Counterparty credit risk framework | Securitisation framework | Market risk framework | |||
ASSETS |
|
|
|
|
|
|
Cash and amounts due from central banks | 182,504 | 182,504 |
|
|
|
|
Financial instruments at fair value through profit or loss |
|
|
|
|
|
|
Securities | 267,919 | 11,809 | 11,034 | 53 | 255,516 | 576 |
Loans and repurchase agreements | 226,771 | 3,846 | 213,629 |
| 222,924 |
|
Derivative financial instruments | 323,331 |
| 323,331 |
| 322,091 |
|
Derivatives used for hedging purposes | 20,930 |
| 20,930 |
|
|
|
Financial assets at fair value through equity | 76,485 | 72,703 |
| 339 |
| 3,443 |
Financial assets at amortised cost |
|
|
|
|
|
|
Loans and advances to credit institutions | 31,393 | 22,775 | 8,663 |
|
| (44) |
Loans and advances to customers | 911,489 | 799,694 | 41,755 | 68,895 |
| 1,145 |
Debt securities | 146,831 | 127,824 | 85 | 22,976 |
| (3,970) |
Remeasurement adjustment on interest-rate risk hedged portfolios | (758) |
|
|
|
| (758) |
Current and deferred tax assets | 5,566 | 5,772 |
|
|
| (206) |
Accrued income and other assets | 169,856 | 34,659 | 125,438 |
| 8,226 | 3,163 |
Equity-method investments | 12,280 | 11,632 |
|
|
| 649 |
Property, plant and equipment and investment property | 49,607 | 49,235 |
|
|
| 372 |
Intangible assets | 3,682 | 1,390 |
|
|
| 2,292 |
Goodwill | 4,937 |
|
|
|
| 4,937 |
TOTAL ASSETS | 2,432,823 | 1,323,843 | 744,865 | 92,263 | 808,757 | 11,599 |
In millions of euros | 31 December 2024 | |||||
Net carrying values: prudential scope | Items subject to: | Not subject to capital requirements or deducted from capital | ||||
Credit risk framework | Counterparty credit risk framework | Securitisation framework | Market risk framework | |||
LIABILITIES |
|
|
|
|
|
|
Deposits from central banks | 3,366 |
|
|
|
| 3,366 |
Financial instruments at fair value through profit or loss |
|
|
|
|
|
|
Securities | 79,958 |
|
|
| 79,958 |
|
Deposits and repurchase agreements | 304,878 |
| 296,393 |
| 296,393 | 8,485 |
Issued debt securities | 104,592 |
|
|
|
| 104,592 |
Derivative financial instruments | 302,244 |
| 302,244 |
| 300,466 |
|
Derivatives used for hedging purposes | 36,823 |
| 36,823 |
|
|
|
Financial liabilities at amortised cost |
|
|
|
|
|
|
Deposit from credit institutions | 63,067 |
| 18,396 |
|
| 44,670 |
Deposit from customers | 1,036,666 |
| 2,938 |
|
| 1,033,728 |
Debt securities | 200,219 |
|
|
|
| 200,219 |
Subordinated debt | 30,737 |
|
|
|
| 30,737 |
Remeasurement adjustment on interest-rate risk hedged portfolios | (10,696) |
|
|
|
| (10,696) |
Current and deferred tax liabilities | 3,598 |
|
|
|
| 3,598 |
Accrued expenses and other liabilities | 134,081 |
| 88,047 |
| 357 | 46,577 |
Provisions for contingencies and charges | 9,395 | 706 |
|
|
| 8,690 |
TOTAL LIABILITIES | 2,298,928 | 706 | 744,841 | - | 677,174 | 1,473,966 |
TOTAL CONSOLIDATED EQUITY | 133,895 | - | - | - | - | 133,895 |
TOTAL LIABILITIES AND EQUITY | 2,432,823 | 706 | 744,841 | - | 677,174 | 1,607,861 |
In millions of euros | 31 December 2023 | |||||
Net carrying values: prudential scope | Items subject to: | Not subject to capital requirements or deducted from capital | ||||
Credit risk framework | Counterparty credit risk framework | Securitisation framework | Market risk framework | |||
ASSETS |
|
|
|
|
|
|
Cash and amounts due from central banks | 288,270 | 288,270 |
|
|
|
|
Financial instruments at fair value through profit or loss |
|
|
|
|
|
|
Securities | 212,127 | 9,467 | 7,565 | 73 | 202,064 | 537 |
Loans and repurchase agreements | 227,038 | 2,296 | 216,332 |
| 224,716 |
|
Derivative financial instruments | 292,754 |
| 292,754 |
| 291,603 |
|
Derivatives used for hedging purposes | 21,814 |
| 21,814 |
|
|
|
Financial assets at fair value through equity | 55,242 | 52,028 | 39 | 435 |
| 2,779 |
Financial assets at amortised cost |
|
|
|
|
|
|
Loans and advances to credit institutions | 24,255 | 19,081 | 4,997 |
|
| 177 |
Loans and advances to customers | 891,806 | 807,137 | 27,480 | 55,716 |
| 1,473 |
Debt securities | 120,982 | 106,771 | 474 | 20,125 |
| (5,645) |
Remeasurement adjustment on interest-rate risk hedged portfolios | (2,661) |
|
|
|
| (2,661) |
Current and deferred tax assets | 6,324 | 6,302 |
|
|
| 22 |
Accrued income and other assets | 164,300 | 30,775 | 120,337 |
| 11,818 | 3,078 |
Equity-method investments | 14,351 | 12,690 |
|
|
| 1,661 |
Property, plant and equipment and investment property | 9,704 | 9,349 |
|
|
| 355 |
Intangible assets | 3,516 | 1,284 |
|
|
| 2,232 |
Goodwill | 4,402 |
|
|
|
| 4,402 |
TOTAL ASSETS | 2,334,224 | 1,345,450 | 691,792 | 76,349 | 730,201 | 8,410 |
In millions of euros | 31 December 2023 | |||||
Net carrying values: prudential scope | Items subject to: | Not subject to capital requirements or deducted from capital | ||||
Credit risk framework | Counterparty credit risk framework | Securitisation framework | Market risk framework | |||
LIABILITIES |
|
|
|
|
|
|
Deposits from central banks | 3,374 |
|
|
|
| 3,374 |
Financial instruments at fair value through profit or loss |
|
|
|
|
|
|
Securities | 104,910 |
|
|
| 104,910 |
|
Deposits and repurchase agreements | 273,874 |
| 266,720 |
| 266,720 | 7,153 |
Issued debt securities | 83,343 |
|
|
|
| 83,343 |
Derivative financial instruments | 279,446 |
| 279,446 |
| 277,708 |
|
Derivatives used for hedging purposes | 37,911 |
| 37,911 |
|
|
|
Financial liabilities at amortised cost |
|
|
|
|
|
|
Deposit from credit institutions | 85,590 |
| 21,567 |
|
| 64,023 |
Deposit from customers | 993,875 |
| 1,289 |
|
| 992,586 |
Debt securities | 184,672 |
|
|
|
| 184,672 |
Subordinated debt | 22,965 |
|
|
|
| 22,965 |
Remeasurement adjustment on interest-rate risk hedged portfolios | (14,175) |
|
|
|
| (14,175) |
Current and deferred tax liabilities | 3,603 |
|
|
|
| 3,603 |
Accrued expenses and other liabilities | 136,890 |
| 91,406 |
| 2,289 | 43,617 |
Provisions for contingencies and charges | 9,221 | 884 |
|
|
| 8,338 |
TOTAL LIABILITIES | 2,205,499 | 884 | 698,339 | - | 651,627 | 1,399,499 |
TOTAL CONSOLIDATED EQUITY | 128,725 | - | - | - | - | 128,725 |
TOTAL LIABILITIES AND EQUITY | 2,334,224 | 884 | 698,339 | - | 651,627 | 1,528,224 |
The following table shows the main differences between the amounts of accounting exposure on the prudential balance sheet (see previous table) and the amounts of exposure used for regulatory purposes, based on the different types of risk, except market risk. Indeed, for the latter, the main regulatory measure used by the Group is Value at Risk (VaR), which reflects the sensitivity of the Bank’s trading book to the different market parameters (see Market risk exposure section 5.7 Market risk). Therefore the VaR amount does not relate directly to the net carrying value of the assets and liabilities subject to market risk.
In millions of euros | 31 December 2024 | |||
Credit risk framework | Counterparty credit | Securitisation framework | Market risk framework | |
ASSETS NET CARRYING VALUE | 1,323,832 | 744,865 | 92,263 | 808,757 |
Liabilities net carrying value |
| (744,841) |
|
|
Off-balance sheet amounts net of depreciation | 482,214 |
| 27,590 |
|
Credit risk depreciation amounts | 17,664 |
| 62 |
|
Amounts below the thresholds for deduction (subject to 250% risk-weight)(1) | (8,290) |
|
|
|
Differences in valuations due to the use of internal models(2) |
| 237,847 |
|
|
Other adjustments | 13,006 |
|
|
|
EXPOSURE AMOUNTS CONSIDERED FOR REGULATORY PURPOSES | 1,828,426 | 237,871 | 119,915 |
|
| ||||
In millions of euros | 31 December 2023 | |||
Credit risk framework | Counterparty credit | Securitisation framework | Market risk framework | |
ASSETS NET CARRYING VALUE | 1,345,450 | 691,792 | 76,349 | 730,201 |
Liabilities net carrying value |
| (698,339) |
|
|
Off-balance sheet amounts net of depreciation | 466,318 |
| 24,642 |
|
Credit risk depreciation amounts | 18,167 |
| 35 |
|
Amounts below the thresholds for deduction (subject to 250% risk-weight)(1) | (7,701) |
|
|
|
Differences in valuations due to the use of internal models(2) |
| 205,836 |
|
|
Other adjustments | 6,960 |
|
|
|
EXPOSURE AMOUNTS CONSIDERED FOR REGULATORY PURPOSES | 1,829,194 | 199,289 | 101,026 |
|
| ||||
The exposure amounts used for regulatory purposes are presented:
Aggregate information on the risk-weighted assets of BNP Paribas’ significant subgroups and subsidiaries are given as Group contribution in Appendix 4 to this chapter.
The following subgroups are considered significant, based on the criterion that their risk-weighted assets amounted to more than 3% of the Group’s total risk-weighted assets (excluding entities consolidated under the equity method) at 31 December 2024:
The risk-weighted assets reported correspond to the sub-consolidation scope of the four subgroups. Thus, BGL BNP Paribas subgroup is also included in BNP Paribas Fortis subgroups.
The significant restrictions relating to the Group’s ability to transfer cash within the entities are described in note 8.f Significant restrictions in subsidiaries, joint ventures and associates to the consolidated financial statements.
Subsidiaries whose prudential requirements are supervised as part of the consolidated supervision of BNP Paribas SA, in accordance with article 7.1 of Regulation (EU) No. 575/2013, are identified in the scope of consolidation in note 8.k Scope of consolidation to the consolidated financial statements, under reference (1).
Compliance with capital requirements at the individual level of each entity that does not have an exemption is verified at the level of their respective division or business line. As at 31 December 2024, the Group’s entities had a capital level that complied with regulatory requirements.
The BNP Paribas Group is required to comply with the French regulation that transposes European Directives on “Access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms” and “Financial conglomerates”.
In the various countries in which the Group operates, BNP Paribas also complies with specific regulatory ratios in line with procedures controlled by the relevant supervisory authorities. These ratios mainly address the issues of capital adequacy, risk concentration, liquidity and asset/liability mismatches.
As at 1 January 2014, Regulation (EU) No. 575/2013, establishing the methods for calculating the solvency ratio, defines it as the ratio between the regulatory capital and the sum of:
Regulatory capital is divided into three categories (Common Equity Tier 1 capital, Additional Tier 1 capital and Tier 2 capital), which consist of equity and debt instruments, to which regulatory adjustments have been made.
Common Equity Tier 1 capital instruments mainly comprise:
The main regulatory adjustments are as follows:
Treasury shares held or granted a buy-back authorisation are deducted from this category.
In millions of euros | 31 December 2024 | 31 December 2023 |
|---|---|---|
Consolidated equity(1) | 133,895 | 128,725 |
Undated super subordinated notes ineligible in CET1 | (12,207) | (13,549) |
Proposed distribution(2) | (6,495) | (6,329) |
Ineligible minority interests | (3,228) | (2,852) |
Changes in the fair value of hedging instruments recognised directly in equity | (112) | (293) |
Additional value adjustments linked to prudent valuation requirements | (1,941) | (1,817) |
Goodwill and other intangible assets | (7,649) | (8,055) |
Net deferred tax assets arising from tax loss carry-forwards | (181) | (311) |
Negative amounts resulting from the calculation of expected losses | (1,786) | (837) |
Other prudential adjustments | (2,169) | (1,824) |
COMMON EQUITY TIER 1 (CET1) CAPITAL | 98,128 | 92,857 |
| ||
The table below shows the calculation of value adjustments applied to instruments measured at fair value, related to the prudent valuation requirements subject to a deduction from Common Equity Tier 1 capital.
|
| a | b | c | d | e | EU e1 | EU e2 | f | g | h |
In millions of euros | 31 December 2024 | ||||||||||
Risk category | Category level AVA – |
| Total category level post-diversification | ||||||||
Equity | Interest rates | Foreign exchange | Credit | Commodities | Unearned credit spreads AVA | Investment and funding costs AVA | Of which: Total core approach in the trading book | Of which: Total core approach in the banking book | |||
1 | Market price uncertainty | 1,225 | 196 | 21 | 234 | 13 | 25 | 35 | 759 | 232 | 527 |
3 | Close-out cost | 468 | 218 | 23 | 195 | 21 |
|
| 435 | 415 | 20 |
4 | Concentrated positions | 217 | 150 | 14 | 26 | 12 |
|
| 419 | 284 | 135 |
5 | Early termination | 9 | 1 |
| 1 |
|
|
| 11 | 10 | 1 |
6 | Model risk | 95 | 72 | 6 | 41 |
| 107 |
| 93 | 93 |
|
7 | Operational risk |
|
|
|
|
|
|
|
|
|
|
10 | Future administrative costs | 107 | 17 | 34 | 35 |
|
|
| 192 | 192 |
|
12 | Total Additional Valuation Adjustments (AVAs) |
|
|
|
|
|
|
| 1,941 | 1,227 | 714 |
|
| a | b | c | d | e | EU e1 | EU e2 | f | g | h |
In millions of euros | 31 December 2023 | ||||||||||
Risk category | Category level AVA – |
| Total category level post-diversification | ||||||||
Equity | Interest rates | Foreign exchange | Credit | Commodities | Unearned credit spreads AVA | Investment and funding costs AVA | Of which: Total core approach in the trading book | Of which: Total core approach in the banking book | |||
1 | Market price uncertainty | 1,138 | 176 | 16 | 181 | 22 | 35 | 30 | 645 | 172 | 473 |
3 | Close-out cost | 386 | 295 | 32 | 210 | 27 |
|
| 438 | 391 | 47 |
4 | Concentrated positions | 238 | 135 | 12 | 44 | 7 |
|
| 436 | 328 | 107 |
5 | Early termination | 6 | 1 |
| 1 |
|
|
| 9 | 8 | 1 |
6 | Model risk | 105 | 107 | 8 | 77 |
| 130 |
| 130 | 130 |
|
7 | Operational risk |
|
|
|
|
|
|
|
|
|
|
10 | Future administrative costs | 82 | 6 | 33 | 37 |
|
|
| 159 | 159 |
|
12 | Total Additional Valuation Adjustments (AVAs) |
|
|
|
|
|
|
| 1,817 | 1,188 | 629 |
Additional Tier 1 capital is mainly composed of subordinated debt instruments with the following characteristics:
This category is also composed of non-eligible minority reserves in common equity within their limit of eligibility.
Authorisations to redeem Additional Tier 1 own capital instruments are deducted from this category.
Tier 2 capital is composed of subordinated debt with no buy back incentive, as well as non-eligible minority reserves in Tier 1 capital within their limit of eligibility. A prudential discount is applied to the subordinated debt with less than five years of residual maturity.
Prudential deductions from Tier 2 capital primarily concern:
The detail of regulatory capital and regulatory adjustments is presented in Appendix 2 Regulatory capital – Detail.
The table presenting the details of the debt instruments recognised as capital, as well as their characteristics, in accordance with the template (EU CCA) required by implementing Regulation No. 2021/637, is available in the BNP Paribas Debt section of the Investor Relations website: https://invest.bnpparibas/en/search/debt/ documents/documentation-on-programs-and-issuances.
In millions of euros | 31 December 2024 | 31 December 2023 |
|---|---|---|
Common Equity Tier 1 (CET1) capital: instruments and reserves(1) |
|
|
Capital instruments and the related share premium accounts | 20,202 | 21,253 |
of which ordinary shares | 20,202 | 21,253 |
Retained earnings(2) | 87,453 | 82,257 |
Accumulated other comprehensive income (and other reserves, to include unrealised gains | (2,277) | (2,809) |
Minority interests (amount allowed in consolidated CET1) | 2,448 | 2,048 |
Independently reviewed interim profits net of any foreseeable charge or distribution(3) | 4,406 | 3,970 |
COMMON EQUITY TIER 1 (CET1) CAPITAL BEFORE REGULATORY ADJUSTMENTS | 112,231 | 106,719 |
Common Equity Tier 1 (CET1) capital: regulatory adjustments | (14,103) | (13,862) |
COMMON EQUITY TIER 1 (CET1) CAPITAL | 98,128 | 92,857 |
Additional Tier 1 (AT1) capital: instruments | 16,124 | 15,150 |
Additional Tier 1 (AT1) capital: regulatory adjustments | (484) | (506) |
ADDITIONAL TIER 1 (AT1) CAPITAL | 15,640 | 14,644 |
TIER 1 CAPITAL (T1 = CET1 + AT1) | 113,768 | 107,501 |
Tier 2 (T2) capital: instruments and provisions(4) | 20,683 | 17,476 |
Tier 2 (T2) capital: regulatory adjustments | (3,870) | (3,233) |
Tier 2 (T2) CAPITAL | 16,813 | 14,243 |
TOTAL CAPITAL (TC = T1 + T2) | 130,581 | 121,744 |
| ||
In millions of euros | 31 December 2024 |
|---|---|
COMMON EQUITY TIER 1 (CET1) CAPITAL |
|
31 December 2023 | 92,857 |
Common Equity Tier 1 capital: instruments and reserves | 5,512 |
Capital instruments and the related share premium accounts | (1,052) |
of which ordinary shares | (1,052) |
Retained earnings | 5,195 |
Accumulated other comprehensive income | 532 |
Minority interests (amounts allowed in consolidated CET1) | 400 |
Independently reviewed interim profits net of any foreseeable charge or distribution(1) | 436 |
Common Equity Tier 1 (CET1) capital: regulatory adjustments | (241) |
of which additional value adjustments | (124) |
of which intangible assets | 406 |
of which net deferred tax assets depending on future profits excluding these arising from temporary differences | 130 |
of which fair value reserves related to gains or losses on cash flow hedges | 181 |
of which negative amounts resulting from the calculation of expected loss amounts | (799) |
of which gains or losses on liabilities valued at fair value resulting from changes in own credit standing | 434 |
of which securitisation positions deducted from own funds | (154) |
of which other adjustments | (317) |
31 December 2024 | 98,128 |
ADDITIONAL TIER 1 CAPITAL(2) |
|
31 December 2023 | 14,644 |
Additional Tier 1 (AT1) capital: instruments(2) | 974 |
Additional Tier 1 (AT1) capital: regulatory adjustments | 22 |
Loans to credit or financial institutions more than 10%-owned |
|
Others | 22 |
31 December 2024 | 15,640 |
TIER 2 CAPITAL(2) |
|
31 December 2023 | 14,243 |
Tier 2 (T2) capital: instruments and provisions(2) | 3,207 |
Tier 2 (T2) capital: regulatory adjustments | (637) |
Loans to credit or financial institutions more than 10%-owned | (653) |
Others | 17 |
31 December 2024 | 16,813 |
| |
In millions of euros | Tier 1 | Tier 2 |
|---|---|---|
31 December 2023 | 14,901 | 17,286 |
New issues | 2,288 | 4,974 |
Redemptions | (1,511) | (324) |
Prudential discount |
| (1,824) |
Others | 193 | 323 |
31 December 2024 | 15,872 | 20,435 |
Under Regulation (EU) No. 575/2013 (CRR), the calculation methods introduced by Basel 3 were implemented gradually until 1 January 2022. Since 2019, the items still subject to these transitional arrangements were subordinated debt issued prior to 31 December 2011, eligible under prior regulations but not eligible under CRR after the end of the transition period, to which a declining eligibility threshold applied. These transitional arrangements expired on 1 January 2022, and the instruments concerned were all called, with the exception of one Tier 1 instrument and five Tier 2 instruments, all of which had no prudential value as at 31 December 2024.
Regulation (EU) No. 2019/876 (CRR 2), which came into force on 27 June 2019, introduces additional eligibility criteria for Tier 1 and 2 regulatory capital which supplement those provided for by Regulation (EU) No. 575/2013. Instruments that were previously eligible under CRR, although not fulfilling these additional requirements may, eventually, be recognised in a less subordinated category, for a transitional period that may extend up to 28 June 2025. A Tier 2 capital instrument of EUR 31 million lost its eligibility on 1 January 2022, as issued by an ad hoc entity (article 63(a) CRR). In addition, at 31 December 2024, there were no longer any Tier 1 capital instruments eligible for the transitional arrangements in force until 28 June 2025, because they were issued under the law of countries outside the European Union without a bail-in clause (articles 52(1)(p) and 63(n) CRR); the stock of Tier 2 capital instruments eligible for the same provisions amounted to EUR 1.2 billion.
The details of the instruments concerned by these transitional provisions, describing their eligibility period and the main characteristics in relation to the CRR/CRR 2 Regulations and the EBA’s opinion published on 21 October 2020, on the appropriate treatment of instruments ineligible at the end of 2021 in relation to the CRR criteria, are available on the Group’s investor relations website: https://invest.bnpparibas/en/search/debt/documents/documentation-on-programs-and-issuances.
Regulation (EU) No. 2017/2395 and Regulation (EU) No. 2020/873 define the transitional measures relating to the introduction of IFRS 9. These measures mitigate the impact of the increase in expected credit losses related to the application of new standard on CET1 capital until 2024. The Group has been applying these transitional measures since 31 March 2020 in accordance with the ECB recommendation. The Bank has opted for the arrangements relating to the calculation of the exposure value calculated under the standardised approach, defined in paragraph 4 and paragraph 7 point b) in article 473a.
In millions of euros | 31 December 2024 | 31 December 2023 | |
|---|---|---|---|
Available capital |
|
| |
1 | Common Equity Tier 1 (CET1) capital | 98,128 | 92,857 |
2 | Common Equity Tier 1 (CET1) capital as if IFRS 9 transitional arrangements had not been applied | 98,128 | 92,857 |
3 | Tier 1 capital | 113,768 | 107,501 |
4 | Tier 1 capital as if IFRS 9 transitional arrangements had not been applied | 113,768 | 107,501 |
5 | Total capital | 130,581 | 121,744 |
6 | Total capital as if IFRS 9 transitional arrangements had not been applied | 130,581 | 121,744 |
Risk-weighted assets |
|
| |
7 | Risk-weighted assets | 762,247 | 703,694 |
8 | Risk-weighted assets as if IFRS 9 transitional arrangements had not been applied | 762,247 | 703,694 |
Capital ratios |
|
| |
9 | Common Equity Tier 1 (CET1) capital | 12.87% | 13.20% |
10 | Common Equity Tier 1 (CET1) capital as if IFRS 9 transitional arrangements had not been applied | 12.87% | 13.20% |
11 | Tier 1 capital | 14.93% | 15.28% |
12 | Tier 1 capital as if IFRS 9 transitional arrangements had not been applied | 14.93% | 15.28% |
13 | Total capital | 17.13% | 17.30% |
14 | Total capital as if IFRS 9 transitional arrangements had not been applied | 17.13% | 17.30% |
Leverage ratios |
|
| |
15 | Leverage ratio total exposure measure | 2,464,334 | 2,346,500 |
16 | Leverage ratio | 4.62% | 4.58% |
17 | Leverage ratio as if IFRS 9 transitional arrangements had not been applied | 4.62% | 4.58% |
The Group did not apply the provisions pursuant to article 468 of Regulation (EU) No. 575/2013 as amended by the Regulation (EU) No. 2020/873 and Regulation (EU) No. 2024/1623 relating to the temporary treatment of unrealised gains or losses on financial instruments at fair value through equity issued by central, regional or local governments.
The table below shows risk-weighted assets and capital requirement by risk type. Capital requirements make up 8% of risk-weighted assets.
|
| a | b | c |
|
In millions of euros | RWAs | Capital requirements |
| ||
31 December 2024 | 31 December 2023 | 31 December 2024 | |||
1 | Credit risk | 579,602 | 535,141 | 46,368 | Details in section 5.4 |
2 | of which standardised approach | 227,092 | 188,191 | 18,167 |
|
3 | of which foundation IRB (FIRB) approach |
|
|
|
|
4 | of which slotting approach |
|
|
|
|
EU 4a | of which equities under the simple weighting approach | 38,949 | 45,941 | 3,116 |
|
5 | of which advanced IRB (A-IRB) approach | 311,061 | 287,009 | 24,885 |
|
| of which other risk exposure | 2,500 | 14,000 | 200 |
|
6 | Counterparty credit risk | 48,097 | 45,025 | 3,848 | Details in section 5.6 |
7 | of which SACCR (Derivatives) | 3,158 | 3,287 | 253 |
|
8 | of which internal model method (IMM) | 31,554 | 28,904 | 2,524 |
|
EU 8a | of which exposures to CCP related to clearing activities | 8,827 | 7,193 | 706 |
|
EU 8b | of which CVA | 4,084 | 5,189 | 327 |
|
9 | of which other | 474 | 452 | 38 |
|
15 | Settlement risk | 40 | 8 | 3 |
|
16 | Securitisation exposures in the banking book | 20,697 | 16,589 | 1,656 | Details in section 5.5 |
17 | of which internal ratings-based approach (SEC-IRBA) | 11,308 | 8,829 | 905 |
|
18 | of which external ratings-based approach (SEC-ERBA) | 1,565 | 1,258 | 125 |
|
19 | of which standardised approach (SEC-SA) | 7,824 | 6,502 | 626 |
|
EU 19a | of which exposures weighted at 1,250% |
|
|
|
|
20 | Market risk | 28,123 | 28,783 | 2,250 | Details in section 5.7 |
21 | of which standardised approach | 7,968 | 9,768 | 637 |
|
22 | of which internal model approach (IMA) | 20,155 | 19,015 | 1,612 |
|
23 | Operational risk | 64,964 | 58,897 | 5,197 | Details in section 5.9 |
EU 23a | of which basic indicator approach | 9,137 | 3,911 | 731 |
|
EU 23b | of which standardised approach | 11,094 | 10,215 | 887 |
|
EU 23c | of which advanced measurement approach (AMA) | 44,733 | 44,771 | 3,579 |
|
24 | Amounts below the thresholds for deduction | 20,724 | 19,252 | 1,658 |
|
29 | TOTAL | 762,247 | 703,694 | 60,980 |
|
| |||||
The Group’s total risk-weighted assets amounted to EUR 762.2 billion at 31 December 2024 compared with EUR 703.7 billion at 31 December 2023. At 31 December 2024, risk-weighted assets calculated using the internal model represented 56% of the Group’s risk-weighted assets.
The breakdown of risk-weighted assets by risk type is presented in the various appropriate sections.
Amounts below the thresholds for prudential capital deduction are assets weighted at 250% pursuant to article 48 of Regulation (EU) No. 575/2013. These mainly include:
Settlement risk is defined in article 378 of Regulation (EU) No. 575/2013 as the risk of loss of value related to a delay in the settlement of securities transactions. As at 31 December 2024, the risk-weighted assets with respect to this risk were not significant for the Group at EUR 40 million.
The change in risk-weighted assets can be broken down into the following effects:
RWAs In millions of euros | 31 December 2023 | Key driver | Total variation | 31 December 2024 | ||||||
Asset | Asset | Model | Methodology | Acquisitions and disposals | Currency | Other | ||||
Credit risk | 535,141 | 9,044 | (1,194) | 12,960 | 1,414 | 13,632 | 6,191 | 2,412 | 44,461 | 579,602 |
Counterparty credit risk | 45,025 | 564 | 1,509 | 1,762 |
|
| 48 | (810) | 3,072 | 48,097 |
Settlement risk | 8 |
|
|
|
|
|
| 33 | 33 | 40 |
Banking book securitisation positions | 16,589 | 2,265 | 390 |
|
|
| 566 | 888 | 4,108 | 20,697 |
Market risk | 28,783 | 1,603 | (353) |
|
| (144) |
| (1,766) | (660) | 28,123 |
Operational risk | 58,897 | 2,240 | (114) | (37) |
| 3,993 |
| (15) | 6,067 | 64,964 |
Amounts below the thresholds for deduction (subject to 250% risk weight) | 19,252 | 854 | 1 |
|
| 1,014 |
| (398) | 1,472 | 20,724 |
TOTAL | 703,694 | 16,571 | 239 | 14,686 | 1,414 | 18,496 | 6,804 | 343 | 58,553 | 762,247 |
The main reasons explaining the +EUR 59 billion increase in risk-weighted assets in 2024 are:
Comments on the main changes in 2024 for each type of risk are detailed in the various appropriate sections.
RWAs In millions of euros | 31 December 2024 | |||||||
Corporate & Institutional Banking | Commercial, Personal | Investment | Corporate center | Total | ||||
Global Banking | Global Markets | Securities Services | Commercial | Specialised Businesses | ||||
Credit risk | 122,171 | 13,670 | 4,302 | 230,906 | 125,959 | 42,536 | 40,057 | 579,602 |
of which standardised approach | 6,450 | 3,237 | 488 | 85,978 | 113,857 | 13,760 | 3,321 | 227,092 |
of which advanced IRB approach | 114,061 | 8,751 | 3,691 | 138,139 | 10,509 | 6,306 | 29,604 | 311,061 |
of which equity positions under the simple weighting method | 1,659 | 1,682 | 124 | 6,789 | 1,593 | 22,469 | 4,632 | 38,949 |
of which other risk exposure |
|
|
|
|
|
| 2,500 | 2,500 |
Counterparty credit risk | 783 | 41,016 | 2,386 | 2,080 | 130 | 338 | 1,363 | 48,097 |
of which SACCR (Derivatives) | 3 | 2,270 |
| 538 | 56 | 286 | 6 | 3,158 |
of which internal model method (IMM) | 199 | 27,117 | 1,631 | 1,472 |
|
| 1,134 | 31,554 |
of which exposures to CCP related to clearing activities | 522 | 7,359 | 744 |
|
|
| 202 | 8,827 |
of which CVA | 14 | 3,845 | 9 | 70 | 74 | 51 | 21 | 4,084 |
of which other | 45 | 426 | 3 |
|
|
|
| 474 |
Settlement risk | - | 40 | - | - | - | - | - | 40 |
Securitisation exposures in the banking book | 9,929 | 6,803 | - | 3,185 | 355 | 84 | 340 | 20,697 |
of which internal ratings-based approach (SEC-IRBA) | 6,003 | 2,177 |
| 3,098 | 31 |
|
| 11,308 |
of which standardised approach (SEC-SA) | 3,573 | 3,976 |
| 87 | 164 |
| 23 | 7,824 |
of which external ratings-based approach (SEC-ERBA) | 353 | 649 |
|
| 161 | 84 | 317 | 1,565 |
Market risk | 2,781 | 20,516 | 359 | 3,670 | 398 | 175 | 224 | 28,123 |
of which standardised approach | 2,774 | 1,962 | 53 | 2,414 | 398 | 143 | 224 | 7,968 |
of which internal model approach (IMA) | 7 | 18,554 | 306 | 1,256 |
| 33 |
| 20,155 |
Operational risk | 10,373 | 14,163 | 4,197 | 18,137 | 14,472 | 3,663 | (41) | 64,964 |
of which basic indicator approach | 461 | 481 | 276 | 2,004 | 5,588 | 401 | (73) | 9,137 |
of which standardised approach | 1,748 | 1,710 | 406 | 3,540 | 3,172 | 375 | 142 | 11,094 |
of which advanced measurement approach (AMA) | 8,164 | 11,973 | 3,514 | 12,593 | 5,713 | 2,887 | (110) | 44,733 |
Amounts below the thresholds for deduction (subject to 250% risk weight) | 13 | 114 | 280 | 10,204 | 2,778 | 940 | 6,394 | 20,724 |
TOTAL | 146,050 | 96,323 | 11,524 | 268,183 | 144,093 | 47,736 | 48,338 | 762,247 |
RWAs In millions of euros | 31 December 2023 | |||||||
Corporate & Institutional Banking | Commercial, Personal | Investment | Corporate center | Total | ||||
Global Banking | Global Markets | Securities Services | Commercial | Specialised Businesses | ||||
Credit risk | 117,212 | 11,521 | 4,291 | 223,157 | 108,619 | 35,962 | 34,378 | 535,141 |
of which standardised approach | 9,858 | 2,712 | 826 | 78,162 | 80,327 | 12,360 | 3,946 | 188,191 |
of which advanced IRB approach | 106,062 | 7,584 | 3,347 | 139,300 | 15,399 | 4,637 | 10,681 | 287,009 |
of which equity positions under the simple weighting method | 1,292 | 1,226 | 119 | 5,696 | 12,893 | 18,965 | 5,751 | 45,941 |
of which other risk exposure |
|
|
|
|
|
| 14,000 | 14,000 |
Counterparty credit risk | 1,022 | 39,817 | 1,743 | 2,038 | 143 | 285 | (22) | 45,025 |
of which SACCR (Derivatives) | 5 | 2,242 |
| 701 | 89 | 242 | 7 | 3,287 |
of which internal model method (IMM) | 432 | 26,228 | 1,117 | 1,253 |
|
| (126) | 28,904 |
of which exposures to CCP related to clearing activities | 469 | 6,044 | 607 |
|
|
| 73 | 7,193 |
of which CVA | 83 | 4,886 | 16 | 84 | 53 | 42 | 24 | 5,189 |
of which other | 33 | 416 | 3 |
|
|
|
| 452 |
Settlement risk | - | 8 | - | - | - | - | - | 8 |
Securitisation exposures in the banking book | 7,713 | 5,411 | - | 2,836 | 241 | 100 | 289 | 16,589 |
of which internal ratings-based approach (SEC-IRBA) | 4,474 | 1,568 |
| 2,742 | 45 |
|
| 8,829 |
of which standardised approach (SEC-SA) | 3,082 | 3,316 |
| 93 |
|
| 10 | 6,502 |
of which external ratings-based approach (SEC-ERBA) | 157 | 526 |
|
| 196 | 100 | 279 | 1,258 |
Market risk | 4,668 | 19,279 | 140 | 2,936 | 219 | 199 | 1,343 | 28,783 |
of which standardised approach | 4,592 | 1,654 | 5 | 1,791 | 219 | 163 | 1,343 | 9,768 |
of which internal model approach (IMA) | 76 | 17,624 | 135 | 1,145 |
| 36 |
| 19,015 |
Operational risk | 10,113 | 13,956 | 4,081 | 16,981 | 10,090 | 3,659 | 18 | 58,897 |
of which basic indicator approach | 343 | 419 | 233 | 1,725 | 902 | 315 | (25) | 3,911 |
of which standardised approach | 1,470 | 1,502 | 363 | 2,928 | 3,318 | 426 | 209 | 10,215 |
of which advanced measurement approach (AMA) | 8,299 | 12,035 | 3,485 | 12,328 | 5,870 | 2,918 | (166) | 44,771 |
Amounts below the thresholds for deduction (subject to 250% risk weight) | 4 | 98 | 331 | 8,034 | 2,855 | 903 | 7,027 | 19,252 |
TOTAL | 140,732 | 90,088 | 10,586 | 255,983 | 122,167 | 41,107 | 43,032 | 703,694 |
The breakdown of risk-weighted assets by domain reflects the Group’s diversified business mix, with 54% devoted to Commercial, Personal Banking & Services (Including 35% for Commercial & Personal Banking and 19% for Specialised Businesses), 34% to Corporate & Institutional Banking, 6% to Investment & Protection Services and 6% to Corporate Center.
The increase in the Group’s risk-weighted assets was EUR 58.6 billion over 2024, with:
Since 31 March 2020, the Group applies the provisions of Regulation (EU) No. 2017/2395 on transitional measures relating to the introduction of IFRS 9 for the calculation of risk-weighted assets for credit risk. Since 30 June 2020, the Group has also applied the provisions of Regulation (EU) No. 2020/875 supplementing these transitional measures (see Table 16: Effect of the application of the transitional arrangements for IFRS 9 accounting standard).
The BNP Paribas Group is required to comply with a range of regulations:
Within the context of the Single Supervisory Mechanism, the ECB thus became the direct supervisor of BNP Paribas as of 4 November 2014. The ECB draws on the competent national supervisory authorities in fulfilling this role.
With respect to Pillar 1, the Group is required to meet:
In addition to the minimum capital requirements regarding Pillar 1, BNP Paribas has to maintain additional CET1 capital buffers:
With respect to supervision, the second Pillar of the Basel Agreement provides that the supervisor shall determine whether the policies, strategies, procedures and arrangements implemented by the Group, on the one hand, and the capital held, on the other hand, are adequate for risk management and risk coverage purposes. This evaluation exercise by the supervisors to determine the adequacy of mechanisms and capital with respect to bank risk levels is designated in the regulations under the term SREP (Supervisory Review and Evaluation Process).
ICAAP (Internal Capital Adequacy Assessment Process) is the process by which institutions assess the adequacy of their own funds with their internal measurements of the capital needed to cover the risks generated by their usual activities. ICAAP is used for the annual SREP.
Within the BNP Paribas Group, the ICAAP is based on two key principles, as articulated in the European Central Bank’s Guide on ICAAP: the assessment of the Group’s adequate level of available capital to cover the capital needed in the internal perspective, and the forward-looking capital planning.
In the ICAAP, the adequacy of available capital to the risks borne by the Group is assessed in the internal perspective, using a comprehensive quantification of the capital needs generated by the Pillar 1 risks specified by Basel regulations, as well as by the Pillar 2 risks identified as material within the framework of the Group’s risk identification system. In this perspective, capital needs to cover Pillar 1 and Pillar 2 risks are assessed using internal quantitative approaches, supplemented, as necessary, by qualitative approaches and dedicated monitoring frameworks.
Capital planning is based on the most recent actual and estimated financial data available at the time. This data is used to project future capital resources and requirements, in particular by taking into account regulatory requirements, factoring in the Group’s goal of maintaining a first-class credit rating to protect its origination capability, its business development targets and anticipated regulatory changes.
Capital planning consists in comparing regulatory requirements and the capital ratio targets defined by the Group with future projected capital requirements, then testing their robustness in different scenarios, including stressed macroeconomic environments.
The results of the SREP process are notified annually to BNP Paribas Executive Management by the ECB. The requirements applying for the year 2024 were notified on 1 December 2024.
The SREP decision comprises two items: a requirement known as the “Pillar 2 requirement” (“P2R”), and a non-public guidance called “Pillar 2 guidance” (“P2G”). Following the SREP assessment conducted by the ECB in 2024, the requirements that the Group must meet under Pillar 2 since 1 January 2025 are the following:
The leverage ratio requirement that the Group must comply with on a consolidated basis since 1 January 2024 is 3.85% (excluding Pillar 2 guidance) including a P2R of 0.10%.
The Group’s CET1 ratio, Tier 1 ratio and total capital ratio must at all times satisfy the following requirements corresponding to the limits of applicable distribution restrictions (Maximum Distributable Amount – MDA):
| 31 December 2024 | 31 December 2025 |
|---|---|---|
CET1: Minimum requirements (Pillar 1) | 4.50% | 4.50% |
CET1: Pillar 2 requirement(1) | 1.11% | 1.14% |
Combined Buffer Requirement | 4.72% | 4.81% |
of which capital conservation buffer | 2.50% | 2.50% |
of which G-SIB buffer | 1.50% | 1.50% |
of which countercyclical capital buffer(2) | 0.67% | 0.72% |
of which systemic capital buffer(3) | 0.04% | 0.09% |
OVERALL CET1 CAPITAL REQUIREMENT | 10.33% | 10.45% |
Tier 1 (CET1 + AT1): Minimum requirement (Pillar 1) | 6.00% | 6.00% |
Tier 1: Pillar 2 requirement(1) | 1.40% | 1.44% |
Combined Buffer Requirement | 4.72% | 4.81% |
OVERALL TIER 1 CAPITAL REQUIREMENT | 12.11% | 12.25% |
Total capital: Tier 1 (CET1 + AT1): Minimum requirement (Pillar 1) | 8.00% | 8.00% |
Total capital: Pillar 2 requirement(1) | 1.77% | 1.84% |
Combined Buffer Requirement | 4.72% | 4.81% |
OVERALL TOTAL CAPITAL REQUIREMENT | 14.49% | 14.65% |
| ||
The CET1 capital requirement was 10.33% at 31 December 2024 (excluding Pillar 2 guidance), in view of the capital conservation buffer at 2.5%, a G-SIB buffer at 1.5%, a Pillar 2 requirement at 1.11%, the countercyclical buffer at 0.67% and a systemic risk buffer at 0.04%.
At 31 December 2024, BNP Paribas’ CET1 ratio stood at 12.87%(4), well above the minimum requirement level applicable in 2024 notified by the European Central Bank. Compared to 31 December 2023, the CET1 ratio had decreased by around 30 basis points as at 31 December 2024, which is mainly explained by:
As a reminder, since 1 January 2022, the Group is subject to a restriction threshold applicable to distributions on the basis of the MREL requirement (M-MDA, see paragraph MREL). This constraint is non-biding because it is higher than the distance to the distribution restriction thresholds.
Since 1 January 2023, the Group is subject to a restriction threshold applicable to distributions on the basis of the leverage ratio requirement (L-MDA, see paragraph Leverage ratio).
The capital surplus over the thresholds for distribution restriction is the lesser of the four amounts calculated respectively in relation to CET1, Tier 1, total capital and leverage ratio requirements based on exposure. At 31 December 2024, the excess of total capital over the restriction thresholds applicable to distributions was EUR 18.9 billion.
BNP Paribas ratios are monitored and managed centrally, on a consolidated basis. Where a French or international entity is required to comply with banking regulations at its own level, its ratios are also monitored and managed directly by the entity (see paragraph Capital management at local level).
BNP Paribas’ insurance business is governed by Solvency II, the standard for calculating the solvency coverage ratio (Directive 2009/138/EC as transposed into French law).
The objective of Solvency II is to:
Solvency II is based on three pillars that aim to:
The BNP Paribas Cardif group complies with this regulation both in terms of risk management and governance, as well as calculation and reporting. Solvency II-related data as at 31 December 2022 are available in the Solvency and Financial Condition Report (SFCR) for the BNP Paribas Cardif group, published on the institutional website https://www.bnpparibascardif.com/en/financial-informations.
Insurance risks are introduced in section 5.10 Insurance risks.
Solvency II sets out two capital requirements:
The SCR (Solvency Capital Requirement) is the level of own funds required to absorb a full series of impacts after accounting for the correlation between risks. It is calibrated to cover such an event with a return period of 200 years within a one-year timescale (Value at Risk at 99.5%). The BNP Paribas Cardif SCR is evaluated by means of the standard formula laid down by the regulation.
The capital management policy of BNP Paribas Cardif aims notably to ensure that the prudential solvency requirements are met, to cover at least 100% of the SCR defined within the scope of the ORSA assessment and to structure own funds so that the best balance can be found between the share capital, subordinated debt and other own funds elements, complying with the limits and levels laid down by regulations.
At 31 December 2023, own funds eligible for the Solvency Capital Requirement stood at EUR 14,900 million. The amount of SCR was EUR 8,122 million and the SCR coverage ratio was 183%. Eligible own funds for the SCR Group Minimum amounted to EUR 10,971 million. The amount of SCR Group Minimum was EUR 3,491 million, and the SCR Group Minimum coverage ratio was 314%.
The Solvency report at 31 December 2024 will be published on 20 May 2025.
As a bancassurer, the BNP Paribas Group is also subject to additional supervision as a financial conglomerate, pursuant to European Directive 2002/87/EU, supplemented by Delegated Regulation 342/2014 of the European Commission and implemented into French law by the Order of 3 November 2014.
The financial conglomerates directive has established additional prudential supervision, added to the rules existing in the banking and insurance sectors, because it has introduced additional constraints on capital adequacy, the monitoring of large exposures, and intragroup transactions.
A financial conglomerate is required to meet additional capital adequacy requirements on a consolidated basis. The purpose is to require sufficient capital to cover both banking sector and insurance sector risks, while eliminating multiple gearing.
The capital surplus or shortfall results from the difference between the financial conglomerate’s equity capital and the solvency requirements applicable to the banking and insurance industries:
In calculating the financial conglomerate’s capital adequacy, the requirements and deductions of insurance entities are treated in compliance with Solvency II rules in replacement of the rules defined in the CRR. The latter consist primarily of a 370% weighting of investments in equities treated according to the simple weighting method (see Equities under the simple weighting method in section 5.4 Credit risk).
Governance for the prudential supervision of financial conglomerates falls to the Capital Committee, which meets quarterly under the Chairmanship of the Chief Financial Officer.
As at 31 December 2024, BNP Paribas Group, as a financial conglomerate, had capital of EUR 142.1 billion compared to a total requirement of EUR 117.3 billion, which represents a capital surplus of EUR 24.8 billion.
|
| a | a |
In millions of euros | 31 December 2024 | 31 December 2023 | |
1 | Supplementary own fund requirements of the financial conglomerate (amount) | 24,754 | 29,177 |
2 | Capital adequacy ratio of the financial conglomerate (%) | 121.10% | 127.80% |
Following the 2008/2009 financial crisis, international banking regulatory bodies adopted a series of regulations and directives based on the recommendations of the Financial Stability Board to facilitate the authorities’ management of crises involving financial institutions and limit the impact of a potential collapse on the economy and public finances. They provide for:
The recommendations of the Financial Stability Board were transposed into French banking law in July 2013, introducing in particular the obligation to create recovery and resolution plans, and giving resolution powers for the ACPR (Autorité de contrôle prudentiel et de résolution).
On a European level, Directive 2014/59/EU (BRRD – Bank Recovery and Resolution Directive) was passed in 2014 and has been transposed into the law of all European Union Member States. This directive, as well as Regulation (EU) No. 806/2014 (SRM Regulation – Single Resolution Mechanism Regulation) of 2014 and various additional delegated regulations, form the current regulations governing the recovery and resolution of European financial institutions. Following the European Commission proposal of November 2016, the amendments contained in the BRRD2 and the SRMR2 were approved and published in the Official Journal on 7 June 2019. In France, the transposition of the BRRD2 directives was finalised on 21 December 2020.
The recovery plan, prepared at Group level, describes the possible recovery options if the Group were to find itself in a distressed situation. It contains information needed by the authorities to understand the Group’s operations, resilience and capacity to absorb losses.
BNP Paribas submitted its updated Recovery Plan to its supervisor, the ECB, early October 2024. The Single Resolution Board (SRB) and other authorities can obtain the Recovery Plan from the ECB.
Prepared in accordance with the Financial Stability Board’s recommendations and the provisions of the French Monetary and Financial Code, this Recovery Plan was submitted to the Board of director’s Internal Control, Risk Management and Compliance Committee (CCIRC) for review and then to the Board of directors for approval (see chapter 2 Corporate governance and internal control).
The new version of the Plan includes updated figures and takes account of changes in the Group’s organisation and activities. It is accompanied by a detailed description of tested recovery scenarios and of the identified recovery options. It also takes account the comments of the ECB and the Recovery College’s participating authorities, which met in March 2024, as well as developments in European regulations. It also incorporates lessons learned from dry runs conducted regularly by BNP Paribas on certain aspects of the plan with the participation of the Executive Management and the ECB.
This Recovery College, organised under the auspices of the ECB, brings together the authorities of the member countries of the European Union in which BNP Paribas has a presence, as well as the European Banking Authority and the Single Resolution Board.
In 2024, the Group submitted a set of documents to the Autorité de contrôle prudentiel et de résolution (ACPR) to be forwarded to the Single Resolution Board (SRB). These documents contain information needed by the authorities to prepare the plan for the potential resolution of BNP Paribas.
Since 2016, the Group provides a series of documents annually. These include an analytical declaration of BNP Paribas SA and its subsidiaries’ liabilities (Liability Data report), required by the SRB to carry out its analyses of the future requirements for liabilities eligible for bail-in, as well as various financial analyses, a presentation on the Group’s organisational structure and analyses of its critical functions and operational continuity in resolution. These statements are in line with the requirements formalised by the EBA (on behalf of the Commission).
In 2024, BNP Paribas also took part in a series of working meetings of the SRB, the ACPR and other EU bank resolution authorities, under the auspices of the SRB. The purpose of these meetings is to deepen the SRB’s analyses of the Group’s capacity to deal with a potential resolution.
The Crisis Management Group (CMG) and the Resolution College met in January 2025 in view to approve the resolution plan drafted by the SRB.
The resolution strategy privileged by the SRB for major institutions such as the Group includes “bail-in” which, in contrast to “bail-out”, involves the absorption of losses through BNP Paribas SA’s internal resources. This implies the cancellation or reduction in the nominal value of a debt and/or its complete or partial conversion into equity. For major centralised banking institutions such as the Group, this resolution strategy is applied at a Single Point of Entry (SPE), i.e. BNP Paribas SA, regardless of where the losses occur within the Group.
With regard to the US authorities, the Group presented a resolution plan for its activities in the United States, pursuant to Rule 165(d) of the Dodd-Frank Act in December 2021. The next version of the resolution plan will be submitted by 1 October 2025.
In accordance with Regulation (EU) No. 2019/876, Global Systemically Important Banks (G-SIBs) have been subject to a two-fold TLAC requirement since 27 June 2019. This requirement includes, on the one hand, a minimum ratio expressed as a percentage of the risk‑weighted assets, and, on the other hand, a minimum ratio expressed as a percentage of the leverage ratio exposure.
At 31 December 2024, the minimum TLAC requirement for the Group stood at 22.72% of the risk-weighted assets, taking into account:
From 1 January 2022, the Group’s minimum TLAC requirement amounts to 6.75% of leverage exposure.
In millions of euros |
| 31 December 2024 | 31 December 2023 |
|
|
| ||
|---|---|---|---|---|---|---|---|---|
MREL | TLAC | Amounts eligible for the purposes of MREL, but not of TLAC | TLAC |
|
|
| ||
Regulatory capital |
|
|
|
|
|
|
| |
1 | Common Equity Tier 1 capital (CET1) | 98,128 | 98,128 |
| 92,857 |
|
|
|
2 | Additional Tier 1 capital (AT1) | 15,640 | 15,640 |
| 14,644 |
|
|
|
6 | Tier 2 capital (Tier 2) | 16,813 | 16,813 |
| 14,243 |
|
|
|
11 | Total TLAC eligible capital | 130,581 | 130,581 |
| 121,744 |
|
|
|
Other eligible liabilities |
|
|
|
|
|
|
| |
12 | Non-preferred senior debt issued directly by the resolution entity (not grandfathered)(1) | 74,252 | 74,252 |
| 72,301 |
|
|
|
EU-12a | Non-preferred senior debt issued by other entities within the resolution group (not grandfathered) |
|
|
|
|
|
|
|
EU-12b | Non-preferred senior debt issued prior to 27 June 2019 (grandfathered) |
|
|
|
|
|
|
|
EU-12c | Amortised portion of Tier 2 instruments with remaining maturity over one year | 3,655 | 3,655 |
| 4,399 |
|
|
|
13 | Preferred senior debt (not grandfathered before application of 3.5% RWA limit) | 20,050 | Option not applied | 20,050 | Option not applied |
|
|
|
EU-13a | Preferred senior debt issued prior to 27 June 2019 (grandfathered before application of 3.5% RWA limit) | 3,598 | Option not applied | 3,598 | Option not applied |
|
|
|
14 | Preferred senior debt (after application of the 3.5% RWA limit) | 23,648 | Option not applied | 23,648 | Option non applied |
|
|
|
17 | Eligible liabilities items before adjustments | 101,555 | 77,907 | 23,648 | 76,700 |
|
|
|
EU-17a | of which subordinated liabilities items | 77,907 | 77,907 | - | 76,700 |
|
|
|
Own funds and eligible liabilities: Adjustments to non-regulatory capital elements |
|
|
|
|
|
|
| |
18 | Total capital and other eligible liabilities before regulatory adjustments | 232,137 | 208,489 | 23,648 | 198,444 |
|
|
|
19 | Deduction of exposures between MPE resolution groups |
|
|
|
|
|
|
|
20 | Deduction of investments in other eligible liabilities instruments(2) | (447) | (447) |
| (363) |
|
|
|
22 | Total capital and other eligible liabilities after regulatory adjustments | 231,690 | 208,042 | 23,648 | 198,082 |
|
|
|
EU-22a | of which own funds and subordinated liabilities | 208,042 |
|
|
|
|
|
|
Risk-weighted assets and leverage ratio total exposure measure |
|
|
|
|
|
|
| |
23 | Risk-weighted assets (RWAs) | 762,247 | 762,247 |
| 703,694 |
|
|
|
24 | Leverage ratio total exposure measure | 2,464,334 | 2,464,334 |
| 2,346,500 |
|
|
|
Own funds and eligible liabilities ratio |
|
|
|
|
|
| ||
25 | Own funds and eligible liabilities ratio (percentage of risk-weighted assets) | 30.40% | 27.29% | 3.10% | 28.15% |
|
|
|
EU-25a | of which own funds and subordinated liabilities | 27.29% |
|
|
|
|
|
|
26 | Own funds and eligible liabilities RATIO (as a percentage of leverage ratio total exposure measure) | 9.40% | 8.44% | 0.96% | 8.44% |
|
|
|
EU-26a | of which own funds or subordinated liabilities | 8.44% |
|
|
|
|
|
|
27 | CET1 (as a percentage of RWAs) available after meeting the resolution group’s requirements | 7.26% | 7.26% |
| 7.73% |
|
|
|
28 | Combined buffer requirement |
| 4.71% |
| 4.40% |
|
|
|
29 | of which capital conservation buffer |
| 2.50% |
| 2.50% |
|
|
|
30 | of which countercyclical buffer |
| 0.67% |
| 0.40% |
|
|
|
31 | of which systemic risk buffer |
| 0.04% |
| 0.00% |
|
|
|
EU-31a | of which G-SIB or D-SIB buffers |
| 1.50% |
| 1.50% |
|
|
|
Memorandum items |
|
|
|
|
|
| ||
EU-32 | Total amount of excluded liabilities referred to in article 72a(2) of Regulation (EU) No. 575/2013 |
| 1,709,452 |
| 1,685,403 |
|
|
|
|
|
|
| |||||
At 31 December 2024, the Group’s TLAC ratio broadly exceeded the applicable minimum level of requirement.
This ratio stood at 27.29% of risk-weighted assets, without using senior preferred debt, which are eligible up to a limit of 3.5% of risk-weighted assets. It amounted to 8.44% of total (leverage) exposure measure.
The debt issuance targets aiming at satisfying these requirements and their nature are described in the section Wholesale funding trends based on regulatory changes in section 5.8 Liquidity risk.
In millions of euros | 31 December 2024 | |||||||
Insolvency ranking(2) | ||||||||
1 | 2 | 12(3) | 3 | 5 | 6 | TOTAL | ||
1 | Description of insolvency ranking | CET1 capital(4) | AT1 capital(4) | Participating notes | T2 capital – subordinated debt(4) | Non-preferred senior debt | Preferred senior debt(6) |
|
2 | Regulatory capital instruments and liabilities(5) | 120,534 | 15,980 | 229 | 27,025 | 79,680 | 784,465 | 1,027,912 |
3 | of which excluded liabilities(5) |
|
|
|
|
| 689,868 | 689,868 |
4 | Non-excluded regulatory capital instruments | 120,534 | 15,980 | 229 | 27,025 | 79,680 | 94,597 | 338,043 |
5 | of which instruments eligible for the TLAC ratio | 120,534 | 15,794 |
| 23,928 | 74,252 | 23,648 | 258,157 |
6 | of which residual maturity ≥ 1 year and < 2 years |
|
|
| 2,982 | 6,943 | 1,899 | 11,823 |
7 | of which residual maturity ≥ 2 years and < 5 years |
|
|
| 2,968 | 33,560 | 10,270 | 46,797 |
8 | of which residual maturity ≥ 5 years and < 10 years |
|
|
| 11,927 | 24,288 | 8,941 | 45,156 |
9 | of which residual maturity ≥ 10 years |
|
|
| 6,052 | 9,462 | 2,539 | 18,052 |
10 | of which perpetual instruments | 120,534 | 15,794 |
|
|
|
| 136,328 |
| ||||||||
In millions of euros | 31 December 2023 | |||||||
Insolvency ranking | ||||||||
1 | 2 | 4(2) | 3 | 7 | 8 | TOTAL | ||
1 | Description of insolvency ranking | CET1 capital(3) | AT1 capital(3) | Participating notes | T2 capital – subordinated debt(3) | Non-preferred senior debt |
|
|
2 | Regulatory capital instruments and debt instruments(4) | 116,227 | 14,823 | 228 | 22,936 | 80,969 |
| 235,184 |
3 | of which excluded instruments(4) |
|
|
|
|
|
|
|
4 | Non-excluded regulatory capital instruments | 116,227 | 14,823 | 228 | 22,936 | 80,969 |
| 235,184 |
5 | of which instruments eligible for the TLAC ratio | 116,227 | 14,823 |
| 21,392 | 72,301 |
| 224,743 |
6 | of which residual maturity ≥ 1 year and < 2 years |
|
|
| 2,850 | 7,510 |
| 10,361 |
7 | of which residual maturity ≥ 2 years and < 5 years |
|
|
| 5,565 | 30,558 |
| 36,123 |
8 | of which residual maturity ≥ 5 years and < 10 years |
|
|
| 9,420 | 26,259 |
| 35,679 |
9 | of which residual maturity ≥ 10 years |
|
|
| 3,557 | 7,973 |
| 11,530 |
10 | of which perpetual instruments | 116,227 | 14,823 |
|
|
|
| 131,050 |
| ||||||||
The total Minimum Requirement for own funds and Eligible Liabilities (MREL) applies to all European Union credit institutions and investment firms from 1 January 2024.
At 31 December 2024, the Group exceeded the MREL requirement and the distance above the minimum requirement (“M-MDA”) was greater than the distance applicable to the distribution restriction thresholds (“MDA”) calculated in relation to the capital requirements (see paragraph Overall capital requirements).
At 31 December 2024 :
BNP Paribas closely tracks the regulatory developments relating to banks recovery and resolution.
Further to the Eurogroup statement of June 2022(5) that required a targeted review of the Crisis Management and Deposit Insurance (CMDI) framework (BRRD, SRMR and DGSD), the Commission published a proposal on 18 April 2023. The European Parliament defined its position in April 2024 and the Council in June 2024. The trilogue started in December 2024. At this stage, the legislative process is expected to be completed in 2025 or 2026. BNP Paribas is closely following this process.
The leverage ratio’s main objective is to serve as a complementary measure to the risk-based capital requirements (back-stop principle). It is calculated as the ratio between Tier 1 capital and an exposure measure calculated using on- and off-balance sheet commitments valued using a prudential approach. In particular, derivatives and repurchase agreements are also adjusted.
At European level, the leverage ratio requirement is applied gradually in accordance with the provisions contained in the CRR:
Monitoring of the leverage ratio is one of the responsibilities of the Capital Committee (as described in the section Capital management hereafter).
The leverage ratio stood at 4.6% at 31 December 2024, stable compared to 4.58% at 31 December 2023. It was well above the 3.85% leverage requirement applicable since 1 January 2024.
|
| a |
|
In millions of euros | 31 December 2024 | 31 December 2023 | |
1 | Total assets as per published financial statements | 2,704,908 | 2,591,499 |
2 | Adjustment for entities which are consolidated for accounting purposes but are outside the scope of regulatory consolidation | (272,085) | (257,275) |
3 | (Adjustment for securitised exposures that meet the operational requirements for the recognition of risk transference) | (3,477) | (4,003) |
4 | (Adjustment for temporary exemption of exposures to central bank (if applicable)) |
|
|
5 | (Adjustment for fiduciary assets recognised on the balance sheet pursuant to the applicable accounting framework but excluded from the leverage ratio total exposure measure in accordance with point (i) of article 429a(1) CRR) |
|
|
6 | Adjustment for regular-way purchases and sales of financial assets subject to trade date accounting |
|
|
7 | Adjustment for eligible cash pooling transactions |
|
|
8 | Adjustments for derivative financial instruments | (94,524) | (100,967) |
9 | Adjustment for securities financing transactions (SFTs)(1) | 23,513 | 21,586 |
10 | Adjustment for off-balance sheet items (i.e. conversion to credit equivalent amounts of off-balance sheet exposures) | 223,239 | 207,680 |
11 | (Adjustment for prudent valuation adjustments and specific and general provisions which have reduced Tier 1 capital) | (2,464) | (2,472) |
11a | (Adjustment for exposures excluded from the leverage ratio total exposure measure in accordance with point (c) of article 429a(1) CRR) |
|
|
11b | (Adjustment for exposures excluded from the leverage ratio total exposure measure in accordance with point (j) of article 429a(1) CRR) | (18,187) | (16,703) |
12 | Other adjustments | (96,587) | (92,846) |
13 | LEVERAGE RATIO TOTAL EXPOSURE MEASURE | 2,464,334 | 2,346,500 |
| |||
|
| a | b |
|---|---|---|---|
In millions of euros | 31 December 2024 | 31 December 2023 | |
| On-balance sheet exposures (excluding derivatives and SFTs(1)) |
|
|
1 | On-balance sheet items (excluding derivatives, SFTs(1), but including collateral) | 1,833,082 | 1,763,655 |
2 | Gross-up for derivatives collateral provided where deducted from the balance sheet assets pursuant to the applicable accounting framework |
|
|
3 | (Deductions of receivables assets for cash variation margin provided in derivatives transactions) | (44,233) | (40,530) |
4 | (Adjustment for securities received under securities financing transactions that are recognised as an asset) |
|
|
5 | (General credit risk adjustments to on-balance sheet items) |
|
|
6 | (Asset amounts deducted in determining Tier 1 capital) | (14,587) | (14,368) |
7 | Total on-balance sheet exposures (excluding derivatives and SFTs(1)) | 1,774,262 | 1,708,757 |
| Derivative exposures |
|
|
8 | Replacement cost associated with SA-CCR derivatives transactions (i.e. net of eligible cash variation margin) | 66,126 | 58,593 |
8a | Derogation for derivatives: replacement costs contribution under the simplified standardised approach |
|
|
9 | Add-on amounts for potential future exposure associated with SA-CCR derivatives transactions | 156,722 | 133,250 |
9a | Derogation for derivatives: Potential future exposure contribution under the simplified standardised approach |
|
|
9b | Exposure determined under Original Exposure Method |
|
|
10 | (Exempted CCP leg of client-cleared trade exposures) (SA-CCR) | (1,721) | (1,309) |
10a | (Exempted CCP leg of client-cleared trade exposures) (simplified standardised approach) |
|
|
10b | (Exempted CCP leg of client-cleared trade exposures) (original exposure method) |
|
|
11 | Adjusted effective notional amount of written credit derivatives | 451,280 | 404,326 |
12 | (Adjusted effective notional offsets and add-on deductions for written credit derivatives) | (422,670) | (381,259) |
13 | Total derivatives exposures | 249,737 | 213,601 |
| Securities financing transaction (SFT) exposures(1) |
|
|
14 | Gross SFT(1) assets (with no recognition of netting), after adjustment for sales accounting transactions | 426,748 | 457,137 |
15 | (Netted amounts of cash payables and cash receivables of gross SFT(1) assets) | (204,170) | (235,392) |
16 | Counterparty credit risk exposure for SFT(1) assets | 23,261 | 21,505 |
16a | Derogation for SFTs(1): Counterparty credit risk exposure in accordance with articles 429e(5) and 222 CRR |
|
|
17 | Agent transaction exposures | 251 | 81 |
17a | (Exempted CCP leg of client-cleared SFT exposure) |
|
|
18 | Total securities financing transaction exposures | 246,090 | 243,331 |
| Other off-balance sheet exposures |
|
|
19 | Off-balance sheet exposures at gross notional amount | 527,051 | 498,249 |
20 | (Adjustments for conversion to credit equivalent amounts) | (303,812) | (290,569) |
21 | (General provisions deducted in determining Tier 1 capital and specific provisions associated with off-balance sheet exposures) | (524) | (655) |
22 | Off-balance sheet exposures | 222,715 | 207,026 |
| Excluded exposures |
|
|
22a | (Exposures excluded from the leverage ratio total exposure measure in accordance with point (c) of article 429a(1) CRR) |
|
|
22b | (Exposures exempted in accordance with point (j) of article 429a(1) CRR (on and off-balance sheet)) | (18,187) | (16,703) |
22c | (Excluded exposures of public development banks – Public sector investments) |
|
|
22d | (Excluded exposures of public development banks (or units) – Promotional Loans) |
|
|
22e | (Excluded passing-through promotional loan exposures by non-public development banks (or units)) |
|
|
22f | (Excluded guaranteed parts of exposures arising from export credits) | (10,282) | (9,512) |
22g | (Excluded excess collateral deposited at triparty agents) |
|
|
22h | (Excluded CSD related services of CSD/institutions in accordance with point (o) of article 429a(1) CRR) |
|
|
22i | (Excluded CSD related services of designated institutions in accordance with point (p) of article 429a(1) CRR) |
|
|
22j | (Reduction of the exposure value of pre-financing or intermediate loans) |
|
|
22k | (Total exempted exposures) | (28,469) | (26,215) |
| Capital and total exposure measure |
|
|
23 | Tier 1 capital | 113,768 | 107,501 |
24 | Leverage ratio total exposure measure | 2,464,334 | 2,346,500 |
25 | LEVERAGE RATIO | 4.62% | 4.58% |
EU-25 | Leverage ratio (without the adjustment due to excluded exposures of public development banks – Public sector investments) (%) | 4.62% | 4.58% |
25a | Leverage ratio (excluding the impact of any applicable temporary exemption of central bank reserves) (%) | 4.62% | 4.58% |
| Leverage requirement |
|
|
26 | Regulatory minimum leverage ratio requirement (%) | 3.00% | 3.00% |
26a | Additional leverage ratio requirements (%) | 0.10% | 0.00% |
26b | of which: to be made up of CET1 capital | 0.00% | 0.00% |
27 | Leverage ratio buffer requirement (%) | 0.75% | 0.75% |
27a | Overall leverage ratio requirement (%) | 3.85% | 3.75% |
| Choice on transitional arrangements and relevant exposures |
|
|
EU-27b | Choice on transitional arrangements for the definition of the capital measure | Transitional | Transitional |
| Disclosure of mean values |
|
|
28 | Mean of daily values of gross SFT(1) assets, after adjustment for sale accounting transactions and netted of amounts of associated cash payables and cash receivable | 291,830 | 294,819 |
29 | Quarter-end value of gross SFT(1) assets, after adjustment for sale accounting transactions and netted of amounts of associated cash payables and cash receivables | 222,577 | 221,745 |
30 | Total exposure measure (including the impact of any applicable temporary exemption of central bank reserves) incorporating mean values from row 28 of gross SFT(1) assets (after adjustment for sale accounting transactions and netted of amounts of associated cash payables and cash receivables) | 2,533,587 | 2,419,574 |
30a | Total exposure measure (excluding the impact of any applicable temporary exemption of central bank reserves) incorporating mean values from row 28 of gross SFT(1) assets (after adjustment for sale accounting transactions and netted of amounts of associated cash payables and cash receivables) | 2,533,587 | 2,419,574 |
31 | Leverage ratio (including the impact of any applicable temporary exemption of central bank reserves) incorporating mean values from row 28 of gross SFT(1) assets (after adjustment for sale accounting transactions and netted of amounts of associated cash payables and cash receivables) | 4.49% | 4.44% |
31a | Leverage ratio (excluding the impact of any applicable temporary exemption of central bank reserves) incorporating mean values from row 28 of gross SFT(1) assets (after adjustment for sale accounting transactions and netted of amounts of associated cash payables and cash receivables) | 4.49% | 4.44% |
| |||
|
| a |
|
In millions of euros | 31 December 2024 | 31 December 2023 | |
EU-1 | Total on-balance sheet exposures (excluding derivatives, SFTs(1), and exempted exposures), of which: | 1,760,379 | 1,696,910 |
EU-2 | Trading book exposures | 264,827 | 211,023 |
EU-3 | Banking book exposures, of which: | 1,495,552 | 1,485,887 |
EU-4 | Covered bonds |
|
|
EU-5 | Exposures treated as sovereigns | 369,409 | 442,944 |
EU-6 | Exposures to regional governments, MDB, international organisations and PSE not treated as sovereigns | 46,161 | 37,386 |
EU-7 | Institutions | 33,602 | 27,376 |
EU-8 | Secured by mortgages of immovable properties | 188,102 | 184,067 |
EU-9 | Retail exposures | 230,845 | 228,618 |
EU-10 | Corporate | 360,462 | 355,974 |
EU-11 | Exposures in default | 13,333 | 13,369 |
EU-12 | Other exposures (e.g. equity, securitisations, and other non-credit obligation assets) | 253,638 | 196,154 |
| |||
Pursuant to article R.511-16-1 of French Monetary and Financial Code, BNP Paribas’ asset yield (i.e. net accounting income divided by the total balance sheet on a consolidated basis) was 0.43% in 2024 compared to 0.42% in 2023.
To ensure the Group’s sustainability, the Bank must maintain an adequate level of capital with respect to the risks to which it is exposed in the course of its activities and strategy. Capital is a rare and strategic resource, which requires stringent, clearly defined, rigorous management according to an approach, which takes account of the needs and demands of stakeholders, including shareholders, supervisors, creditors and depositors.
BNP Paribas’ capital management:
BNP Paribas’ capital management aims to ensure and verify that the Group has adequate capital to comply with the regulatory capital ratios, as well as specific requirements, for instance to operate as a Global Systemically Important Bank. To ensure its capital adequacy, the Group abides by the following principles:
The governance of the development, approval and update of the capital planning process is handled by two committees:
The Capital Committee is also the Group’s competent Executive Management authority for all issues related to the internal credit and operational risk model and the methodologies used in the ICAAP.
Capital management at the consolidated level rests on the following indicators:
This management rests on two major processes which are closely linked:
The Group has to allocate available capital among its different entities. To ensure a free and efficient flow of capital throughout the Group, the capital allocation process within the Group is centralised at head office level. It is mainly based on two principles: compliance with local regulatory requirements and analysis of the local business needs of the entity and growth prospects. In line with these two principles, the aim is to minimise capital dispersion.
Local Chief Financial Officers are responsible for the daily management and reporting of their subsidiaries’ capital requirements. When a capital need arises, it is analysed on a case-by-case basis by dedicated teams at Group level, taking into consideration the subsidiary’s present position, its future strategy as well as the Group’s one in the relevant country, the entity’s growth prospects and the macroeconomic environment. Furthermore, each year, the Group manages the subsidiaries’ earnings repatriation process. The Group general policy stipulates that the entire distributable profit of every entity, including retained earnings, must be paid out. This policy ensures that the capital remains centralised at the BNP Paribas SA level and also contributes to reducing the foreign exchange risk. Exceptions are considered on a case-by-case basis.
Local Chief Executive Officers are responsible for ensuring the subsidiary’s ongoing financial viability and competitiveness in terms of capital, where relevant. However, any capital action requested by a subsidiary is assessed by and subject to authorisation from head office.
In addition, every year the Group examines the branches’ capital allocations in order to maintain an adequate level of capital in light of the different regulations.
The specialised committees of the Board of directors (see part 2.1.2, Corporate governance of BNP Paribas of chapter 2 Corporate governance and internal control), which examine the risks taken and the risk policies on a Group scale, are:
In line with the Group’s Risk Appetite Statement, Executive Management provides broad guidelines for risk management through Group-level governance bodies of which the main ones are shown in the diagram below:
Main Group-level governance bodies have the following roles:
Risk management is central to the banking business and is one of the cornerstones of operations for the BNP Paribas Group. BNP Paribas has an internal control system covering all types of risks to which the Group may be exposed, organised around three lines of defence (see section 2.4 Internal Control in chapter 2 Corporate governance and internal control):
Responsibility for managing risks primarily lies with the divisions and business lines that are at the origin of the underlying transactions. RISK continuously performs a second-line control over credit and counterparty risks, market risk, interest rate and foreign exchange rate risks on the banking book, liquidity risks, insurance risks, and operational risk, including technological and cybersecurity risks, over data protection risks, modelling risks and environmental and social risk factors, as well as the associated governance risks. As part of this role, it must ascertain the soundness and sustainability of the business commercial developments and their overall alignment with the risk appetite target set by the Group. RISK’s remit includes formulating recommendations on risk policies, analysing the risk portfolio on a forward-looking basis, approving customers loans and trading limits, guaranteeing the quality and effectiveness of monitoring procedures, controlling the maturity of the processes and underlying operational risks and defining or validating risk measurement methods. RISK is also responsible for ensuring that all the risk implications of new businesses or products have been adequately assessed.
Compliance deals identically with risks related to financial security (money laundering, terrorist financing, corruption and influence peddling), market integrity, protection of clients, professional ethics, tax regulations applicable to customers and laws governing banking activities.
Its mission is to provide, through its opinions and decisions, as well as through its supervision and second level-controls, a reasonable assurance as to the effectiveness and consistency of the compliance system over operations and the protection of its reputation.
The RISK organisation fully complies with the principles of independence, vertical integration, and decentralisation issued by the Group’s Management for the Group’s main control functions (Compliance, RISK, LEGAL, and a third line of defence, General Inspection). Hence within RISK:
This organisation enables the governance of risk management activities to be strengthened, especially regarding model risk management, through RISK Independent Review and Control (RISK IRC) team, reporting directly to the Chief Risk Officer (CRO) which groups together the teams in charge of the independent review of the risk methodologies and models. This team is also in charge of the independent review of operational risk of RISK Function, with the organisation described in section 5.9 Operational risk.
In accordance with international standards and French regulations, Compliance manages the system for monitoring compliance and reputation risks for all of the Group’s businesses in France and abroad. The system for monitoring non-compliance and reputation risks is described in section 5.9.
Independent and hierarchically integrated on a global basis, Compliance brings together all employees reporting to the function. Its organisation is based on its guiding principles (independence, integration, decentralisation and subsidiarity of the function, dialogue with the business lines) through local teams (operating divisions, CPBS, IPS and CIB), areas of expertise, and departments in charge of transverse missions.
In order to fulfil its missions and in compliance with regulations as well as with the banking industry best practices, RISK is an independent, hierarchically integrated and decentralised function.
The Group CRO is appointed by the “Dirigeant Effectif” in charge of the consistency and efficiency of the permanent control of BNP Paribas, who notifies the Board of directors accordingly. This “Dirigeant Effectif” can also remove the Group CRO, after the prior approval of the Board, to which the latter has direct access.
The Group CRO receives his/her authority from this “Dirigeant Effectif” and reports to him/her directly. He/she is a member of the Group Executive Committee.
Where necessary, the Group CRO also has direct and independent access to the Board of directors of BNP Paribas (notably to the relevant specialised committees). In particular, the CCIRC holds hearings of the Group CRO on a periodic basis, without the presence of the “Dirigeants Effectifs”.
This positioning serves the following purposes:
The Chief Compliance Officer reports to the Chief Executive Officer and is a member of the BNP Paribas Executive Committee. She has direct and independent access to the Board of directors and in particular to its specialised committee, the Internal Control, Risk Management and Compliance Committee (CCIRC), and can thus inform it of any event likely to have a significant impact on the Group. Lastly, the CCIRC periodically interviews her, without the executive officers being present.
The Chief Compliance Officer has no operational activity outside of the non-compliance and reputation risk management framework and no commercial activity, which guarantees her independence of action. She exercises hierarchical supervision over all the Compliance teams within the various business units, geographical areas and functions.
A strong and comprehensive risk and compliance culture is deeply rooted in BNP Paribas Group’s core values and operational principles.
Executive Management has chosen to include the risk culture in three of its key corporate culture documents:
A culture of robust risk management and control has always been one of BNP Paribas’ top priorities and is an integral part of the Bank’s principles.
In addition to the various training programmes in support of this ambition, numerous awareness and acculturation initiatives are conducted at global and local level within different entities. These include some programmes aimed at sharing risk management advancements with a broad audience of employees presented directly by Group experts, for example: cyber risks, operational risks, credit and counterparty risks, ESG-related risks, legal risks.
Also, Risk Culture, a Group-wide initiative, aims to reinforce the dissemination of the best practices in risk management by giving it a transversal dimension that addresses all the Group’s employees. Sponsored by four functions: Compliance, LEGAL, Human Resources (HR), and RISK, Risk Culture is designed for the benefit of all staff and intervenes on all types of risks to which the Group may be exposed (credit, market, liquidity, operational, non-compliance, regulatory, environmental and social risks, etc.).
Taking an adaptive and participatory approach, this initiative supports the business lines and functions in their risk awareness promotion efforts, for example in transformation projects or when onboarding new employees. By leveraging the information already shared by the entities, Risk Culture aims to make essential concepts accessible to as many employees as possible and pays close attention to ensure that conduct and behaviour requirements are well integrated into this exercise of knowledge transmission. It provides teams with contents that they can use for their information and acculturation endeavours to enhance employees’ skills in all aspects of the risk culture.
In conjunction with operating entities, Risk Culture actions mainly consist of:
In all its initiatives, Risk Culture promotes the six fundamental risk management practices that are key to developing a robust risk culture. They serve as a reminder to staff about the importance of clearly understanding and anticipating risks with a long-term perspective, being disciplined with risks taken and reporting swiftly and transparently on risk management.
Lastly, the risk culture is also spread throughout the Group by linking compensation to performance and risk (see chapter 7, section 7.3 A competitive compensation policy), under a system that was strengthened in this area since 2015 for those employees whose decisions entail a significant risk component.
The Group does not have a specific risk appetite target, but some risks are inherent to its business and therefore to the achievement of its strategic objectives. It has prepared a Risk Appetite Statement and Risk Appetite Framework, which should be seen as the Group’s formal statement of its tolerance to the risks to which it is exposed as it implements its strategy.
The Risk Appetite Statement is approved on a yearly basis, or more frequently if necessary, by the Board of directors on the proposal of Executive Management. Consistent with the Group’s strategy and in light of the environment in which it operates, this document sets out the qualitative risk principles it intends to follow in its business activities, as well as a quantitative mechanism for supervising the Group’s risk profile indicators through quantitative metrics and thresholds. This system covers both the quantifiable and non-quantifiable risks to which it is exposed.
The Group’s risk appetite is determined by Executive Management, during various committees it chairs (CCDG, FMRC, Group ALCo, Capital Committee), which are tasked with managing the Group’s different types of risk exposure. The Group’s strategic processes, such as budget, capital and liquidity management, are in line with the Risk Appetite Statement. Certain Risk Appetite Statement indicators are included in the budget exercise and their expected values in the budget are cross-checked against the thresholds in the Risk Appetite Statement.
The Group’s Risk Appetite Statement reflects the core values of its risk culture. It states that the Group’s risk culture and its commitments as a responsible bank are at the heart of its strategy. The statement reaffirms the Group’s mission: to finance the economy, advise its clients and help to finance their projects, guided by strong ethical principles. The Group’s strategy underpinning its risk appetite is founded on the core principles that have guided its development: a balance between business activities to deliver profitability and stability, a customer-focused business model and an integrated banking model to optimise services to the latter. This strategy also factors developments in the banking industry, including the trend towards a digital model, and a macroeconomic situation marked by still high interest rates, in a context of particularly critical geopolitical risk, while certain sectors of the economy show higher levels of risk.
The risk principles aim to define the types of risk the Group is prepared to accept in support of its business strategy.
They include the following in particular:
The Risk Appetite Statement sets out the indicators that measure the Group’s risk profile for its risk exposure categories.
Risk level thresholds are assigned to each metric. When these thresholds are reached, they trigger an established process to inform Executive Management and the Board of directors, and if need be, to implement action plans.
These indicators are monitored quarterly in the risk dashboards presented to the CCIRC.
For example, the following ratios (described in the Key figures of section 5.1 Annual Risk survey) are included in the Risk Appetite statement indicators:
To ensure dynamic risk supervision and management, the Group has implemented a comprehensive stress testing framework.
The stress testing framework forms an integral part of the risk management and financial monitoring system and is used with a threefold objective of forward-looking risk management, planning of regulatory resources and liquidity requirements, and optimisation of the deployment of these resources within the Group, mainly through the Group’s and its main entities’ ICAAP and ILAAP processes.
There are two types of stress tests:
This stress testing framework is based on a well-defined governance, with responsibilities shared between the Group and operating entities in order to encourage operational integration and relevance and, in particular, to develop internal stress test practices required for proper risk management and Group resource planning.
The Finance, RISK and ALM Treasury Functions have created a shared team, Stress Testing and Financial Simulations (“STFS”), responsible for developing stress testing, ICAAP, internal capital and financial simulations capabilities planning across the Group’s entities and activities.
The STFS team is responsible in particular for:
Stress test methodologies are tailored to the main categories of risk and subject to independent review.
Stress tests may be run at Group, business line or portfolio level, dedicated to one or more risk types and on a more or less large number of variables depending on the pursued objective. Where appropriate, the results of quantitative models may be adjusted on the basis of expert judgement.
Since its creation, the Group’s stress testing framework has evolved continuously in order to integrate the most recent developments in stress tests, whether in terms of methodologies or improved operational integration in the Group’s management processes. The stress test framework by type of risks is detailed in sections 5.4 Credit risk, 5.6 Counterparty credit risk and 5.7 Market risk. In this context, the Group is engaged in the development of a climate stress testing infrastructure, covering scenarios (see below), data and models and methodologies, as well as encompassing both transition and physical risks, which are the two main risk types into which climate risk materialises.
In stress testing exercises, it is common practice to distinguish the baseline scenario from one or several alternative scenarios. A macroeconomic scenario is typically a set of macroeconomic and financial variables (GDP and its components, inflation, employment and unemployment, interest and exchange rates, stock prices, commodity prices, etc.) projected over a given future period.
The baseline scenario is considered as the most likely scenario over the projection horizon. The baseline scenario is designed by Group Economic Research in collaboration with various functions and business lines possessing a specific expertise, in particular:
The global scenario is made up of regional and national scenarios (Eurozone, France, Italy, Belgium, Spain, Germany, United Kingdom, Poland, Türkiye, United States, Japan, China, India, Russia, etc.) consistent with each other.
Depending on the exercise, one or more alternative scenarios may be used for stress tests.
STFS produces three types of alternative scenarios on a regular basis, in collaboration with the same functions and business lines as those requested in the central scenario: an adverse scenario, a severe scenario and a favourable scenario.
The baseline, adverse, severe and favourable scenarios are revised quarterly to monitor the Bank’s risk appetite metrics and credit provision calculations within the framework of IFRS 9.
They are validated during committee involving the Group Executive Management for scenarios used in the Group’s budget process (second and third quarters of the year). For the other two quarterly exercises, scenarios are validated jointly by the Group Chief Risk Officer and the Group Chief Financial Officer.
The scenarios are then used to calculate expected losses (or profit and loss impact in the case of market risks) over the year for all Group portfolios:
The above calculations and related methodologies for stress tests on credit and market risks are coordinated centrally at Group level by STFS team. They also involve various teams of experts at Group and territory’s levels in their implementation and design.
Lastly, in an adverse budget scenario, risks appertaining to the Group and its business activities and not forming part of the adverse macroeconomic scenario are added. They are identified and quantified either by the Group’s businesses or centrally for those likely to impact the Group as a whole.
Beyond macroeconomic stress tests, the field of climate stress tests is developing rapidly. In this context, the Group is engaged in the analysis, adaptation and creation of transition and physical risk scenarios.
With regard to transition risk, the analysis and adaptation works are based at this stage on the work of the NGFS (Network for Greening the Financial System), pioneer in this field. For the Group’s internal requirements in terms of climate stress tests, NGFS scenarios can be adjusted and adapted, so that they are more in touch with most recent developments (e.g. at the macroeconomic level) or that they are more specifically adapted to the Group’s portfolios. In addition, in collaboration with other companies and institutions, the Group is taking part in the initiative to define transition scenarios with more precise sectoral aspects that are relevant to assess transition risk.
The physical risk scenarios used by the Group at this stage focus on geographies with significant Retail Banking activities in Europe.
Credit risk is the consequence resulting from the likelihood that a borrower or counterparty will fail to meet its obligations in accordance with agreed terms. The probability of default and the expected recovery on the loan or receivable in the event of default are key components of the credit quality assessment.
The following table shows the gross exposure of all of the BNP Paribas Group’s assets exposed to credit risk. The banking book securitisation positions as well as derivatives and repurchase agreements exposed to counterparty risk are excluded from this section and presented respectively in section 5.5 and 5.6.
In accordance with Implementing Regulation (EU) No. 2021/637, equity exposures under the standardised approach and using the simple weighting method are included in this section.
The main differences between the carrying amounts of the prudential balance sheet and the risk exposure amounts used for regulatory purposes are presented in Table 10 in the Scope of Application section of section 5.2 Capital management and capital adequacy.
These gross exposure amounts do not take into account guarantee and collateral received by the Group in its normal credit risk management operations (see section Credit risk mitigation techniques).
Exposure In millions of euros | 31 December 2024 | 31 December 2023 | Variation | |||||||
IRB | Standardised approach(1) | Simple weighting method | Total | IRB | Standardised approach(1) | Simple weighting method | Total | Total | Total – excluding foreign exchange effect | |
Central governments and central banks | 364,667 | 38,535 | 403,202 | 432,341 | 33,179 |
| 465,520 | (62,318) | (68,063) | |
Corporates | 681,194 | 125,301 | 806,495 | 671,642 | 118,053 |
| 789,694 | 16,800 | 9,410 | |
Institutions(2) | 57,643 | 21,860 | 79,504 | 45,783 | 23,879 |
| 69,662 | 9,841 | 9,168 | |
Retail | 281,579 | 165,647 | 447,226 | 281,501 | 164,781 |
| 446,282 | 944 | (1,174) | |
Equity | 266 | 11,669 | 11,936 |
| 540 | 13,593 | 14,133 | (2,197) | (2,241) | |
Units or shares in collective investment undertakings | 8,716 | 8,716 |
| 5,626 |
| 5,626 | 3,089 | 3,087 | ||
Other items(3) | 951 | 70,397 | 71,348 | 1,327 | 36,948 |
| 38,276 | 33,072 | 32,837 | |
TOTAL | 1,386,035 | 430,722 | 11,669 | 1,828,426 | 1,432,594 | 383,007 | 13,593 | 1,829,194 | (768) | (16,975) |
| ||||||||||
Exposure related to loan acquisitions on the secondary market in 2024 only accounts for a marginal amount.
The decrease of credit risk exposure, excluding the foreign exchange effect, was -EUR 17 billion in 2024. The foreign exchange effect of +EUR 16 billion is mainly explained by the appreciation of the US dollar.
Including those effects, the main changes by exposure class are the following:
BNP Paribas has opted for the most advanced approaches allowed under Basel 3. In accordance with the European Directive and its transposition into French law, in 2007 the supervisor authorised the Group to use internal models to calculate capital requirements starting on 1 January 2008.
For credit risk, the share of gross exposures under the IRBA approach was 75% at 31 December 2024, down slightly compared to 31 December 2023.
This significant scope includes in particular Corporate & Institutional Banking (CIB), Commercial & Personal Banking in France (CPBF). Commercial & Personal Banking in Belgium (CPBB), BNL bc, Personal Finance and Commercial & Personal Banking in Luxembourg (CPBL).
The IRBA scope nevertheless excludes certain entities such as those subsidiaries in the Europe-Mediterranean business lines.
Within the scope of equity exposures, the Group has mainly opted for the simple weighting method.
At 31 December 2024
The amounts and percentages below are presented net of provisions for credit risk.
|
| a | b | c | d | e |
In millions of euros | 31 December 2024 | |||||
Exposure value for exposures subject to IRB approach(1) | Exposure for purposes of leverage ratio(2) | |||||
Total exposure value for exposures subject to the Standardised approach and to the IRB approach | Percentage of total exposure value subject to the permanent partial use of the SA (%) | Percentage of total exposure value subject to a roll-out plan (%) | Percentage of total exposure value subject to IRB Approach (%) | |||
1 | Central governments or central banks | 364,093 | 404,609 | 0.83% | 0.62% | 98.55% |
1.1 | of which Regional governments or local authorities |
| 3,389 | 59.43% | 40.57% |
|
1.2 | of which Public sector entities |
| 2,474 | 54.31% | 45.69% |
|
2 | Institutions | 45,122 | 73,955 | 0.01% | 22.33% | 77.67% |
3 | Corporates | 480,935 | 785,952 | 0.46% | 13.68% | 85.85% |
3.1 | of which Specialised lending, IRB approach |
| 80,322 |
|
| 100.00% |
4 | Retail | 278,077 | 402,857 | 3.29% | 10.45% | 86.26% |
4.1 | of which secured by real estate SMEs | 10,959 | 11,301 |
|
| 100.00% |
4.2 | of which secured by real estate non-SMEs | 185,517 | 184,896 |
|
| 100.00% |
4.3 | of which qualifying revolving | 9,881 | 11,406 |
|
| 100.00% |
4.4 | of which SMEs | 29,746 | 29,608 |
|
| 100.00% |
4.5 | of which Other retail | 41,975 | 40,607 |
|
| 100.00% |
5 | Equity | 11,660 | 17,672 |
| 33.97% | 66.03% |
6 | Other non-credit obligation assets | 951 | 951 |
|
| 100.00% |
7 | Total | 1,180,838 | 1,685,997 | 1.20% | 10.36% | 88.44% |
| ||||||
|
| a | b | c | d | e |
In millions of euros | 31 December 2023 | |||||
Exposure value for exposures subject to IRB approach(1) | Exposure for purposes of leverage ratio(2) | |||||
Total exposure value for exposures subject to the Standardised approach and to the IRB approach | Percentage of total exposure value subject to the permanent partial use of the SA (%) | Percentage of total exposure value subject to a roll-out plan (%) | Percentage of total exposure value subject to IRB Approach (%) | |||
1 | Central governments or central banks | 431,674 | 473,358 | 1.35% | 7.32% | 91.33% |
1.1 | of which Regional governments or local authorities |
| 5,790 | 12.96% | 87.04% |
|
1.2 | of which Public sector entities |
| 3,194 | 2.50% | 97.50% |
|
2 | Institutions | 37,244 | 61,342 | 0.16% | 25.62% | 74.21% |
3 | Corporates | 482,551 | 771,380 | 0.64% | 13.14% | 86.22% |
3.1 | of which Specialised lending, IRB approach |
| 79,066 |
|
| 100.00% |
4 | Retail | 278,276 | 400,428 | 2.80% | 27.85% | 69.35% |
4.1 | of which secured by real estate SMEs | 10,675 | 11,014 |
|
| 100.00% |
4.2 | of which secured by real estate non-SMEs | 185,085 | 184,492 |
|
| 100.00% |
4.3 | of which qualifying revolving | 10,051 | 11,533 |
|
| 100.00% |
4.4 | of which SMEs | 30,819 | 30,745 |
|
| 100.00% |
4.5 | of which Other retail | 41,644 | 39,918 |
|
| 100.00% |
5 | Equity | 13,581 | 19,028 | 0.00% | 28.57% | 71.43% |
6 | Other non-credit obligation assets | 1,327 | 1,327 |
|
| 100.00% |
7 | Total | 1,244,653 | 1,726,864 | 1.31% | 15.56% | 83.13% |
| ||||||
The Bank’s lending activities are governed by the Global Credit Policy. It applies to all Group activities that generate credit or counterparty risk. The Global Credit Policy provides general principles (including the risk assessment and decision-making process, adherence to the highest standards of compliance and ethics) applicable to all credit risk, as well as specific principles applicable to country risk, sector risks, clients selection and the transaction structures. It is supplemented by specific policies tailored to certain type of business or counterparty.
These credit policies are regularly updated in line with developments in the credit environment in which the Group operates.
BNP Paribas takes ESG criteria into account in its credit decision-making processes. For more details, see chapter 5.11 Environmental, social and governance risk.
A system of discretionary credit delegations has been established, under which all lending decisions must be approved by managers or representatives of the business teams, with the concurrence of a formally designated RISK representative. Approvals are systematically evidenced in writing, possibly electronically either by means of a signed approval form or in the minutes of formal Credit Committee meetings. Discretionary credit delegations correspond to aggregate commitments by business group and vary according to internal credit ratings and the specific nature of the business concerned. All transactions proposed are subject to a detailed review of the borrower’s current and future position. The review, conducted when granting the transaction and updated at least on an annual basis, is designed to ensure the Group has a comprehensive understanding of the borrower and can monitor any potential changes in its situation. Certain types of lending commitments, such as loans to financial institutions, sovereign loans and loans to customers operating in certain industries that are exposed to cyclical risks or to a rapid pace of change, are subject to specific authorisation procedures and require the sign-off of an industry expert or designated specialist. In Retail Banking, simplified procedures are applied, based on statistical decision-making aids.
Credit applications must comply with the Bank’s Global Credit Policy and any relevant specific policies. Material exceptions undergo a special approval process. Before making any commitments, BNP Paribas carries out an in-depth review of any known development plans of the borrower, and ensures that it has thorough knowledge of all the structural aspects of the borrower’s operations and that adequate monitoring will be possible.
The General Management Credit Committee (CCDG) is the highest level Group committee for all decisions related to credit and counterparty risk. It has in particular ultimate decision-making authority for all credit applications notably for amounts in excess of individual discretionary credit delegations or applications that would not comply with the Global Credit Policy.
A comprehensive risk monitoring system is organised around control units, which are responsible for ensuring that lending commitments comply with the credit decision, that credit risk reporting data are reliable and that risks are effectively monitored. Daily irregular exception reports are produced and various early warning tools are used to identify early the deterioration of credit risks. The various monitoring levels are carried out under the supervision of RISK. Non-performing loans or those placed under credit watch (see Exposures, provisions and cost of risk) are overseen more closely via dedicated quarterly committee meetings (see the Governance part of section 5.3 Risk management). To supplement this mechanism, the Doubtful Committee meets on a monthly basis to validate the proposed changes in individual provisions for doubtful loans for which an adjustment is necessary based on expected financial flows.
The responsibilities of the control teams include the monitoring of exposures against approved authorisations, covenants, and guarantees. This allows the identification of any signs of deterioration against the risk profile approved by the Credit Committee. Control teams flag up (to the RISK teams and business units) any cases that fail to comply with Credit Committee decisions and oversee their resolution. In some cases, a specific alert is sent to the senior management of RISK and of the relevant business unit. These are mainly where exceptions remain unresolved and/or where there are serious indications of deterioration in the risk profile compared with that approved by the Credit Committee.
Furthermore, since 2018 the General Credit Policy has included specific checks to be conducted for loans granted to clients presenting high leverage ratios, in accordance with European Central Bank guidelines.
The selection and careful evaluation of individual risks taken are supported by a monitoring and risk control system based on more aggregated portfolio levels in terms of division/business line, regions, industry, business/product.
The overall portfolio management policy, including concentration of risk by single name, industry and country, is based on this monitoring system and Group Risk Committees review all reports and analyses produced:
Lastly, BNP Paribas may use credit risk transfer instruments, such as securitisation programmes, credit derivatives or credit insurance, to mitigate individual risks, reduce portfolio concentration or cap potential losses arising from crisis scenarios.
The Group applies the impairment procedures described below for all loans subject to impairment (see note 1.f.5 Impairment of financial assets at amortised cost and of debt instruments at market value through shareholders’ equity to the consolidated financial statements):
Each counterparty is rated internally by the Group using uniform principles, regardless of the approach used to calculate regulatory capital requirements.
The Bank has a comprehensive internal rating system compliant with regulatory requirements regarding capital adequacy. A periodic assessment and control process has been deployed within the Bank to ensure that the system is appropriate and correctly implemented. The system was formally validated by the supervisor in December 2007 and is inspected on a regular basis.
For loans to institutions, corporates, sovereigns and specialised lendings, the system is based on three parameters: the counterparty’s probability of default (PD) expressed via a rating, the Global Recovery Rate (GRR) or its complement, Loss Given Default (LGD), which depends on the structure of the transaction, and the Credit Conversion Factor (CCF), which estimates the off-balance sheet exposure at risk.
There are twelve counterparty ratings. Ten cover performing clients with credit assessments ranging from “excellent” to “very concerning”, and two relate to clients classified as in default, as per the definition by the banking supervisor.
Confirmation or amendments to the probability of default parameters and GRR applicable to each transaction are reviewed at least once a year as part of the loan approval process or annual credit review. These are based on the combined expertise of business line staff and, as a second look, the RISK representatives (who have the final say in case of disagreement). It uses appropriate tools including analysis aids and credit scoring systems. The decision to use these tools and the choice of technique depends on the nature of the risk.
For retail counterparties, the system is also based on three parameters: Probability of Default (PD), the Global Recovery Rate (GRR) and the Credit Conversion Factor (CCF). On the other hand, rating methods are applied automatically to determine the loan parameters.
Internal estimates of risk parameters are used in the Bank’s day-to-day management in line with regulation recommendations. Thus, apart from calculating capital requirements, they are used for example when setting delegated limits, granting new loans or reviewing existing loans to measure profitability, determine impairments and for book analyses.
| Internal rating BNP Paribas | LT Issuer/Unsecured issuer’s ratings S&P/Fitch | Average expected PD |
|---|---|---|---|
Investment Grade | 1+ | AAA | 0.01% |
1 | AA+ | 0.01% | |
1- | AA | 0.01% | |
2+ | AA- | 0.02% | |
2 | A+/A | 0.03% | |
2- | A- | 0.04% | |
3+/3/3- | BBB+ | 0.06% to 0.10% | |
4+/4/4- | BBB | 0.13 to 0.21% | |
5+/5/5- | BBB- | 0.26% to 0.48% | |
Non-Investment Grade | 6+ | BB+ | 0.69% |
6/6- | BB | 1.00% to 1.46% | |
7+/7 | BB- | 2.11% to 3.07% | |
7- | B+ | 4.01% | |
8+/8/8- | B | 5.23% to 8.06% | |
9+/9/9- | B- | 9.53% to 13.32% | |
10+ | CCC | 15.75% | |
10 | CC | 18.62% | |
10- | C | 21.81% | |
Default | 11 | D | 100% |
12 | D | 100% |
The Group has developed an indicative equivalence between the Bank’s internal ratings and the long-term issuer ratings assigned by the major rating agencies. Nevertheless, the Bank has a much broader clientele than just those counterparties rated by an external rating agency. An indicative equivalence is not relevant in Retail Banking. It is used when the internal ratings are assigned or reviewed in order to identify any differences between the Bank’s assessment of a borrower’s probability of default and that of one or more of the rating agencies. However, the internal ratings do not aim to reproduce or even approximate the external ratings. There are significant variances in both directions within the portfolio. Some counterparties rated 6 or 7 by BNP Paribas could be considered Investment Grade by the rating agencies.
For further details, see the sections Internal rating system – sovereign, financial institution, corporate and specialised financing portfolios and Internal rating system specific to retail customers.
Quantitative models have been developed and are used to connect credit risk and rating migration parameters with macroeconomic and financial variables projected in stress testing scenarios (see section 5.3 Stress testing), for historical data as well as the relevant forecast period.
The quality of the methods used is guaranteed by:
This governance is based on internal policies and procedures, the supervision of the Credit Risk Stress Testing Committees by business line and the integration of the stress tests within the risk management system.
The central stress testing framework is consistent with the structure defined in the EBA guidelines for European stress tests:
Stress testing of credit risk is used in the evaluation of the Group’s risk appetite, and more specifically during portfolio reviews. They are based on models integrated into the risk management and financial planning processes, shared with the provisions calculation system and the internal economic measurement of capital requirements.
The system was strengthened and adapted to the evolution of the risk environment:
The Bank has developed a partnership with the Centre de Mathématiques appliquées de l’École Polytechnique en France (CMAP) to ensure access to the most advanced scientific knowledge in the measurement of climate change risks, cyber risks, uncertainty and extreme events more generally.
The Group’s gross exposure to credit risk stood at EUR 1,817 billion at 31 December 2024, stable compared to 31 December 2023 with EUR 1,815 billion. This portfolio, which is analysed below in terms of its diversification, comprises all exposures to credit risk shown in Table 25, excluding equity exposures under the simple weighting method, shown in the section Credit risk: equities under the simple weighting method.
These exposure amounts are based on the gross carrying value of the financial assets. They do not include collateral taken by the Group in its normal credit risk management operations (see section Credit risk mitigation techniques).
No single counterparty gives rise to an excessive concentration of credit risk, due to the size of the business and the high level of industrial and geographical diversification of the client base. The breakdown of credit risks by industry and by region is presented in the tables hereafter.
This risk is mainly assessed through the monitoring of the indicators shown below.
The single name concentration risk of the portfolio is subject to regular monitoring. It is assessed on the basis of the total commitments at client or business group level and is based on two types of monitoring:
Article 395 of Regulation (EU) No. 575/2013 of 26 June 2013 establishes a limit of 25% of the Bank’s capital for exposure by business group (after exemptions and taking credit risk mitigation techniques into account).
BNP Paribas is well below the concentration thresholds set by this regulation. The exposure (as defined above) of a client or a group of connected clients never exceeds 10% of the Bank’s eligible capital.
The single name concentration risks are part of the Group’s concentration policies. They are meant to identify and closely monitor any single business group with an excessive concentration of risk to proactively manage individual concentrations relative to the Group’s Risk Appetite Statement.
Exposure In millions of euros | 31 December 2024 | 31 December 2023 |
|---|---|---|
Central governments or central banks | 364,667 | 432,341 |
Institutions | 57,643 | 45,783 |
Corporates | 681,194 | 671,642 |
Corporates – Specialised financing | 81,299 | 80,020 |
Corporates – SME | 40,129 | 49,095 |
Other corporates | 559,766 | 542,527 |
Retail | 281,579 | 281,501 |
Retail – Secured by real estate property | 185,506 | 185,070 |
Retail – Secured by commercial property | 11,391 | 11,106 |
Retail – Revolving exposures | 11,813 | 11,901 |
Retail – SME | 30,851 | 31,932 |
Retail – Other | 42,018 | 41,492 |
Other risk assets | 951 | 1,327 |
TOTAL IRB APPROACH | 1,386,035 | 1,432,594 |
Central governments or central banks | 31,604 | 29,288 |
Regional governments or local authorities | 3,394 | 5,793 |
Public sector entities | 2,476 | 3,196 |
Multilateral development banks | 4,661 | 1,637 |
International organisations | 1,325 | 1,279 |
Institutions | 16,528 | 15,828 |
Corporates | 111,485 | 106,662 |
Retail | 126,466 | 124,421 |
Exposures secured by mortgages on immovable property | 42,326 | 41,726 |
Exposures in default | 10,669 | 10,062 |
Items associated with particular high risk(1) | 232 |
|
Exposures in the form of units or shares in collective investment undertakings | 8,716 | 5,626 |
Equity | 266 | 540 |
Other items | 70,575 | 36,948 |
TOTAL STANDARDISED APPROACH | 430,722 | 383,007 |
TOTAL | 1,816,757 | 1,815,602 |
| ||
Country risk is the sum of the risks on all exposures to obligors in the country concerned. It is not the same as sovereign risk, which is the sum of all exposures to the central government and its various branches. Country risk reflects the Bank’s exposure to a given economic and political environment, which are taken into consideration when assessing counterparty quality.
The geographic breakdown shown below is based on the counterparty’s country of residence.
The geographic breakdown of the portfolios is balanced. In 2024, the Group was particularly attentive to geopolitical risks and the economic performance of emerging countries.
Exposure In millions of euros |
|
|
|
| 31 December 2024 | |||||||||||||||||
Europe(1) | North America | Asia Pacific | Rest of the World | TOTAL | ||||||||||||||||||
Total Europe | France | Belgium | Luxembourg | Italy | United Kingdom | Germany | Netherlands | Other European countries | Total Asia Pacific | Japan | North Asia | South-East Asia (ASEAN) | Indian peninsula & Pacific | Total Rest of the World | Türkiye | Mediterranean basin | Gulf States & Africa | Latin America | Other countries | |||
Central governments or central banks | 251,486 | 128,238 | 36,654 | 21,581 | 19,061 | 7,650 | 16,804 | 192 | 21,305 | 55,400 | 50,524 | 27,109 | 6,002 | 10,016 | 7,398 | 7,258 | 359 | 259 | 1,556 | 2,764 | 2,321 | 364,667 |
Institutions | 33,609 | 10,045 | 9,453 | 659 | 2,983 | 1,488 | 2,079 | 1,597 | 5,304 | 6,335 | 8,297 | 1,818 | 4,136 | 726 | 1,617 | 9,402 | 1,178 | 207 | 2,483 | 4,578 | 956 | 57,643 |
Corporates | 463,410 | 138,168 | 70,104 | 28,553 | 54,197 | 49,615 | 31,697 | 28,306 | 62,770 | 126,677 | 54,971 | 8,489 | 17,929 | 12,527 | 16,026 | 36,136 | 1,383 | 419 | 4,699 | 13,387 | 16,248 | 681,194 |
Retail | 279,920 | 149,010 | 84,296 | 8,987 | 35,343 | 586 | 356 | 307 | 1,035 | 612 | 410 | 19 | 158 | 191 | 43 | 637 | 17 | 78 | 356 | 68 | 118 | 281,579 |
Other items | 951 | 951 | 951 | |||||||||||||||||||
TOTAL IRB APPROACH | 1,029,376 | 426,413 | 200,507 | 59,781 | 111,584 | 59,339 | 50,936 | 30,402 | 90,414 | 189,024 | 114,202 | 37,434 | 28,225 | 23,459 | 25,084 | 53,433 | 2,936 | 963 | 9,094 | 20,798 | 19,643 | 1,386,035 |
Central governments or central banks | 20,896 | 4,274 | 111 | 119 | 3,943 | 376 | 850 | 131 | 11,093 | 854 | 178 | 72 | 39 | 9 | 58 | 9,676 | 5,857 | 1,780 | 9 | 135 | 1,896 | 31,604 |
Regional governments or local authorities | 3,152 | 570 | 30 | 318 | 1,579 | 22 | 69 | 5 | 558 | 4 | - |
|
|
|
| 237 | 236 | 1 |
|
| 3,394 | |
Public sector entities | 2,329 | 609 | 31 | 12 | 1,510 | 32 | 56 | 7 | 73 | 14 | 14 |
| 133 | 133 |
|
| 2,476 | |||||
Multilateral development banks | 4,038 |
| 4,002 | 37 | 82 | 540 | 492 | 49 | 4,661 | |||||||||||||
International organisations | 1,324 | 1,036 | 135 | 100 | 51 | 3 | - | - |
| - | 1,325 | |||||||||||
Institutions | 13,033 | 4,412 | 470 | 301 | 2,378 | 451 | 911 | 195 | 3,916 | 770 | 1,052 | 131 | 586 | 186 | 150 | 1,672 | 1,254 | 129 | 121 | 32 | 136 | 16,528 |
Corporates | 88,386 | 20,241 | 6,128 | 1,879 | 13,902 | 10,621 | 9,866 | 2,857 | 22,894 | 953 | 7,730 | 101 | 3,705 | 1,937 | 1,987 | 14,416 | 6,355 | 5,852 | 654 | 362 | 1,193 | 111,485 |
Retail | 112,662 | 11,873 | 3,888 | 226 | 31,104 | 16,890 | 19,332 | 1,642 | 27,706 | 232 | 2,262 | 8 | 2,168 | 9 | 77 | 11,311 | 7,624 | 1,669 | 1,142 | 36 | 840 | 126,466 |
Exposures secured by mortgages on immovable property | 38,528 | 7,640 | 8,140 | 136 | 1,052 | 1,374 | 1,381 | 5,348 | 13,458 | 22 | 478 | 1 | 283 | 148 | 46 | 3,297 | 1,977 | 1,111 | 87 | 10 | 112 | 42,326 |
Exposures in default | 9,613 | 2,779 | 455 | 23 | 2,104 | 579 | 1,049 | 70 | 2,554 | 2 | 4 |
|
| 1 | 3 | 1,051 | 212 | 564 | 199 | 12 | 63 | 10,669 |
Items associated with particular high risk(2) | 1 | 1 | - | - | 231 |
| 231 | 232 | ||||||||||||||
Exposures in the form of units or shares in collective investment undertakings | 8,430 | 4,453 | 957 | 1,832 | 569 | 122 | 129 | 126 | 242 | 199 | 37 | 17 | 10 | 2 | 7 | 49 | 44 |
| 5 | 8,716 | ||
Equity | 197 | 76 | 3 | 98 | 5 | 6 | 5 | 3 | 1 | 58 | 4 |
|
| 4 | 8 |
| 6 | 1 | 266 | |||
Other items | 64,717 | 20,035 | 5,087 | 913 | 8,849 | 9,436 | 8,510 | 1,524 | 10,363 | 994 | 2,262 | 444 | 1,596 | 93 | 130 | 2,603 | 1,096 | 475 | 83 | 714 | 235 | 70,575 |
TOTAL STANDARDISED APPROACH | 367,305 | 77,998 | 25,436 | 9,959 | 67,045 | 39,946 | 42,156 | 11,907 | 92,859 | 4,170 | 14,562 | 775 | 8,894 | 2,433 | 2,461 | 44,684 | 24,654 | 11,945 | 2,295 | 1,308 | 4,482 | 430,722 |
TOTAL | 1,396,681 | 504,411 | 225,943 | 69,739 | 178,628 | 99,284 | 93,092 | 42,309 | 183,274 | 193,194 | 128,764 | 38,209 | 37,119 | 25,892 | 27,545 | 98,117 | 27,590 | 12,908 | 11,389 | 22,106 | 24,125 | 1,816,757 |
|
|
|
| |||||||||||||||||||
Exposure In millions of euros |
|
|
|
| 31 December 2023 | |||||||||||||||||
Europe(1) | North America | Asia Pacific | Rest of the World | TOTAL | ||||||||||||||||||
Total Europe | France | Belgium | Luxembourg | Italy | United Kingdom | Germany | Netherlands | Other European countries | Total Asia Pacific | Japan | North Asia | South-East Asia (ASEAN) | Indian peninsula & Pacific | Total Rest of the World | Türkiye | Mediterranean basin | Gulf States & Africa | Latin America | Other countries | |||
Central governments or central banks | 331,619 | 207,395 | 37,758 | 26,423 | 21,375 | 5,385 | 12,086 | 171 | 21,026 | 46,000 | 47,310 | 25,137 | 6,921 | 9,171 | 6,081 | 7,412 | 404 | 277 | 2,121 | 2,648 | 1,962 | 432,341 |
Institutions | 26,044 | 7,569 | 8,715 | 424 | 1,968 | 878 | 1,702 | 1,799 | 2,991 | 5,670 | 7,382 | 1,454 | 4,194 | 705 | 1,029 | 6,687 | 1,059 | 181 | 3,105 | 1,951 | 390 | 45,783 |
Corporates | 476,070 | 147,757 | 69,813 | 29,276 | 60,486 | 51,736 | 32,731 | 25,756 | 58,516 | 108,216 | 49,882 | 7,721 | 17,085 | 10,813 | 14,264 | 37,474 | 1,200 | 425 | 8,603 | 14,863 | 12,382 | 671,642 |
Retail | 279,905 | 149,927 | 82,558 | 9,100 | 36,145 | 570 | 373 | 265 | 969 | 560 | 418 | 20 | 163 | 191 | 45 | 619 | 17 | 72 | 318 | 78 | 134 | 281,501 |
Other items | 1,327 | 1,327 |
|
|
|
|
|
|
| - | - |
|
|
|
| - |
|
|
|
|
| 1,327 |
TOTAL IRB APPROACH | 1,114,966 | 513,975 | 198,843 | 65,222 | 119,973 | 58,568 | 46,891 | 27,990 | 83,503 | 160,445 | 104,992 | 34,332 | 28,363 | 20,879 | 21,419 | 52,191 | 2,680 | 955 | 14,147 | 19,540 | 14,868 | 1,432,594 |
Central governments or central banks | 22,107 | 5,821 | 1,626 | 328 | 4,954 | 122 | 531 | 3 | 8,722 | 366 | 237 | 53 | 14 | 1 | 168 | 6,578 | 4,683 | 1,672 |
| 133 | 90 | 29,288 |
Regional governments or local authorities | 5,454 | 531 | 1,142 | 86 | 2,961 | 37 | 46 | 15 | 636 | 196 | 5 |
|
|
| 5 | 137 | 137 | 1 |
|
| 5,793 | |
Public sector entities | 3,085 | 583 | 77 | 12 | 1,943 | 41 | 37 | 6 | 385 | 1 | 16 |
| 16 |
|
| 94 | 94 |
|
|
| 3,196 | |
Multilateral development banks | 1,637 | 1,603 | 34 |
|
|
| - | - |
| - |
|
|
|
|
| 1,637 | ||||||
International organisations | 1,279 | 1,030 | 175 | 20 | 51 | 3 | - | - | - | 1,279 | ||||||||||||
Institutions | 12,460 | 6,825 | 268 | 216 | 574 | 780 | 398 | 94 | 3,306 | 299 | 1,681 | 12 | 410 | 221 | 1,038 | 1,388 | 506 | 83 | 265 | 332 | 201 | 15,828 |
Corporates | 87,079 | 21,905 | 5,546 | 1,603 | 9,518 | 8,541 | 8,472 | 1,492 | 30,002 | 1,000 | 6,131 | 51 | 3,011 | 1,534 | 1,535 | 12,453 | 4,825 | 5,136 | 521 | 638 | 1,333 | 106,662 |
Retail | 111,342 | 15,373 | 4,631 | 287 | 29,786 | 15,613 | 17,516 | 1,448 | 26,689 | 114 | 2,460 | 4 | 2,107 | 7 | 342 | 10,505 | 4,864 | 1,367 | 1,103 | 2,475 | 696 | 124,421 |
Exposures secured by mortgages on immovable property | 39,057 | 7,298 | 7,223 | 85 | 949 | 1,229 | 2,054 | 5,666 | 14,554 | 20 | 315 | 1 | 110 | 155 | 48 | 2,334 | 1,144 | 1,076 | 62 | 9 | 44 | 41,726 |
Exposures in default | 8,850 | 2,159 | 342 | 18 | 2,020 | 577 | 896 | 70 | 2,769 | 8 | 4 |
| 1 | 1 | 3 | 1,200 | 138 | 797 | 200 | 36 | 29 | 10,062 |
Items associated with particular high risk(2) | - |
|
|
|
|
|
|
|
| - | - |
|
|
|
| - |
|
|
|
|
| - |
Exposures in the form of units or shares in collective investment undertakings | 5,482 | 3,167 | 397 | 1,135 | 458 | 97 | 35 | 65 | 128 | 112 | 26 | 12 | 7 | 2 | 5 | 6 | 4 |
|
| 1 | 5,626 | |
Equity | 467 | 210 | - | 196 | 1 | 27 | 2 | 15 | 16 | 58 | 6 |
| 6 | 9 |
| 8 | 1 | 540 | ||||
Other items | 34,866 | 20,369 | 2,365 | 441 | 4,074 | 2,354 | 3,752 | 166 | 1,344 | 292 | 972 | 73 | 815 | 8 | 76 | 818 | 390 | 293 | 24 | 86 | 25 | 36,948 |
TOTAL STANDARDISED APPROACH | 333,166 | 85,270 | 23,792 | 6,031 | 57,288 | 29,452 | 33,739 | 9,040 | 88,553 | 2,467 | 11,852 | 206 | 6,491 | 1,929 | 3,226 | 35,522 | 16,690 | 10,518 | 2,176 | 3,718 | 2,420 | 383,007 |
TOTAL | 1,448,132 | 599,245 | 222,635 | 71,254 | 177,261 | 88,020 | 80,630 | 37,030 | 172,056 | 162,912 | 116,845 | 34,537 | 34,854 | 22,808 | 24,645 | 87,713 | 19,370 | 11,473 | 16,323 | 23,258 | 17,288 | 1,815,601 |
|
|
|
| |||||||||||||||||||
The sectoral breakdown of the exposure class of non-financial corporations by industry is available in Table 51 Breakdown of loans and advances and provisions to non-financial corporations by industry (EU CQ5).
RWAs In millions of euros | 31 December 2024 | 31 December 2023 | Variation |
|---|---|---|---|
IRB approach | 311,061 | 287,009 | 24,052 |
Central governments or central banks | 3,877 | 4,360 | (482) |
Institutions | 11,043 | 7,963 | 3,080 |
Corporates | 237,974 | 218,425 | 19,548 |
Corporates – Specialised financing | 29,818 | 22,918 | 6,900 |
Corporates – SME | 19,799 | 21,967 | (2,169) |
Other corporates | 188,357 | 173,540 | 14,817 |
Retail | 57,947 | 55,989 | 1,958 |
Retail – Secured by real estate property | 27,360 | 23,174 | 4,186 |
Retail – Secured by commercial property | 2,798 | 2,880 | (82) |
Retail – Revolving exposures | 2,800 | 3,366 | (566) |
Retail – SME | 9,336 | 9,469 | (134) |
Retail – Other | 15,654 | 17,100 | (1,446) |
Other risk assets | 220 | 272 | (52) |
Standardised approach | 227,092 | 188,191 | 38,901 |
Central governments or central banks | 7,463 | 4,842 | 2,621 |
Regional governments or local authorities | 569 | 709 | (139) |
Public sector entities | 965 | 1,110 | (145) |
Multilateral development banks |
|
|
|
International organisations |
|
|
|
Institutions | 4,746 | 5,562 | (816) |
Corporates | 71,688 | 60,937 | 10,751 |
Retail | 64,540 | 62,749 | 1,791 |
Exposures secured by mortgages on immovable property | 16,855 | 16,012 | 843 |
Exposures in default | 5,488 | 4,957 | 531 |
Items associated with particular high risk(1) | 324 |
|
|
Exposures in the form of units or shares in collective investment undertakings | 10,961 | 7,838 | 3,123 |
Equity | 1,704 | 2,265 | (561) |
Other items | 41,788 | 21,211 | 20,578 |
Equity positions under the simple weighting method | 38,949 | 45,941 | (6,992) |
Private equity exposures in diversified portfolios | 3,836 | 3,480 | 357 |
Listed equity exposures | 2,028 | 3,706 | (1,679) |
Other equity exposures | 33,085 | 38,755 | (5,670) |
Other risk exposures | 2,500 | 14,000 | (11,500) |
CREDIT RISK | 579,602 | 535,141 | 44,461 |
| |||
|
|
| a |
|
|
In millions of euros | RWAs | Capital requirements | |||
Total | of which IRB approach | Total | of which IRB approach | ||
1 | 30 September 2024 | 583,396 | 323,408 | 46,672 | 25,873 |
2 | Asset size | (5,193) | (10,742) | (415) | (859) |
3 | Asset quality | (1,419) | (735) | (114) | (59) |
4 | Model update | (4,680) | (4,957) | (374) | (397) |
5 | Methodology and policy |
|
|
|
|
6 | Acquisitions and disposals | (784) | 34 | (63) | 3 |
7 | Currency | 7,621 | 5,505 | 610 | 440 |
8 | Others | 661 | (1,452) | 53 | (116) |
9 | 31 December 2024 | 579,602 | 311,061 | 46,368 | 24,885 |
|
|
| a |
|
|
In millions of euros | RWAs | Capital requirements | |||
Total | of which IRB approach | Total | of which IRB approach | ||
1 | 31 December 2023 | 535,141 | 287,009 | 42,811 | 22,961 |
2 | Asset size | 9,044 | 887 | 724 | 71 |
3 | Asset quality | (1,194) | (1,250) | (95) | (100) |
4 | Model update | 12,960 | 27,883 | 1,037 | 2,231 |
5 | Methodology and policy | 1,414 | 7 | 113 | 1 |
6 | Acquisitions and disposals(1) | 13,632 | (5,832) | 1,091 | (467) |
7 | Currency | 6,191 | 4,748 | 495 | 380 |
8 | Others | 2,412 | (2,391) | 193 | (191) |
9 | 31 December 2024 | 579,602 | 311,061 | 46,368 | 24,885 |
| |||||
Credit risk-weighted assets increased by +EUR 44 billion in 2024, primarily as a result of the following:
The internal rating system developed by the Group covers the entire Bank. The IRBA framework, validated in December 2007, covers the portfolio described in Approaches used to calculate capital requirements in the section entitled Exposure to credit risk.
The Group has developed specific internal models adapted for the most common categories of exposure and clients in its loan portfolio. BNP Paribas bases these developments on internal data gathered over long periods. Each of these models is developed and maintained by a specialist team, in conjunction with relevant RISK and business line experts. Moreover, verification is performed to ensure compliance with the floors set by the regulation on these models. The Bank does not use models developed by external suppliers.
IRBA credit models are developed and used within a control system comprising three lines of defence:
In addition, the first and second line of defence RISK teams regularly report the most important information to Bank management and senior management, through:
Counterparty rating (or the Probability of Default) and the Loss Given Default are determined either using purely statistical models for portfolios with the highest degree of granularity (loans to individuals or to very small enterprises) or a combination of models and expert judgement based on indicative values.
Loss Given Default is defined as the loss that the Bank would suffer in the event of the counterparty’s default in times of economic downturn, as required by regulations. For each transaction, it is measured using the recovery rate for a senior unsecured exposure to the counterparty, adjusted for any risk mitigation techniques (collateral or guarantees). Amounts recoverable against these mitigants are estimated each year using conservative assumptions as well as haircuts calibrated to reflect economic downturn conditions.
The Bank models its own conversion factors on financing commitments by using internal default data. Conversion factors are used to measure the off-balance sheet exposure at risk in the event of a default. This parameter is assigned automatically depending on the transaction type for all portfolios and therefore is not determined by the Credit Committees.
Internal estimates of risk parameters are used in the Bank’s day-to-day management in line with regulation recommendations. Thus, apart from calculating capital requirements, they are used, for example, when setting delegated limits, granting new loans or reviewing existing loans to measure profitability, determining stage 1 and stage 2 impairment and for book analyses.
Modelled parameter | Portfolio | Number of models | Model and methodology | Number of years – Default/loss data | Main asset class |
|---|---|---|---|---|---|
PD | Sovereigns | 1 | Qualitative | > 10 years | Central governments and central banks |
| Financial Institutions | 4 | Quantitative + expert opinion | > 10 years | Institutions Central governments and central banks Corporate – other |
| Insurance | 1 | Quantitative + expert opinion | > 10 years | Corporate – other |
| Large corporates | 1 | Quantitative + expert opinion Qualitative | > 10 years | Corporate – other |
| Real Estate non-retail in France | 1 | Qualitative | > 10 years | Corporate – other |
| Specialised Lending | 2 | Qualitative Quantitative + expert opinion | > 10 years | Corporate – specialised lending |
| General Non Retail Rating Policy | 1 | Qualitative | > 10 years | Corporate – other |
| CPBF – Mid-Corporates | 1 | Quantitative + expert opinion | > 10 years | Corporate – SME |
| CPBF – Retail Professionnals & Entrepreneurs | 1 | Quantitative | > 10 years | Retail – other SME |
| CPBF – Retail Individuals | 1 | Quantitative | > 10 years | Retail – other non-SME/qualifying Revolving/secured by real estate non-SME |
| Consumer Finance | 2 | Quantitative | > 10 years | Retail – other non-SME |
| BNPP FORTIS – Mid-Corporates | 3 | Quantitative + expert opinion | > 10 years | Retail – other/secured by real estate SME |
| BNPP FORTIS – Professionals | 1 | Quantitative | > 10 years | Retail – other SME/secured by real estate SME |
| BNPP FORTIS – Individuals | 1 | Quantitative | > 10 years | Retail – Secured by real estate non-SME |
| BNPP FORTIS – Public entities | 1 | Quantitative + expert opinion | 9 years | Institutions |
| BNL bc – Mid-Corporates | 1 | Quantitative – logistic regression | > 10 years | Corporate – SME |
| BNL bc – Retail Individuals | 1 | Quantitative – logistic regression | > 10 years | Retail – other non-SME |
| BNL bc – Professionals & Retail Mid-Corporates | 1 | Quantitative – logistic regression | > 10 years | Retail – other SME |
| BGL – Retail | 1 | Quantitative | > 10 years | Retail non-SME/secured by real estate SME |
| BGL – Mid-Corporates | 3 | Quantitative | > 10 years | Corporate - SME |
LGD | Sovereigns | 1 | Qualitative | > 10 years | Central governments and central banks |
| Banks | 4 | Quantitative + expert opinion | > 10 years | Institutions Central governments and central banks Corporate – other |
| Insurance | 1 | Qualitative | > 10 years | Corporate – other |
| Large corporates | 1 | Quantitative – calibrated on internal data Quantitative + expert opinion Quantitative | > 10 years | Corporate – other |
| Specialised lending | 2 | Quantitative – calibrated on internal data Qualitative | > 10 years | Corporate – specialised lending |
| General Non Retail Rating Policy | 1 | Qualitative | > 10 years | Corporate – other |
| CPBF – Mid-Corporates | 1 | Quantitative – calibrated on internal data | > 10 years | Corporate – SME |
| CPBF – Professionals | 1 | Quantitative – calibrated on internal data | > 10 years | Retail – other SME |
| CPBF – Individuals | 1 | Quantitative – calibrated on internal data | > 10 years | Retail - non SME |
| Consumer Finance | 2 | Quantitative – calibrated on internal data | > 10 years | Retail – other non-SME |
| BNPP FORTIS - Professionnals & Mid-Corporates | 1 | Quantitative – calibrated on internal data | > 10 years | Retail – other non-SME/qualifying Revolving/secured by real estate non-SME |
| BNPP FORTIS – Individuals | 1 | Quantitative – calibrated on internal data | > 10 years | Retail – other SME/secured by real estate non-SME |
| BNPP FORTIS – Public entities | 1 | Quantitative – calibrated on internal data | > 10 years | Institutions |
| BNL bc – Mid-Corporates | 1 | Quantitative – calibrated on internal data | > 10 years | Corporate – SME |
| BNL bc – Retail Individuals | 1 | Quantitative – calibrated on internal data | > 10 years | Retail – other non-SME |
| BNL bc – Professionals & Mid-Corporates | 1 | Quantitative – calibrated on internal data | > 10 years | Retail – other non-SME |
| BGL – Retail | 1 | Quantitative | > 10 years | Retail – other non-SME |
| BGL – Mid-Corporate | 1 | Quantitative | > 10 years | Corporate -SME |
CCF/EAD | CCF for corporates, banks and sovereigns | 1 | Quantitative – calibrated on internal data | > 10 years | Central governments and central banks |
| CPBF – Retail | 1 | Quantitative – calibrated on internal data | > 10 years | Retail |
| Consumer Finance | 2 | Quantitative – calibrated on internal data | > 10 years | Retail |
| BNPP FORTIS – Professionals & SME | 1 | Quantitative – calibrated on internal data | > 10 years | Retail |
| BNPP FORTIS – Individuals | 1 | Quantitative – calibrated on internal data | > 10 years | Retail |
| BNPP FORTIS – Public entities | 1 | Quantitative + expert opinion | > 10 years | Institutions |
| BNL bc – Retail | 2 | Fix value | - | Retail |
| BNL bc – Mid-Corporates | 1 | Fix value | - | Corporates – SME |
| BGL – Retail | 1 | Quantitative | > 10 years | Retail |
| BGL - Mid-Corporate | 1 | Quantitative | > 10 years | Corporate - SME |
Each one of the three credit risk parameters (PD, LGD, CCF/EAD) is backtested annually in order to check the performance and conservatism of every model and business segment of the Bank.
Backtesting of an internal Probability of Default model primarily aims at ensuring that the ratings attributed internally by the PD model are more conservative than the default rates observed during the year for the population under the scope of this model. When external ratings are available, for clients covered by a low default portfolio model, they are also used to challenge the conservatism of our internal ratings.
Backtesting of a Loss Given Default model is only based on exposures that are on default and includes both closed and open files. The Long Run Average LGD is compared with the corresponding LGD estimated from the model applied to the relevant application scope. The Time-to-Workout is defined as the period during which the institution realises the vast majority of the recoveries and it is used as the largest period for which recoveries are expected. When a recovery process is operationally closed, or reaches the Time-to-Workout (i.e. pseudo-closed), the observed LGD is calculated using all observed cashflows (recoveries, cost of recoveries and additional drawings) discounted back to the default date and compared with the outstanding at default (which may include additional drawings when relevant). When the recovery process is open or incomplete, future recoveries are estimated until Time-to-Workout by extrapolating historical recoveries, as well as any additional drawings, observed for the underlying population.
For both PD and LGD backtesting, additional tests are performed to assess and track over years the data representativeness, the stability, the risk differentiation as well as the correct calibration and conservatism of the model. In case any of these dimensions has deteriorated, or if any major alert is threatening the model’s relevancy, a recalibration can be proposed or even, in more extreme cases, a redevelopment of the model.
All this work is reviewed annually in the Capital Committee (see section 5.2 under Capital management). The results from the backtesting are also certified internally by an independent team and the results sent to the supervisor. Any change is submitted to the supervisor for approval, in line with the regulation.
The following tables present an overview of the performance of the models for regulatory risk parameters PD and LGD within the context of the Group’s IRBA scope
For constructing the PD tables (see Tables 33, 34, 35 and 36 hereafter), each obligor is assigned to its correspondent class of [Portfolio x PD Scale] and then the indicators of each class are computed as follows:
For constructing the LGD tables (see Table 37 hereafter), each facility is assigned to one of the six pre-defined types of Portfolios and then the indicators are computed as follows:
a | b | c | d | e | f | g | h |
Portfolio | PD scale | 2023 | |||||
Number of obligors at the end of the year | Observed average | Exposures weighted average PD (%) | Average PD weighted by the number of debtors (%) | Average historical annual default rate (%) | |||
| of which: number of obligors which defaulted during the year | ||||||
Central governments and central banks | 0.00 to <0.15% | 530 | 1 | 0.19% | 0.01% | 0.06% | 0.01% |
0.00 to <0.10% | 382 |
|
| 0.01% | 0.04% |
| |
0.10 to <0.15% | 148 | 1 | 0.68% | 0.10% | 0.12% | 0.05% | |
0.15 to <0.25% | 67 |
|
| 0.20% | 0.23% |
| |
0.25 to <0.50% | 3 |
|
| 0.29% | 0.32% |
| |
0.50 to <0.75% | 65 | 1 | 1.54% | 0.69% | 0.65% | 0.41% | |
0.75 to <2.50% | 60 | 1 | 1.67% | 1.03% | 1.18% | 2.27% | |
0.75 to <1.75% | 53 | 1 | 1.89% | 1.03% | 1.06% | 2.39% | |
1.75 to <2.50% | 7 |
|
| 1.85% | 2.03% |
| |
2.50 to <10.00% | 5 |
|
| 7.20% | 3.60% | 0.21% | |
2.50 to <5.00% | 3 |
|
| 3.56% | 2.78% | 0.83% | |
5.00 to <10.00% | 2 |
|
| 8.35% | 5.24% |
| |
10.00 to <100.00% | 19 | 1 | 5.26% | 20.77% | 10.21% | 2.07% | |
10.00 to <20.00% | 19 | 1 | 5.26% | 16.70% | 10.21% | 1.21% | |
20.00 to <30.00% |
|
|
|
|
|
| |
30.00 to <100.00% |
|
|
|
|
|
| |
100% (Default) |
|
|
| 100.00% | 100.00% |
| |
Institutions | 0.00 to <0.15% | 619 |
|
| 0.04% | 0.07% | 0.04% |
0.00 to <0.10% | 460 |
|
| 0.04% | 0.05% | 0.04% | |
0.10 to <0.15% | 159 |
|
| 0.12% | 0.12% | 0.07% | |
0.15 to <0.25% | 258 |
|
| 0.17% | 0.19% | 0.21% | |
0.25 to <0.50% | 181 |
|
| 0.38% | 0.35% | 0.13% | |
0.50 to <0.75% | 83 |
|
| 0.61% | 0.59% | 0.06% | |
0.75 to <2.50% | 227 |
|
| 1.08% | 1.29% | 0.47% | |
0.75 to <1.75% | 205 |
|
| 1.04% | 1.21% | 0.50% | |
1.75 to <2.50% | 22 |
|
| 2.04% | 2.04% |
| |
2.50 to <10.00% | 119 |
|
| 3.57% | 4.53% | 0.77% | |
2.50 to <5.00% | 83 |
|
| 3.15% | 3.41% | 0.53% | |
5.00 to <10.00% | 36 |
|
| 8.41% | 7.09% | 0.73% | |
10.00 to <100.00% | 29 |
|
| 17.04% | 19.71% | 2.63% | |
10.00 to <20.00% | 17 |
|
| 11.65% | 14.53% | 2.02% | |
20.00 to <30.00% | 11 |
|
| 22.87% | 25.43% | 3.81% | |
30.00 to <100.00% | 1 |
|
|
| 44.91% |
| |
100% (Default) | 12 |
|
| 100.00% | 100.00% |
| |
a | b | c | d | e | f | g | h |
Portfolio | PD scale | 2022 | |||||
Number of obligors at the end of the year | Observed average | Exposures weighted average PD (%) | Average PD weighted by the number of debtors (%) | Average historical annual default | |||
| of which: number of obligors which defaulted during the year | ||||||
Central governments and central banks | 0.00 to <0.15% | 750 |
|
| 0.01% | 0.04% |
|
0.00 to <0.10% | 664 |
|
| 0.01% | 0.03% |
| |
0.10 to <0.15% | 86 |
|
| 0.13% | 0.12% |
| |
0.15 to <0.25% | 61 |
|
| 0.19% | 0.22% | 0.37% | |
0.25 to <0.50% | 29 |
|
| 0.29% | 0.32% |
| |
0.50 to <0.75% | 58 |
|
| 0.69% | 0.65% | 0.33% | |
0.75 to <2.50% | 93 |
|
| 1.30% | 1.30% | 2.28% | |
0.75 to <1.75% | 75 |
|
| 1.29% | 1.12% | 2.38% | |
1.75 to <2.50% | 18 |
|
| 1.88% | 2.05% | 0.00% | |
2.50 to <10.00% | 19 |
|
| 8.33% | 5.49% | 0.44% | |
2.50 to <5.00% | 10 |
|
| 3.07% | 3.26% | 0.64% | |
5.00 to <10.00% | 9 |
|
| 8.36% | 7.97% | 0.40% | |
10.00 to <100.00% | 38 | 4 | 10.53% | 19.48% | 11.92% | 3.61% | |
10.00 to <20.00% | 34 | 1 | 2.94% | 14.76% | 10.75% | 1.99% | |
20.00 to <30.00% | 4 | 3 | 75.00% | 21.81% | 21.81% | 12.86% | |
30.00 to <100.00% |
|
|
|
|
|
| |
100% (Default) | 14 |
|
| 100.00% | 100.00% |
| |
Institutions | 0.00 to <0.15% | 710 |
|
| 0.04% | 0.07% | 0.04% |
0.00 to <0.10% | 491 |
|
| 0.04% | 0.05% | 0.05% | |
0.10 to <0.15% | 219 |
|
| 0.12% | 0.13% | 0.05% | |
0.15 to <0.25% | 202 |
|
| 0.18% | 0.20% | 0.25% | |
0.25 to <0.50% | 185 |
|
| 0.32% | 0.34% | 0.13% | |
0.50 to <0.75% | 85 |
|
| 0.64% | 0.58% | 0.06% | |
0.75 to <2.50% | 259 |
|
| 1.42% | 1.32% | 0.54% | |
0.75 to <1.75% | 219 |
|
| 1.06% | 1.16% | 0.53% | |
1.75 to <2.50% | 40 |
|
| 1.87% | 2.20% | 0.52% | |
2.50 to <10.00% | 123 |
|
| 5.29% | 5.29% | 0.85% | |
2.50 to <5.00% | 66 |
|
| 3.34% | 3.79% | 0.49% | |
5.00 to <10.00% | 57 |
|
| 8.71% | 7.02% | 0.84% | |
10.00 to <100.00% | 33 |
|
| 17.74% | 17.77% | 2.80% | |
10.00 to <20.00% | 18 |
|
| 12.44% | 13.06% | 2.11% | |
20.00 to <30.00% | 15 |
|
| 23.83% | 23.42% | 4.17% | |
30.00 to <100.00% |
|
|
|
|
|
| |
100% (Default) | 18 | 100.00% | 100.00% | ||||
a | b | c | D | e | f | g | h |
|---|---|---|---|---|---|---|---|
Portfolio | PD scale | 2023 | |||||
Number of obligors at | Observed average | Exposures weighted average PD (%) | Average PD weighted by the number of debtors (%) | Average historical annual default rate (%) | |||
| of which: number of obligors which defaulted during the year | ||||||
Corporates – Specialised Lending | 0.00 to <0.15% | 142 |
|
| 0.05% | 0.09% |
|
0.00 to <0.10% | 55 |
|
| 0.04% | 0.05% |
| |
0.10 to <0.15% | 87 |
|
| 0.12% | 0.12% |
| |
0.15 to <0.25% | 87 |
|
| 0.21% | 0.18% | 0.02% | |
0.25 to <0.50% | 361 |
|
| 0.39% | 0.35% | 0.13% | |
0.50 to <0.75% | 264 | 1 | 0.38% | 0.68% | 0.68% | 0.57% | |
0.75 to <2.50% | 680 | 1 | 0.15% | 1.31% | 1.25% | 0.44% | |
0.75 to <1.75% | 576 |
|
| 1.21% | 1.11% | 0.30% | |
1.75 to <2.50% | 104 | 1 | 0.96% | 2.03% | 2.05% | 1.02% | |
2.50 to <10.00% | 381 | 4 | 1.05% | 4.34% | 4.25% | 1.38% | |
2.50 to <5.00% | 271 |
|
| 3.37% | 3.17% | 1.19% | |
5.00 to <10.00% | 110 | 4 | 3.64% | 6.98% | 6.90% | 1.88% | |
10.00 to <100.00% | 51 | 9 | 17.65% | 16.21% | 17.75% | 13.61% | |
10.00 to <20.00% | 36 | 4 | 11.11% | 14.08% | 15.82% | 10.69% | |
20.00 to <30.00% | 15 | 5 | 33.33% | 22.27% | 22.39% | 24.24% | |
30.00 to <100.00% |
|
|
|
|
|
| |
100% (Default) | 75 |
|
| 100.00% | 100.00% |
| |
Corporates – SME | 0.00 to <0.15% | 1,339 | 3 | 0.22% | 0.07% | 0.12% | 0.17% |
0.00 to <0.10% | 136 |
|
| 0.05% | 0.07% | 0.13% | |
0.10 to <0.15% | 1,203 | 3 | 0.25% | 0.12% | 0.12% | 0.20% | |
0.15 to <0.25% | 14,589 | 37 | 0.25% | 0.21% | 0.22% | 0.21% | |
0.25 to <0.50% | 2,633 | 4 | 0.15% | 0.30% | 0.40% | 0.30% | |
0.50 to <0.75% | 2,031 | 11 | 0.54% | 0.66% | 0.63% | 0.56% | |
0.75 to <2.50% | 15,403 | 211 | 1.37% | 1.36% | 1.21% | 1.26% | |
0.75 to <1.75% | 13,213 | 170 | 1.29% | 1.03% | 1.06% | 1.11% | |
1.75 to <2.50% | 2,190 | 41 | 1.87% | 2.03% | 2.10% | 1.93% | |
2.50 to <10.00% | 5,720 | 272 | 4.76% | 4.36% | 4.81% | 4.08% | |
2.50 to <5.00% | 3,511 | 107 | 3.05% | 3.36% | 3.59% | 3.09% | |
5.00 to <10.00% | 2,209 | 165 | 7.47% | 6.97% | 6.74% | 6.38% | |
10.00 to <100.00% | 1,711 | 192 | 11.22% | 17.12% | 16.25% | 13.13% | |
10.00 to <20.00% | 1,097 | 76 | 6.93% | 12.72% | 11.34% | 9.81% | |
20.00 to <30.00% | 513 | 84 | 16.37% | 23.53% | 21.72% | 16.97% | |
30.00 to <100.00% | 101 | 32 | 31.68% | 43.17% | 41.76% | 29.52% | |
100% (Default) | 1,495 |
|
| 100.00% | 100.00% |
| |
Corporates – Other | 0.00 to <0.15% | 5,016 | 2 | 0.04% | 0.05% | 0.09% | 0.22% |
0.00 to <0.10% | 2,465 | 1 | 0.04% | 0.03% | 0.05% | 0.05% | |
0.10 to <0.15% | 2,551 | 1 | 0.04% | 0.12% | 0.12% | 0.18% | |
0.15 to <0.25% | 15,884 | 24 | 0.15% | 0.21% | 0.22% | 0.16% | |
0.25 to <0.50% | 5,836 | 5 | 0.09% | 0.37% | 0.36% | 0.19% | |
0.50 to <0.75% | 3,399 | 14 | 0.41% | 0.66% | 0.64% | 0.55% | |
0.75 to <2.50% | 16,648 | 113 | 0.68% | 1.37% | 1.26% | 0.71% | |
0.75 to <1.75% | 14,112 | 103 | 0.73% | 1.03% | 1.12% | 0.61% | |
1.75 to <2.50% | 2,536 | 10 | 0.39% | 1.98% | 2.08% | 1.20% | |
2.50 to <10.00% | 7,477 | 127 | 1.70% | 4.55% | 4.53% | 2.52% | |
2.50 to <5.00% | 5,004 | 73 | 1.46% | 3.43% | 3.44% | 1.92% | |
5.00 to <10.00% | 2,473 | 54 | 2.18% | 7.00% | 6.74% | 3.86% | |
10.00 to <100.00% | 1,493 | 111 | 7.43% | 18.04% | 16.01% | 9.61% | |
10.00 to <20.00% | 1,055 | 51 | 4.83% | 15.27% | 12.70% | 7.46% | |
20.00 to <30.00% | 393 | 51 | 12.98% | 22.58% | 22.13% | 13.40% | |
30.00 to <100.00% | 45 | 9 | 20.00% | 34.09% | 40.06% | 21.91% | |
100% (Default) | 2,254 |
|
| 100.00% | 100.00% |
| |
a | b | c | d | e | f | g | h |
|---|---|---|---|---|---|---|---|
Portfolio | PD scale | 2022 | |||||
Number of obligors at | Observed average | Exposures weighted average PD (%) | Average PD weighted by the number of debtors (%) | Average historical annual default rate (%) | |||
| of which: number of obligors which defaulted during the year | ||||||
Corporates – Specialised Lending | 0.00 to <0.15% | 164 |
|
| 0.08% | 0.09% |
|
0.00 to <0.10% | 65 |
|
| 0.05% | 0.06% |
| |
0.10 to <0.15% | 99 |
|
| 0.12% | 0.12% |
| |
0.15 to <0.25% | 154 |
|
| 0.18% | 0.18% | 0.02% | |
0.25 to <0.50% | 529 | 1 | 0.19% | 0.34% | 0.35% | 0.14% | |
0.50 to <0.75% | 375 | 1 | 0.27% | 0.69% | 0.68% | 0.53% | |
0.75 to <2.50% | 954 |
|
| 1.35% | 1.26% | 0.46% | |
0.75 to <1.75% | 780 |
|
| 1.18% | 1.09% | 0.33% | |
1.75 to <2.50% | 174 |
|
| 2.09% | 2.00% | 1.01% | |
2.50 to <10.00% | 423 | 4 | 0.95% | 4.95% | 4.20% | 1.33% | |
2.50 to <5.00% | 300 | 1 | 0.33% | 3.40% | 3.14% | 1.13% | |
5.00 to <10.00% | 123 | 3 | 2.44% | 6.76% | 6.77% | 1.81% | |
10.00 to <100.00% | 58 | 9 | 15.52% | 17.17% | 16.94% | 13.41% | |
10.00 to <20.00% | 40 | 4 | 10.00% | 15.31% | 14.75% | 10.73% | |
20.00 to< 30.00% | 18 | 5 | 27.78% | 22.97% | 21.81% | 23.78% | |
30.00 to <100.00% | |||||||
100% (Default) | 97 | 100.00% | 100.00% | ||||
Corporates – SME | 0.00 to <0.15% | 1,637 | 4 | 0.24% | 0.07% | 0.12% | 0.17% |
0.00 to <0.10% | 160 |
|
| 0.05% | 0.06% | 0.14% | |
0.10 to <0.15% | 1,477 | 4 | 0.27% | 0.12% | 0.13% | 0.20% | |
0.15 to <0.25% | 9,418 | 12 | 0.13% | 0.17% | 0.23% | 0.22% | |
0.25 to <0.50% | 4,776 | 3 | 0.06% | 0.31% | 0.35% | 0.31% | |
0.50 to <0.75% | 3,095 | 12 | 0.39% | 0.64% | 0.65% | 0.58% | |
0.75 to <2.50% | 14,738 | 90 | 0.61% | 1.48% | 1.24% | 1.28% | |
0.75 to <1.75% | 12,940 | 75 | 0.58% | 1.03% | 1.12% | 1.12% | |
1.75 to <2.50% | 1,798 | 15 | 0.83% | 2.04% | 2.10% | 2.01% | |
2.50 to <10.00% | 9,712 | 193 | 1.99% | 4.16% | 4.54% | 3.95% | |
2.50 to <5.00% | 6,718 | 100 | 1.49% | 3.27% | 3.43% | 3.08% | |
5.00 to <10.00% | 2,994 | 93 | 3.11% | 6.76% | 7.03% | 6.22% | |
10.00 to <100.00% | 1,943 | 135 | 6.95% | 17.50% | 15.51% | 13.66% | |
10.00 to <20.00% | 1,257 | 71 | 5.65% | 13.47% | 11.75% | 10.37% | |
20.00 to <30.00% | 658 | 63 | 9.57% | 22.59% | 21.55% | 17.34% | |
30.00 to <100.00% | 28 | 1 | 3.57% | 40.42% | 41.82% | 30.90% | |
100% (Default) | 3,000 | 100.00% | 100.00% | ||||
Corporates – Other | 0.00 to <0.15% | 5,636 | 2 | 0.04% | 0.08% | 0.09% | 0.26% |
0.00 to <0.10% | 2,611 | 1 | 0.04% | 0.05% | 0.05% | 0.07% | |
0.10 to <0.15% | 3,025 | 1 | 0.03% | 0.12% | 0.12% | 0.19% | |
0.15 to <0.25% | 11,588 | 7 | 0.06% | 0.18% | 0.22% | 0.16% | |
0.25 to <0.50% | 6,331 | 4 | 0.06% | 0.34% | 0.35% | 0.20% | |
0.50 to <0.75% | 3,738 | 10 | 0.27% | 0.67% | 0.65% | 0.55% | |
0.75 to <2.50% | 16,433 | 56 | 0.34% | 1.39% | 1.28% | 0.71% | |
0.75 to <1.75% | 14,071 | 44 | 0.31% | 1.15% | 1.14% | 0.60% | |
1.75 to <2.50% | 2,362 | 12 | 0.51% | 2.02% | 2.07% | 1.28% | |
2.50 to <10.00% | 9,363 | 113 | 1.21% | 4.68% | 4.58% | 2.54% | |
2.50 to <5.00% | 6,349 | 64 | 1.01% | 3.48% | 3.47% | 1.91% | |
5.00 to <10.00% | 3,014 | 49 | 1.63% | 6.80% | 6.93% | 3.96% | |
10.00 to <100.00% | 1,708 | 103 | 6.03% | 16.94% | 16.18% | 9.80% | |
10.00 to <20.00% | 1,178 | 61 | 5.18% | 14.68% | 13.05% | 7.70% | |
20.00 to <30.00% | 500 | 33 | 6.60% | 22.71% | 22.21% | 13.47% | |
30.00 to <100.00% | 30 | 9 | 30.00% | 34.27% | 38.95% | 21.74% | |
100% (Default) | 2,867 | 100.00% | 100.00% | ||||
a | b | c | d | e | f | g | h |
Portfolio | PD scale | 2023 | |||||
Number of obligors at | Observed average | Exposures weighted average PD (%) | Average PD weighted by the number of debtors (%) | Average historical annual default rate (%) | |||
| of which: number of obligors which defaulted during the year | ||||||
Retail – Secured by immovable property non-SME | 0.00 to <0.15% | 499,383 | 422 | 0.08% | 0.05% | 0.08% | 0.06% |
0.00 to <0.10% | 219,410 | 51 | 0.02% | 0.04% | 0.05% | 0.09% | |
0.10 to <0.15% | 279,973 | 371 | 0.13% | 0.12% | 0.11% | 0.11% | |
0.15 to <0.25% | 81,348 | 94 | 0.12% | 0.18% | 0.19% | 0.13% | |
0.25 to <0.50% | 300,847 | 1,019 | 0.34% | 0.38% | 0.36% | 0.31% | |
0.50 to <0.75% | 204,964 | 981 | 0.48% | 0.67% | 0.59% | 0.35% | |
0.75 to <2.50% | 115,715 | 1,040 | 0.90% | 1.51% | 1.46% | 0.96% | |
0.75 to <1.75% | 86,217 | 643 | 0.75% | 1.25% | 1.29% | 0.83% | |
1.75 to <2.50% | 29,498 | 397 | 1.35% | 2.10% | 1.96% | 1.42% | |
2.50 to <10.00% | 50,184 | 1,213 | 2.42% | 4.86% | 4.47% | 3.49% | |
2.50 to <5.00% | 34,226 | 940 | 2.75% | 3.41% | 3.45% | 2.45% | |
5.00 to <10.00% | 15,958 | 273 | 1.71% | 6.54% | 6.64% | 5.73% | |
10.00 to <100.00% | 17,373 | 2,543 | 14.64% | 23.63% | 21.22% | 20.25% | |
10.00 to <20.00% | 11,696 | 1,136 | 9.71% | 13.52% | 13.88% | 13.09% | |
20.00 to <30.00% | 3,022 | 564 | 18.66% | 25.72% | 24.32% | 24.96% | |
30.00 to <100.00% | 2,655 | 843 | 31.75% | 37.10% | 49.99% | 40.22% | |
100% (Default) | 26,684 |
|
| 100.00% | 100.00% |
| |
Retail – Secured by immovable property SME | 0.00 to <0.15% | 2,495 | 3 | 0.12% | 0.06% | 0.08% | 0.12% |
0.00 to <0.10% | 1,720 |
|
| 0.05% | 0.06% | 0.07% | |
0.10 to <0.15% | 775 | 3 | 0.39% | 0.12% | 0.13% | 0.19% | |
0.15 to <0.25% | 4,806 | 18 | 0.37% | 0.20% | 0.22% | 0.23% | |
0.25 to <0.50% | 8,764 | 30 | 0.34% | 0.34% | 0.36% | 0.31% | |
0.50 to <0.75% | 10,785 | 75 | 0.70% | 0.68% | 0.57% | 0.41% | |
0.75 to <2.50% | 11,223 | 73 | 0.65% | 1.44% | 1.41% | 0.73% | |
0.75 to <1.75% | 8,823 | 45 | 0.51% | 1.22% | 1.22% | 0.62% | |
1.75 to <2.50% | 2,400 | 28 | 1.17% | 2.06% | 2.10% | 1.06% | |
2.50 to <10.00% | 9,383 | 180 | 1.92% | 4.51% | 4.68% | 1.98% | |
2.50 to <5.00% | 6,004 | 85 | 1.42% | 3.40% | 3.73% | 1.43% | |
5.00 to <10.00% | 3,379 | 95 | 2.81% | 6.40% | 6.36% | 2.90% | |
10.00 to <100.00% | 2,142 | 223 | 10.41% | 18.73% | 18.46% | 13.23% | |
10.00 to <20.00% | 1,382 | 95 | 6.87% | 14.08% | 13.25% | 8.33% | |
20.00 to <30.00% | 546 | 79 | 14.47% | 24.95% | 23.33% | 17.34% | |
30.00 to <100.00% | 214 | 49 | 22.90% | 38.87% | 39.63% | 28.37% | |
100% (Default) | 2,515 |
|
| 100.00% | 100.00% |
| |
a | b | c | d | e | f | g | h |
Portfolio | PD scale | 2022 | |||||
Number of obligors at | Observed average | Exposures weighted average PD (%) | Average PD weighted by the number of debtors (%) | Average historical annual default rate (%) | |||
| of which: which defaulted during the year | ||||||
Retail – Secured by immovable property non-SME | 0.00 to <0.15% | 503,520 | 430 | 0.09% | 0.10% | 0.08% | 0.06% |
0.00 to <0.10% | 218,757 | 60 | 0.03% | 0.06% | 0.05% | 0.06% | |
0.10 to <0.15% | 284,763 | 370 | 0.13% | 0.11% | 0.11% | 0.11% | |
0.15 to <0.25% | 83,030 | 106 | 0.13% | 0.18% | 0.19% | 0.13% | |
0.25 to <0.50% | 295,890 | 686 | 0.23% | 0.37% | 0.36% | 0.30% | |
0.50 to <0.75% | 195,767 | 889 | 0.45% | 0.59% | 0.59% | 0.33% | |
0.75 to <2.50% | 110,626 | 837 | 0.76% | 1.48% | 1.46% | 0.96% | |
0.75 to <1.75% | 81,291 | 475 | 0.58% | 1.28% | 1.27% | 0.84% | |
1.75 to <2.50% | 29,335 | 362 | 1.23% | 2.00% | 1.96% | 1.44% | |
2.50 to <10.00% | 48,747 | 977 | 2.00% | 4.20% | 4.50% | 3.60% | |
2.50 to <5.00% | 33,125 | 710 | 2.14% | 3.46% | 3.46% | 2.44% | |
5.00 to <10.00% | 15,622 | 267 | 1.71% | 6.52% | 6.72% | 6.16% | |
10.00 to <100.00% | 20,529 | 2,275 | 11.08% | 21.94% | 19.99% | 20.88% | |
10.00 to <20.00% | 14,993 | 1,064 | 7.10% | 13.13% | 13.84% | 13.41% | |
20.00 to <30.00% | 2,976 | 410 | 13.78% | 26.01% | 24.18% | 25.73% | |
30.00 to <100.00% | 2,560 | 801 | 31.29% | 44.99% | 51.15% | 40.97% | |
100% (Default) | 30,727 |
|
| 100.00% | 100.00% |
| |
Retail – Secured by immovable property SME | 0.00 to <0.15% | 2,670 | 1 | 0.04% | 0.09% | 0.08% | 0.13% |
0.00 to <0.10% | 1,834 |
|
| 0.07% | 0.06% | 0.09% | |
0.10 to <0.15% | 836 | 1 | 0.12% | 0.12% | 0.13% | 0.20% | |
0.15 to <0.25% | 5,642 | 13 | 0.23% | 0.18% | 0.22% | 0.23% | |
0.25 to <0.50% | 8,226 | 20 | 0.24% | 0.36% | 0.36% | 0.39% | |
0.50 to <0.75% | 11,657 | 76 | 0.65% | 0.59% | 0.57% | 0.45% | |
0.75 to <2.50% | 11,400 | 70 | 0.61% | 1.41% | 1.43% | 0.77% | |
0.75 to <1.75% | 8,763 | 44 | 0.50% | 1.21% | 1.22% | 0.68% | |
1.75 to <2.50% | 2,637 | 26 | 0.99% | 2.05% | 2.11% | 1.02% | |
2.50 to <10.00% | 9,642 | 142 | 1.47% | 4.61% | 4.66% | 2.04% | |
2.50 to <5.00% | 6,279 | 73 | 1.16% | 3.47% | 3.75% | 1.46% | |
5.00 to <10.00% | 3,363 | 69 | 2.05% | 6.33% | 6.36% | 3.00% | |
10.00 to <100.00% | 2,141 | 189 | 8.83% | 18.21% | 18.24% | 14.49% | |
10.00 to <20.00% | 1,378 | 77 | 5.59% | 13.35% | 13.18% | 9.17% | |
20.00 to <30.00% | 577 | 65 | 11.27% | 23.99% | 23.18% | 18.73% | |
30.00 to <100.00% | 186 | 47 | 25.27% | 38.88% | 40.44% | 31.76% | |
100% (Default) | 3,050 |
|
| 100.00% | 100.00% |
| |
a | b | c | d | e | f | g | h |
|---|---|---|---|---|---|---|---|
Portfolio | PD scale | 2023 | |||||
Number of obligors at | Observed average | Exposures weighted average PD (%) | Average PD weighted by the number of debtors (%) | Average historical annual default rate (%) | |||
| of which: number of obligors which defaulted during the year | ||||||
Retail – Qualifying revolving | 0.00 to <0.15% | 1,806,307 | 3,321 | 0.18% | 0.05% | 0.08% | 0.10% |
0.00 to <0.10% | 853,282 | 503 | 0.06% | 0.04% | 0.03% | 0.06% | |
0.10 to <0.15% | 953,025 | 2,818 | 0.30% | 0.12% | 0.13% | 0.18% | |
0.15 to <0.25% | 44,292 | 146 | 0.33% | 0.17% | 0.18% | 0.26% | |
0.25 to <0.50% | 301,943 | 2,046 | 0.68% | 0.40% | 0.34% | 0.49% | |
0.50 to <0.75% | 334,293 | 2,411 | 0.72% | 0.65% | 0.61% | 0.64% | |
0.75 to <2.50% | 300,253 | 7,941 | 2.64% | 1.39% | 1.24% | 1.61% | |
0.75 to <1.75% | 287,548 | 7,533 | 2.62% | 1.24% | 1.21% | 1.55% | |
1.75 to <2.50% | 12,705 | 408 | 3.21% | 2.17% | 2.04% | 2.17% | |
2.50 to <10.00% | 197,019 | 17,305 | 8.78% | 5.00% | 5.06% | 5.53% | |
2.50 to <5.00% | 105,837 | 6,072 | 5.74% | 3.49% | 3.36% | 3.64% | |
5.00 to <10.00% | 91,182 | 11,233 | 12.32% | 7.15% | 7.02% | 7.46% | |
10.00 to <100.00% | 59,480 | 11,242 | 18.90% | 21.51% | 19.31% | 21.78% | |
10.00 to <20.00% | 41,852 | 4,035 | 9.64% | 12.75% | 12.48% | 12.08% | |
20.00 to <30.00% | 7,799 | 2,345 | 30.07% | 27.01% | 28.33% | 26.08% | |
30.00 to <100.00% | 9,829 | 4,862 | 49.47% | 39.83% | 41.23% | 41.23% | |
100% (Default) | 163,426 |
|
| 100.00% | 100.00% |
| |
Retail – Other SME | 0.00 to <0.15% | 110,071 | 470 | 0.43% | 0.07% | 0.10% | 0.17% |
0.00 to <0.10% | 45,539 | 97 | 0.21% | 0.05% | 0.07% | 0.09% | |
0.10 to <0.15% | 64,532 | 373 | 0.58% | 0.13% | 0.12% | 0.22% | |
0.15 to <0.25% | 88,152 | 405 | 0.46% | 0.22% | 0.21% | 0.26% | |
0.25 to <0.50% | 72,387 | 584 | 0.81% | 0.32% | 0.35% | 0.46% | |
0.50 to <0.75% | 119,906 | 1,688 | 1.41% | 0.67% | 0.60% | 0.74% | |
0.75 to <2.50% | 200,419 | 5,852 | 2.92% | 1.59% | 1.54% | 2.31% | |
0.75 to <1.75% | 150,213 | 3,763 | 2.51% | 1.20% | 1.35% | 1.41% | |
1.75 to <2.50% | 50,206 | 2,089 | 4.16% | 2.08% | 2.11% | 4.91% | |
2.50 to <10.00% | 131,857 | 8,788 | 6.66% | 4.78% | 4.94% | 5.58% | |
2.50 to <5.00% | 78,592 | 4,414 | 5.62% | 3.63% | 3.82% | 4.59% | |
5.00 to <10.00% | 53,265 | 4,374 | 8.21% | 6.33% | 6.58% | 7.08% | |
10.00 to <100.00% | 46,778 | 9,464 | 20.23% | 18.10% | 14.78% | 17.00% | |
10.00 to <20.00% | 38,697 | 6,911 | 17.86% | 13.09% | 11.66% | 12.50% | |
20.00 to <30.00% | 4,996 | 1,176 | 23.54% | 26.71% | 23.42% | 25.72% | |
30.00 to <100.00% | 3,085 | 1,377 | 44.64% | 34.57% | 39.83% | 41.77% | |
100% (Default) | 99,946 |
|
| 100.00% | 100.00% |
| |
Retail – Other non-SME | 0.00 to <0.15% | 566,584 | 369 | 0.07% | 0.06% | 0.06% | 0.06% |
0.00 to <0.10% | 428,443 | 109 | 0.03% | 0.05% | 0.04% | 0.05% | |
0.10 to <0.15% | 138,141 | 260 | 0.19% | 0.12% | 0.12% | 0.16% | |
0.15 to <0.25% | 140,599 | 485 | 0.34% | 0.19% | 0.20% | 0.33% | |
0.25 to <0.50% | 360,781 | 2,141 | 0.59% | 0.39% | 0.37% | 0.50% | |
0.50 to <0.75% | 134,477 | 909 | 0.68% | 0.58% | 0.64% | 0.55% | |
0.75 to <2.50% | 441,969 | 5,611 | 1.27% | 1.39% | 1.30% | 1.33% | |
0.75 to <1.75% | 393,960 | 4,201 | 1.07% | 1.14% | 1.23% | 1.23% | |
1.75 to <2.50% | 48,009 | 1,410 | 2.94% | 2.11% | 1.89% | 3.32% | |
2.50 to <10.00% | 116,131 | 7,201 | 6.20% | 4.46% | 5.07% | 6.00% | |
2.50 to <5.00% | 61,355 | 2,718 | 4.43% | 3.49% | 3.65% | 3.91% | |
5.00 to <10.00% | 54,776 | 4,483 | 8.18% | 7.05% | 6.65% | 8.90% | |
10.00 to <100.00% | 34,398 | 6,259 | 18.20% | 22.77% | 19.90% | 20.13% | |
10.00 to <20.00% | 22,795 | 3,009 | 13.20% | 13.36% | 14.04% | 15.11% | |
20.00 to <30.00% | 7,743 | 1,379 | 17.81% | 26.60% | 24.70% | 21.47% | |
30.00 to <100.00% | 3,860 | 1,871 | 48.47% | 36.09% | 44.91% | 40.48% | |
100% (Default) | 152,881 |
|
| 100.00% | 100.00% |
| |
a | b | c | d | e | f | g | h |
|---|---|---|---|---|---|---|---|
Portfolio | PD scale | 2022 | |||||
Number of obligors at | Observed average | Exposures weighted average PD (%) | Average PD weighted by the number of debtors (%) | Average historical annual default rate (%) | |||
| of which: number of obligors which defaulted during the year | ||||||
Retail – Qualifying revolving | 0.00 to <0.15% | 1,787,470 | 3,292 | 0.18% | 0.09% | 0.08% | 0.09% |
0.00 to <0.10% | 849,072 | 515 | 0.06% | 0.03% | 0.03% | 0.06% | |
0.10 to <0.15% | 938,398 | 2,777 | 0.30% | 0.12% | 0.13% | 0.17% | |
0.15 to <0.25% | 57,094 | 142 | 0.25% | 0.17% | 0.18% | 0.25% | |
0.25 to <0.50% | 296,988 | 1,926 | 0.65% | 0.38% | 0.34% | 0.47% | |
0.50 to <0.75% | 295,878 | 2,285 | 0.77% | 0.61% | 0.60% | 0.63% | |
0.75 to <2.50% | 316,764 | 7,285 | 2.30% | 1.35% | 1.24% | 1.51% | |
0.75 to <1.75% | 301,731 | 6,888 | 2.28% | 1.29% | 1.20% | 1.46% | |
1.75 to <2.50% | 15,033 | 397 | 2.64% | 1.94% | 2.05% | 2.08% | |
2.50 to <10.00% | 195,573 | 16,194 | 8.28% | 4.97% | 5.01% | 5.23% | |
2.50 to <5.00% | 106,856 | 5,664 | 5.30% | 3.47% | 3.36% | 3.45% | |
5.00 to <10.00% | 88,717 | 10,530 | 11.87% | 7.20% | 7.01% | 7.01% | |
10.00 to <100.00% | 56,430 | 10,144 | 17.98% | 22.05% | 18.93% | 22.03% | |
10.00 to <20.00% | 39,979 | 3,869 | 9.68% | 12.92% | 12.34% | 12.29% | |
20.00 to <30.00% | 8,016 | 2,298 | 28.67% | 24.12% | 28.33% | 25.72% | |
30.00 to <100.00% | 8,435 | 3,977 | 47.15% | 48.44% | 41.22% | 40.48% | |
100% (Default) | 162,034 | 100.00% | 100.00% | ||||
Retail – Other SME | 0.00 to <0.15% | 110,444 | 421 | 0.38% | 0.09% | 0.10% | 0.15% |
0.00 to <0.10% | 45,341 | 72 | 0.16% | 0.07% | 0.07% | 0.08% | |
0.10 to <0.15% | 65,103 | 349 | 0.54% | 0.12% | 0.12% | 0.18% | |
0.15 to <0.25% | 92,257 | 404 | 0.44% | 0.18% | 0.21% | 0.25% | |
0.25 to <0.50% | 74,393 | 489 | 0.66% | 0.33% | 0.35% | 0.43% | |
0.50 to <0.75% | 122,861 | 1,550 | 1.26% | 0.60% | 0.60% | 0.69% | |
0.75 to <2.50% | 208,002 | 5,354 | 2.57% | 1.50% | 1.57% | 2.29% | |
0.75 to <1.75% | 150,885 | 3,305 | 2.19% | 1.14% | 1.36% | 1.32% | |
1.75 to <2.50% | 57,117 | 2,049 | 3.59% | 2.07% | 2.11% | 5.08% | |
2.50 to <10.00% | 124,230 | 7,117 | 5.73% | 4.92% | 4.97% | 5.49% | |
2.50 to <5.00% | 74,171 | 3,985 | 5.37% | 3.68% | 3.86% | 4.58% | |
5.00 to <10.00% | 50,059 | 3,132 | 6.26% | 5.83% | 6.61% | 6.86% | |
10.00 to <100.00% | 45,251 | 7,851 | 17.35% | 17.44% | 14.23% | 16.82% | |
10.00 to <20.00% | 38,262 | 5,846 | 15.28% | 12.60% | 11.47% | 12.06% | |
20.00 to <30.00% | 4,423 | 885 | 20.01% | 24.24% | 23.68% | 25.83% | |
30.00 to <100.00% | 2,566 | 1,120 | 43.65% | 41.73% | 39.14% | 41.33% | |
100% (Default) | 102,019 | 100.00% | 100.00% | ||||
Retail – Other non-SME | 0.00 to <0.15% | 572,651 | 357 | 0.06% | 0.10% | 0.06% | 0.06% |
0.00 to <0.10% | 433,424 | 133 | 0.03% | 0.05% | 0.04% | 0.05% | |
0.10 to <0.15% | 139,227 | 224 | 0.16% | 0.12% | 0.12% | 0.16% | |
0.15 to <0.25% | 144,330 | 393 | 0.27% | 0.19% | 0.20% | 0.33% | |
0.25 to <0.50% | 365,100 | 1,653 | 0.45% | 0.38% | 0.37% | 0.50% | |
0.50 to <0.75% | 136,848 | 764 | 0.56% | 0.61% | 0.64% | 0.54% | |
0.75 to <2.50% | 443,439 | 4,418 | 1.00% | 1.39% | 1.30% | 1.35% | |
0.75 to <1.75% | 398,325 | 3,328 | 0.84% | 1.20% | 1.23% | 1.25% | |
1.75 to <2.50% | 45,114 | 1,090 | 2.42% | 2.00% | 1.89% | 3.28% | |
2.50 to <10.00% | 115,346 | 5,805 | 5.03% | 4.49% | 4.97% | 6.01% | |
2.50 to <5.00% | 63,102 | 2,263 | 3.59% | 3.52% | 3.67% | 3.88% | |
5.00 to <10.00% | 52,244 | 3,542 | 6.78% | 7.34% | 6.55% | 9.00% | |
10.00 to <100.00% | 36,149 | 5,563 | 15.39% | 23.12% | 18.94% | 20.40% | |
10.00 to <20.00% | 25,797 | 2,923 | 11.33% | 13.71% | 13.54% | 15.21% | |
20.00 to <30.00% | 6,573 | 1,013 | 15.41% | 24.37% | 25.01% | 22.09% | |
30.00 to <100.00% | 3,779 | 1,627 | 43.05% | 45.64% | 45.24% | 39.93% | |
100% (Default) | 188,753 | 100.00% | 100.00% | ||||
Portfolio | 2023 | |
Arithmetical average | Historic arithmetic average | |
Sovereigns and public sector entities | 24% | 18% |
Institutions(1) | 34% | 32% |
Large corporates(2) | 39% | 25% |
Individuals | 58% | 37% |
Professionals and SME retail | 47% | 35% |
SME corporate | 50% | 41% |
| ||
Portfolio | 2022 | |
Arithmetical average | Historic arithmetic average | |
Sovereigns and public sector entities | 31% | 18% |
Institutions(1) | 32% | 31% |
Large corporates(2) | 39% | 22% |
Individuals | 58% | 37% |
Professionals and SME retail | 48% | 34% |
SME corporate | 51% | 42% |
| ||
The IRBA for sovereigns, financial institutions, corporates and specialised financing portfolios is based on a consistent rating procedure in which RISK has the final say regarding the rating assigned to the counterparty and the Global Recovery Rate (GRR) assigned to transactions. Credit Conversion Factors (CCF) of off-balance sheet transactions are automatically assigned according to counterparty and transaction type.
The generic process for assigning a rating to each segment is as follows:
For each of these sub-portfolios, the risk parameters are measured using a model certified and validated by the RISK teams, based mainly on an analysis of the Bank’s historical data. The model is supported as far as possible by tools shared Group-wide to ensure consistent use. The method is supplemented by expert judgement provided it can be justified. However, the expert judgement remains irreplaceable, with each of the scores and each of the GTRs relying on the judgement, which may deviate, subject to justification, from the strict application of the models.
The method for assessing risk parameters is based on a set of common principles, and particularly the “two pairs of eyes” principle which requires at least two people, at least one of whom has no commercial involvement, to give their opinion on each counterparty rating and each transaction Global Recovery Rate.
The same definition of default is used consistently throughout the Group for each asset class, in accordance with regulations.
The chart hereafter presents a breakdown by PD range of non-defaulted loans and commitments for the asset classes Central governments and central institutions and Corporates for all the Group’s business lines, measured using the internal ratings-based approach (see Table 27: Indicative mapping of internal counterparty rating with agency rating scale and average expected PD).
This exposure represented EUR 1.091 billion at 31 December 2024 compared with EUR 1,139 billion at 31 December 2023.
The majority of commitments are towards borrowers rated as good or excellent quality, reflecting the heavy weighting of large multinational groups and financial institutions in the Bank’s client base. A significant proportion of commitments to non-Investment Grade borrowers are highly structured or secured by high quality guarantees implying a high recovery rate in the event of default. They include export financing covered by export credit insurance written by international agencies, project finance, structured finance and transaction financing.
The following table presents the breakdown by PD range of loans and commitments for the asset classes: Central governments and central banks, Institutions and Corporates for all the Group’s business lines using the advanced IRB Approach. This exposure represented EUR 1.104 billion at 31 December 2024, including EUR 1.091 billion of non-defaulted loans and EUR 12 billion of defaulted loans, compared with EUR 1,150 billion at 31 December 2023, including EUR 1,139 billion of non-defaulted loans and EUR 11 billion of defaulted loans.
The table also gives the average rates of the main risk parameters in the Basel framework:
The average risk weight (average RW) is defined as the ratio between risk-weighted assets and the exposure at default (EAD), resulting from the parameters defined above.
The column “Estimated loss amount” presents the expected loss at a one-year horizon.
| a | b | c | d | e | f | g | h | i | j | k | l | m |
In millions of euros | PD range | 31 December 2024 | |||||||||||
Balance sheet exposure | Off-balance sheet exposure before CCF | Weighted average CCF | EAD | Weighted average PD | Number of obligors | Weighted average LGD | Weighted average maturity | Risk-weighted assets(1) | Average weight | Amount of expected losses(2) | Value adjustments and provisions(2) | ||
Central governments and central banks | 0.00 to < 0.15% | 353,653 | 593 | 30% | 354,570 | 0.01% | 100 to 1,000 | 2% | 2 | 1,350 | 0% | 2 |
|
0.00 to < 0.10% | 353,068 | 593 | 30% | 353,984 | 0.01% | 100 to 1,000 | 2% | 2 | 1,316 | 0% | 1 |
| |
0.10 to < 0.15% | 585 |
| 71% | 585 | 0.10% | 0 to 100 | 10% | 2 | 34 | 6% |
|
| |
0.15 to < 0.25% | 1,573 | 151 | 55% | 1,656 | 0.20% | 0 to 100 | 13% | 2 | 184 | 11% |
|
| |
0.25 to < 0.50% | 3,640 | 710 | 55% | 4,031 | 0.29% | 0 to 100 | 21% | 3 | 1,007 | 25% | 2 |
| |
0.50 to < 0.75% | 1,271 | 759 | 55% | 1,688 | 0.69% | 0 to 100 | 19% | 2 | 546 | 32% | 2 |
| |
0.75 to < 2.50% | 856 | 206 | 64% | 989 | 1.03% | 0 to 100 | 14% | 4 | 268 | 27% | 1 |
| |
0.75 to < 1.75% | 852 | 205 | 64% | 984 | 1.03% | 0 to 100 | 14% | 4 | 263 | 27% | 1 |
| |
1.75 to < 2.5% | 4 | 1 | 61% | 4 | 1.85% | 0 to 100 | 46% | 1 | 5 | 109% |
|
| |
2.50 to < 10% | 523 | 211 | 55% | 639 | 7.20% | 0 to 100 | 6% | 4 | 188 | 29% | 3 |
| |
2.5 to < 5% | 58 | 174 | 55% | 153 | 3.56% | 0 to 100 | 4% | 5 | 23 | 15% |
|
| |
5 to < 10% | 465 | 37 | 55% | 486 | 8.35% | 0 to 100 | 7% | 4 | 165 | 34% | 3 |
| |
10 to < 100% | 456 | 3 | 54% | 458 | 20.77% | 0 to 100 | 13% | 2 | 315 | 69% | 13 |
| |
10 to < 20% | 93 |
| 55% | 93 | 16.70% | 0 to 100 | 3% | 5 | 11 | 12% |
|
| |
20 to < 30% | 363 | 3 | 54% | 365 | 21.81% | 0 to 100 | 15% | 1 | 304 | 83% | 12 |
| |
30 to < 100% |
| ||||||||||||
100% (Default) | 62 |
| 55% | 63 | 100.00% | 0 to 100 | 25% | 4 | 19 | 29% | 16 |
| |
SUB-TOTAL | 362,034 | 2,633 | 50% | 364,093 | 0.08% |
| 3% | 2 | 3,877 | 1% | 40 | (32) | |
Institutions | 0.00 to < 0.15% | 26,729 | 17,122 | 42% | 33,933 | 0.04% | 1,000 to 10,000 | 26% | 3 | 6,944 | 20% | 4 |
|
0.00 to < 0.10% | 25,254 | 15,400 | 41% | 31,662 | 0.04% | 1,000 to 10,000 | 26% | 3 | 6,382 | 20% | 3 |
| |
0.10 to < 0.15% | 1,475 | 1,722 | 46% | 2,271 | 0.12% | 100 to 1,000 | 29% | 1 | 562 | 25% | 1 |
| |
0.15 to < 0.25% | 1,430 | 1,045 | 41% | 1,864 | 0.17% | 100 to 1,000 | 57% | 2 | 765 | 41% | 2 |
| |
0.25 to < 0.50% | 3,500 | 658 | 32% | 3,714 | 0.38% | 100 to 1,000 | 14% | 1 | 769 | 21% | 2 |
| |
0.50 to < 0.75% | 410 | 134 | 39% | 467 | 0.61% | 100 to 1,000 | 35% | 3 | 283 | 61% | 1 |
| |
0.75 to < 2.50% | 1,818 | 2,243 | 79% | 3,601 | 1.08% | 100 to 1,000 | 16% | 2 | 1,216 | 34% | 6 |
| |
0.75 to < 1.75% | 1,680 | 2,156 | 81% | 3,431 | 1.04% | 100 to 1,000 | 15% | 2 | 1,109 | 32% | 6 |
| |
1.75 to < 2.5% | 137 | 87 | 37% | 170 | 2.04% | 100 to 1,000 | 23% | 1 | 107 | 63% | 1 |
| |
2.50 to < 10% | 508 | 1,416 | 35% | 994 | 3.57% | 100 to 1,000 | 35% | 2 | 649 | 65% | 12 |
| |
2.5 to < 5% | 435 | 1,367 | 35% | 915 | 3.15% | 100 to 1,000 | 36% | 2 | 544 | 59% | 10 |
| |
5 to < 10% | 73 | 49 | 29% | 80 | 8.41% | 100 to 1,000 | 30% | 3 | 106 | 133% | 2 |
| |
10 to < 100% | 254 | 193 | 54% | 366 | 17.04% | 100 to 1,000 | 23% | 4 | 407 | 111% | 18 |
| |
10 to < 20% | 160 | 49 | 43% | 190 | 11.65% | 100 to 1,000 | 8% | 4 | 98 | 52% | 2 |
| |
20 to < 30% | 93 | 144 | 57% | 176 | 22.87% | 100 to 1,000 | 39% | 3 | 309 | 176% | 16 |
| |
30 to < 100% |
|
|
|
|
|
|
|
|
|
|
|
| |
100% (Default) | 184 |
| 38% | 184 | 100.00% | 0 to 100 | 97% | 2 | 10 | 5% | 177 |
| |
SUB-TOTAL | 34,833 | 22,810 | 45% | 45,122 | 0.79% |
| 26% | 2 | 11,043 | 24% | 222 | (206) | |
TOTAL | 396,867 | 25,444 |
| 409,215 |
|
|
|
| 14,920 | 4% | 263 | (237) | |
| |||||||||||||
| a | b | c | d | e | f | g | h | i | j | k | l | m |
In millions of euros | PD range | 31 December 2023 | |||||||||||
Balance sheet exposure | Off-balance sheet exposure before CCF | Weighted average CCF | EAD | Weighted average PD | Number of obligors | Weighted average LGD | Weighted average maturity | Risk-weighted assets(1) | Average weight | Amount of expected losses(2) | Value adjustments and provisions(2) | ||
Central governments and central banks | 0.00 to < 0.15% | 422,378 | 875 | 36% | 423,540 | 0.01% | 100 to 1,000 | 2% | 2 | 1,774 | 0% | 2 |
|
0.00 to < 0.10% | 418,230 | 875 | 36% | 419,392 | 0.01% | 100 to 1,000 | 1% | 2 | 850 | 0% | 1 |
| |
0.10 to < 0.15% | 4,148 |
| 0% | 4,148 | 0.13% | 0 to 100 | 19% | 3 | 924 | 22% | 1 |
| |
0.15 to < 0.25% | 1,304 |
| 3% | 1,304 | 0.19% | 0 to 100 | 11% | 2 | 177 | 14% |
|
| |
0.25 to < 0.50% | 2,921 | 614 | 55% | 3,259 | 0.29% | 0 to 100 | 21% | 2 | 913 | 28% | 2 |
| |
0.50 to < 0.75% | 1,127 | 757 | 55% | 1,544 | 0.69% | 0 to 100 | 17% | 2 | 579 | 38% | 2 |
| |
0.75 to < 2.50% | 512 | 361 | 55% | 710 | 1.30% | 0 to 100 | 11% | 3 | 200 | 28% | 1 |
| |
0.75 to < 1.75% | 501 | 361 | 55% | 699 | 1.29% | 0 to 100 | 11% | 3 | 191 | 27% | 1 |
| |
1.75 to < 2.5% | 11 |
| 23% | 11 | 1.88% | 0 to 100 | 33% | 1 | 9 | 79% |
|
| |
2.50 to < 10% | 456 | 263 | 55% | 601 | 8.33% | 0 to 100 | 7% | 4 | 252 | 42% | 4 |
| |
2.5 to < 5% | 3 | 2 | 55% | 4 | 3.07% | 0 to 100 | 2% | 2 |
| 8% |
|
| |
5 to < 10% | 453 | 261 | 55% | 597 | 8.36% | 0 to 100 | 7% | 4 | 252 | 42% | 4 |
| |
10 to < 100% | 556 | 83 | 55% | 604 | 19.48% | 0 to 100 | 12% | 2 | 433 | 72% | 15 |
| |
10 to < 20% | 152 | 83 | 55% | 199 | 14.76% | 0 to 100 | 3% | 5 | 31 | 16% | 1 |
| |
20 to < 30% | 405 |
| 57% | 405 | 21.81% | 0 to 100 | 16% | 1 | 402 | 99% | 14 |
| |
30 to < 100% |
|
|
|
|
|
|
|
|
|
|
|
| |
100% (Default) | 86 | 47 | 55% | 113 | 100.00% | 0 to 100 | 14% | 5 | 32 | 28% | 15 |
| |
SUB-TOTAL | 429,341 | 3,001 | 50% | 431,674 | 0.09% |
| 2% | 2 | 4,360 | 1% | 40 | (29) | |
Institutions | 0.00 to < 0.15% | 23,355 | 12,145 | 44% | 28,926 | 0.04% | 1,000 to 10,000 | 25% | 3 | 4,589 | 16% | 3 |
|
0.00 to < 0.10% | 22,421 | 11,021 | 44% | 27,453 | 0.04% | 1,000 to 10,000 | 25% | 3 | 4,197 | 15% | 3 |
| |
0.10 to < 0.15% | 934 | 1,124 | 46% | 1,472 | 0.12% | 100 to 1,000 | 32% | 2 | 392 | 27% | 1 |
| |
0.15 to < 0.25% | 1,430 | 1,171 | 45% | 1,961 | 0.18% | 100 to 1,000 | 39% | 2 | 647 | 33% | 1 |
| |
0.25 to < 0.50% | 1,803 | 1,747 | 68% | 2,989 | 0.32% | 100 to 1,000 | 18% | 2 | 639 | 21% | 2 |
| |
0.50 to < 0.75% | 361 | 184 | 36% | 432 | 0.64% | 100 to 1,000 | 19% | 3 | 148 | 34% | 1 |
| |
0.75 to < 2.50% | 1,789 | 578 | 34% | 1,993 | 1.42% | 100 to 1,000 | 28% | 2 | 1,165 | 58% | 8 |
| |
0.75 to < 1.75% | 989 | 240 | 42% | 1,090 | 1.06% | 100 to 1,000 | 27% | 2 | 502 | 46% | 3 |
| |
1.75 to < 2.5% | 800 | 338 | 29% | 904 | 1.87% | 100 to 1,000 | 29% | 2 | 663 | 73% | 5 |
| |
2.50 to < 10% | 489 | 363 | 43% | 644 | 5.29% | 100 to 1,000 | 36% | 2 | 460 | 71% | 9 |
| |
2.5 to < 5% | 318 | 239 | 38% | 409 | 3.34% | 100 to 1,000 | 44% | 2 | 377 | 92% | 6 |
| |
5 to < 10% | 171 | 124 | 53% | 235 | 8.71% | 100 to 1,000 | 22% | 4 | 83 | 35% | 4 |
| |
10 to < 100% | 44 | 144 | 51% | 117 | 17.74% | 100 to 1,000 | 47% | 2 | 313 | 267% | 10 |
| |
10 to < 20% | 14 | 93 | 53% | 63 | 12.44% | 100 to 1,000 | 40% | 3 | 133 | 212% | 3 |
| |
20 to < 30% | 30 | 51 | 48% | 55 | 23.83% | 100 to 1,000 | 54% | 1 | 180 | 331% | 7 |
| |
30 to < 100% |
|
|
|
|
|
|
|
|
|
|
|
| |
100% (Default) | 181 |
| 20% | 181 | 100% | 0 to 100 | 97% | 3 | 2 | 1% | 168 |
| |
SUB-TOTAL | 29,452 | 16,331 | 47% | 37,244 | 0.79% |
| 25% | 3 | 7,963 | 21% | 203 | (258) | |
TOTAL | 458,792 | 19,332 |
| 468,918 |
|
|
|
| 12,323 | 3% | 243 | (287) | |
| |||||||||||||
| a | b | c | d | e | f | g | h | i | j | k | l | m |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
In millions of euros | PD range | 31 December 2024 | |||||||||||
Balance sheet exposure | Off-balance sheet exposure before CCF | Weighted average CCF | EAD | Weighted average PD | Number of obligors | Weighted average | Weighted average maturity | Risk-weighted assets(1) | Average weight | Amount of anticipated losses(2) | Value adjustments and provisions(2) | ||
Corporates – Specialised financing | 0.00 to < 0.15% | 9,319 | 3,903 | 53% | 11,374 | 0.05% | 100 to 1,000 | 31% | 3 | 1,860 | 16% | 1 |
|
0.00 to < 0.10% | 8,440 | 2,957 | 52% | 9,989 | 0.04% | 100 to 1,000 | 32% | 3 | 1,557 | 16% | 1 |
| |
0.10 to < 0.15% | 879 | 946 | 53% | 1,385 | 0.12% | 0 to 100 | 19% | 4 | 303 | 22% |
|
| |
0.15 to < 0.25% | 10,493 | 3,231 | 59% | 12,378 | 0.21% | 100 to 1,000 | 25% | 4 | 4,233 | 34% | 7 |
| |
0.25 to < 0.50% | 14,117 | 5,054 | 58% | 17,029 | 0.39% | 100 to 1,000 | 23% | 3 | 7,558 | 44% | 16 |
| |
0.50 to < 0.75% | 3,803 | 2,196 | 56% | 5,062 | 0.68% | 100 to 1,000 | 22% | 4 | 2,874 | 57% | 8 |
| |
0.75 to < 2.50% | 12,149 | 5,266 | 55% | 15,054 | 1.31% | 1,000 to 10,000 | 24% | 4 | 7,736 | 51% | 7 |
| |
0.75 to < 1.75% | 10,794 | 4,440 | 56% | 13,275 | 1.21% | 1,000 to 10,000 | 23% | 4 | 6,300 | 47% | 6 |
| |
1.75 to < 2.5% | 1,355 | 826 | 51% | 1,779 | 2.03% | 100 to 1,000 | 28% | 3 | 1,437 | 81% | 1 |
| |
2.50 to < 10% | 6,251 | 1,825 | 59% | 7,330 | 4.34% | 100 to 1,000 | 28% | 3 | 3,743 | 51% | 44 |
| |
2.5 to < 5% | 4,605 | 1,347 | 55% | 5,355 | 3.37% | 100 to 1,000 | 29% | 3 | 3,096 | 58% | 23 |
| |
5 to < 10% | 1,646 | 478 | 69% | 1,976 | 6.98% | 100 to 1,000 | 26% | 3 | 646 | 33% | 21 |
| |
10 to < 100% | 1,405 | 464 | 55% | 1,660 | 16.21% | 100 to 1,000 | 23% | 3 | 657 | 40% | 31 |
| |
10 to < 20% | 1,056 | 346 | 55% | 1,247 | 14.08% | 0 to 100 | 26% | 3 | 246 | 20% | 19 |
| |
20 to < 30% | 337 | 117 | 56% | 401 | 22.27% | 0 to 100 | 13% | 5 | 403 | 100% | 12 |
| |
30 to < 100% | 12 | 12 | 35.36% | 0 to 100 | 12% | 1 | 8 | 68% | 1 |
| |||
100% (Default) | 1,743 | 81 | 35% | 1,792 | 100.00% | 100 to 1,000 | 51% | 2 | 1,156 | 64% | 911 |
| |
SUB-TOTAL | 59,281 | 22,019 | 56% | 71,680 | 3.78% |
| 25% | 3 | 29,818 | 42% | 1,024 | (978) | |
SME corporates | 0.00 to < 0.15% | 1,853 | 755 | 54% | 2,269 | 0.07% | 100 to 1,000 | 31% | 4 | 620 | 27% | 1 |
|
0.00 to < 0.10% | 1,265 | 399 | 58% | 1,503 | 0.05% | 100 to 1,000 | 29% | 3 | 260 | 17% |
|
| |
0.10 to < 0.15% | 588 | 355 | 49% | 765 | 0.12% | 100 to 1,000 | 34% | 4 | 360 | 47% |
|
| |
0.15 to < 0.25% | 2,361 | 833 | 34% | 2,733 | 0.21% | 1,000 to 10,000 | 30% | 2 | 716 | 26% | 2 |
| |
0.25 to < 0.50% | 6,173 | 1,267 | 41% | 6,711 | 0.30% | 20,000 to 30,000 | 29% | 3 | 2,373 | 35% | 6 |
| |
0.50 to < 0.75% | 1,480 | 313 | 34% | 1,650 | 0.66% | 1,000 to 10,000 | 24% | 4 | 728 | 44% | 3 |
| |
0.75 to < 2.50% | 10,594 | 2,408 | 48% | 11,824 | 1.36% | 20,000 to 30,000 | 31% | 3 | 7,942 | 67% | 52 |
| |
0.75 to < 1.75% | 7,022 | 1,691 | 49% | 7,875 | 1.03% | 10 000 à 20 000 | 28% | 3 | 4,112 | 52% | 22 |
| |
1.75 to < 2.5% | 3,572 | 717 | 47% | 3,949 | 2.03% | 1,000 to 10,000 | 38% | 3 | 3,830 | 97% | 30 |
| |
2.50 to < 10% | 4,129 | 4,735 | 36% | 5,869 | 4.36% | 10,000 to 20,000 | 32% | 3 | 4,128 | 70% | 80 |
| |
2.5 to < 5% | 2,631 | 4,416 | 36% | 4,238 | 3.36% | 1,000 to 10,000 | 33% | 3 | 2,666 | 63% | 47 |
| |
5 to < 10% | 1,498 | 319 | 40% | 1,631 | 6.97% | 1,000 to 10,000 | 29% | 3 | 1,462 | 90% | 32 |
| |
10 to < 100% | 1,306 | 130 | 52% | 1,384 | 17.12% | 1,000 to 10,000 | 31% | 3 | 1,877 | 136% | 70 |
| |
10 to < 20% | 844 | 78 | 58% | 898 | 12.72% | 1,000 to 10,000 | 33% | 4 | 1,296 | 144% | 38 |
| |
20 to < 30% | 419 | 51 | 43% | 443 | 23.53% | 1,000 to 10,000 | 27% | 2 | 531 | 120% | 28 |
| |
30 to < 100% | 42 | 1 | 77% | 43 | 43.17% | 100 to 1,000 | 25% | 4 | 50 | 116% | 5 |
| |
100% (Default) | 1,640 | 151 | 42% | 1,705 | 100.00% | 1,000 to 10,000 | 47% | 2 | 1,415 | 83% | 822 |
| |
SUB-TOTAL | 29,536 | 10,593 | 41% | 34,145 | 7.02% |
| 30% | 3 | 19,799 | 58% | 1,035 | (986) | |
Other corporates | 0.00 to < 0.15% | 82,647 | 207,032 | 46% | 178,897 | 0.05% | 10,000 to 20,000 | 41% | 2 | 40,908 | 23% | 39 |
|
0.00 to < 0.10% | 57,625 | 168,997 | 46% | 135,442 | 0.03% | 10 000 à 20 000 | 42% | 2 | 25,844 | 19% | 19 |
| |
0.10 to < 0.15% | 25,022 | 38,035 | 48% | 43,455 | 0.12% | 1,000 to 10,000 | 39% | 2 | 15,063 | 35% | 20 |
| |
0.15 to < 0.25% | 31,356 | 40,997 | 42% | 48,748 | 0.21% | 10 000 à 20 000 | 38% | 2 | 21,079 | 43% | 39 |
| |
0.25 to < 0.50% | 28,767 | 27,445 | 39% | 39,791 | 0.37% | 20,000 to 30,000 | 33% | 3 | 20,534 | 52% | 50 |
| |
0.50 to < 0.75% | 8,276 | 7,122 | 41% | 11,354 | 0.66% | 10,000 to 20,000 | 30% | 3 | 7,005 | 62% | 23 |
| |
0.75 to < 2.50% | 43,505 | 32,946 | 44% | 58,382 | 1.37% | 40,000 to 50,000 | 30% | 3 | 52,134 | 89% | 346 |
| |
0.75 to < 1.75% | 28,008 | 22,072 | 42% | 37,634 | 1.03% | 20,000 to 30,000 | 30% | 3 | 25,704 | 68% | 111 |
| |
1.75 to < 2.5% | 15,497 | 10,874 | 47% | 20,748 | 1.98% | 10,000 to 20,000 | 31% | 2 | 26,430 | 127% | 235 |
| |
2.50 to < 10% | 16,635 | 16,200 | 41% | 23,468 | 4.55% | 10,000 to 20,000 | 30% | 3 | 31,951 | 136% | 256 |
| |
2.5 to < 5% | 10,985 | 11,975 | 42% | 16,098 | 3.43% | 10,000 to 20,000 | 30% | 3 | 23,375 | 145% | 162 |
| |
5 to < 10% | 5,650 | 4,226 | 40% | 7,370 | 7.00% | 1,000 to 10,000 | 29% | 3 | 8,576 | 116% | 94 |
| |
10 to < 100% | 5,849 | 2,821 | 52% | 7,330 | 18.04% | 1,000 to 10,000 | 26% | 2 | 9,734 | 133% | 327 |
| |
10 to < 20% | 3,609 | 2,034 | 53% | 4,704 | 15.27% | 1,000 to 10,000 | 31% | 3 | 7,537 | 160% | 223 |
| |
20 to < 30% | 2,145 | 779 | 49% | 2,528 | 22.58% | 1,000 to 10,000 | 18% | 1 | 2,141 | 85% | 100 |
| |
30 to < 100% | 95 | 8 | 38% | 98 | 34.09% | 100 to 1,000 | 10% | 2 | 56 | 58% | 3 |
| |
100% (Default) | 6,374 | 1,793 | 41% | 7,139 | 100.00% | 1,000 to 10,000 | 50% | 2 | 5,012 | 70% | 3,772 |
| |
SUB-TOTAL | 223,409 | 336,356 | 45% | 375,110 | 2.87% |
| 37% | 2 | 188,357 | 50% | 4,851 | (4,455) | |
TOTAL | 312,226 | 368,968 |
| 480,935 |
|
|
|
| 237,974 | 49% | 6,910 | (6,419) | |
| |||||||||||||
| a | b | c | d | e | f | g | h | i | j | k | l | m |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
In millions of euros | PD range | 31 December 2023 | |||||||||||
Balance sheet exposure | Off-balance sheet exposure before CCF | Weighted average CCF | EAD | Weighted average PD | Number of obligors | Weighted average LGD | Weighted average maturity | Risk-weighted assets(1) | Average weight | Amount of anticipated losses(2) | Value adjustments and provisions(2) | ||
Corporates – Specialised financing | 0.00 to < 0.15% | 5,732 | 3,944 | 50% | 7,777 | 0.08% | 100 to 1,000 | 12% | 4 | 814 | 10% | 1 |
|
0.00 to < 0.10% | 3,276 | 2,534 | 49% | 4,606 | 0.05% | 100 to 1,000 | 13% | 4 | 516 | 11% |
|
| |
0.10 to < 0.15% | 2,456 | 1,411 | 51% | 3,171 | 0.12% | 100 to 1,000 | 9% | 4 | 299 | 9% |
|
| |
0.15 to < 0.25% | 6,366 | 1,535 | 52% | 7,163 | 0.18% | 100 to 1,000 | 12% | 4 | 1,230 | 17% | 2 |
| |
0.25 to < 0.50% | 14,129 | 5,235 | 53% | 16,941 | 0.34% | 1,000 to 10,000 | 15% | 4 | 4,330 | 26% | 9 |
| |
0.50 to < 0.75% | 5,950 | 2,453 | 63% | 7,508 | 0.69% | 100 to 1,000 | 17% | 3 | 3,217 | 43% | 9 |
| |
0.75 to < 2.50% | 13,006 | 6,035 | 57% | 16,438 | 1.35% | 1,000 to 10,000 | 14% | 3 | 7,234 | 44% | 30 |
| |
0.75 to < 1.75% | 10,365 | 5,241 | 57% | 13,339 | 1.18% | 1,000 to 10,000 | 14% | 3 | 5,880 | 44% | 21 |
| |
1.75 to < 2.5% | 2,642 | 793 | 57% | 3,100 | 2.09% | 100 to 1,000 | 13% | 3 | 1,354 | 44% | 9 |
| |
2.50 to < 10% | 5,874 | 2,818 | 54% | 7,405 | 4.95% | 1,000 to 10,000 | 12% | 3 | 3,404 | 46% | 40 |
| |
2.5 to < 5% | 3,219 | 1,432 | 52% | 3,971 | 3.40% | 100 to 1,000 | 13% | 3 | 1,834 | 46% | 17 |
| |
5 to < 10% | 2,655 | 1,386 | 56% | 3,434 | 6.76% | 100 to 1,000 | 10% | 4 | 1,571 | 46% | 22 |
| |
10 to < 100% | 2,740 | 2,399 | 54% | 4,036 | 17.17% | 100 to 1,000 | 8% | 4 | 1,537 | 38% | 60 |
| |
10 to < 20% | 1,843 | 2,234 | 54% | 3,052 | 15.31% | 100 to 1,000 | 5% | 4 | 949 | 31% | 25 |
| |
20 to < 30% | 896 | 165 | 53% | 984 | 22.97% | 0 to 100 | 15% | 2 | 588 | 60% | 35 |
| |
30 to < 100% |
|
|
|
|
|
|
|
|
|
|
|
| |
100% (default) | 1,622 | 182 | 67% | 1,769 | 100.00% | 100 à 1 000 | 46% | 3 | 1,151 | 65% | 823 |
| |
SUB-TOTAL | 55,418 | 24,601 | 55% | 69,038 | 4.61% |
| 13% | 3 | 22,918 | 33% | 972 | (954) | |
SME corporates | 0.00 to < 0.15% | 1,608 | 2,276 | 48% | 2,703 | 0.07% | 1,000 to 10,000 | 37% | 3 | 867 | 32% | 1 |
|
0.00 to < 0.10% | 915 | 1,863 | 48% | 1,818 | 0.05% | 100 to 1,000 | 38% | 3 | 515 | 28% |
|
| |
0.10 to < 0.15% | 693 | 413 | 46% | 885 | 0.12% | 100 to 1,000 | 35% | 3 | 352 | 40% |
|
| |
0.15 to < 0.25% | 1,515 | 786 | 35% | 1,807 | 0.17% | 1,000 to 10,000 | 25% | 2 | 445 | 25% | 1 |
| |
0.25 to < 0.50% | 6,616 | 1,879 | 38% | 7,362 | 0.31% | 20,000 to 30,000 | 26% | 3 | 2,444 | 33% | 6 |
| |
0.50 to < 0.75% | 2,020 | 477 | 43% | 2,233 | 0.64% | 1,000 to 10,000 | 22% | 4 | 964 | 43% | 3 |
| |
0.75 to < 2.50% | 13,157 | 2,333 | 45% | 14,236 | 1.48% | 30,000 to 40,000 | 27% | 3 | 9,463 | 66% | 55 |
| |
0.75 to < 1.75% | 7,069 | 1,757 | 44% | 7,864 | 1.03% | 10,000 to 20,000 | 29% | 3 | 4,307 | 55% | 23 |
| |
1.75 to < 2.5% | 6,088 | 575 | 48% | 6,371 | 2.04% | 10,000 to 20,000 | 25% | 2 | 5,156 | 81% | 32 |
| |
2.50 to < 10% | 4,538 | 8,283 | 37% | 7,607 | 4.16% | 10,000 to 20,000 | 32% | 3 | 5,106 | 67% | 101 |
| |
2.5 to < 5% | 2,885 | 7,726 | 36% | 5,671 | 3.27% | 1,000 to 10,000 | 34% | 3 | 3,360 | 59% | 64 |
| |
5 to < 10% | 1,654 | 557 | 48% | 1,936 | 6.76% | 1,000 to 10,000 | 27% | 3 | 1,745 | 90% | 37 |
| |
10 to < 100% | 1,375 | 131 | 45% | 1,445 | 17.50% | 1,000 to 10,000 | 27% | 3 | 1,685 | 117% | 66 |
| |
10 to < 20% | 861 | 66 | 45% | 894 | 13.47% | 1,000 to 10,000 | 28% | 3 | 1,056 | 118% | 32 |
| |
20 to < 30% | 470 | 63 | 45% | 505 | 22.59% | 1,000 to 10,000 | 25% | 2 | 569 | 113% | 29 |
| |
30 to < 100% | 44 | 1 | 82% | 45 | 40.42% | 100 to 1,000 | 26% | 4 | 60 | 132% | 5 |
| |
100% (Default) | 1,986 | 117 | 38% | 2,033 | 100.00% | 1,000 to 10,000 | 50% | 2 | 995 | 49% | 977 |
| |
SUB-TOTAL | 32,815 | 16,280 | 40% | 39,427 | 7.24% |
| 28% | 3 | 21,967 | 56% | 1,209 | (1,176) | |
Other corporates | 0.00 to < 0.15% | 92,209 | 188,099 | 47% | 181,047 | 0.08% | 10,000 to 20,000 | 33% | 2 | 41,916 | 23% | 46 |
|
0.00 to < 0.10% | 45,780 | 149,087 | 48% | 117,093 | 0.05% | 1,000 to 10,000 | 32% | 2 | 23,109 | 20% | 20 |
| |
0.10 to < 0.15% | 46,429 | 39,012 | 45% | 63,954 | 0.12% | 1,000 to 10,000 | 34% | 2 | 18,807 | 29% | 25 |
| |
0.15 to < 0.25% | 26,881 | 33,494 | 43% | 41,366 | 0.18% | 10,000 to 20,000 | 35% | 2 | 16,388 | 40% | 27 |
| |
0.25 to < 0.50% | 38,033 | 36,937 | 41% | 53,582 | 0.34% | 30,000 to 40,000 | 34% | 2 | 27,272 | 51% | 61 |
| |
0.50 to < 0.75% | 10,323 | 9,030 | 40% | 14,099 | 0.67% | 1,000 to 10,000 | 28% | 3 | 8,423 | 60% | 26 |
| |
0.75 to < 2.50% | 32,864 | 23,352 | 42% | 43,235 | 1.39% | 30,000 to 40,000 | 27% | 2 | 29,105 | 67% | 160 |
| |
0.75 to < 1.75% | 23,249 | 17,809 | 43% | 31,306 | 1.15% | 20,000 to 30,000 | 27% | 2 | 19,410 | 62% | 97 |
| |
1.75 to < 2.5% | 9,615 | 5,543 | 39% | 11,929 | 2.02% | 1,000 to 10,000 | 26% | 2 | 9,695 | 81% | 64 |
| |
2.50 to < 10% | 20,748 | 14,362 | 45% | 27,024 | 4.68% | 20,000 to 30,000 | 30% | 3 | 36,320 | 134% | 213 |
| |
2.5 to < 5% | 13,623 | 8,943 | 42% | 17,248 | 3.48% | 10,000 to 20,000 | 30% | 2 | 25,124 | 146% | 185 |
| |
5 to < 10% | 7,125 | 5,419 | 48% | 9,777 | 6.80% | 1,000 to 10,000 | 30% | 3 | 11,196 | 115% | 28 |
| |
10 to < 100% | 5,194 | 3,761 | 49% | 7,055 | 16.94% | 1,000 to 10,000 | 27% | 3 | 9,946 | 141% | 322 |
| |
10 to < 20% | 3,758 | 2,889 | 48% | 5,172 | 14.68% | 1,000 to 10,000 | 25% | 3 | 6,788 | 131% | 189 |
| |
20 to < 30% | 1,373 | 866 | 51% | 1,815 | 22.71% | 1,000 to 10,000 | 31% | 3 | 3,060 | 169% | 128 |
| |
30 to < 100% | 63 | 5 | 59% | 68 | 34.27% | 0 to 100 | 22% | 3 | 98 | 144% | 5 |
| |
100% (Default) | 6,272 | 966 | 40% | 6,677 | 100.00% | 1,000 to 10,000 | 45% | 2 | 4,170 | 62% | 3,391 |
| |
SUB-TOTAL | 232,524 | 310,003 | 45% | 374,086 | 2.73% |
| 32% | 2 | 173,540 | 46% | 4,246 | (4,449) | |
TOTAL | 320,758 | 350,884 |
| 482,551 |
|
|
|
| 218,425 | 45% | 6,428 | (6,579) | |
| |||||||||||||
Most of the Group’s central government and central bank counterparties are of very high credit quality and based in developed countries, meaning that they have very good internal ratings and very low average Loss Given Default.
The majority of the Group’s corporate commitments concerns counterparties of excellent or good quality, reflecting the large part of multinationals in BNP Paribas’ customer base. Other commitments are mainly structured transactions or transactions secured by high-quality assets, reflected in their average LGD levels.
On average, the probability of default excluding counterparty default stands at 0.64%. It is 1.11% for Corporates.
In millions of euros | 31 December 2024 | ||
Non-defaulted exposure | Average PD | Average LGD | |
Europe(1) | 444,887 | 1.23% | 33% |
of which France | 131,741 | 1.18% | 36% |
of which Belgium | 68,961 | 2.12% | 20% |
of which Luxembourg | 22,263 | 1.26% | 29% |
of which Italy | 51,171 | 1.05% | 39% |
North America | 135,962 | 0.92% | 38% |
Asia Pacific | 57,830 | 0.65% | 40% |
Rest of the World | 30,733 | 1.10% | 29% |
TOTAL | 669,412 | 1.11% | 35% |
| |||
In millions of euros | 31 December 2023 | ||
Non-defaulted exposure | Average PD | Average LGD | |
Europe(1) | 460,921 | 1.28% | 28% |
of which France | 144,717 | 1.21% | 30% |
of which Belgium | 69,107 | 1.89% | 20% |
of which Luxembourg | 24,002 | 1.07% | 29% |
of which Italy | 56,657 | 0.99% | 34% |
North America | 114,632 | 1.16% | 29% |
Asia Pacific | 52,751 | 0.98% | 34% |
Rest of the World | 32,192 | 1.05% | 30% |
TOTAL | 660,497 | 1.23% | 29% |
| |||
Retail customers are characterised by a high degree of granularity, small unit volumes and a standard risk profile.
The majority of retail borrowers are assigned a behavioural score which serves as a basis to determine the probability of default and, for each transaction, the Global Recovery Rate (GRR) and exposure at default (EAD). These parameters are calculated every month on the basis of the most up-to-date information. They are supplemented by different scores that are made available to the commercial function. The latter has no involvement in determining risk parameters. These methods are used consistently for all retail customers. The general principles of the rating system are set out in the Rating System paragraph in the section Credit Risk Management Policy.
Scoring techniques are used to assign retail customers to risk groups presenting the same default risk characteristics. This also applies to the other credit risk parameters: EAD and LGD.
The chart below shows a breakdown by PD range of non-defaulted loans and commitments in the retail book for all the Group’s business lines, measured using the internal ratings-based approach (see Table 27: Indicative mapping of internal counterparty rating with agency rating scale and average PD).
These exposures represented EUR 275 billion at 31 December 2024, stable compared with 31 December 2023.
The following table gives the breakdown by PD range of the retail loans and commitments for all of the Group’s business lines using the advanced IRB Approach. Total exposure represented EUR 282 billion as at 31 December 2024 compared with EUR 282 billion as at 31 December 2023.
| a | b | c | d | e | f | h | i | j | k | l | m |
In millions of euros | PD range | 31 December 2024 | ||||||||||
Balance sheet exposure | Off-balance sheet exposure | Weighted average CCF | EAD | Weighted average PD | Weighted average LGD | Weighted average maturity | Risk-weighted assets(1) | Average weight | Amount of anticipated losses(2) | Value adjustments and provisions(2) | ||
Retail – Secured by residential property | 0.00 to < 0.15% | 87,313 | 1,357 | 100% | 88,672 | 0.05% | 15% | 5 | 2,095 | 2% | 7 |
|
0.00 to < 0.10% | 77,557 | 1,202 | 100% | 78,759 | 0.04% | 15% | 5 | 1,639 | 2% | 5 |
| |
0.10 to < 0.15% | 9,757 | 154 | 101% | 9,913 | 0.12% | 15% | 5 | 456 | 5% | 2 |
| |
0.15 to < 0.25% | 24,539 | 534 | 101% | 25,079 | 0.18% | 17% | 5 | 1,820 | 7% | 8 |
| |
0.25 to < 0.50% | 32,459 | 483 | 100% | 32,943 | 0.38% | 15% | 5 | 3,305 | 10% | 18 |
| |
0.50 to < 0.75% | 4,914 | 140 | 101% | 5,056 | 0.67% | 17% | 5 | 851 | 17% | 6 |
| |
0.75 to < 2.50% | 21,859 | 546 | 100% | 22,405 | 1.51% | 24% | 5 | 9,324 | 42% | 80 |
| |
0.75 to < 1.75% | 15,006 | 459 | 100% | 15,466 | 1.25% | 26% | 5 | 6,428 | 42% | 53 |
| |
1.75 to < 2.5% | 6,852 | 87 | 100% | 6,939 | 2.10% | 18% | 5 | 2,896 | 42% | 26 |
| |
2.50 to < 10% | 7,219 | 85 | 100% | 7,305 | 4.86% | 21% | 5 | 5,348 | 73% | 71 |
| |
2.5 to < 5% | 3,848 | 59 | 100% | 3,908 | 3.41% | 22% | 5 | 2,571 | 66% | 29 |
| |
5 to < 10% | 3,371 | 26 | 100% | 3,397 | 6.54% | 19% | 5 | 2,777 | 82% | 43 |
| |
10 to < 100% | 2,599 | 32 | 100% | 2,632 | 23.63% | 23% | 5 | 3,379 | 128% | 140 |
| |
10 to < 20% | 1,455 | 22 | 100% | 1,478 | 13.52% | 23% | 5 | 1,831 | 124% | 46 |
| |
20 to < 30% | 53 | 1 | 100% | 54 | 25.72% | 20% | 5 | 70 | 129% | 3 |
| |
30 to < 100% | 1,091 | 9 | 100% | 1,100 | 37.10% | 22% | 5 | 1,478 | 134% | 91 |
| |
100% (default) | 1,421 | 5 | 96% | 1,426 | 100.00% | 19% | 4 | 1,237 | 87% | 427 |
| |
SUB-TOTAL | 182,323 | 3,183 | 100% | 185,517 | 1.61% | 17% | 5 | 27,360 | 15% | 756 | (610) | |
Retail – Secured by commercial property | 0.00 to < 0.15% | 1,037 | 23 | 53% | 1,053 | 0.06% | 23% | 4 | 30 | 3% |
|
|
0.00 to < 0.10% | 961 | 15 | 62% | 973 | 0.05% | 23% | 5 | 26 | 3% |
|
| |
0.10 to < 0.15% | 77 | 8 | 34% | 80 | 0.12% | 18% | 4 | 4 | 4% |
|
| |
0.15 to < 0.25% | 440 | 78 | 28% | 476 | 0.20% | 20% | 4 | 34 | 7% |
|
| |
0.25 to < 0.50% | 2,797 | 256 | 35% | 2,921 | 0.34% | 20% | 4 | 286 | 10% | 2 |
| |
0.50 to < 0.75% | 1,160 | 95 | 38% | 1,206 | 0.68% | 20% | 4 | 201 | 17% | 2 |
| |
0.75 to < 2.50% | 2,495 | 226 | 39% | 2,603 | 1.44% | 17% | 4 | 624 | 24% | 7 |
| |
0.75 to < 1.75% | 1,836 | 179 | 41% | 1,925 | 1.22% | 17% | 4 | 409 | 21% | 4 |
| |
1.75 to < 2.5% | 659 | 47 | 32% | 679 | 2.06% | 18% | 4 | 215 | 32% | 3 |
| |
2.50 to < 10% | 1,924 | 150 | 38% | 1,991 | 4.51% | 18% | 4 | 931 | 47% | 16 |
| |
2.5 to < 5% | 1,211 | 91 | 42% | 1,255 | 3.40% | 18% | 4 | 526 | 42% | 8 |
| |
5 to < 10% | 713 | 59 | 31% | 735 | 6.40% | 17% | 4 | 405 | 55% | 8 |
| |
10 to < 100% | 442 | 21 | 46% | 454 | 18.73% | 22% | 4 | 446 | 98% | 19 |
| |
10 to < 20% | 315 | 18 | 47% | 325 | 14.08% | 22% | 4 | 319 | 98% | 10 |
| |
20 to < 30% | 77 | 3 | 32% | 78 | 24.95% | 16% | 4 | 63 | 81% | 3 |
| |
30 to < 100% | 50 | 1 | 81% | 51 | 38.87% | 26% | 4 | 63 | 124% | 5 |
| |
100% (default) | 244 | 3 | 37% | 254 | 100.00% | 36% | 3 | 247 | 97% | 84 |
| |
SUB-TOTAL | 10,539 | 852 | 37% | 10,959 | 4.44% | 19% | 4 | 2,798 | 26% | 130 | (90) | |
TOTAL | 192,862 | 4,035 |
| 196,476 |
|
|
| 30,158 | 15% | 886 | (700) | |
| ||||||||||||
| a | b | c | d | e | f | h | i | j | k | l | m |
In millions of euros | PD range | 31 December 2023 | ||||||||||
Balance sheet exposure | Off-balance sheet exposure | Weighted average CCF | EAD | Weighted average PD | Weighted average LGD | Weighted average maturity | Risk-weighted assets(1) | Average weight | Amount of anticipated losses(2) | Value adjustments and provisions(2) | ||
Retail – Secured by residential property | 0.00 to < 0.15% | 67 217 | 1 488 | 100 % | 68 707 | 0,10 % | 10 % | 5 | 2 107 | 3 % | 7 |
|
0.00 to < 0.10% | 15 183 | 292 | 100 % | 15 475 | 0,06 % | 13 % | 5 | 392 | 3 % | 1 |
| |
0.10 to < 0.15% | 52 034 | 1 197 | 100 % | 53 232 | 0,11 % | 9 % | 5 | 1 715 | 3 % | 5 |
| |
0.15 to < 0.25% | 16 986 | 427 | 102 % | 17 420 | 0,18 % | 16 % | 5 | 1 156 | 7 % | 5 |
| |
0.25 to < 0.50% | 43 548 | 672 | 100 % | 44 220 | 0,37 % | 13 % | 5 | 4 478 | 10 % | 22 |
| |
0.50 to < 0.75% | 24 280 | 433 | 101 % | 24 715 | 0,59 % | 13 % | 5 | 3 389 | 14 % | 19 |
| |
0.75 to < 2.50% | 17 269 | 243 | 100 % | 17 511 | 1,48 % | 14 % | 5 | 4 765 | 27 % | 36 |
| |
0.75 to < 1.75% | 12 406 | 139 | 99 % | 12 544 | 1,28 % | 14 % | 5 | 3 230 | 26 % | 23 |
| |
1.75 to < 2.5% | 4 863 | 103 | 100 % | 4 967 | 2,00 % | 13 % | 5 | 1 535 | 31 % | 13 |
| |
2.50 to < 10% | 7 747 | 232 | 101 % | 7 980 | 4,20 % | 14 % | 5 | 3 930 | 49 % | 48 |
| |
2.5 to < 5% | 5 842 | 212 | 101 % | 6 056 | 3,46 % | 13 % | 5 | 2 747 | 45 % | 28 |
| |
5 to < 10% | 1 905 | 19 | 100 % | 1 924 | 6,52 % | 16 % | 5 | 1 183 | 61 % | 19 |
| |
10 to < 100% | 2 877 | 35 | 100 % | 2 913 | 21,94 % | 14 % | 5 | 2 486 | 85 % | 89 |
| |
10 to < 20% | 1 839 | 22 | 100 % | 1 862 | 13,13 % | 14 % | 5 | 1 535 | 82 % | 33 |
| |
20 to < 30% | 409 | 4 | 100 % | 413 | 26,01 % | 13 % | 5 | 401 | 97 % | 14 |
| |
30 to < 100% | 628 | 10 | 100 % | 638 | 44,99 % | 15 % | 5 | 550 | 86 % | 42 |
| |
100% (default) | 1 610 | 7 | 95 % | 1 617 | 100,00 % | 24 % | 4 | 862 | 53 % | 457 |
| |
SUB-TOTAL | 181 533 | 3 537 | 100 % | 185 085 | 1,76 % | 12 % | 5 | 23 174 | 13 % | 682 | (578) | |
Retail – Secured by commercial property | 0.00 to < 0.15% | 186 | 22 | 35 % | 198 | 0,09 % | 22 % | 4 | 8 | 4 % |
|
|
0.00 to < 0.10% | 96 | 10 | 32 % | 102 | 0,07 % | 25 % | 4 | 4 | 4 % |
|
| |
0.10 to < 0.15% | 90 | 11 | 39 % | 97 | 0,12 % | 18 % | 4 | 4 | 4 % |
|
| |
0.15 to < 0.25% | 366 | 75 | 32 % | 403 | 0,18 % | 18 % | 4 | 26 | 6 % |
|
| |
0.25 to < 0.50% | 2 586 | 248 | 35 % | 2 708 | 0,36 % | 21 % | 4 | 308 | 11 % | 2 |
| |
0.50 to < 0.75% | 2 329 | 106 | 48 % | 2 390 | 0,59 % | 25 % | 5 | 465 | 19 % | 3 |
| |
0.75 to < 2.50% | 2 442 | 242 | 37 % | 2 552 | 1,41 % | 17 % | 4 | 606 | 24 % | 6 |
| |
0.75 to < 1.75% | 1 850 | 192 | 36 % | 1 935 | 1,21 % | 16 % | 4 | 386 | 20 % | 4 |
| |
1.75 to < 2.5% | 592 | 50 | 42 % | 617 | 2,05 % | 21 % | 4 | 220 | 36 % | 3 |
| |
2.50 to < 10% | 1 624 | 135 | 33 % | 1 681 | 4,61 % | 17 % | 4 | 801 | 48 % | 14 |
| |
2.5 to < 5% | 977 | 89 | 33 % | 1 012 | 3,47 % | 18 % | 4 | 438 | 43 % | 6 |
| |
5 to < 10% | 647 | 46 | 34 % | 669 | 6,33 % | 17 % | 4 | 363 | 54 % | 7 |
| |
10 to < 100% | 468 | 18 | 59 % | 480 | 18,21 % | 24 % | 4 | 526 | 110 % | 21 |
| |
10 to < 20% | 337 | 14 | 60 % | 347 | 13,35 % | 25 % | 4 | 378 | 109 % | 11 |
| |
20 to < 30% | 70 | 4 | 48 % | 72 | 23,99 % | 17 % | 4 | 62 | 87 % | 3 |
| |
30 to < 100% | 61 |
| 91 % | 62 | 38,88 % | 28 % | 5 | 86 | 139 % | 7 |
| |
100% (default) | 252 | 6 | 42 % | 263 | 100,00 % | 36 % | 3 | 140 | 53 % | 92 |
| |
SUB-TOTAL | 10 254 | 853 | 37 % | 10 675 | 4,58 % | 21 % | 4 | 2 880 | 27 % | 138 | (93) | |
TOTAL | 191 787 | 4 390 |
| 195 760 |
|
|
| 26 054 | 13 % | 820 | (671) | |
| ||||||||||||
| a | b | c | d | e | f | h | i | j | k | l | m |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
In millions of euros | PD range | 31 December 2024 | ||||||||||
Balance sheet exposure | Off-balance sheet exposure | Weighted average CCF | EAD | Weighted average PD | Weighted average LGD | Weighted average maturity | Risk-weighted assets(1) | Average weight | Amount of anticipated losses(2) | Value adjustments and provisions(2) | ||
Retail – Revolving exposures | 0.00 to < 0.15% | 33 | 1,775 | 73% | 1,843 | 0.05% | 33% | 1 | 24 | 1% |
|
|
0.00 to < 0.10% | 28 | 1,655 | 73% | 1,706 | 0.04% | 33% | 1 | 20 | 1% |
|
| |
0.10 to < 0.15% | 4 | 120 | 72% | 137 | 0.12% | 39% | 1 | 4 | 3% |
|
| |
0.15 to < 0.25% | 98 | 3,619 | 72% | 2,876 | 0.17% | 29% | 1 | 92 | 3% | 1 |
| |
0.25 to < 0.50% | 245 | 1,334 | 44% | 898 | 0.40% | 34% | 1 | 67 | 7% | 1 |
| |
0.50 to < 0.75% | 4 | 372 | 65% | 248 | 0.65% | 25% | 1 | 20 | 8% |
|
| |
0.75 to < 2.50% | 421 | 718 | 50% | 894 | 1.39% | 41% | 1 | 205 | 23% | 5 |
| |
0.75 to < 1.75% | 361 | 636 | 48% | 748 | 1.24% | 41% | 1 | 159 | 21% | 4 |
| |
1.75 to < 2.5% | 61 | 82 | 67% | 147 | 2.17% | 40% | 1 | 46 | 32% | 1 |
| |
2.50 to < 10% | 1,498 | 442 | 43% | 1,805 | 5.00% | 46% | 1 | 1,140 | 63% | 42 |
| |
2.5 to < 5% | 858 | 363 | 41% | 1,063 | 3.49% | 43% | 1 | 503 | 47% | 16 |
| |
5 to < 10% | 640 | 79 | 49% | 742 | 7.15% | 49% | 1 | 637 | 86% | 26 |
| |
10 to < 100% | 612 | 66 | 41% | 701 | 21.51% | 50% | 1 | 932 | 133% | 74 |
| |
10 to < 20% | 406 | 45 | 47% | 473 | 12.75% | 51% | 1 | 588 | 124% | 31 |
| |
20 to < 30% | - | 18 | 19% | 4 | 27.01% | 46% | 1 | 5 | 147% |
|
| |
30 to < 100% | 205 | 3 | 82% | 225 | 39.83% | 47% | 1 | 339 | 151% | 42 |
| |
100% (default) | 548 | 28 | 76% | 616 | 100.00% | 61% | 1 | 320 | 52% | 344 |
| |
SUB-TOTAL | 3,460 | 8,353 | 64% | 9,881 | 8.91% | 36% | 1 | 2,800 | 28% | 469 | (407) | |
Retail – SME | 0.00 to < 0.15% | 2,093 | 468 | 56% | 2,416 | 0.07% | 25% | 4 | 96 | 4% |
|
|
0.00 to < 0.10% | 1,709 | 281 | 66% | 1,935 | 0.05% | 24% | 4 | 60 | 3% |
|
| |
0.10 to < 0.15% | 384 | 187 | 41% | 481 | 0.13% | 28% | 3 | 36 | 8% |
|
| |
0.15 to < 0.25% | 1,838 | 759 | 72% | 2,442 | 0.22% | 35% | 2 | 313 | 13% | 2 |
| |
0.25 to < 0.50% | 4,536 | 1,663 | 69% | 5,811 | 0.32% | 31% | 3 | 873 | 15% | 6 |
| |
0.50 to < 0.75% | 2,247 | 455 | 59% | 2,563 | 0.67% | 34% | 3 | 632 | 25% | 6 |
| |
0.75 to < 2.50% | 7,217 | 1,647 | 78% | 8,624 | 1.59% | 35% | 2 | 3,228 | 37% | 47 |
| |
0.75 to < 1.75% | 3,761 | 1,183 | 79% | 4,766 | 1.20% | 35% | 2 | 1,595 | 33% | 20 |
| |
1.75 to < 2.5% | 3,456 | 464 | 77% | 3,858 | 2.08% | 34% | 2 | 1,633 | 42% | 27 |
| |
2.50 to < 10% | 3,209 | 704 | 68% | 3,780 | 4.78% | 32% | 2 | 1,572 | 42% | 58 |
| |
2.5 to < 5% | 1,793 | 445 | 72% | 2,169 | 3.63% | 33% | 2 | 887 | 41% | 26 |
| |
5 to < 10% | 1,416 | 259 | 60% | 1,611 | 6.33% | 30% | 2 | 686 | 43% | 31 |
| |
10 to < 100% | 1,639 | 197 | 80% | 1,869 | 18.10% | 40% | 3 | 1,314 | 70% | 133 |
| |
10 to < 20% | 1,216 | 154 | 79% | 1,379 | 13.09% | 41% | 3 | 915 | 66% | 72 |
| |
20 to < 30% | 117 | 25 | 79% | 148 | 26.71% | 34% | 2 | 109 | 74% | 14 |
| |
30 to < 100% | 307 | 17 | 88% | 342 | 34.57% | 39% | 2 | 290 | 85% | 47 |
| |
100% (default) | 2,104 | 75 | 86% | 2,240 | 100.00% | 46% | 1 | 1,307 | 58% | 1,060 |
| |
SUB-TOTAL | 24,883 | 5,969 | 70% | 29,746 | 9.88% | 33% | 3 | 9,336 | 31% | 1,311 | (1,243) | |
Retail – Other | 0.00 to < 0.15% | 5,155 | 1,785 | 81% | 6,680 | 0.06% | 30% | 3 | 416 | 6% | 1 |
|
0.00 to < 0.10% | 4,116 | 1,338 | 77% | 5,213 | 0.05% | 28% | 3 | 251 | 5% | 1 |
| |
0.10 to < 0.15% | 1,039 | 447 | 92% | 1,467 | 0.12% | 34% | 3 | 165 | 11% | 1 |
| |
0.15 to < 0.25% | 4,166 | 579 | 87% | 4,720 | 0.19% | 41% | 3 | 883 | 19% | 4 |
| |
0.25 to < 0.50% | 6,642 | 1,615 | 93% | 8,281 | 0.39% | 33% | 3 | 1,899 | 23% | 10 |
| |
0.50 to < 0.75% | 2,489 | 277 | 96% | 2,801 | 0.58% | 36% | 2 | 890 | 32% | 6 |
| |
0.75 to < 2.50% | 9,159 | 1,318 | 95% | 10,602 | 1.39% | 38% | 2 | 5,218 | 49% | 57 |
| |
0.75 to < 1.75% | 6,577 | 1,131 | 97% | 7,795 | 1.14% | 38% | 2 | 3,548 | 46% | 33 |
| |
1.75 to < 2.5% | 2,582 | 187 | 84% | 2,807 | 2.11% | 39% | 2 | 1,671 | 60% | 23 |
| |
2.50 to < 10% | 4,741 | 574 | 94% | 5,360 | 4.46% | 40% | 2 | 3,608 | 67% | 100 |
| |
2.5 to < 5% | 3,477 | 386 | 92% | 3,900 | 3.49% | 39% | 2 | 2,444 | 63% | 53 |
| |
5 to < 10% | 1,264 | 188 | 97% | 1,460 | 7.05% | 45% | 2 | 1,164 | 80% | 47 |
| |
10 to < 100% | 1,418 | 80 | 97% | 1,512 | 22.77% | 45% | 2 | 1,650 | 109% | 152 |
| |
10 to < 20% | 809 | 62 | 97% | 879 | 13.36% | 47% | 2 | 884 | 101% | 55 |
| |
20 to < 30% | 14 | 2 | 88% | 16 | 26.60% | 38% | 3 | 16 | 106% | 2 |
| |
30 to < 100% | 596 | 17 | 98% | 617 | 36.09% | 43% | 2 | 749 | 122% | 95 |
| |
100% (default) | 2,005 | 14 | 81% | 2,019 | 100.00% | 62% | 2 | 1,089 | 54% | 1,279 |
| |
SUB-TOTAL | 35,776 | 6,242 | 90% | 41,975 | 6.70% | 36% | 3 | 15,654 | 37% | 1,608 | (1,411) | |
TOTAL | 64,118 | 20,564 |
| 81,601 |
|
|
| 27,789 | 34% | 3,388 | (3,061) | |
| ||||||||||||
| a | b | c | d | e | f | h | i | j | k | l | m |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
In millions of euros | PD range | 31 December 2023 | ||||||||||
Balance sheet exposure | Off-balance sheet exposure | Weighted average CCF | EAD | Weighted average PD | Weighted average LGD | Weighted average maturity | Risk-weighted assets(1) | Average weight | Amount of anticipated losses(2) | Value adjustments and provisions(2) | ||
Retail – Revolving exposures | 0.00 to < 0.15% | 60 | 1 773 | 76 % | 1 914 | 0,09 % | 81 % | 1 | 115 | 6 % | 1 |
|
0.00 to < 0.10% | 9 | 673 | 76 % | 699 | 0,03 % | 80 % | 1 | 17 | 2 % |
|
| |
0.10 to < 0.15% | 51 | 1 100 | 77 % | 1 215 | 0,12 % | 82 % | 1 | 98 | 8 % | 1 |
| |
0.15 to < 0.25% | 59 | 3 383 | 74 % | 2 584 | 0,17 % | 29 % | 1 | 82 | 3 % | 1 |
| |
0.25 to < 0.50% | 262 | 1 513 | 49 % | 1 088 | 0,38 % | 49 % | 1 | 121 | 11 % | 2 |
| |
0.50 to < 0.75% | 48 | 590 | 71 % | 548 | 0,61 % | 57 % | 1 | 108 | 20 % | 2 |
| |
0.75 to < 2.50% | 380 | 644 | 52 % | 763 | 1,35 % | 56 % | 1 | 267 | 35 % | 6 |
| |
0.75 to < 1.75% | 358 | 597 | 50 % | 694 | 1,29 % | 54 % | 1 | 219 | 32 % | 5 |
| |
1.75 to < 2.5% | 23 | 47 | 78 % | 68 | 1,94 % | 80 % | 1 | 48 | 70 % | 1 |
| |
2.50 to < 10% | 1 474 | 475 | 70 % | 1 840 | 4,97 % | 49 % | 1 | 1 292 | 70 % | 46 |
| |
2.5 to < 5% | 841 | 400 | 59 % | 1 098 | 3,47 % | 47 % | 1 | 587 | 53 % | 18 |
| |
5 to < 10% | 633 | 76 | 128 % | 741 | 7,20 % | 52 % | 1 | 705 | 95 % | 28 |
| |
10 to < 100% | 658 | 63 | 124 % | 760 | 22,05 % | 52 % | 1 | 1 126 | 148 % | 87 |
| |
10 to < 20% | 428 | 44 | 133 % | 498 | 12,92 % | 53 % | 1 | 663 | 133 % | 34 |
| |
20 to < 30% | 83 | 13 | 76 % | 98 | 24,12 % | 52 % | 1 | 176 | 179 % | 13 |
| |
30 to < 100% | 147 | 7 | 157 % | 164 | 48,44 % | 50 % | 1 | 287 | 175 % | 40 |
| |
100% (Default) | 492 | 26 | 65 % | 555 | 100,00 % | 61 % | 1 | 255 | 46 % | 311 |
| |
SUB-TOTAL | 3 433 | 8 468 | 68 % | 10 051 | 8,33 % | 52 % | 1 | 3 366 | 33 % | 456 | (368) | |
Retail – SME | 0.00 to < 0.15% | 1 022 | 362 | 65 % | 1 304 | 0,09 % | 33 % | 2 | 92 | 7 % |
|
|
0.00 to < 0.10% | 565 | 211 | 62 % | 720 | 0,07 % | 32 % | 2 | 39 | 5 % |
|
| |
0.10 to < 0.15% | 457 | 150 | 69 % | 583 | 0,12 % | 34 % | 3 | 53 | 9 % |
|
| |
0.15 to < 0.25% | 782 | 941 | 55 % | 1 352 | 0,18 % | 31 % | 2 | 138 | 10 % | 1 |
| |
0.25 to < 0.50% | 5 118 | 1 688 | 69 % | 6 425 | 0,33 % | 32 % | 3 | 1 004 | 16 % | 7 |
| |
0.50 to < 0.75% | 4 103 | 571 | 73 % | 4 567 | 0,60 % | 31 % | 4 | 1 014 | 22 % | 8 |
| |
0.75 to < 2.50% | 6 805 | 1 848 | 79 % | 8 384 | 1,50 % | 34 % | 2 | 2 933 | 35 % | 44 |
| |
0.75 to < 1.75% | 3 952 | 1 339 | 79 % | 5 084 | 1,14 % | 32 % | 2 | 1 536 | 30 % | 18 |
| |
1.75 to < 2.5% | 2 853 | 509 | 80 % | 3 300 | 2,07 % | 38 % | 3 | 1 397 | 42 % | 25 |
| |
2.50 to < 10% | 3 905 | 587 | 70 % | 4 407 | 4,92 % | 30 % | 2 | 1 890 | 43 % | 66 |
| |
2.5 to < 5% | 1 564 | 353 | 74 % | 1 863 | 3,68 % | 32 % | 2 | 768 | 41 % | 22 |
| |
5 to < 10% | 2 342 | 235 | 64 % | 2 544 | 5,83 % | 29 % | 2 | 1 122 | 44 % | 44 |
| |
10 to < 100% | 1 784 | 196 | 92 % | 2 035 | 17,44 % | 38 % | 3 | 1 307 | 64 % | 128 |
| |
10 to < 20% | 1 345 | 153 | 92 % | 1 524 | 12,60 % | 39 % | 3 | 944 | 62 % | 73 |
| |
20 to < 30% | 242 | 33 | 84 % | 288 | 24,24 % | 32 % | 2 | 185 | 64 % | 22 |
| |
30 to < 100% | 197 | 9 | 122 % | 223 | 41,73 % | 35 % | 3 | 178 | 80 % | 33 |
| |
100% (Default) | 2 143 | 74 | 98 % | 2 346 | 100,00 % | 46 % | 1 | 1 090 | 46 % | 981 |
| |
SUB-TOTAL | 25 664 | 6 268 | 71 % | 30 819 | 10,04 % | 33 % | 3 | 9 469 | 31 % | 1 235 | (1 187) | |
Retail – Other | 0.00 to < 0.15% | 7 769 | 1 832 | 88 % | 9 463 | 0,10 % | 43 % | 3 | 1 274 | 13 % | 4 |
|
0.00 to < 0.10% | 2 334 | 1 016 | 73 % | 3 095 | 0,05 % | 41 % | 3 | 204 | 7 % | 1 |
| |
0.10 to < 0.15% | 5 435 | 816 | 107 % | 6 368 | 0,12 % | 44 % | 3 | 1 071 | 17 % | 3 |
| |
0.15 to < 0.25% | 1 637 | 541 | 88 % | 2 141 | 0,19 % | 36 % | 3 | 359 | 17 % | 1 |
| |
0.25 to < 0.50% | 7 171 | 1 712 | 94 % | 8 854 | 0,38 % | 38 % | 3 | 2 590 | 29 % | 13 |
| |
0.50 to < 0.75% | 3 395 | 365 | 98 % | 3 972 | 0,61 % | 41 % | 3 | 1 665 | 42 % | 10 |
| |
0.75 to < 2.50% | 7 511 | 1 059 | 98 % | 8 650 | 1,39 % | 40 % | 2 | 4 864 | 56 % | 47 |
| |
0.75 to < 1.75% | 5 587 | 977 | 99 % | 6 637 | 1,20 % | 39 % | 2 | 3 555 | 54 % | 31 |
| |
1.75 to < 2.5% | 1 924 | 81 | 93 % | 2 012 | 2,00 % | 41 % | 2 | 1 308 | 65 % | 16 |
| |
2.50 to < 10% | 4 884 | 249 | 111 % | 5 175 | 4,49 % | 42 % | 2 | 3 882 | 75 % | 100 |
| |
2.5 to < 5% | 3 666 | 154 | 120 % | 3 860 | 3,52 % | 41 % | 2 | 2 722 | 71 % | 56 |
| |
5 to < 10% | 1 218 | 95 | 96 % | 1 315 | 7,34 % | 46 % | 2 | 1 160 | 88 % | 44 |
| |
10 to < 100% | 1 254 | 77 | 97 % | 1 347 | 23,12 % | 43 % | 2 | 1 502 | 112 % | 130 |
| |
10 to < 20% | 715 | 55 | 99 % | 785 | 13,71 % | 44 % | 2 | 806 | 103 % | 47 |
| |
20 to < 30% | 242 | 5 | 89 % | 247 | 24,37 % | 42 % | 2 | 303 | 123 % | 25 |
| |
30 to < 100% | 297 | 16 | 90 % | 314 | 45,64 % | 40 % | 2 | 392 | 125 % | 58 |
| |
100% (Default) | 2 020 | 18 | 85 % | 2 043 | 100,00 % | 63 % | 2 | 964 | 47 % | 1 410 |
| |
SUB-TOTAL | 35 641 | 5 851 | 93 % | 41 644 | 6,67 % | 40 % | 2 | 17 100 | 41 % | 1 715 | (1 574) | |
TOTAL | 64 738 | 20 587 |
| 82 515 |
|
|
| 29 935 | 36 % | 3 406 | (3 129) | |
| ||||||||||||
Most of the mortgage exposures concern Commercial & Personal Banking in France, Commercial & Personal Banking in Belgium and Commercial & Personal Banking in Luxembourg. Mortgages are issued according to strict and well-defined procedures. Average probability of default on retail clients’ non-defaulted loans is 1.31%. The low average Loss Given Default level reflects the guarantees put in place when the mortgages were granted. Most of the Revolving exposures and Other exposures relate to consumer loans subsidiaries that have a wider range of customers in terms of credit quality and a lower level of guarantees.
In millions of euros | 31 December 2024 | ||
Non-defaulted exposure | Average PD | Average LGD | |
Europe(1) | 273,495 | 1.31% | 22% |
of which France | 144,555 | 1.40% | 24% |
of which Belgium | 83,319 | 1.11% | 18% |
of which Luxembourg | 8,845 | 1.02% | 21% |
of which Italy | 34,534 | 1.47% | 23% |
North America | 605 | n.s. | n.s. |
Asia Pacific | 407 | n.s. | n.s. |
Rest of the World | 624 | n.s. | n.s. |
TOTAL | 275,131 | 1.31% | 22% |
| |||
In millions of euros | 31 December 2023 | ||
Non-defaulted exposure | Average PD | Average LGD | |
Europe(1) | 273,289 | 1.34% | 20% |
of which France | 145,826 | 1.48% | 21% |
of which Belgium | 81,663 | 1.15% | 18% |
of which Luxembourg | 8,983 | 0.91% | 21% |
of which Italy | 34,683 | 1.27% | 21% |
North America | 548 | n.s. | n.s. |
Asia Pacific | 414 | n.s. | n.s. |
Rest of the World | 603 | n.s. | n.s. |
TOTAL | 274,854 | 1.34% | 20% |
| |||
For exposures under the standardised approach, BNP Paribas uses the external ratings from External Credit Assessment Institutions (ECAIs) recognised by the supervisor: Standard & Poor’s, Moody’s, Fitch Ratings, Cerved and Banque de France.
The Group uses the correspondence tables published by the EBA and the ACPR to compare the external ratings and weighting rates used to calculate risk-weighted assets specific to each exposure class:
The ratings supplied by Standard & Poor’s, Moody’s and Fitch Ratings are mainly used for exposures to Central governments and central banks, Regional and local authorities, Public sector entities and Multilateral development banks, Institutions and Corporates. The ratings supplied by the Banque de France are mainly used for corporate exposures and exposures secured by a mortgage on a real estate asset.
The ratings supplied by Cerved are mainly used for Corporate exposures.
When there is no directly applicable external rating, the issuer’s senior unsecured rating may, if available, be obtained from external databases and used for risk-weighting purposes in some cases.
As at 31 December 2024, standardised approach exposure represented 24% of the BNP Paribas Group’s total gross exposures to credit risk. This breakdown is slightly up compared to 31 December 2023.
The following table shows a summary of standardised risk-weighted exposures broken down by regulatory asset class. The equity exposures weighted using the standardised approach consist primarily of asset value guarantees given to fund unit holders.
|
|
|
| a | b | c | d | e | f |
In millions of euros | 31 December 2024 | ||||||||
Gross exposure | Exposure net of provisions | EAD | RWAs | RWA density | |||||
Balance sheet | Off-balance sheet | Balance sheet | Off-balance sheet | Balance sheet | Off-balance sheet | ||||
1 | Central governments or central banks | 31,582 | 22 | 31,536 | 22 | 35,988 | 5 | 7,463 | 21% |
2 | Regional governments or local authorities | 2,286 | 1,108 | 2,281 | 1,108 | 1,973 | 314 | 569 | 25% |
3 | Public sector entities | 1,335 | 1,141 | 1,333 | 1,140 | 1,321 | 385 | 965 | 57% |
4 | Multilateral development banks | 4,657 | 3 | 4,657 | 3 | 4,918 | 2 |
| 0% |
5 | International organisations | 1,322 | 2 | 1,322 | 2 | 1,322 | 1 |
| 0% |
6 | Institutions | 13,709 | 2,819 | 13,702 | 2,816 | 13,747 | 1,194 | 4,746 | 32% |
7 | Corporates | 93,488 | 17,997 | 93,229 | 17,948 | 86,265 | 6,945 | 71,688 | 77% |
8 | Retail | 96,104 | 30,362 | 94,723 | 30,315 | 91,974 | 2,164 | 64,540 | 69% |
9 | Exposures secured by mortgages on immovable property | 40,122 | 2,205 | 39,856 | 2,194 | 35,488 | 991 | 16,855 | 46% |
10 | Exposures in default | 10,365 | 304 | 5,113 | 262 | 4,870 | 73 | 5,488 | 111% |
11 | Exposures associated with particularly high risk(1) | 217 | 15 | 214 | 15 | 214 | 6 | 324 | 147% |
12 | Covered bonds |
|
|
|
|
|
|
|
|
13 | Institutions and corporates with a short-term credit assessment |
|
|
|
|
|
|
|
|
14 | Collective investment undertakings | 5,303 | 3,413 | 5,302 | 3,413 | 5,302 | 1,475 | 10,961 | 162% |
15 | Equity | 82 | 185 | 82 | 185 | 82 | 92 | 1,704 | 979% |
16 | Other items | 66,315 | 4,260 | 66,315 | 4,260 | 66,315 | 4,158 | 41,788 | 59% |
17 | TOTAL | 366,886 | 63,836 | 359,665 | 63,684 | 349,779 | 17,804 | 227,092 | 62% |
| |||||||||
|
|
|
| a | b | c | d | e | f |
In millions of euros | 31 December 2023 | ||||||||
Gross exposure | Exposure net of provisions | EAD | RWAs | RWA density | |||||
Balance sheet | Off-balance sheet | Balance sheet | Off-balance sheet | Balance sheet | Off-balance sheet | ||||
1 | Central governments or central banks | 29 003 | 285 | 28 972 | 285 | 33 629 | 134 | 4 842 | 14 % |
2 | Regional governments or local authorities | 3 668 | 2 125 | 3 666 | 2 124 | 3 290 | 442 | 709 | 19 % |
3 | Public sector entities | 1 779 | 1 417 | 1 778 | 1 417 | 1 737 | 351 | 1 110 | 53 % |
4 | Multilateral development banks | 1 635 | 2 | 1 635 | 2 | 1 796 | 1 |
| 0 % |
5 | International organisations | 1 278 | 1 | 1 278 | 1 | 1 278 |
|
| 0 % |
6 | Institutions | 12 999 | 2 829 | 12 996 | 2 821 | 13 597 | 1 281 | 5 562 | 37 % |
7 | Corporates | 77 899 | 28 763 | 77 615 | 28 703 | 71 297 | 9 259 | 60 937 | 76 % |
8 | Retail | 94 497 | 29 923 | 92 854 | 29 872 | 89 681 | 2 081 | 62 749 | 68 % |
9 | Exposures secured by mortgages on immovable property | 39 750 | 1 976 | 39 422 | 1 966 | 35 040 | 867 | 16 012 | 45 % |
10 | Exposures in default | 9 777 | 285 | 4 661 | 251 | 4 469 | 66 | 4 957 | 109 % |
11 | Exposures associated with particularly high risk(1) |
|
|
|
|
|
|
|
|
12 | Covered bonds |
|
|
|
|
|
|
|
|
13 | Institutions and corporates with a short-term credit assessment |
|
|
|
|
|
|
|
|
14 | Collective investment undertakings | 3 470 | 2 156 | 3 459 | 2 156 | 3 459 | 846 | 7 838 | 182 % |
15 | Equity | 96 | 444 | 96 | 444 | 96 | 222 | 2 265 | 712 % |
16 | Other items | 35 286 | 1 662 | 35 286 | 1 662 | 35 286 | 1 556 | 21 211 | 58 % |
17 | TOTAL | 311 139 | 71 868 | 303 718 | 71 704 | 294 657 | 17 107 | 188 191 | 60 % |
| |||||||||
Outstanding loans under the standardised approach excluding other items increased in 2024, mainly driven by an increase in CPBS (+EUR 21.9 billion) partially offset by CIB (-EUR 7.1 billion), mainly on Corporate clients in Europe.
The following table gives the breakdown by standard asset class, the distribution by risk weight of the loans and commitments in the book for all the Group’s business lines using the standardised approach. Exposure at default was EUR 368 billion at 31 December 2024 compared to EUR 312 billion at 31 December 2023.
|
| a | e | f | g | i | j | k | m | n | o | p | q |
Risk weight In millions of euros | 31 December 2024 | ||||||||||||
EAD (on-balance and off-balance) | |||||||||||||
0% | 20% | 35% | 50% | 75% | 100% | 150% | 370% | 1,250% | Other | Total | of which unrated(1) | ||
1 | Central governments or central banks | 28,896 | 249 |
| 613 |
| 4,491 | 1,744 |
|
|
| 35,993 | 9,999 |
2 | Regional governments or local authorities | 352 | 1,701 |
| 5 |
| 228 |
|
|
|
| 2,287 | 1,116 |
3 | Public sector entities | 496 | 237 |
| 94 |
| 863 |
|
|
| 17 | 1,706 | 367 |
4 | Multilateral development banks | 4,920 |
|
|
|
|
|
|
|
|
| 4,920 | 261 |
5 | International organisations | 1,323 |
|
|
|
|
|
|
|
|
| 1,323 |
|
6 | Institutions |
| 11,459 |
| 2,053 |
| 1,417 | 10 |
|
|
| 14,940 | 499 |
7 | Corporates |
| 20,211 | 6 | 7,729 |
| 64,102 | 1,161 |
|
|
| 93,209 | 58,767 |
8 | Retail |
|
| 3,945 |
| 90,192 |
|
|
|
|
| 94,138 | 94,138 |
9 | Exposures secured by mortgages on immovable property |
|
| 23,223 | 6,013 | 3,211 | 3,718 | 212 |
|
| 102 | 36,479 | 27,092 |
10 | Exposures in default |
|
|
|
|
| 3,854 | 1,089 |
|
|
| 4,943 | 4,811 |
11 | Exposures associated with particularly high risk(2) |
|
|
|
|
|
| 220 |
|
|
| 220 | 220 |
12 | Covered bonds |
|
|
|
|
|
|
|
|
|
| - |
|
13 | Institutions and corporates with a short-term credit assessment |
|
|
|
|
|
|
|
|
|
| - |
|
14 | Unit or shares in collective investment undertakings | 589 | 128 |
| 261 |
| 1,185 | 10 |
|
| 4,603 | 6,777 | 6,160 |
15 | Equity |
|
|
|
|
|
|
| 54 | 120 |
| 174 | 174 |
16 | Other items | 7,812 | 319 |
| 1,688 |
| 15,194 |
|
|
| 45,461 | 70,473 | 61,286 |
17 | TOTAL | 44,388 | 34,304 | 27,174 | 18,456 | 93,404 | 95,052 | 4,446 | 54 | 120 | 50,184 | 367,583 | 264,890 |
| |||||||||||||
|
| a | e | f | g | i | j | k | m | n | o | p | q |
Risk weight In millions of euros | 31 December 2023 | ||||||||||||
EAD (on-balance and off-balance) | |||||||||||||
0% | 20% | 35% | 50% | 75% | 100% | 150% | 370% | 1,250% | Other | Total | of which unrated(1) | ||
1 | Central governments or central banks | 28 305 | 630 |
| 225 |
| 4 602 | 1 |
|
|
| 33 764 | 8 934 |
2 | Regional governments or local authorities | 682 | 2 922 |
| 4 |
| 124 |
|
|
|
| 3 732 | 1 650 |
3 | Public sector entities | 633 | 251 |
| 287 |
| 916 |
|
|
|
| 2 088 | 583 |
4 | Multilateral development banks | 1 797 |
|
|
|
|
|
|
|
|
| 1 797 | 161 |
5 | International organisations | 1 278 |
|
|
|
|
|
|
|
|
| 1 278 | 82 |
6 | Institutions |
| 10 229 |
| 2 232 |
| 2 356 | 62 |
|
|
| 14 878 | 520 |
7 | Corporates | 621 | 15 334 | 632 | 9 093 |
| 54 240 | 636 |
|
|
| 80 556 | 48 834 |
8 | Retail |
|
| 4 030 |
| 87 733 |
|
|
|
|
| 91 762 | 91 762 |
9 | Exposures secured by mortgages on immovable property |
|
| 24 637 | 5 221 | 2 293 | 3 560 | 197 |
|
|
| 35 907 | 28 231 |
10 | Exposures in default |
|
|
|
|
| 3 694 | 842 |
|
|
| 4 536 | 4 438 |
11 | Exposures associated with particularly high risk(2) |
|
|
|
|
|
|
|
|
|
| - |
|
12 | Covered bonds |
|
|
|
|
|
|
|
|
|
| - |
|
13 | Institutions and corporates with a short-term credit assessment |
|
|
|
|
|
|
|
|
|
| - |
|
14 | Unit or shares in collective investment undertakings | 7 | 101 |
| 109 |
| 809 | 7 |
|
| 3 272 | 4 305 | 4 034 |
15 | Equity |
|
|
|
|
|
|
| 194 | 124 |
| 318 | 318 |
16 | Other items | 7 805 | 566 |
| 139 |
| 14 280 |
|
|
| 14 052 | 36 843 | 28 466 |
17 | TOTAL | 41 129 | 30 032 | 29 298 | 17 311 | 90 025 | 84 581 | 1 745 | 194 | 124 | 17 324 | 311 764 | 218 013 |
| |||||||||||||
The following chart shows the breakdown by risk weight of EAD outstandings relating to credit risk for all the Group’s business lines, measured using the standardised approach.
Exposures under the simple weighting method at 31 December 2024 amounted to EUR 11.7 billion, versus EUR 13.6 billion at 31 December 2023.
The equities held by the Group outside trading portfolios are securities “conferring residual and subordinated rights on issuer’s assets or income, or securities representing a similar economic nature”. They encompass:
The scope of exposures processed according to the simple weighting method does not include the following items:
Accounting principles and valuation methods are set out in note 1.f to the consolidated financial statements – Financial assets and liabilities.
Total unrealised gains and losses recorded in shareholders’ equity are set out in note 4.c to the consolidated financial statements – Financial assets at fair value through equity.
The simple weighting method gives the following risk weights for the calculation of risk-weighted assets:
| a | b | c | d | e | f |
In millions of euros | 31 December 2024 | |||||
On-balance sheet gross exposure | Off-balance sheet gross exposure | Risk weight | Exposure value | Risk weighted exposure amount | Expected loss amount | |
Private equity exposures | 2,010 | 19 | 190% | 2,019 | 3,836 | 16 |
Exchange-traded equity exposures | 699 |
| 290% | 699 | 2,028 | 6 |
Other equity exposures | 8,942 |
| 370% | 8,942 | 33,085 | 215 |
Total | 11,651 | 19 |
| 11,660 | 38,949 | 236 |
| a | b | c | d | e | f |
In millions of euros | 31 December 2023 | |||||
On-balance sheet gross exposure | Off-balance sheet gross exposure | Risk weight | Exposure value | Risk weighted exposure amount | Expected loss amount | |
Private equity exposures | 1,820 | 23 | 190% | 1,831 | 3,480 | 15 |
Exchange-traded equity exposures | 1,278 |
| 290% | 1,278 | 3,706 | 10 |
Other equity exposures | 10,474 |
| 370% | 10,474 | 38,755 | 251 |
Total | 13,572 | 23 |
| 13,584 | 45,941 | 276 |
The decrease of -EUR 7 billion in risk-weighted assets in 2024 is mainly linked to market effects for the entire portfolio.
The Group does not use the simple weighting method for specialised lending portfolios.
|
| a | b |
In millions of euros | 31 December 2024 | 31 December 2023 | |
1 | Holdings in insurance companies(1)(before 370% risk weight) | 6,001 | 4,824 |
| TOTAL RISK-WEIGHTED ASSETS | 22,204 | 17,847 |
| |||
Impaired exposures (stage 3) related to assets at amortised cost and financing and guarantee commitments given, as well as the guarantees received as collateral, are presented in note 4.f Impaired financial assets (stage 3). The definition of impaired loans (stage 3) is presented in note 1.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders’ equity, Definition of default paragraph.
The following table shows the carrying amount of performing and non-performing(9) financial assets included in the prudential consolidation scope.
An exposure is deemed to be non-performing when it falls into one of the following categories:
In this part, in accordance with the Implementing Regulation (EU) No. 2021/637, the scope of the tables in this section includes the following items:
Exposures in default include impaired loans and receivables (stage 3) and doubtful loans and receivables and debt securities at fair value through profit or loss outside the trading book.
The classifications used for exposures shown are taken from financial reports intended for the supervisory authority(10) and so differ from the exposure classes usually used within the context of Pillar 3. The classification includes:
|
| a | b | c | d | e | f | g | h | i | j | k | l | n | o |
In millions of euros | 31 December 2024 | ||||||||||||||
Gross carrying amount | Accumulated impairment, accumulated negative changes in fair value due to credit risk and provisions | Collateral and financial guarantees received | |||||||||||||
Performing exposures | Non-performing exposures | Performing exposures | Non-performing exposures | On performing exposures | On non-performing exposures | ||||||||||
| of which stage 1 | of which stage 2 |
| of which stage 1 & 2 | of which defaulted |
| of which stage 1 | of which stage 2 |
| of which stage 1 & 2 | of which defaulted | ||||
005 | Current accounts at central banks and other demand deposits | 188,522 | 187,857 | 665 | 1 | - | 1 | (19) | (15) | (4) | - | - | - | 759 | - |
010 | Loans and advances | 928,317 | 858,701 | 69,616 | 26,998 | 498 | 26,501 | (3,720) | (1,810) | (1,909) | (13,439) | (8) | (13,431) | 524,030 | 8,646 |
020 | Central banks | 10,646 | 10,646 |
|
|
|
|
|
|
|
|
|
| 4,270 |
|
030 | General governments | 35,523 | 33,951 | 1,573 | 261 | 89 | 171 | (17) | (8) | (9) | (64) | (3) | (61) | 8,954 | 79 |
040 | Credit institutions | 12,242 | 12,143 | 98 | 77 | 1 | 76 | (10) | (6) | (4) | (71) |
| (71) | 6,411 | 1 |
050 | Other financial corporations | 114,808 | 111,624 | 3,184 | 1,053 | 3 | 1,050 | (92) | (42) | (51) | (854) |
| (854) | 18,314 | 139 |
060 | Non-financial corporations | 422,317 | 375,443 | 46,874 | 14,912 | 394 | 14,518 | (1,406) | (635) | (771) | (7,219) | (4) | (7,214) | 251,579 | 5,683 |
070 | of which SMEs | 126,007 | 110,597 | 15,411 | 6,162 | 107 | 6,056 | (629) | (314) | (315) | (2,537) | (2) | (2,535) | 86,554 | 2,731 |
080 | Households | 332,782 | 314,895 | 17,888 | 10,696 | 11 | 10,685 | (2,195) | (1,120) | (1,075) | (5,232) | (1) | (5,231) | 234,503 | 2,744 |
090 | Debt securities | 223,009 | 220,815 | 2,194 | 422 | - | 422 | (64) | (25) | (39) | (288) | - | (288) | 3,925 | - |
100 | Central banks | 6,056 | 4,847 | 1,209 |
|
|
|
|
|
|
|
|
|
|
|
110 | General governments | 151,791 | 151,100 | 691 |
|
|
| (39) | (14) | (26) |
|
|
| 350 |
|
120 | Credit institutions | 25,990 | 25,900 | 90 | 101 |
| 101 | (9) | (7) | (2) | (101) |
| (101) | 3,575 |
|
130 | Other financial corporations | 32,275 | 32,105 | 171 | 259 |
| 259 | (12) | (1) | (11) | (133) |
| (133) |
|
|
140 | Non-financial corporations | 6,896 | 6,863 | 33 | 62 |
| 62 | (3) | (3) |
| (54) |
| (54) |
|
|
150 | Off-balance sheet exposures | 596,936 | 573,146 | 23,790 | 2,441 | 2 | 2,439 | (387) | (181) | (206) | (318) | - | (318) | 154,322 | 749 |
160 | Central banks | 65,839 | 65,839 |
|
|
|
|
|
|
|
|
|
| 65,474 |
|
170 | General governments | 9,201 | 8,000 | 1,201 | 1 |
| 1 | (2) | (1) | (1) |
|
|
| 866 |
|
180 | Credit institutions | 22,379 | 21,950 | 429 |
|
|
| (11) | (4) | (7) |
|
|
| 4,744 |
|
190 | Other financial corporations | 78,195 | 77,516 | 680 | 22 |
| 22 | (18) | (13) | (5) | (4) |
| (4) | 11,636 | 2 |
200 | Non-financial corporations | 370,308 | 350,169 | 20,139 | 2,281 |
| 2,281 | (286) | (121) | (166) | (309) |
| (309) | 67,365 | 729 |
210 | Households | 51,014 | 49,672 | 1,342 | 138 | 2 | 136 | (70) | (42) | (28) | (5) |
| (5) | 4,237 | 18 |
220 | TOTAL | 1,936,784 | 1,840,519 | 96,265 | 29,862 | 500 | 29,362 | (4,191) | (2,032) | (2,159) | (14,045) | (8) | (14,037) | 683,036 | 9,395 |
|
| a | b | c | d | e | f | g | h | i | j | k | l | n | o |
In millions of euros | 31 December 2023 | ||||||||||||||
Gross carrying amount | Accumulated impairment, accumulated negative changes in fair value due to credit risk and provisions | Collateral and financial guarantees received | |||||||||||||
Performing exposures | Non-performing exposures | Performing exposures | Non-performing exposures | On performing exposures | On non-performing exposures | ||||||||||
| of which stage 1 | of which stage 2 |
| of which stage 1 & 2 | of which defaulted |
| of which stage 1 | of which stage 2 |
| of which stage 1 & 2 | of which defaulted | ||||
005 | Cash balances at central banks and other demand deposits | 292,738 | 292,359 | 379 | 2 | - | 2 | (26) | (21) | (5) | - | - | - | 973 | - |
010 | Loans and advances | 902,012 | 828,757 | 73,255 | 26,775 | 465 | 26,310 | (4,338) | (1,960) | (2,378) | (13,261) | (13) | (13,248) | 538,230 | 8,551 |
020 | Central banks | 9,731 | 9,731 |
|
|
|
|
|
|
|
|
|
| 3,313 |
|
030 | General governments | 33,971 | 31,954 | 2,017 | 256 | 93 | 163 | (16) | (6) | (10) | (39) | (1) | (38) | 8,826 | 167 |
040 | Credit institutions | 7,457 | 6,839 | 618 | 80 |
| 80 | (27) | (18) | (9) | (67) |
| (67) | 3,580 |
|
050 | Other financial corporations | 90,811 | 87,537 | 3,274 | 1,412 |
| 1,412 | (153) | (70) | (83) | (856) |
| (856) | 21,110 | 502 |
060 | Non-financial corporations | 430,758 | 380,019 | 50,739 | 14,155 | 344 | 13,811 | (1,807) | (726) | (1,081) | (6,978) | (3) | (6,975) | 272,354 | 5,011 |
070 | of which SMEs | 127,144 | 108,650 | 18,494 | 5,597 | 90 | 5,507 | (770) | (319) | (451) | (2,363) | (2) | (2,361) | 92,600 | 2,532 |
080 | Households | 329,284 | 312,677 | 16,607 | 10,872 | 28 | 10,844 | (2,335) | (1,140) | (1,195) | (5,321) | (9) | (5,312) | 229,047 | 2,871 |
090 | Debt securities | 175,677 | 175,342 | 335 | 349 | - | 349 | (36) | (19) | (17) | (226) | - | (226) | 4,017 | - |
100 | Central banks | 4,705 | 4,705 |
|
|
|
|
|
|
|
|
|
|
|
|
110 | General governments | 118,856 | 118,785 | 71 |
|
|
| (17) | (14) | (3) |
|
|
| 450 |
|
120 | Credit institutions | 18,004 | 18,004 |
| 101 |
| 101 |
|
|
| (101) |
| (101) | 3,262 |
|
130 | Other financial corporations | 27,747 | 27,552 | 195 | 152 |
| 152 | (13) | (1) | (12) | (56) |
| (56) | 305 |
|
140 | Non-financial corporations | 6,365 | 6,296 | 69 | 96 |
| 96 | (6) | (4) | (2) | (69) |
| (69) |
|
|
150 | Off-balance sheet exposures | 560,116 | 533,559 | 26,557 | 1,661 | 3 | 1,658 | (570) | (269) | (301) | (313) | - | (313) | 142,400 | 398 |
160 | Central banks | 51,627 | 51,627 |
|
|
|
|
|
|
|
|
|
| 49,622 |
|
170 | General governments | 11,292 | 9,915 | 1,377 | 48 |
| 48 | (5) | (2) | (3) |
|
|
| 742 | 42 |
180 | Credit institutions | 15,155 | 13,611 | 1,544 |
|
|
| (27) | (7) | (20) |
|
|
| 654 |
|
190 | Other financial corporations | 77,005 | 76,019 | 986 | 87 |
| 87 | (32) | (24) | (8) | (11) |
| (11) | 17,614 | 12 |
200 | Non-financial corporations | 357,031 | 335,568 | 21,463 | 1,390 | 4 | 1,386 | (421) | (182) | (239) | (298) |
| (298) | 69,078 | 331 |
210 | Households | 48,006 | 46,819 | 1,187 | 136 | (1) | 137 | (85) | (54) | (31) | (4) |
| (4) | 4,690 | 13 |
220 | TOTAL | 1,930,543 | 1,830,017 | 100,526 | 28,787 | 468 | 28,319 | (4,970) | (2,269) | (2,701) | (13,800) | (13) | (13,787) | 685,620 | 8,949 |
Changes in the stock of non-performing loans and advances (EU CR2) are presented in note 4.f Impaired financial assets (stage 3) to the consolidated financial statements as at 31 December 2024.
|
| a | b | c | d | e | f | g | h | i | j | k | l |
In millions of euros | 31 December 2024 | ||||||||||||
Performing exposures | Non-performing exposures | ||||||||||||
| Not past due or | > 30 days ≤ 90 days |
| Unlikely to pay that are not past due or are past due | > 90 days ≤ 180 days | > 180 days ≤ 1 year | > 1 year | > 2 years | > 5 years | > 7 years | of which defaulted | ||
005 | Cash balances at central banks and other demand deposits | 188,522 | 188,522 | - | 1 | 1 | - | - | - | - | - | - | 1 |
010 | Loans and advances | 928,317 | 923,500 | 4,818 | 26,998 | 9,307 | 1,910 | 2,574 | 3,032 | 4,925 | 1,697 | 3,553 | 26,501 |
020 | Central banks | 10,646 | 10,646 |
|
|
|
|
|
|
|
|
|
|
030 | General governments | 35,523 | 35,458 | 66 | 261 | 67 | 34 | 28 | 10 | 76 | 26 | 21 | 171 |
040 | Credit institutions | 12,242 | 12,239 | 2 | 77 | 2 |
|
| 2 |
|
| 72 | 76 |
050 | Other financial corporations | 114,808 | 114,759 | 48 | 1,053 | 523 | 13 | 23 | 17 | 88 | 175 | 215 | 1,050 |
060 | Non-financial corporations | 422,317 | 418,949 | 3,368 | 14,912 | 5,864 | 864 | 1,350 | 1,507 | 2,062 | 990 | 2,275 | 14,518 |
070 | of which SMEs | 126,007 | 125,278 | 729 | 6,162 | 2,050 | 474 | 693 | 929 | 1,068 | 413 | 534 | 6,056 |
080 | Households | 332,782 | 331,449 | 1,333 | 10,696 | 2,852 | 999 | 1,173 | 1,496 | 2,699 | 506 | 971 | 10,685 |
090 | Debt securities | 223,009 | 223,009 | - | 422 | 309 | - | - | - | 5 | - | 108 | 422 |
100 | Central banks | 6,056 | 6,056 |
|
|
|
|
|
|
|
|
|
|
110 | General governments | 151,791 | 151,791 |
|
|
|
|
|
|
|
|
|
|
120 | Credit institutions | 25,990 | 25,990 |
| 101 | 2 |
|
|
|
|
| 99 | 101 |
130 | Other financial corporations | 32,275 | 32,275 |
| 259 | 250 |
|
|
|
|
| 8 | 259 |
140 | Non-financial corporations | 6,896 | 6,896 |
| 62 | 57 |
|
|
| 5 |
|
| 62 |
150 | Off-balance sheet exposures | 596,936 |
|
| 2,441 |
|
|
|
|
|
|
| 2,439 |
160 | Central banks | 65,839 |
|
|
|
|
|
|
|
|
|
|
|
170 | General governments | 9,201 |
|
| 1 |
|
|
|
|
|
|
| 1 |
180 | Credit institutions | 22,379 |
|
|
|
|
|
|
|
|
|
|
|
190 | Other financial corporations | 78,195 |
|
| 22 |
|
|
|
|
|
|
| 22 |
200 | Non-financial corporations | 370,308 |
|
| 2,281 |
|
|
|
|
|
|
| 2,281 |
210 | Households | 51,014 |
|
| 138 |
|
|
|
|
|
|
| 136 |
220 | TOTAL | 1,936,784 | 1,335,030 | 4,818 | 29,862 | 9,617 | 1,910 | 2,574 | 3,032 | 4,930 | 1,697 | 3,661 | 29,362 |
|
| a | b | c | d | e | f | g | h | i | j | k | l |
In millions of euros | 31 December 2023 | ||||||||||||
Performing exposures | Non-performing exposures | ||||||||||||
| Not past due or ≤ 30 days | > 30 days ≤ 90 days |
| Unlikely to pay that are not past due or are past due ≤ 90 days | > 90 days ≤ 180 days | > 180 days ≤ 1 year | > 1 year ≤ 2 years | > 2 years ≤ 5 years | > 1 year ≤ 2 years | > 5 years | of which defaulted | ||
005 | Cash balances at central banks and other demand deposits | 292,738 | 292,738 | - | 2 | - | - | - | - | - | - | 2 | 2 |
010 | Loans and advances | 902,012 | 897,206 | 4,806 | 26,775 | 9,475 | 2,051 | 2,110 | 2,728 | 4,780 | 1,374 | 4,257 | 26,310 |
020 | Central banks | 9,731 | 9,731 |
|
|
|
|
|
|
|
|
|
|
030 | General governments | 33,971 | 33,935 | 36 | 256 | 36 | 12 | 6 | 69 | 99 | 28 | 6 | 163 |
040 | Credit institutions | 7,457 | 7,454 | 3 | 80 | 3 |
|
| 2 |
|
| 75 | 79 |
050 | Other financial corporations | 90,811 | 90,687 | 124 | 1,412 | 638 | 30 | 5 | 309 | 230 | 8 | 192 | 1,412 |
060 | Non-financial corporations | 430,758 | 427,102 | 3,656 | 14,155 | 5,847 | 995 | 848 | 1,049 | 1,767 | 869 | 2,780 | 13,812 |
070 | of which SMEs | 127,144 | 126,363 | 781 | 5,597 | 2,082 | 378 | 544 | 707 | 838 | 314 | 734 | 5,506 |
080 | Households | 329,284 | 328,297 | 987 | 10,872 | 2,951 | 1,014 | 1,251 | 1,299 | 2,684 | 469 | 1,204 | 10,844 |
090 | Debt securities | 175,677 | 175,677 | - | 349 | 236 | - | - | - | 5 | 101 | 7 | 349 |
100 | Central banks | 4,705 | 4,705 |
|
|
|
|
|
|
|
|
|
|
110 | General governments | 118,856 | 118,856 |
|
|
|
|
|
|
|
|
|
|
120 | Credit institutions | 18,004 | 18,004 |
| 101 | 2 |
|
|
|
| 99 |
| 101 |
130 | Other financial corporations | 27,747 | 27,747 |
| 152 | 144 |
|
|
|
| 2 | 6 | 152 |
140 | Non-financial corporations | 6,365 | 6,365 |
| 96 | 90 |
|
|
| 5 |
| 1 | 96 |
150 | Off-balance sheet exposures | 560,116 |
|
| 1,661 |
|
|
|
|
|
|
| 1,658 |
160 | Central banks | 51,627 |
|
|
|
|
|
|
|
|
|
|
|
170 | General governments | 11,292 |
|
| 48 |
|
|
|
|
|
|
| 48 |
180 | Credit institutions | 15,155 |
|
|
|
|
|
|
|
|
|
|
|
190 | Other financial corporations | 77,005 |
|
| 87 |
|
|
|
|
|
|
| 87 |
200 | Non-financial corporations | 357,031 |
|
| 1,390 |
|
|
|
|
|
|
| 1,386 |
210 | Households | 48,006 |
|
| 136 |
|
|
|
|
|
|
| 137 |
220 | TOTAL | 1,930,543 | 1,365,621 | 4,806 | 28,787 | 9,711 | 2,051 | 2,110 | 2,728 | 4,785 | 1,475 | 4,266 | 28,319 |
Table 50 (EU CQ4) below shows the on- and off-balance sheet exposures. These exposures contribute to all Group risks, mainly credit risk.
|
| a |
| b | c | d | e |
|
| f | g |
|---|---|---|---|---|---|---|---|---|---|---|---|
In millions of euros | 31 December 2024 | ||||||||||
Gross carrying amount/Nominal amount | Accumulated impairment | Provisions on off-balance sheet commitments and financial guarantees given | Accumulated negative due to credit risk on non-performing exposures changes in fair value | ||||||||
| Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (stage 2) | Of which non-performing | Of which loans and advances subject to impairment |
| Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (Stage 2) | Of which defaulted | |||||
| Of which defaulted | ||||||||||
010 | On balance sheet exposures | 1,367,269 | 72,927 | 27,421 | 26,923 | 1,362,026 | (17,478) | (1,956) | (13,667) |
| (52) |
| Europe(1) | 1,010,510 | 58,127 | 23,040 | 22,792 | 1,006,345 | (14,298) | (1,684) | (10,982) |
| (52) |
| France | 402,055 | 22,190 | 9,441 | 9,278 | 400,100 | (5,707) | (736) | (4,452) |
| (15) |
| Belgium | 171,333 | 8,076 | 3,100 | 3,098 | 171,297 | (1,512) | (130) | (1,246) |
|
|
| Luxembourg | 43,921 | 2,266 | 581 | 572 | 43,705 | (167) | (33) | (114) |
| (2) |
| Italy | 126,360 | 7,329 | 3,929 | 3,926 | 126,250 | (3,032) | (304) | (2,353) |
| (30) |
| United Kingdom | 62,681 | 3,423 | 1,221 | 1,215 | 62,262 | (828) | (75) | (642) |
| (3) |
| Germany | 58,412 | 5,613 | 1,641 | 1,622 | 57,329 | (1,059) | (118) | (805) |
|
|
| Netherlands | 22,577 | 1,125 | 144 | 144 | 22,571 | (78) | (11) | (54) |
|
|
| Other European countries | 123,172 | 8,105 | 2,984 | 2,937 | 122,830 | (1,915) | (277) | (1,314) |
| (3) |
| North America | 139,856 | 4,894 | 858 | 658 | 139,194 | (204) | (60) | (126) |
| - |
| Asia Pacific | 102,374 | 2,127 | 372 | 369 | 102,312 | (232) | (16) | (156) |
| - |
| Japan | 34,252 | 380 | 11 | 11 | 34,222 | (11) | (9) | 0 |
|
|
| North Asia | 28,533 | 893 | 216 | 214 | 28,533 | (79) | (2) | (31) |
|
|
| South-East Asia (ASEAN) | 19,730 | 558 | 121 | 121 | 19,713 | (129) | (3) | (117) |
|
|
| Indian peninsula & Pacific | 19,858 | 296 | 24 | 22 | 19,843 | (13) | (2) | (7) |
|
|
070 | Rest of the World | 114,529 | 7,780 | 3,151 | 3,104 | 114,176 | (2,744) | (196) | (2,403) |
| - |
| Türkiye | 18,381 | 981 | 167 | 167 | 18,381 | (220) | (48) | (114) |
|
|
| Mediterranean | 9,909 | 2,018 | 973 | 969 | 9,909 | (796) | (52) | (706) |
|
|
| Gulf States & Africa | 9,996 | 396 | 1,431 | 1,431 | 9,996 | (1,255) | (40) | (1,188) |
|
|
| Latin America | 13,689 | 477 | 168 | 167 | 13,335 | (131) | (4) | (120) |
|
|
| Other countries | 62,554 | 3,908 | 412 | 371 | 62,554 | (342) | (52) | (275) |
|
|
080 | Off-balance sheet exposures | 599,377 | 23,792 | 2,441 | 2,439 | 599,377 | (706) | (206) | (318) | (706) | - |
| Europe(1) | 361,142 | 12,951 | 1,940 | 1,938 | 361,142 | (492) | (116) | (240) | (492) | - |
| France | 104,375 | 4,124 | 735 | 735 | 104,375 | (166) | (52) | (62) | (166) |
|
| Belgium | 40,899 | 2,195 | 263 | 263 | 40,899 | (87) | (10) | (61) | (87) |
|
| Luxembourg | 17,157 | 424 | 134 | 134 | 17,157 | (22) | (4) | (14) | (22) |
|
| Italy | 36,610 | 1,459 | 401 | 401 | 36,610 | (96) | (13) | (65) | (96) |
|
| United Kingdom | 40,702 | 1,635 | 113 | 113 | 40,702 | (22) | (6) | 0 | (22) |
|
| Germany | 34,894 | 896 | 164 | 164 | 34,894 | (40) | (5) | (26) | (40) |
|
| Netherlands | 18,561 | 295 | 20 | 20 | 18,561 | (4) | (1) | 0 | (4) |
|
| Other European countries | 67,944 | 1,923 | 111 | 109 | 67,944 | (55) | (24) | (13) | (55) |
|
| North America | 123,998 | 7,625 | 280 | 280 | 123,998 | (85) | (55) | (14) | (85) | - |
| Asia Pacific | 33,997 | 366 | 43 | 43 | 33,997 | (6) | (2) | (1) | (6) | - |
| Japan | 2,836 | 4 | 0 | 0 | 2,836 | 0 | 0 | 0 | 0 |
|
| North Asia | 18,584 | 146 | 30 | 30 | 18,584 | (3) | (1) | 0 | (3) |
|
| South-East Asia (ASEAN) | 6,063 | 108 | 0 | 0 | 6,063 | (1) | 0 | 0 | (1) |
|
| Indian peninsula & Pacific | 6,514 | 110 | 13 | 13 | 6,514 | (2) | (1) | (1) | (2) |
|
140 | Rest of the World | 80,240 | 2,849 | 179 | 179 | 80,240 | (122) | (33) | (63) | (122) | - |
| Türkiye | 6,897 | 328 | 27 | 27 | 6,897 | (31) | (10) | (10) | (31) |
|
| Mediterranean | 2,524 | 670 | 94 | 94 | 2,524 | (59) | (10) | (41) | (59) |
|
| Gulf States & Africa | 54,749 | 120 | 54 | 54 | 54,749 | (20) | (4) | (12) | (20) |
|
| Latin America | 5,356 | 408 | 3 | 3 | 5,356 | (8) | (7) | 0 | (8) |
|
| Other countries | 10,714 | 1,323 | 1 | 1 | 10,714 | (4) | (2) | 0 | (4) |
|
150 | TOTAL | 1,966,646 | 96,719 | 29,862 | 29,362 | 1,961,403 | (18,183) | (2,162) | (13,985) | (706) | (52) |
| |||||||||||
|
| a |
| b | c | d | e |
|
| f | g |
|---|---|---|---|---|---|---|---|---|---|---|---|
In millions of euros | 31 December 2023 | ||||||||||
Gross carrying amount/Nominal amount | Accumulated impairment | Provisions on off-balance sheet commitments and financial guarantees given | Accumulated negative due to credit risk on non-performing exposures changes in fair value | ||||||||
| Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (stage 2) | Of which non-performing | Of which loans and advances subject to impairment |
| Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (Stage 2) | Of which defaulted | |||||
| Of which defaulted | ||||||||||
010 | On balance sheet exposures | 1,397,553 | 74,371 | 27,126 | 26,661 | 1,393,402 | (17,817) | (2,404) | (13,404) | - | (70) |
| Europe(1) | 1,100,051 | 62,345 | 22,566 | 22,352 | 1,097,563 | (14,349) | (2,050) | (10,559) | - | (43) |
| France | 490,339 | 21,068 | 9,042 | 8,897 | 488,938 | (5,286) | (759) | (3,949) |
| (8) |
| Belgium | 174,544 | 9,073 | 2,531 | 2,521 | 174,517 | (1,423) | (190) | (1,087) |
|
|
| Luxembourg | 51,238 | 2,419 | 362 | 357 | 51,042 | (189) | (46) | (113) |
| (3) |
| Italy | 133,525 | 8,179 | 4,631 | 4,629 | 133,453 | (3,657) | (487) | (2,784) |
| (23) |
| United Kingdom | 57,788 | 4,811 | 977 | 966 | 57,545 | (743) | (99) | (533) |
| (7) |
| Germany | 52,738 | 5,913 | 1,330 | 1,308 | 52,529 | (987) | (151) | (689) |
|
|
| Netherlands | 21,181 | 2,190 | 160 | 157 | 21,165 | (92) | (20) | (52) |
|
|
| Other European countries | 118,699 | 8,693 | 3,532 | 3,517 | 118,374 | (1,972) | (298) | (1,353) |
| (3) |
| North America | 111,548 | 4,431 | 767 | 614 | 110,240 | (225) | (87) | (113) | - | (27) |
| Asia Pacific | 95,147 | 2,294 | 323 | 320 | 94,981 | (290) | (48) | (160) | - | - |
| Japan | 31,455 | 276 | 12 | 12 | 31,424 | (2) | (1) |
|
|
|
| North Asia | 26,472 | 855 | 149 | 148 | 26,466 | (103) | (11) | (31) |
|
|
| South-East Asia (ASEAN) | 18,706 | 488 | 131 | 130 | 18,697 | (165) | (32) | (121) |
|
|
| Indian peninsula & Pacific | 18,514 | 675 | 31 | 30 | 18,394 | (20) | (4) | (8) |
|
|
070 | Rest of the World | 90,807 | 5,301 | 3,471 | 3,375 | 90,617 | (2,954) | (218) | (2,571) | - | - |
| Türkiye | 14,086 | 1,201 | 140 | 140 | 14,066 | (213) | (83) | (81) |
|
|
| Mediterranean | 9,387 | 1,450 | 798 | 791 | 9,387 | (723) | (54) | (630) |
|
|
| Gulf States & Africa | 10,606 | 267 | 1,726 | 1,726 | 10,606 | (1,509) | (43) | (1,439) |
|
|
| Latin America | 17,683 | 592 | 318 | 316 | 17,513 | (264) | (16) | (214) |
|
|
| Other countries | 39,045 | 1,791 | 489 | 402 | 39,045 | (245) | (22) | (207) |
|
|
080 | Off-balance sheet exposures | 561,777 | 26,559 | 1,661 | 1,658 | 561,777 | (883) | (301) | (313) | (883) | - |
| Europe(1) | 350,726 | 14,572 | 1,230 | 1,228 | 350,726 | (560) | (172) | (178) | (560) | - |
| France | 102,178 | 3,597 | 286 | 286 | 102,178 | (159) | (52) | (37) | (159) |
|
| Belgium | 41,563 | 2,157 | 190 | 190 | 41,563 | (106) | (16) | (64) | (106) |
|
| Luxembourg | 16,864 | 492 | 51 | 51 | 16,864 | (19) | (7) | (3) | (19) |
|
| Italy | 40,105 | 1,604 | 367 | 367 | 40,105 | (90) | (25) | (40) | (90) |
|
| United Kingdom | 39,555 | 2,538 | 114 | 114 | 39,555 | (55) | (32) | (2) | (55) |
|
| Germany | 32,110 | 1,726 | 57 | 57 | 32,110 | (52) | (14) | (21) | (52) |
|
| Netherlands | 17,431 | 406 | 47 | 47 | 17,431 | (12) | (2) | (3) | (12) |
|
| Other European countries | 60,920 | 2,052 | 119 | 116 | 60,920 | (66) | (24) | (8) | (66) |
|
| North America | 111,492 | 7,479 | 177 | 177 | 111,492 | (135) | (74) | (38) | (135) | - |
| Asia Pacific | 33,458 | 863 | 30 | 30 | 33,458 | (14) | (3) | - | (14) |
|
| Japan | 2,669 |
|
|
| 2,669 | (1) |
|
| (1) |
|
| North Asia | 18,854 | 151 | 27 | 27 | 18,854 | (7) | (1) |
| (7) |
|
| South-East Asia (ASEAN) | 4,896 | 429 | 3 | 3 | 4,896 | (3) | (1) |
| (3) |
|
| Indian peninsula & Pacific | 7,038 | 283 |
|
| 7,038 | (4) | (1) |
| (4) |
|
140 | Rest of the World | 66,101 | 3,645 | 223 | 223 | 66,101 | (174) | (53) | (97) | (174) | - |
| Türkiye | 4,633 | 388 | 8 | 8 | 4,633 | (31) | (21) | (4) | (31) |
|
| Mediterranean | 2,240 | 521 | 86 | 86 | 2,240 | (58) | (14) | (39) | (58) |
|
| Gulf States & Africa | 44,285 | 316 | 49 | 49 | 44,285 | (65) | (5) | (54) | (65) |
|
| Latin America | 5,910 | 812 | 33 | 33 | 5,910 | (11) | (9) |
| (11) |
|
| Other countries | 9,033 | 1,608 | 48 | 48 | 9,033 | (9) | (4) |
| (9) |
|
150 | TOTAL | 1,959,330 | 100,930 | 28,787 | 28,319 | 1,955,179 | (18,700) | (2,705) | (13,717) | (883) | (70) |
| |||||||||||
These same balance sheet exposures of continuing activities, broken down by sector, are included in Table 107: Credit quality of exposures by sector and residual maturities of section 5.11 Environmental, social and governance risks of this chapter. In the latter, exposures include, however, debt securities and equity instruments not held for trading.
|
| a |
| b | c | d | e |
|
| f |
|---|---|---|---|---|---|---|---|---|---|---|
In millions of euros | 31 December 2024 | |||||||||
Gross carrying amount/Nominal amount | Accumulated impairment | Accumulated negative changes in fair value due to credit risk on non-performing exposures | ||||||||
| Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (stage 2) | Of which non-performing |
|
| Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (Stage2) | Of which defaulted | ||||
| Of which defaulted | Of which loans and advances subject to impairment | ||||||||
| On balance sheet exposures | 437,229 | 47,227 | 14,912 | 14,518 | 433,809 | (8,613) | (775) | (7,203) | (11) |
010 | Agriculture, forestry and fishing | 11,331 | 810 | 396 | 395 | 11,226 | (224) | (35) | (139) |
|
020 | Mining and quarrying | 5,073 | 277 | 70 | 70 | 4,787 | (67) | (4) | (60) |
|
030 | Manufacturing | 93,308 | 11,654 | 3,326 | 3,286 | 93,170 | (2,189) | (120) | (1,959) |
|
040 | Electricity, gas, steam and air conditioning supply | 19,562 | 1,689 | 259 | 258 | 18,582 | (133) | (34) | (85) |
|
050 | Water supply | 3,397 | 368 | 138 | 136 | 3,397 | (118) | (4) | (109) |
|
060 | Construction | 25,065 | 2,815 | 1,889 | 1,882 | 24,937 | (985) | (48) | (888) | (11) |
070 | Wholesale and retail trade | 76,759 | 8,354 | 2,798 | 2,743 | 75,999 | (1,768) | (116) | (1,535) |
|
080 | Transport and storage | 26,790 | 2,912 | 614 | 577 | 26,734 | (377) | (36) | (310) |
|
090 | Accommodation and food service activities | 7,630 | 1,250 | 571 | 551 | 7,626 | (276) | (16) | (247) |
|
100 | Information and communication | 18,396 | 2,090 | 634 | 631 | 18,269 | (206) | (45) | (144) |
|
110 | Financial and insurance activities | 24,350 | 1,517 | 450 | 448 | 24,292 | (293) | (38) | (223) |
|
120 | Real estate activities | 60,216 | 6,995 | 1,890 | 1,889 | 60,216 | (929) | (126) | (708) |
|
130 | Professional, scientific and technical activities | 24,330 | 1,551 | 708 | 691 | 23,561 | (428) | (34) | (348) |
|
140 | Administrative and support service activities | 25,461 | 2,158 | 383 | 379 | 25,453 | (293) | (68) | (194) |
|
150 | Public administration and defence, compulsory social security | 205 | 64 | 12 | 11 | 205 | (6) | (1) | (5) |
|
160 | Education | 966 | 145 | 35 | 35 | 966 | (20) | (1) | (17) |
|
170 | Human health services and social work activities | 5,409 | 639 | 128 | 127 | 5,409 | (80) | (13) | (54) |
|
180 | Arts, entertainment and recreation | 2,099 | 641 | 136 | 136 | 2,099 | (70) | (7) | (60) |
|
190 | Other services | 6,883 | 1,297 | 474 | 274 | 6,882 | (151) | (26) | (117) |
|
200 | Off-balance sheet exposures | 372,589 | 20,139 | 2,281 | 2,281 | 372,589 | (595) | (166) | (309) | - |
| Agriculture, forestry and fishing | 988 | 48 | 3 | 3 | 988 | (2) | (1) |
|
|
| Mining and quarrying | 10,038 | 116 | 6 | 6 | 10,038 | (2) | (1) |
|
|
| Manufacturing | 117,538 | 5,630 | 420 | 420 | 117,538 | (164) | (53) | (77) |
|
| Electricity, gas, steam and air conditioning supply | 34,247 | 1,525 | 60 | 60 | 34,247 | (21) | (13) | (1) |
|
| Water supply | 3,418 | 108 | 81 | 81 | 3,418 | (1) |
|
|
|
| Construction | 28,290 | 2,526 | 555 | 555 | 28,290 | (125) | (19) | (91) |
|
| Wholesale and retail trade | 35,525 | 1,928 | 603 | 603 | 35,525 | (123) | (16) | (87) |
|
| Transport and storage | 20,471 | 1,876 | 26 | 26 | 20,471 | (12) | (3) | (5) |
|
| Accommodation and food service activities | 2,839 | 276 | 9 | 9 | 2,839 | (6) | (3) | (2) |
|
| Information and communication | 26,357 | 1,222 | 247 | 247 | 26,357 | (21) | (12) | (4) |
|
| Financial and insurance activities | 18,958 | 759 | 40 | 40 | 18,958 | (23) | (6) | (9) |
|
| Real estate activities | 16,492 | 660 | 143 | 143 | 16,492 | (40) | (13) | (19) |
|
| Professional, scientific and technical activities | 32,359 | 1,384 | 43 | 43 | 32,359 | (20) | (12) | (1) |
|
| Administrative and support service activities | 16,220 | 1,206 | 22 | 22 | 16,220 | (20) | (10) | (5) |
|
| Public administration and defense, compulsory social security | 125 |
| 1 | 1 | 125 |
|
|
|
|
| Education | 188 | 29 | 1 | 1 | 188 | (1) |
|
|
|
| Human health services and social work activities | 1,474 | 67 | 1 | 1 | 1,474 | (1) | (1) |
|
|
| Arts, entertainment and recreation | 1,638 | 288 | 5 | 5 | 1,638 | (2) | (2) |
|
|
| Other services | 5,423 | 491 | 14 | 14 | 5,423 | (10) | (2) | (6) |
|
| TOTAL | 809,818 | 67,366 | 17,193 | 16,799 | 806,398 | (9,208) | (941) | (7,512) | (11) |
|
| a |
| b | c | d | e |
|
| f |
|---|---|---|---|---|---|---|---|---|---|---|
In millions of euros | 31 December 2023 | |||||||||
Gross carrying amount\Nominal amount | Accumulated impairment | Accumulated negative changes in fair value due to credit risk on non-performing exposures | ||||||||
| Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (stage2) | Of which non-performing |
|
| Of which Instruments with significant increase in credit risk since initial recognition but not credit-impaired (Stage2) | Of which Defaulted | ||||
| Of which Defaulted | Of which loans and advances subject to impairment | ||||||||
| On balance sheet exposures | 444,913 | 51,031 | 14,155 | 13,810 | 443,073 | (8,753) | (1,084) | (6,942) | (33) |
010 | Agriculture, forestry and fishing | 12,989 | 969 | 460 | 457 | 12,841 | (341) | (40) | (261) |
|
020 | Mining and quarrying | 7,622 | 544 | 192 | 192 | 7,622 | (124) | (5) | (108) |
|
030 | Manufacturing | 91,434 | 9,444 | 2,603 | 2,439 | 90,492 | (2,035) | (235) | (1,663) |
|
040 | Electricity, gas, steam and air conditioning supply | 18,367 | 1,537 | 312 | 310 | 18,366 | (138) | (17) | (102) |
|
050 | Water supply | 2,507 | 276 | 108 | 106 | 2,507 | (72) | (4) | (62) |
|
060 | Construction | 25,544 | 2,919 | 2,110 | 2,099 | 25,523 | (1,494) | (49) | (1,389) | (6) |
070 | Wholesale and retail trade | 69,557 | 10,492 | 2,120 | 2,084 | 69,546 | (1,323) | (172) | (1,033) |
|
080 | Transport and storage | 28,600 | 3,837 | 593 | 591 | 28,529 | (423) | (51) | (335) |
|
090 | Accommodation and food service activities | 7,545 | 1,761 | 653 | 652 | 7,517 | (347) | (69) | (262) |
|
100 | Information and communication | 16,133 | 2,147 | 620 | 606 | 15,758 | (178) | (46) | (111) | (27) |
110 | Financial and insurance activities | 21,192 | 1,650 | 788 | 711 | 20,964 | (502) | (58) | (408) |
|
120 | Real estate activities | 61,270 | 7,111 | 1,494 | 1,494 | 61,256 | (730) | (181) | (438) |
|
130 | Professional, scientific and technical activities | 19,413 | 2,087 | 604 | 592 | 19,413 | (333) | (41) | (257) |
|
140 | Administrative and support service activities | 45,092 | 2,462 | 624 | 618 | 45,091 | (334) | (49) | (252) |
|
150 | Public administration and defence, compulsory social security | 724 | 55 | 59 | 59 | 724 | (41) | (4) | (35) |
|
160 | Education | 1,072 | 165 | 34 | 34 | 1,072 | (29) | (5) | (16) |
|
170 | Human health services and social work activities | 6,348 | 965 | 485 | 480 | 6,348 | (139) | (27) | (96) |
|
180 | Arts, entertainment and recreation | 1,974 | 511 | 141 | 141 | 1,974 | (83) | (19) | (51) |
|
190 | Other services | 7,531 | 2,098 | 155 | 146 | 7,530 | (86) | (12) | (63) |
|
200 | Off-balance sheet exposures | 358,419 | 21,465 | 1,389 | 1,386 | 358,419 | (717) | (239) | (296) | - |
| Agriculture, forestry and fishing | 1,511 | 91 | 3 | 3 | 1,511 | (3) | (2) |
|
|
| Mining and quarrying | 8,305 | 292 | 35 | 35 | 8,305 | (6) | (1) |
|
|
| Manufacturing | 112,756 | 4,542 | 352 | 352 | 112,756 | (190) | (63) | (69) |
|
| Electricity, gas, steam and air conditioning supply | 31,873 | 750 | 60 | 60 | 31,873 | (26) | (6) | (10) |
|
| Water supply | 3,317 | 90 | 19 | 19 | 3,317 | (3) |
| (2) |
|
| Construction | 32,639 | 2,205 | 356 | 356 | 32,639 | (113) | (29) | (64) |
|
| Wholesale and retail trade | 37,411 | 2,657 | 170 | 170 | 37,411 | (91) | (24) | (45) |
|
| Transport and storage | 20,851 | 3,981 | 33 | 33 | 20,851 | (40) | (31) | (3) |
|
| Accommodation and food service activities | 2,595 | 247 | 30 | 30 | 2,595 | (10) | (6) | (2) |
|
| Information and communication | 23,863 | 2,254 | 76 | 76 | 23,863 | (50) | (21) | (21) |
|
| Financial and insurance activities | 20,121 | 904 | 37 | 37 | 20,121 | (69) | (13) | (48) |
|
| Real estate activities | 15,335 | 732 | 55 | 55 | 15,335 | (26) | (9) | (7) |
|
| Professional, scientific and technical activities | 22,323 | 877 | 29 | 26 | 22,323 | (19) | (7) | (2) |
|
| Administrative and support service activities | 19,863 | 911 | 91 | 91 | 19,863 | (27) | (12) | (5) |
|
| Public administration and defence, compulsory social security | 364 | 110 |
|
| 364 |
|
|
|
|
| Education | 279 | 30 | 1 | 1 | 279 | (1) |
|
|
|
| Human health services and social work activities | 1,393 | 82 | 32 | 32 | 1,393 | (3) | (1) |
|
|
| Arts, entertainment and recreation | 1,030 | 259 | 5 | 5 | 1,030 | (10) | (6) |
|
|
| Other services | 2,589 | 452 | 5 | 5 | 2,589 | (29) | (7) | (18) |
|
| TOTAL | 803,332 | 72,496 | 15,544 | 15,196 | 801,492 | (9,470) | (1,323) | (7,238) | (33) |
Industry risks are monitored in terms of gross exposure(11) and risk-weighted assets. Certain sectors, defined in line with the principles of the Group’s Risk Appetite Statement, are subject to enhanced monitoring and specific reviews. Their monitoring is carried out on a wider scope, taking into account all the exposures of the Business Groups and entities relating to these sectors as defined by the monitoring and the internal risk management nomenclature.
The Group remains diversified, with no sector accounting for more than 10% of corporate lending exposure and more than 4.0% of total credit exposure as at 31 December 2023.
At 31 December 2024, doubtful loans increased resulting from an increase in CPBS corporate and retail portfolios, especially in CPB France, CPB Belgium and ARVAL, offset by the disposal of non performing retail portfolios in Italy.
The main effects explaining changes in the amount of doubtful outstandings in 2024 (EU CR2-B) are presented in note 4.f Impaired financial assets (stage 3) to the consolidated financial statments.
The cost of risk and the change in impairment in respect of credit risk are presented in note 1.f.6 Cost of risk to the consolidated financial statements.
The following table shows the carrying amounts of the financial assets and commitments at amortised cost and fair value through equity subject to impairment provisions for credit risk (i.e. excluding instruments at fair value through profit and loss) broken down by stage of impairment and by BNP Paribas internal rating in the prudential scope. Financial assets subject to impairment are recognised in the following accounting categories:
In millions of euros | 31 December 2024 | |||||||
Gross carrying value | Impairments | Net carrying value | ||||||
BNP Paribas rating or equivalent | TOTAL | |||||||
1 to 3 | 4 to 5 | 6 to 8 | 9 to 10 | Defaulted | ||||
Central Banks | 174,299 | 1,294 | 3,786 | 597 | - | 179,975 | (15) | 179,961 |
Stage 1 | 174,299 | 1,293 | 3,780 |
|
| 179,371 | (14) | 179,357 |
Stage 2 |
| 1 | 6 | 597 |
| 604 | (1) | 603 |
Stage 3 |
|
|
|
|
|
|
|
|
Debt securities at fair value through equity | 69,567 | 3,071 | 2,251 | 1 | 106 | 74,997 | (123) | 74,874 |
Stage 1 | 69,567 | 2,956 | 2,084 | 1 |
| 74,608 | (10) | 74,598 |
Stage 2 |
| 116 | 167 |
|
| 283 | (11) | 272 |
Stage 3 |
|
|
|
| 106 | 106 | (102) | 4 |
Loans and advances at amortised cost | 295,916 | 247,221 | 369,980 | 20,438 | 26,479 | 960,034 | (17,152) | 942,882 |
Stage 1 | 294,095 | 241,379 | 322,731 | 5,221 |
| 863,426 | (1,812) | 861,614 |
Stage 2 | 1,821 | 5,842 | 47,250 | 15,217 |
| 70,129 | (1,920) | 68,209 |
Stage 3 |
|
|
|
| 26,479 | 26,479 | (13,420) | 13,059 |
Debt securities at amortised cost | 127,268 | 12,838 | 5,118 | 1,529 | 265 | 147,019 | (188) | 146,830 |
Stage 1 | 127,268 | 12,508 | 5,068 |
|
| 144,843 | (16) | 144,827 |
Stage 2 |
| 330 | 50 | 1,529 |
| 1,911 | (28) | 1,883 |
Stage 3 |
|
|
|
| 265 | 265 | (145) | 120 |
Financing and guarantee commitments | 337,114 | 131,476 | 124,485 | 3,863 | 2,439 | 599,377 | (496) | 598,881 |
Stage 1 | 335,261 | 128,219 | 109,042 | 623 |
| 573,146 | (163) | 572,983 |
Stage 2 | 1,853 | 3,257 | 15,443 | 3,240 |
| 23,792 | (173) | 23,619 |
Stage 3 |
|
|
|
| 2,439 | 2,439 | (160) | 2,279 |
TOTAL | 1,004,164 | 395,900 | 505,620 | 26,429 | 29,290 | 1,961,403 | (17,974) | 1,943,429 |
Financial assets subject to impairement are up by EUR 6 billion compared to 31 December 2023. The increase observed in loans and receivables, debt securities and financing and guarantee commitments is compensated by a decrease in central banks deposits.
This annual variation relates mainly to financial assets and commitments rated 1 to 3 (+EUR 71 billion), while financial assets and commitments rated 4 to 5 decreased by EUR 63 billion, as a result of internal credit risk models review leading to an overall improvement in the ratings of counterparties concerned.
Loans and receivables at amortised cost classified in stage 1 increased by EUR 29 billion, while outstandings classified in stage 2 decreased by EUR 4 billion.
Debt securities at amortised cost classified in stage 2 amounted to EUR 1.9 billion compared to EUR 94 million in 31 December 2023, following the change in consolidation method for UkrSibbank entity (See section 8.d in financial statements Business combinations and loss of control or significant influence).
In millions of euros | 31 December 2023 | |||||||
Gross carrying value | Impairments | Net carrying value | ||||||
BNP Paribas rating or equivalent | TOTAL | |||||||
1 to 3 | 4 to 5 | 6 to 8 | 9 to 10 | Defaulted | ||||
Central Banks | 280,710 | 1,085 | 3,489 | 312 | - | 285,596 | (20) | 285,576 |
Stage 1 | 280,710 | 1,085 | 3,484 |
|
| 285,279 | (20) | 285,259 |
Stage 2 |
|
| 5 | 312 |
| 317 |
| 317 |
Stage 3 |
|
|
|
|
|
|
|
|
Debt securities at fair value through equity | 49,857 | 1,996 | 1,126 | - | 109 | 53,088 | (121) | 52,967 |
Stage 1 | 49,857 | 1,833 | 1,048 |
|
| 52,738 | (7) | 52,731 |
Stage 2 |
| 163 | 78 |
|
| 241 | (12) | 229 |
Stage 3 |
|
|
|
| 109 | 109 | (102) | 7 |
Loans and advances at amortised cost | 222,805 | 283,937 | 380,766 | 20,237 | 25,887 | 933,632 | (17,572) | 916,060 |
Stage 1 | 220,797 | 276,147 | 331,317 | 5,766 |
| 834,027 | (1,970) | 832,057 |
Stage 2 | 2,008 | 7,790 | 49,449 | 14,471 |
| 73,718 | (2,387) | 71,331 |
Stage 3 |
|
|
|
| 25,887 | 25,887 | (13,215) | 12,672 |
Debt securities at amortised cost | 105,170 | 12,653 | 3,016 | 67 | 180 | 121,086 | (104) | 120,982 |
Stage 1 | 105,170 | 12,632 | 2,960 | 50 |
| 120,812 | (12) | 120,800 |
Stage 2 |
| 21 | 56 | 17 |
| 94 | (5) | 89 |
Stage 3 |
|
|
|
| 180 | 180 | (87) | 93 |
Financing and guarantee commitments | 274,772 | 159,280 | 118,897 | 7,169 | 1,658 | 561,776 | (883) | 560,893 |
Stage 1 | 272,732 | 155,360 | 104,403 | 1,064 |
| 533,559 | (269) | 533,290 |
Stage 2 | 2,040 | 3,920 | 14,494 | 6,105 |
| 26,559 | (301) | 26,258 |
Stage 3 |
|
|
|
| 1,658 | 1,658 | (313) | 1,345 |
TOTAL | 933,314 | 458,951 | 507,294 | 27,785 | 27,834 | 1,955,178 | (18,700) | 1,936,478 |
When a borrower is bordering on or is in financial difficulties, he may receive a concession from the Bank that would otherwise not have been granted if the borrower had not met with financial difficulties. The concession may be:
The loan is then said to be “restructured”. It must retain the status of “restructured” during a period of observation, known as a probation period, for at least two years. The concept of restructuring is described in the accounting principles (note 1.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders’ equity to the consolidated financial statements as at 31 December 2024) and is aligned with article 47 of Regulation 575/2013.
According to the principles for identifying the restructured exposure amounts for the Group as a whole, for the non-retail business, exposures are identified individually during the loan process, notably during committees. As for restructured exposures for retail customers, they are usually identified via a systematic process requiring the use of algorithms whose parameters are validated by the RISK and Finance & Strategy Functions.
Information on restructured loans is reported to the supervisory authority on a quarterly basis.
The following table shows the gross value and impairment amounts of performing and non-performing loans that have been restructured.
|
| a | b | c | e | f | g | h |
In millions of euros | 31 December 2024 | |||||||
Gross carrying amount | Accumulated impairment, accumulated negative changes in fair value due to credit risk and provisions | Collaterals received and financial guarantees received | ||||||
Performing exposures | Non-performing exposures | On performing exposures | On non-performing exposures |
| Of which Collateral and financial guarantees received on non-performing exposures | |||
| Of which defaulted | |||||||
010 | Loans and advances | 8,328 | 7,985 | 7,984 | (289) | (3,260) | 8,500 | 2,850 |
030 | General governments | 14 | 3 | 3 |
| (2) |
|
|
040 | Credit institutions |
| 5 | 5 |
| (5) |
|
|
050 | Other financial corporations | 111 | 386 | 386 | (2) | (258) | 162 | 114 |
060 | Non-financial corporations | 6,281 | 4,255 | 4,253 | (145) | (1,725) | 6,766 | 2,006 |
070 | Households | 1,923 | 3,336 | 3,336 | (141) | (1,270) | 1,572 | 730 |
080 | Debt securities | - | 22 | 22 | - | (22) | - | - |
090 | Loan commitments given | 2,209 | 433 | 431 | (11) | (34) | 1,323 | 245 |
100 | Total | 10,537 | 8,440 | 8,437 | (300) | (3,316) | 9,823 | 3,095 |
|
| a | b | c | e | f | g | h |
In millions of euros | 31 December 2023 | |||||||
Gross carrying amount | Accumulated impairment, accumulated negative changes in fair value due to credit risk and provisions | Collaterals received and financial guarantees received | ||||||
Performing exposures | Non-performing exposures | On performing exposures | On non-performing exposures |
| Of which Collateral and financial guarantees received on non-performing exposures | |||
| Of which defaulted | |||||||
010 | Loans and advances | 6,713 | 7,738 | 7,714 | (312) | (3,179) | 6,977 | 2,695 |
030 | General governments | 15 | 5 | 5 |
| (4) |
|
|
040 | Credit institutions |
| 5 | 5 |
| (5) |
|
|
050 | Other financial corporations | 377 | 421 | 421 | (11) | (244) | 252 | 169 |
060 | Non-financial corporations | 4,547 | 3,915 | 3,898 | (140) | (1,639) | 4,981 | 1,660 |
070 | Households | 1,775 | 3,392 | 3,385 | (162) | (1,287) | 1,744 | 866 |
080 | Debt securities | - | 25 | 25 | - | (13) | - | - |
| Assets held for sale |
|
|
|
|
|
|
|
090 | Loan commitments given | 2,290 | 309 | 307 | (18) | (40) | 1,465 | 64 |
100 | Total | 9,002 | 8,073 | 8,046 | (331) | (3,232) | 8,442 | 2,758 |
Credit risk mitigation techniques are divided into two main categories:
The amount of personal guarantees and collateral recognised on loans and receivables and debt securities in the prudential reporting scope amounted to EUR 537 billion at 31 December 2024.
|
|
| a | b | c | d | e |
In millions of euros | 31 December 2024 | ||||||
Gross carrying amount | Unsecured net carrying amount |
| Secured net carrying amount | ||||
| Secured by | Secured by personal guarantees | |||||
| Secured by credit derivatives | ||||||
1 | Loans and advances | 1,143,839 | 593,984 | 532,676 | 320,793 | 211,883 |
|
2 | Debt securities | 223,430 | 219,153 | 3,925 | 2,035 | 1,890 |
|
3 | Total | 1,367,269 | 813,137 | 536,601 | 322,828 | 213,773 | - |
4 | of which non-performing exposures | 27,421 | 5,048 | 8,646 | 5,435 | 3,211 |
|
EU-5 | of which defaulted | 26,923 | 4,785 | 8,506 | 5,420 | 3,086 |
|
|
|
| a | b | c | d | e |
In millions of euros | 31 December 2023 | ||||||
Gross carrying amount | Unsecured net carrying amount |
| Secured net carrying amount | ||||
| Secured by physical collateral | Secured by personal guarantees | |||||
| Secured by credit derivatives | ||||||
1 | Loans and advances | 1,221,527 | 656,149 | 547,754 | 315,544 | 232,210 |
|
2 | Debt securities | 176,026 | 171,747 | 4,017 | 1,795 | 2,222 |
|
3 | Total | 1,397,553 | 827,895 | 551,771 | 317,339 | 234,432 | - |
4 | of which non-performing exposures | 27,126 | 5,089 | 8,551 | 5,847 | 2,704 |
|
EU-5 | of which defaulted | 26,661 | 4,981 | 8,343 | 5,826 | 2,517 |
|
Credit Risk Mitigants (CRM) are taken into account in accordance with the regulation. In particular, their effect is assessed under conditions characteristic of an economic downturn.
For the scope under the IRB approach, personal guarantees and collateral are taken into account, provided they are eligible, by decreasing the Loss Given Default (LGD) parameter corresponding to an increase in the Global Recovery Rate (GRR) that applies to the transactions of the banking book. The value taken into consideration takes account, where relevant, of currency and maturity mismatches and, for funded credit protection, of a haircut applied to the market value of the pledged asset based on a default scenario during an economic downturn. The amount of unfunded credit protection to which a haircut is applied depends on the enforceable nature of the commitment and the risk of simultaneous default by the borrower and guarantor.
For the scope under the standardised approach, unfunded credit protection is taken into account provided it is eligible, by applying the more favourable risk weight of the guarantor to a portion of the secured exposure adjusted for currency and maturity mismatches. Funded credit protection is taken into account as a decrease in the exposure, after adjustment for any currency and maturity mismatches and a discount to take account of volatility in market value for financial security collateral.
The assessment of the credit risk mitigating effect follows a methodology that is approved for each activity and is used throughout the Group. These techniques are monitored in accordance with the monitoring and portfolio management procedures described in the Credit risk management policy section.
In millions of euros | 31 December 2024 | 31 December 2023 | ||||||
Gross exposure | Risk mitigation amount | Gross exposure | Risk mitigation amount | |||||
Collateral | Guarantees and credit derivatives | Total risk mitigation | Collateral | Guarantees and credit derivatives | Total risk mitigation | |||
IRB approach | 1,385,084 | 214,913 | 227,608 | 442,521 | 1,431,267 | 233,297 | 197,157 | 430,454 |
Standardised approach | 353,520 | 26,923 | 42,837 | 69,760 | 340,936 | 42,736 | 25,381 | 68,117 |
TOTAL | 1,738,603 | 241,837 | 270,444 | 512,281 | 1,772,203 | 276,033 | 222,538 | 498,570 |
|
| a |
| b | c | d | e | f | g | h | i | j | k | l | m |
In millions of euros |
|
|
|
| 31 December 2024 | ||||||||||
Total gross exposures(1) | Total of the risk-exposed value |
|
|
| Credit Risk Mitigation techniques | Total RWA (reduction effects only)(2) | |||||||||
|
| Funded credit Protection (physical collateral) | Unfunded credit protection | ||||||||||||
Part covered by Financial Collateral | Part covered by other eligible physical collaterals (%) |
|
| Part covered by other physical funded credit protection (%) | Part covered by guarantees | Part covered by credit derivatives | |||||||||
| of which immovable property Collaterals | of which receivables | of which other physical collateral |
| of which cash on deposit | of which life insurance policies | of which Instruments held by a third party | ||||||||
1 | Central governments and central banks | 364,667 | 364,093 | 0,00% | 0.01% | 0.01% | 0.00% | 0.01% | 0.00% | 0.00% | 0.00% | 0.00% | 1.13% | 0.00% | 3,877 |
2 | Institutions | 57,643 | 45,122 | 2.97% | 0.74% | 0.72% | 0.00% | 0.02% | 3.64% | 3.64% | 0.00% | 0.00% | 18.86% | 0.00% | 11,043 |
3 | Corporates | 681,194 | 480,935 | 2.13% | 17.49% | 9.64% | 1.20% | 6.65% | 0.43% | 0.35% | 0.08% | 0.00% | 23.89% | 0.01% | 237,974 |
3.1 | of which SMEs | 40,129 | 34,145 | 2.86% | 38.38% | 34.67% | 2.99% | 0.72% | 1.50% | 0.84% | 0.67% | 0.00% | 15.78% | 0.00% | 19,799 |
3.2 | of which specialised lending | 81,299 | 71,680 | 0.20% | 53.88% | 17.98% | 0.26% | 35.64% | 0.26% | 0.26% | 0.00% | 0.00% | 24.72% | 0.00% | 29,818 |
3.3 | of which other | 559,766 | 375,110 | 2.43% | 8.63% | 5.77% | 1.22% | 1.65% | 0.37% | 0.33% | 0.04% | 0.00% | 24.47% | 0.01% | 188,357 |
4 | Retail | 281,579 | 278,077 | 0.34% | 44.91% | 44.73% | 0.15% | 0.03% | 0.71% | 0.07% | 0.65% | 0.00% | 31.42% | 0.00% | 57,947 |
4.1 | of which immovable property SMEs | 11,391 | 10,959 | 0.11% | 91.38% | 91.36% | 0.01% | 0.01% | 0.07% | 0.03% | 0.04% | 0.00% | 2.07% | 0.00% | 2,798 |
4.2 | of which immovable property non-SMEs | 185,506 | 185,517 | 0.02% | 57.87% | 57.87% | 0.00% | 0.00% | 0.04% | 0.00% | 0.04% | 0.00% | 41.16% | 0.00% | 27,360 |
4.3 | of which qualifying revolving | 11,813 | 9,881 | 0,00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 2,800 |
4.4 | of which other SMEs | 30,851 | 29,746 | 1.11% | 19.91% | 18.22% | 1.38% | 0.31% | 2.02% | 0.33% | 1.70% | 0.00% | 28.98% | 0.00% | 9,336 |
4.5 | of which other non-SMEs | 42,018 | 41,975 | 1.36% | 3.79% | 3.79% | 0.00% | 0.00% | 3.10% | 0.18% | 2.92% | 0.00% | 5.17% | 0.00% | 15,654 |
5 | TOTAL | 1,385,084 | 1,168,227 | 1.07% | 17.92% | 14.64% | 0.53% | 2.75% | 0.49% | 0.30% | 0.19% | 0.00% | 18.39% | 0.00% | 310,841 |
|
|
| |||||||||||||
|
| a |
| b | c | d | e | f | g | h | i | j | k | l | m |
In millions of euros |
|
|
|
| 31 December 2023 | ||||||||||
Total gross exposures(1) | Total of the risk-exposed value |
| Credit Risk Mitigation techniques | Total RWA (reduction effects only)(2) | |||||||||||
| Funded credit Protection (physical collateral) | Unfunded credit protection | |||||||||||||
Part covered by Financial Collateral | Part covered by other eligible physical collaterals (%) |
|
| Part covered by other physical funded credit protection (%) | Part covered by guarantees | Part covered by credit derivatives | |||||||||
| of which immovable property Collaterals | of which receivables | of which other physical collateral |
| of which cash on deposit | of which life insurance policies | of which Instruments held by a third party | ||||||||
1 | Central governments and central banks | 432,341 | 431,674 | 0,00% | 0.01% | 0.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.83% | 0.00% | 4,360 |
2 | Institutions | 45,783 | 37,244 | 2.14% | 1.19% | 1.14% | 0.03% | 0.02% | 0.03% | 0.03% | 0.00% | 0.00% | 15.49% | 0.00% | 7,963 |
3 | Corporates | 671,642 | 482,551 | 2.29% | 18.95% | 9.28% | 1.66% | 8.01% | 0.53% | 0.46% | 0.07% | 0.00% | 20.67% | 0.01% | 218,425 |
3.1 | of which SMEs | 49,095 | 39,427 | 1.61% | 33.66% | 26.45% | 6.42% | 0.80% | 1.03% | 0.78% | 0.24% | 0.00% | 17.03% | 0.00% | 21,967 |
3.2 | of which specialised lending | 80,020 | 69,038 | 0.14% | 54.34% | 18.30% | 1.95% | 34.09% | 0.60% | 0.60% | 0.00% | 0.00% | 18.37% | 0.00% | 22,918 |
3.3 | of which other | 542,527 | 374,086 | 2.76% | 10.87% | 5.81% | 1.10% | 3.96% | 0.46% | 0.40% | 0.06% | 0.00% | 21.47% | 0.01% | 173,540 |
4 | Retail | 281,501 | 278,276 | 0.41% | 44.47% | 44.29% | 0.15% | 0.04% | 0.75% | 0.05% | 0.69% | 0.00% | 31.64% | 0.00% | 55,989 |
4.1 | of which immovable property SMEs | 11,106 | 10,675 | 0.09% | 91.32% | 91.30% | 0.02% | 0.01% | 0.06% | 0.02% | 0.04% | 0.00% | 2.10% | 0.00% | 2,880 |
4.2 | of which immovable property non-SMEs | 185,070 | 185,085 | 0.02% | 57.65% | 57.64% | 0.00% | 0.00% | 0.05% | 0.00% | 0.04% | 0.00% | 41.28% | 0.00% | 23,174 |
4.3 | of which qualifying revolving | 11,901 | 10,051 | 0,00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 3,366 |
4.4 | of which other SMEs | 31,932 | 30,819 | 1.38% | 18.36% | 16.74% | 1.31% | 0.31% | 1.93% | 0.31% | 1.62% | 0.00% | 29.77% | 0.00% | 9,469 |
4.5 | of which other non-SMEs | 41,492 | 41,644 | 1.58% | 3.95% | 3.95% | 0.00% | 0.00% | 3.32% | 0.11% | 3.21% | 0.00% | 5.39% | 0.00% | 17,100 |
5 | TOTAL | 1,431,267 | 1,229,744 | 1.06% | 17.54% | 13.70% | 0.69% | 3.15% | 0.38% | 0.19% | 0.18% | 0.00% | 16.03% | 0.00% | 286,737 |
|
|
| |||||||||||||
The main providers of unfunded credit protection (personal guarantees) are the guarantee institutions in the Commercial & Personal Banking of the CPBS mortgage business (mainly housing loans in France) and, since 2020, States or public organisms that have set up public guarantee mechanisms to counter the public health crisis.
As at 31 December 2024, 78% of exposure to property loans was concentrated in the Group’s two main Domestic Markets (France, Belgium). In view of the specific features of these markets (amortising long-term financing, primarily at fixed rates), the LTV (Loan-to-value) ratio is not a main monitoring indicator at Group level.
Funded credit protection is divided into two categories:
To be considered as eligible, funded credit protection must fulfil the following conditions:
In the Retail Banking business, the presence or absence of a particular type of collateral may, depending on the coverage ratio, lead to assigning the exposure to particular LGD class on a statistical basis.
Guarantors are subject to the same rigorous credit risk assessment process as primary obligors and are assigned risk parameters according to similar methods and procedures.
Guarantees are granted by the obligor’s parent company or by other entities such as financial institutions. Other examples of guarantees are credit derivatives, guarantees from public insurers for export financing or private insurers.
Consideration of a guarantee consists of determining the average amount the Bank can expect to recover if the borrower defaults and the guarantee is called in. It depends on the amount of the guarantee, the risk of simultaneous default by the borrower and the guarantor (which is a function of the probability of default of the borrower, of the guarantor, and the degree of correlation between borrower and guarantor default, which is high if they belong to the same business group or the same sector and low if not) and the enforceable nature of the guarantee.
As part of its role of optimising credit risk management for CIB, Portfolio Management (PM) sets up hedges using credit derivatives, and mainly credit default swaps (CDS). These CDS are used as part of an active management policy, the main aim being to hedge migration and concentration risks and manage major exposures. The underlying assets are loans made to large corporates by CIB Global Banking, and occasionally those made by the Commercial & Personal Banking activity.
These hedges are put on by CIB to hedge exposures mainly treated under the IRB approach. Provided they are eligible, they have the effect of decreasing the estimated Loss Given Default for the underlying asset, and, therefore, reducing its consumption in terms of risk-weighted assets. There was no reduction in risk-weighted assets resulting from hedging operations via CDS at 31 December 2024, compared with EUR 165 million at 31 December 2023 (EU CR7).
|
| a | b | a | b |
In millions of euros | 31 December 2024 | 31 December 2023 | |||
Collateral obtained by taking possession accumulated | Collateral obtained by taking possession accumulated | ||||
Value at initial recognition | Accumulated negative changes | Value at initial recognition | Accumulated negative changes | ||
010 | Property Plant and Equipment (PP&E) |
|
|
|
|
020 | Other than Property Plant and Equipment | 191 | (23) | 227 | (29) |
030 | Residential immovable property | 167 | (23) | 199 | (29) |
040 | Commercial immovable property | 6 |
| 8 |
|
050 | Movable property (auto, shipping, etc.) |
|
|
|
|
060 | Equity and debt instruments | 19 |
| 20 |
|
070 | Other collateral |
|
|
|
|
080 | TOTAL | 191 | (23) | 227 | (29) |
| |||||
Collateral obtained by taking possession includes assets obtained in exchange for cancellation of the receivable, whether on a voluntary basis or on the basis of legal proceedings.
Securitisation means a transaction or scheme, whereby the credit risk associated with an exposure or pool of exposures is tranched, having the following characteristics:
Any commitment (including derivatives and liquidity lines) granted to a securitisation operation must be treated as a securitisation position. Most of these commitments are held in the prudential banking book (section 5.5). Commitments held in the trading book are set out in section 5.7 Market risk.
The securitisation transactions discussed below concern:
Securitisation positions deducted from own funds, amounting to -EUR 402 million at 31 December 2024, are now included throughout this section 5.5.
The Group’s activities in each of its roles as originator, sponsor and investor, are described below:
BNP Paribas role In millions of euros | 31 December 2024 | 31 December 2023 | ||||
Securitised exposures originated by BNP Paribas(1) | Securitised positions held or acquired (EAD)(3) | Securitised exposures originated by BNP Paribas(1) | Securitised positions held or acquired (EAD)(3) | |||
| Efficient securitisation (SRT)(2) |
| Efficient securitisation (SRT)(2) | |||
Originator | 149,568 | 73,815 | 47,211 | 136,720 | 62,097 | 42,798 |
Sponsor |
|
| 37,410 |
|
| 35,470 |
Investor |
|
| 35,696 |
|
| 23,003 |
TOTAL | 149,568 | 73,815 | 120,318 | 136,720 | 62,097 | 101,271 |
| ||||||
The Group acts as originator by securitising its own credit exposures in order to obtain new sources of financing and improve the liquidity of its balance sheet, and to reduce its risk and capital requirements.
Where the purpose of the transaction is solely to reduce risk, the Group will favour so-called “synthetic” securitisation transactions, ensuring the risk transfer of exposures (mortgages, consumer loans, corporate loans, etc.) through credit derivatives or guarantees. These transactions are initiated mainly by Corporate & Institutional Banking in collaboration with the Commercial, Personal Banking & Services business lines.
In the context of securitisation transactions carried out for financing purposes, the Group will favour so-called “cash” or “traditional” securitisations, characterised by the sale of securitised exposures to a specially created entity. These operations are initiated by ALM Treasury in collaboration with the businesses whose exposures are securitised in exchange for liquid assets eligible for central bank financing or included in the global liquidity reserve (see paragraph Wholesale funding and liquidity reserve monitoring indicators in section 5.8 Liquidity risk).
The capital requirement of securitised credit exposures and securitisation positions depends on the risk transfer level of the transaction.
When the exposures securitised by the Group in the context of own‑account securitisation transactions meet the Basel eligibility criteria, in particular that of significant risk transfer as defined in Regulation (EU) No. 2017/2401, they are excluded from the calculation of credit risk-weighted assets and the securitisation transaction is said to be efficient. In this case, only the positions retained by the institution and any commitments granted to the structure after securitisation are subject to risk-weighted assets calculation.
Exposures securitised through proprietary securitisation transactions that do not meet Basel eligibility criteria (inefficient securitisations) remain in their original prudential portfolio. Their capital requirement is calculated as if they were not securitised and is included in section 5.4 Credit risk.
Exposures retained in securitisation positions originated by BNP Paribas amounted to EUR 47.2 billion at 31 December 2024, corresponding to positions in forty-four efficient securitisation programmes under Basel rules.
At 31 December 2024, the main securitisation transactions recognised as efficient are the following:
The Group has not set up own account securitisations of revolving exposures with an anticipated repayment clause.
At 31 December 2024, there were no assets awaiting securitisation.
In millions of euros | Securitised exposures originated by BNP Paribas | |
31 December 2024 | 31 December 2023 | |
Traditional | 7,083 | 6,767 |
Of which IRB approach | 2,396 | 2,739 |
Of which standardised approach(1) | 4,687 | 4,027 |
Synthetic | 66,732 | 55,330 |
Of which IRB approach | 64,945 | 55,330 |
Of which standardised approach(1) | 1,787 |
|
TOTAL | 73,815 | 62,097 |
| ||
In millions of euros | 31 December 2024 | 31 December 2023 | ||||
Originated securitised exposures | Originated securitised exposures | |||||
Traditional | Synthetic | Total | Traditional | Synthetic | Total | |
Residential real estate |
| 629 | 629 |
|
|
|
Consumer loans | 5,091 | 900 | 5,991 | 4,629 |
| 4,629 |
Loans to corporates | 1,487 | 65,203 | 66,690 | 1,572 | 55,330 | 56,903 |
Finance leases | 505 |
| 505 | 565 |
| 565 |
TOTAL | 7,083 | 66,732 | 73,815 | 6,767 | 55,330 | 62,097 |
| ||||||
Inefficient securitisation transactions are mainly carried out for refinancing purposes. These operations, which do not result in any risk transfer within the meaning of Regulation (EU) No. 2017/2401, do not have a diminishing effect on the calculation of risk-weighted assets. Securitised exposures are included in customer loans and subject to credit risk-weighted asset calculations.
As at 31 December 2024, BNP Paribas originated 27 securitisation transactions, for a total amount of EUR 70.5 billion of securitised exposures. The main transactions concern: Commercial & Personal Banking in Belgium (EUR 31.4 billion), BNP Paribas Personal Finance (EUR 7.0 billion), Commercial & Personal Banking in France (EUR 27.8 billion) and BNL bc (EUR 0.1 billion).
The table below presents all exposures securitised by BNP Paribas as part of efficient and ineffective securitisation transactions carried out as originator:
|
| a | b | a | b |
In millions of euros | 31 December 2024 | 31 December 2023 | |||
Exposures securitised by the institution as originator | Exposures securitised by the institution as originator | ||||
Total gross exposure amount(1) | Total gross exposure amount(1) | ||||
| of which in default |
| of which in default | ||
2 | Retail | 72,480 | 614 | 66,052 | 1,204 |
3 | Residential real estate | 55,649 | 486 | 49,650 | 1,025 |
4 | Credit card and consumer loans | 16,831 | 128 | 16,402 | 178 |
7 | Corporate | 77,088 | 7 | 70,667 | 144 |
8 | Loans to corporates | 76,584 |
| 70,102 | 142 |
9 | Commercial real estate |
|
|
|
|
10 | Finance lease and commercial receivables | 505 | 7 | 565 | 2 |
1 | TOTAL | 149,568 | 621 | 136,720 | 1,348 |
| |||||
As part of its third-party securitisation activity, Corporate & Institutional Banking enables its large corporate and institutional clients to obtain attractive financing conditions directly from the financing markets, through multiple-seller conduits (short-term refinancing markets) or specific structured operations (medium and long-term refinancing).
Securitised exposures In millions of euros | 31 December 2024 | 31 December 2023 | ||||
Traditional | Synthetic | Total | Traditional | Synthetic | Total | |
Consumer loans | 20,117 |
| 20,117 | 16,700 |
| 16,700 |
Loans to corporates | 765 |
| 765 | 1,145 |
| 1,145 |
Trade receivables | 15,979 |
| 15,979 | 15,979 |
| 15,979 |
Finance leases | 250 |
| 250 |
|
|
|
Other assets | 299 |
| 299 | 3 |
| 3 |
TOTAL | 37,410 | - | 37,410 | 35,470 | - | 35,470 |
| ||||||
The financing structures thus put in place are accompanied by liquidity lines and, where appropriate, by the granting of guarantees by the Group, which are subject to a capital requirement. Commitments and positions retained or acquired by BNP Paribas on securitisation programmes as sponsor, amounted to EUR 37.4 billion at 31 December 2024.
At 31 December 2024, two consolidated multi-seller conduits (Starbird and Matchpoint) were sponsored by the Group. These conduits, by seeking refinancing on the local short-term commercial paper market, are able to provide CIB clients, large corporates and institutions with an attractive financing solution in exchange for some of their assets (trade receivables, finance leases for automobiles or various equipment, credit card receivables, etc.).
BNP Paribas provides each of these conduits with a liquidity line which amounted to EUR 35.6 billion at 31 December 2024, compared with EUR 33.7 billion at 31 December 2023.
In Europe and North America, the Group’s structuring platform provides financing solutions to its clients, based on products adapted to current conditions in terms of risk and liquidity. Altogether, the facilities granted by the Group through these transactions amounted to EUR 1.8 billion at 31 December 2024, compared with EUR 1.8 billion at 31 December 2023.
The securitisation positions of BNP Paribas as an investor amounted to EUR 35.7 billion at 31 December 2024, with an increase of EUR 12.7 billion compared to 31 December 2023 (EUR 23.0 billion).
Investments made by the Group in third-party securitisation transactions are mainly concentrated in Capital markets, a joint-venture between Global Banking and Global Markets with an exposure of EUR 33.6 billion at 31 December 2024 compared to EUR 23.7 billion at 31 December 2023. Capital Markets is involved in setting up, then financing and hedging (as a “swap” supplier) structured asset financing operations initiated by its clients, including mainly institutions, large companies or private equity platforms.
Investor securitisation exposures also include historical positions within the BNP Paribas Fortis entity managed in run-off. This portfolio, housed in the Corporate Centre, amounted to EUR 0.3 billion at 31 December 2024 compared with EUR 0.3 billion at 31 December 2023.
The table below shows the securitisation vehicles set up on behalf of the Group or its customers.
| Business line which initiated the vehicle | Underlying asset category(1) |
|---|---|---|
VEHICLES SPONSORED BY THE GROUP | ||
AGL CREDIT EF 2022-1 LTD. | Corporate & Institutional Banking | SME loans |
BNPP AM EURO CLO 2017 DESIGNATED ACTIVITY COMPANY | Asset Management | SME loans |
BNPP AM EURO CLO 2018 DAC | Asset Management | SME loans |
BNPP AM EURO CLO 2019 DAC | Asset Management | SME loans |
BNPP AM EURO CLO 2021 DAC | Asset Management | SME loans |
BNPP IP EURO CLO 2015-1 DAC | Asset Management | SME loans |
CREDIARC SPV S.R.L. | BNL bc | Other assets |
EXETER FUNDING II LLC | Corporate & Institutional Banking | Consumer loans |
GREENSKY, INC. | Corporate & Institutional Banking | Receivables |
GREENWICH FUNDING US1 LTD | Corporate & Institutional Banking | Consumer loans |
HYUNDAI CAPITAL SERVICES, INC | Corporate & Institutional Banking | Consumer loans |
HYUNDAI CARD CO, LTD | Corporate & Institutional Banking | Crédit card's receivables |
IS SOL AGORA GREEN II ESG FIDC SEGMENTO FINANCEIRO DE | Corporate & Institutional Banking | Commercial loans |
JBLU UT LENDING 2024‑1 LLC | Corporate & Institutional Banking | Other assets |
KKR CLO 55, LTD. | Corporate & Institutional Banking | SME loans |
MADISON PARK FUNDING LXVIII LTD | Corporate & Institutional Banking | SME loans |
MATCHPOINT FINANCE PUBLIC LIMITED COMPANY | Corporate & Institutional Banking | Other assets |
OHA CREDIT FUNDING 20, LTD | Corporate & Institutional Banking | SME loans |
PK ALIFT WH 5 LP | Corporate & Institutional Banking | Other assets |
SAMSUNG CARD CO., LTD. | Corporate & Institutional Banking | Credit card's receivables |
STARBIRD FUNDING CORPORATION | Corporate & Institutional Banking | Consumer loans |
VCL MASTER RESIDUAL VALUE S.A | Corporate & Institutional Banking | Finance lease |
VEHICLES WHICH ACQUIRE EXPOSURES ORIGINATED BY THE GROUP (ORIGINATOR)(2) | ||
AUTOFLORENCE 2 SRL | Personal Finance | Consumer loans |
AUTOFLORENCE 3 SRL | Personal Finance | Consumer loans |
AUTONORIA DE 2023 | Personal Finance | Consumer loans |
AUTONORIA SPAIN 2019 | Personal Finance | Consumer loans |
AUTONORIA SPAIN 2021, FT | Personal Finance | Consumer loans |
AUTONORIA SPAIN 2022, FT | Personal Finance | Consumer loans |
AUTONORIA SPAIN 2023, FT | Personal Finance | Consumer loans |
BROADWAY | Corporate & Institutional Banking | SME loans |
DONATELLO 1 | Personal Finance | Consumer loans |
DUCALE 2024-1 | Commercial & Personal Banking in Belgium | SME loans |
ECARAT DE SA 2024-1 | Personal Finance | Consumer loans |
ECHO | Corporate & Institutional Banking | SME loans |
FCT MONTE CRISTO 2 – COMPARTMENT RESONANCE 11 | Corporate & Institutional Banking | SME loans |
FCT MONTE CRISTO 2 COMPARTMENT HAREWOOD | Corporate & Institutional Banking | SME loans |
FCT MONTE CRISTO 2 COMPARTMENT RESONANCE 6B | Corporate & Institutional Banking | SME loans |
FCT MONTE CRISTO COMPARTMENT RESONANCE 7 | Corporate & Institutional Banking | SME loans |
FCT MONTE CRISTO COMPARTMENT RESONANCE 9 | Corporate & Institutional Banking | SME loans |
FONDS COMMUN DE TITRISATION- RESONANCE 4 | Corporate & Institutional Banking | SME loans |
HANOVRE | Commercial & Personal Banking in France | SME loans |
HAREWOOD 2 | Corporate & Institutional Banking | SME loans |
JUNO_1 | BNL bc | SME loans |
JUNO_2 | BNL bc | SME loans |
MARIANNE | Commercial & Personal Banking in France | SME loans |
MAZURKA | Commercial banking in the rest of the world | SME loans |
MERIDIAN | Corporate & Institutional Banking | SME loans |
MINERVA 2 | BNL bc | SME loans |
MINERVA 3 | BNL bc | SME loans |
MINERVA 4 | BNL bc | SME loans |
NORIA DE 2024 | Personal Finance | Consumer loans |
NORIA 2021 | Personal Finance | Consumer loans |
NORIA 2023 | Personal Finance | Consumer loans |
PARK MOUNTAIN 2023 | Commercial & Personal Banking in Belgium | SME loans |
PARK MOUNTAIN SECURITISATION 2019 | Commercial & Personal Banking in Belgium | SME loans |
PBD GERMANY AUTO LEASE MASTER S.A. | Personal Finance | Finance lease |
PIXEL 2021 | Leasing Solutions | Finance lease |
PROXIMA 2 | Commercial & Personal Banking in France | SME loans |
PROXIMA 3 | Commercial & Personal Banking in France | SME loans |
PROXIMA 4 | Commercial & Personal Banking in France | SME loans |
PROXIMA 5 | Commercial & Personal Banking in France | SME loans |
RESONANCE 10 | Corporate & Institutional Banking | SME loans |
RESONANCE 12B | Corporate & Institutional Banking | SME loans |
RESONANCE 8 | Corporate & Institutional Banking | SME loans |
RESONANCE 12A | Corporate & Institutional Banking | SME loans |
VISIONARY 2023 | Commercial banking in the rest of the world | Residential real estate |
VEHICLES INCLUDED IN THE PRUDENTIAL CONSOLIDATION SCOPE | See note 8.k Scope of consolidation (reference t) to the consolidated financial statements. | |
| ||
(See note 1 to the consolidated financial statements – Summary of significant accounting policies applied by the Group.)
Securitisation positions classified as “Financial assets at amortised cost” are measured using the method described in note 1.f.1 Financial assets at amortised cost to the consolidated financial statements: the effective interest rate used to recognise interest income is measured on the basis of an expected cash flow model. From the outset, these positions are subject to an impairment calculation for expected credit risk losses (see note 1.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders’ equity to the consolidated financial statements).
Securitisation positions classified on an accounting basis as “Financial assets at fair value through equity” are measured using the method described in note 1.f.2 Financial assets at fair value through shareholders’ equity to the consolidated financial statements. Changes in fair value determined according to the principles listed in note 1.f.10 Determination of fair value to the consolidated financial statements (excluding revenue recognised using the effective interest method) are presented in a specific subsection of shareholders’ equity along with expected credit risk losses calculated using the methods described in note 1.f.5 Impairment of financial assets measured at amortised cost and debt instruments measured at fair value through shareholders’ equity to the consolidated financial statements. Upon disposal, amounts previously recognised in recyclable equity are transferred to the profit and loss account.
Securitisation positions classified on an accounting basis as “Financial instruments at fair value through profit or loss” are measured using the method described in note 1.f.7 Financial instruments at fair value through profit or loss to the consolidated financial statements.
Proceeds from the sale of securitisation positions are recognised in accordance with rules for the category of origin of positions sold.
Synthetic securitisations in the form of credit derivatives (credit default swaps) or guarantees received follow accounting rules appertaining respectively:
Assets awaiting securitisation are classified as:
The risk management framework for securitisation is part of the risk management described in section 5.3 Risk management.
The business lines represent the first line of defence with responsibility for understanding all the risks incurred in order to ensure correct evaluation. The RISK Function acts independently, as a second line of defence.
Positions taken are monitored to measure changes in individual and portfolio risks.
The monitoring of securitised assets covers credit, counterparty, market and liquidity risks on the underlying assets.
Securitisation assets outside the trading book are subject to specific approval by the Credit Committees. For new transactions, a credit proposal is prepared by the business, and a comprehensive risk analysis is carried out by the RISK analysts before presentation to the Credit Committee. All approvals are subject to an annual review. Exposures are monitored to ensure that they do not exceed the limits set by the Credit Committees.
The risk exposure of securitisation tranches is intrinsically linked to that of the underlying assets, whether for securitisation or re-securitisation. Through the customary governance of Credit Committees, the Group monitors changes in the quality of underlying assets for the entire duration of the programme concerned.
Securitisation-related derivative instruments are also subject to the approval of the Credit Committees. BNP Paribas integrates counterparty risk into the securitisation structure. The principles are the same as those described above in respect of credit risk.
On fixed-rate ABS positions, a macro hedge consisting of fixed/variable-rate swaps is put in place to cover interest rate risk. The hedge is recorded in accordance with the rules of hedge accounting.
Securitisation positions are financed internally by the ALM – Treasury or via conduits sponsored by BNP Paribas.
|
| a | b | c | d | e | f | g | h | i | j | k | l | m | n | o |
|
In millions of euros | 31 December 2024 | ||||||||||||||||
originator | sponsor | investor | Total | ||||||||||||||
Traditional | Synthetic | Total | Traditional | Synthetic | Total | Traditional | Synthetic | Total | |||||||||
STS(2) | Non-STS |
| of which SRT(3) | STS(2) | Non-STS | STS(2) | Non-STS | ||||||||||
| of which SRT(3) |
| of which SRT(3) | ||||||||||||||
2 | Retail | 7,450 | 661 | 50,851 |
| 896 | 896 | 59,197 |
| 20,117 |
| 20,117 | 2,834 | 5,623 |
| 8,457 | 87,772 |
3 | Of which residential mortgages | 677 |
| 45,973 |
| 138 | 138 | 46,788 |
|
|
| - | 276 | 3,461 |
| 3,737 | 50,525 |
4 | Of which credit card receivables |
|
|
|
|
|
| - |
|
|
| - | 302 | 971 |
| 1,273 | 1,273 |
5 | Of which other retail | 6,773 | 661 | 4,877 |
| 759 | 759 | 12,409 | 0 | 20,117 |
| 20,117 | 2,257 | 1,191 |
| 3,447 | 35,974 |
6 | Of which re-securitisation |
|
|
|
|
|
| - |
|
|
| - |
|
|
| - | - |
7 | Corporate | 41 | 41 | 12,863 | 5 | 45,606 | 45,606 | 58,511 | 342 | 16,950 |
| 17,292 | 393 | 26,846 |
| 27,239 | 103,043 |
8 | Of which loans to corporates |
|
| 12,863 | 5 | 45,606 | 45,606 | 58,470 | 92 | 673 |
| 765 |
| 24,567 |
| 24,567 | 83,801 |
9 | Of which commercial mortgages |
|
|
|
|
|
| - |
|
|
| - |
| 15 |
| 15 | 15 |
10 | Of which finance leases | 41 | 41 |
|
|
|
| 41 | 250 |
|
| 250 | 393 | 1,669 |
| 2,062 | 2,354 |
11 | Of which other assets |
|
|
|
|
|
| - |
| 16,278 |
| 16,278 |
| 594 |
| 594 | 16,872 |
12 | Of which re-securitisation |
|
|
|
|
|
| - |
|
|
| - |
|
|
| - | - |
1 | TOTAL | 7,492 | 703 | 63,714 | 5 | 46,503 | 46,503 | 117,708 | 342 | 37,068 | - | 37,410 | 3,228 | 32,469 | - | 35,696 | 190,815 |
| |||||||||||||||||
|
| a | b | c | d | e | f | g | h | i | j | k | l | m | n | o |
|
In millions of euros | 31 December 2023 | ||||||||||||||||
originator | sponsor | investor | Total | ||||||||||||||
Traditional | Synthetic | Total | Traditional | Synthetic | Total | Traditional | Synthetic | Total | |||||||||
STS(2) | Non-STS |
| of which SRT(3) | STS(2) | Non-STS | STS(2) | Non-STS | ||||||||||
| of which SRT(3) |
| of which SRT(3) | ||||||||||||||
2 | Retail | 7,637 | 867 | 50,908 | - | - | - | 58,546 | 300 | 16,400 | - | 16,700 | 1,085 | 3,902 | - | 4,987 | 80,232 |
3 | Of which residential mortgages | 374 |
| 45,942 |
|
|
| 46,316 |
|
|
| - | 103 | 2,647 |
| 2,750 | 49,066 |
4 | Of which credit card receivables |
|
| 0 |
|
|
| - |
|
|
| - |
| 4 |
| 4 | 4 |
5 | Of which other retail | 7,263 | 867 | 4,967 |
|
|
| 12,230 | 300 | 16,400 |
| 16,700 | 982 | 1,250 |
| 2,233 | 31,162 |
6 | Of which re-securitisation |
|
|
|
|
|
| - |
|
|
| - |
|
|
| - | - |
7 | Corporate | 76 | 76 | 12,867 | 7 | 41,849 | 41,849 | 54,792 | 294 | 18,476 | - | 18,770 | 350 | 17,666 | - | 18,016 | 91,579 |
8 | Of which loans to corporates |
|
| 12,867 | 7 | 41,849 | 41,849 | 54,716 | 98 | 1,048 |
| 1,145 |
| 17,045 |
| 17,045 | 72,907 |
9 | Of which commercial mortgages |
|
|
|
|
|
| - |
|
|
| - |
| 15 |
| 15 | 15 |
10 | Of which finance leases | 76 | 76 |
|
|
|
| 76 |
|
|
| - | 350 | 398 |
| 748 | 824 |
11 | Of which other assets |
|
|
|
|
|
| - | 196 | 17,429 |
| 17,625 |
| 208 |
| 208 | 17,833 |
12 | Of which re-securitisation |
|
|
|
|
|
| - |
|
|
| - |
|
|
| - | - |
1 | TOTAL | 7,713 | 943 | 63,776 | 7 | 41,849 | 41,849 | 113,338 | 594 | 34,876 | - | 35,470 | 1,434 | 21,569 | - | 23,003 | 171,811 |
| |||||||||||||||||
In millions of euros | Securitisation positions held or acquired (EAD) | |
Tranche quality | 31 December 2024 | 31 December 2023 |
Senior tranche | 118,246 | 99,482 |
Mezzanine tranche | 1,697 | 1,548 |
First-loss tranche | 374 | 241 |
TOTAL | 120,318 | 101,271 |
At 31 December 2024, 98.3% of the securitisation positions held or acquired by the Group were senior tranches, compared with 98.2% at 31 December 2023, reflecting the high quality of the Group’s portfolio.
The revised securitisation framework came into force on 1 January 2019 with the application of Regulation (EU) No. 2017/2401 and Regulation (EU) No. 2017/2402. It provides for:
Subject to eligibility in terms of applicable risk-weight and concentration of the underlying asset portfolio, these programmes may benefit from preferential weightings;
Risk-weighted assets corresponding to securitisation positions held or acquired by the Group amounted to EUR 20.7 billion at 31 December 2024, or 2.7% of Group total risk-weighted assets, compared with EUR 16.6 billion at 31 December 2023 (2.4% of Group total risk-weighted assets).
In millions of euros | 31 December 2023 | Key driver | Total variation | 31 December 2024 | ||||||
Asset size | Asset quality | Model updates | Methodology and policy | Acquisitions and disposals | Currency | Other |
| |||
RWAs - Securitisation | 16,589 | 2,265 | 390 | - | - | - | 566 | 888 | 4,108 | 20,697 |
|
| a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | EU-p | EU-q |
In millions of euros | 31 December 2024 | |||||||||||||||||
Exposure values (EAD) by RW bands/deductions | Exposure values (EAD) by regulatory approach | Risk-weighted assets by regulatory approach | Capital charge after cap(2) | |||||||||||||||
≤ 20% | > 20% ≤ 50% | > 50% ≤ 100% | > 100% < 1,250% | deduc- tions(1) | SEC-IRBA | SEC-ERBA | SEC-SA | deduc- tions(1) | SEC-IRBA | SEC-ERBA | SEC-SA | deduc- tions(1) | SEC-IRBA | SEC-ERBA | SEC-SA | deduc- tions(1) | ||
2 | Traditional transactions | 33,053 | 4,840 | 147 | 61 | 18 | 899 | 4,663 | 32,539 | 18 | 308 | 1,134 | 6,748 |
| 22 | 88 | 433 |
|
3 | Securitisation | 33,053 | 4,840 | 147 | 61 | 18 | 899 | 4,663 | 32,539 | 18 | 308 | 1,134 | 6,748 |
| 22 | 88 | 433 |
|
4 | Retail | 17,575 | 3,191 | - | 5 | 7 | 118 | 3,160 | 17,493 | 7 | 31 | 739 | 2,999 |
| 2 | 58 | 240 |
|
5 | of which STS | 132 | 517 | - | 5 | 7 | 118 | 485 | 50 | 7 | 31 | 163 | 5 |
| 2 | 12 | - |
|
6 | Wholesale | 15,478 | 1,649 | 147 | 56 | 10 | 780 | 1,503 | 15,046 | 10 | 278 | 395 | 3,749 |
| 20 | 30 | 193 |
|
7 | of which STS | 250 | 31 | 44 | 48 | 10 | - | 363 | 11 | 10 | - | 139 | 132 |
| - | 9 | 7 |
|
8 | Re-securitisation | - | - | - | - | - | - | - | - | - | - | - | - |
| - | - | - |
|
9 | Synthetic transactions | 39,691 | 6,427 | - | - | 385 | 45,057 | - | 1,061 | 385 | 7,721 | - | 122 |
| 618 | - | 10 |
|
10 | Securitisation | 39,691 | 6,427 | - | - | 385 | 45,057 | - | 1,061 | 385 | 7,721 | - | 122 |
| 618 | - | 10 |
|
11 | Retail | 881 | - | - | - | 15 | - | - | 881 | 15 | - | - | 95 |
| - | - | 7 |
|
12 | Wholesale | 38,810 | 6,427 | - | - | 370 | 45,057 | - | 180 | 370 | 7,721 | - | 27 |
| 618 | - | 2 |
|
13 | Re-securitisation | - | - | - | - | - | - | - | - | - | - | - | - |
| - | - | - |
|
1 | TOTAL | 72,744 | 11,267 | 147 | 61 | 402 | 45,956 | 4,663 | 33,600 | 402 | 8,030 | 1,134 | 6,871 |
| 640 | 88 | 442 |
|
| ||||||||||||||||||
|
| a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | EU-p | EU-q |
In millions of euros | 31 December 2023 | |||||||||||||||||
Exposure values (EAD) by RW bands/deductions | Exposure values (EAD) by regulatory approach | Risk weighted assets by regulatory approach | Capital charge after cap(2) | |||||||||||||||
≤ 20% | > 20% ≤ 50% | > 50% ≤ 100% | > 100% < 1,250% | deduc-tions(1) | SEC-IRBA | SEC-ERBA | SEC-SA | deduc- tions(1) | SEC-IRBA | SEC-ERBA | SEC-SA | deduc- tions(1) | SEC-IRBA | SEC-ERBA | SEC-SA | deduc- tions(1) | ||
2 | Traditional transactions | 33,162 | 2,955 | 175 | 79 | 49 | 1,232 | 3,790 | 31,348 | 49 | 327 | 986 | 5,363 |
| 26 | 78 | 422 |
|
3 | Securitisation | 33,162 | 2,955 | 175 | 79 | 49 | 1,232 | 3,790 | 31,348 | 49 | 327 | 986 | 5,363 |
| 26 | 78 | 422 |
|
4 | Retail | 14,715 | 2,771 | 53 | 27 | 179 | 2,666 | 14,694 | 27 | 49 | 678 | 2,803 |
| 4 | 54 | 220 |
| |
5 | of which STS | 321 | 766 | 53 | 27 | 179 | 661 | 300 | 27 | 49 | 188 | 30 |
| 4 | 15 | 2 |
| |
6 | Wholesale | 18,446 | 184 | 122 | 79 | 22 | 1,053 | 1,124 | 16,653 | 22 | 278 | 308 | 2,560 |
| 22 | 24 | 202 |
|
7 | of which STS | 196 | 68 | 16 | 69 | 21 | 153 | 196 | 21 | 125 | 20 |
| 9 | 2 |
| |||
8 | Re-securitisation |
|
|
|
|
| ||||||||||||
9 | Synthetic transactions | 39,556 | 1,667 | 405 | 221 | 41,628 | 221 | 6,090 |
| 487 |
| |||||||
10 | Securitisation | 39,556 | 1,667 | 405 | 221 | 41,628 | 221 | 6,090 |
| 487 |
| |||||||
11 | Retail |
|
| |||||||||||||||
12 | Wholesale | 39,556 | 1,667 | 405 | 221 | 41,628 | 221 | 6,090 |
| 487 |
| |||||||
13 | Re-securitisation |
|
| |||||||||||||||
1 | TOTAL | 72,718 | 4,622 | 580 | 79 | 270 | 42,860 | 3,790 | 31,348 | 270 | 6,417 | 986 | 5,363 |
| 513 | 78 | 422 |
|
| ||||||||||||||||||
|
| a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | EU-p | EU-q |
In millions of euros | 31 December 2024 | |||||||||||||||||
Exposure values (EAD) by RW bands/deductions | Exposure values (EAD) by regulatory approach | Risk-weighted assets | Capital charge after cap(2) | |||||||||||||||
≤ 20% | > 20% ≤ 50% | > 50% ≤ 100% | > 100% < 1,250% | deduc- tions(1) | SEC-IRBA | SEC-ERBA | SEC-SA | deduc- tions(1) | SEC-IRBA | SEC-ERBA | SEC-SA | deduc- tions(1) | SEC-IRBA | SEC-ERBA | SEC-SA | deduc- tions(1) | ||
2 | Traditional transactions | 31,661 | 3,556 | 221 | 258 | - | 21,188 | 951 | 13,557 |
| 3,461 | 570 | 2,310 |
| 265 | 37 | 184 |
|
3 | Securitisation | 31,661 | 3,556 | 221 | 258 |
| 21,188 | 951 | 13,557 |
| 3,461 | 570 | 2,310 |
| 265 | 37 | 184 |
|
4 | Retail | 7,790 | 465 | 137 | 65 |
|
| 437 | 8,021 |
|
| 475 | 1,142 |
|
| 30 | 90 |
|
5 | of which STS | 2,828 |
|
| 6 |
|
| 6 | 2,828 |
|
| 7 | 284 |
|
| 1 | 23 |
|
6 | Wholesale | 23,871 | 3,091 | 84 | 193 |
| 21,188 | 515 | 5,537 |
| 3,461 | 94 | 1,168 |
| 265 | 8 | 93 |
|
7 | of which STS | 393 |
|
|
|
|
|
| 393 |
|
|
| 39 |
|
|
| 3 |
|
8 | Re-securitisation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 | Synthetic transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 | Securitisation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 | Retail underlying |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 | Wholesale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 | Re-securitisation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 | TOTAL | 31,661 | 3,556 | 221 | 258 | - | 21,188 | 951 | 13,557 | - | 3,461 | 570 | 2,310 |
| 265 | 37 | 184 |
|
| ||||||||||||||||||
|
| a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | EU-p | EU-q |
In millions of euros | 31 December 2023 | |||||||||||||||||
Exposure values (EAD) by RW bands/deductions | Exposure values (EAD) by regulatory approach | Risk weighted assets | Capital charge after cap(2) | |||||||||||||||
≤ 20% | > 20% ≤ 50% | > 50% ≤ 100% | > 100% < 1,250% | deduc- tions(1) | SEC-IRBA | SEC-ERBA | SEC-SA | deduc- tions(1) | SEC-IRBA | SEC-ERBA | SEC-SA | deduc- tions(1) | SEC-IRBA | SEC-ERBA | SEC-SA | deduc- tions(1) | ||
2 | Traditional transactions | 19,593 | 3,045 | 291 | 74 |
| 15,744 | 355 | 6,904 |
| 2,678 | 384 | 1,260 |
| 193 | 23 | 98 |
|
3 | Securitisation | 19,593 | 3,045 | 291 | 74 |
| 15,744 | 355 | 6,904 |
| 2,678 | 384 | 1,260 |
| 193 | 23 | 98 |
|
4 | Retail | 4,604 | 79 | 242 | 63 |
| 908 | 304 | 3,775 |
| 136 | 373 | 588 |
| 0 | 22 | 45 |
|
5 | of which STS | 1,085 |
|
|
|
|
|
| 1,085 |
|
|
| 110 |
|
|
| 9 |
|
6 | Wholesale | 14,989 | 2,966 | 50 | 11 |
| 14,837 | 51 | 3,129 |
| 2,542 | 10 | 672 |
| 193 | 1 | 54 |
|
7 | of which STS | 350 |
|
|
|
|
|
| 350 |
|
|
| 35 |
|
|
| 3 |
|
8 | Re-securitisation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 | Synthetic transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 | Securitisation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 | Retail underlying |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 | Wholesale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 | Re-securitisation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 | TOTAL | 19,593 | 3,045 | 291 | 74 | - | 15,744 | 355 | 6,904 | - | 2,678 | 384 | 1,260 |
| 193 | 23 | 98 |
|
| ||||||||||||||||||
Guarantees on securitisation positions amounted to EUR 221 million as at 31 December 2024, compared with EUR 142 million at 31 December 2023.
Counterparty credit risk is the translation of the credit risk embedded in financial transactions, investments and/or settlement transactions between counterparties. Those transactions include bilateral contracts such as over-the-counter (OTC) derivative contracts as well as contracts settled through clearing houses. The amount of this risk may vary over time in line with changing market parameters which then impacts the replacement value of the relevant transactions.
Counterparty risk lies in the event that a counterparty defaults on its obligations to pay the Bank the full present value of the flows relating to a transaction or a portfolio for which the Bank is a net receiver. Counterparty credit risk is also linked to the replacement cost of a derivative or portfolio in the event of counterparty default. Hence, it can be seen as a market risk in case of default or a contingent risk.
In respect of counterparty risk, the RISK Function is structured according to five main priorities:
Exposure to counterparty risk is measured using two approaches:
With regard to modelling counterparty risk exposure, the exposure at default (EAD) for counterparty risk is calculated based on the Effective Expected Positive Exposure (EEPE) indicator multiplied by the alpha regulatory factor as defined in article 284-4 of Regulation (EU) No. 575/2013. The Effective Expected Positive Exposure (EEPE) is measured using an internal exposure valuation model to determine exposure profiles. The model was developed by the Group and approved by the supervisor.
The principle of the model is to simulate the main risk factors, such as commodity and equity prices, interest rates and foreign exchange rates, affecting the counterparty risk exposure, based on their initial respective values. The Bank uses Monte-Carlo simulations to generate thousands of time trajectories (corresponding to thousands of potential market scenarios) to define potential changes in risk factors. The diffusion processes used by the model are calibrated on the most recent historic data set over a four-year period.
Based on all the risk factor simulations, the model assesses the value of the positions from the simulation date to the transaction maturity date (from one day to more than thirty years for the longest-term transactions) to generate an initial set of exposure profiles.
Exposure may be reduced by a Master Agreement, and may also be covered by a Credit Support Annex (CSA). For each counterparty, the model aggregates the exposures taking into consideration any netting agreements and credit support annexes, as well as the potentially risky nature of the collateral exchanged.
Based on the breakdown of exposure to the counterparty, the model determines the following in particular:
Since 1 January 2014, date of entry into force of Regulation (EU) No. 575/2013, the system for measuring exposures to counterparty risk takes into account:
For non-modelled counterparty credit risk exposures, the derivative exposure at default is calculated using the standardised approach for counterparty credit risk (Standardised Approach for Counterparty Credit Risk – SA-CCR) in accordance with article 274 of Regulation (EU) No. 2019/876.
The exposure at default of a netting set using the standardised approach to counterparty risk is based on:
The exposure at default on securities financing transactions (SFTs) is calculated using the Financial Collateral Comprehensive Method in accordance with article 223 of Regulation (EU) No. 575/2013.
Limits reflecting the principles of the Group’s Risk Appetite Statement are defined for the counterparty credit risk. These limits are set in accordance with the type of counterparty (banks, institutional investors, asset managers, corporates, clearing houses, etc.) and the type of exposure used to measure and manage counterparty risk:
The exposure of each counterparty is calculated to verify compliance with credit decisions.
These limits are defined and calibrated as part of the risk approval process. They are approved in the following committees (listed in ascending order of discretionary authority): Local Credit Committee, Regional Credit Committee, Global Credit Committee, General Management Credit Committee.
These measures are complemented by sets of directives (covering contingent market risk sensitivities per counterparty which are extracted from the market risk system) which provide further tools in the monitoring of counterparty credit risk and the prevention of systemic risk concentrations.
As part of its risk management, the BNP Paribas Group implemented three counterparty risk mitigation mechanisms:
Netting is used by the Bank in order to mitigate counterparty credit risk associated with derivative trading. The main instance where netting occurs is in case of trade termination: if the counterparty defaults, all the trades are terminated at their current market value, and all the positive and negative market values are summed to obtain a single amount (net) to be paid to or received from the counterparty. The balance (“close-out netting”) may be collateralised with cash, securities or deposits.
The Bank also applies settlement netting in order to mitigate counterparty credit risk in cases of currency settlement. This corresponds to the netting of all payments and receipts between the Bank and one counterparty in the same currency to be settled in the same day. The netting results in a single amount (for each currency) to be paid either by the Bank or by the counterparty.
Transactions affected by this are processed in accordance with bilateral or multilateral agreements respecting the general principles of the national or international framework. The main forms of bilateral agreements are those issued by Fédération bancaire française (FBF) and on an international basis by the International Swaps and Derivatives Association (ISDA).
Trade clearing through central counterparties (CCPs) is part of BNP Paribas' usual capital market activities. As a global clearing member, BNP Paribas contributes to the risk management framework of the CCPs through payment to a default fund as well as daily margin calls. The rules that define the relationships between BNP Paribas and the CCPs of which it is a member are described in each CCP’s rulebook.
For Europe, the United Kingdom and the United States in particular, this scheme enables the reduction of notional amounts through the netting of the portfolio, on one hand, and, on the other, a transfer of the risk from several counterparties to a single central counterparty with a robust risk management framework.
In its clearing for third party activity, BNP Paribas requests as well, and on a daily basis, the payment of margin calls from its clients.
Since default by one or more clearing houses would affect BNP Paribas, it has introduced dedicated monitoring of these central counterparties and closely tracks concentrations with them.
Regulation (EU) No. 648/2012 (EMIR) stipulates the establishment of additional constraints for players in the derivatives markets, including the obligation to exchange collateral for contracts that are not centrally cleared. An initial guarantee deposit must be made by the Bank’s most significant financial and non-financial counterparties. The purpose of this exchange is to mitigate the counterparty credit risk associated with over-the-counter derivative trading that is not centrally cleared. The Bank’s transactions with sovereign borrowers, central banks, and supranational entities are excluded from this system.
If the counterparty defaults, all the trades are terminated at their current market value by the Bank. The initial guarantee deposit hedges the variation in the value of transactions during this liquidation period. The initial deposit reflects an extreme but plausible estimate of potential losses corresponding to a unilateral interval of confidence of 99% over a ten-day period, based on historic data including an episode of significant financial tensions.
The initial deposit must be bilaterally traded on a gross basis between the Bank and the counterparty. It is kept by a third party so as to guarantee that the Bank immediately has access to the counterparty’s deposit and that the Bank’s deposit be protected in case the counterparty defaults.
The valuation of financial OTC trades carried out by BNP Paribas as part of its trading activities (mainly Global Markets) includes Credit Valuation Adjustments (CVA). CVA is an adjustment of the trading portfolio valuation to take into account each counterparty’s credit risk. It is the fair value on any expected loss arising from counterparty exposure based on the potential positive value of the contract, the counterparty default probability and the estimated recovery rate in case of default.
The majority of counterparty credit risk exposures on derivatives are related to the Group’s interest rate, credit and foreign exchange activities, all underlying assets, and all business lines combined.
The credit valuation adjustment is not only a function of the expected exposure but also the credit risk level of the counterparty, which is linked to the level of the Credit Default Swap (CDS) spreads used in the default probability calculation.
In order to reduce the risk associated with the credit quality deterioration embedded in a financial operations portfolio, BNP Paribas uses a dynamic hedging strategy, involving the purchase of market instruments such as credit derivative instruments. (See CVA risk management in the section Counterparty risk management).
To protect banks against the risk of losses due to CVA variations, Regulation (EU) No. 575/2013 introduced a dedicated capital charge, the CVA charge. This charge aims at capitalising the risk of loss caused by changes in the credit spread of a counterparty to which the BNP Paribas Group is exposed. The CVA charge is computed by the Group using mainly the advanced method and relies on the Bank’s model on market risk (see section CVA Risk hereafter).
The BNP Paribas counterparty risk stress testing framework is consistent with the framework for market risk stress testing in terms of scenario definition (see section 5.7 Market risk related to trading activities). Top-down counterparty stress tests use the same multifactor, holistic scenarios that are also used in market risk stress testing. Specific stress tests defined by activity and product (Bottom-up approach) and considering the nature of the exposures, complement the framework. Both counterparty and market risk stress testing frameworks are governed by the Stress Testing Steering Committee.
Counterparty risk stress tests are implemented in two ways, by first applying instantaneous market shocks across activities and then:
The stress tests are typically presented as the changes in exposures on either a name-by-name level or bucketed by region and economic sector. Such risk analysis is present within the Executive Management summary reporting framework and also shares some common bodies with market risk, such as the Financial Markets Risk Committee (FMRC), the main committee for market and counterparty credit risk.
Wrong Way Risk is the risk that counterparty exposure will be inversely correlated with the counterparty’s credit quality.
The risk can be encountered in two ways:
The table below shows exposure to counterparty credit risk (measured as the exposure at default) by Basel asset class on derivative contracts and securities lending/borrowing transactions, after the impact of any netting agreement. Bilateral transactions between the Bank and customers (bilateral counterparty risk) are distinguished from transactions related to the clearing activities of the Bank, including essentially exposures to central counterparties (CCP).
In millions of euros | 31 December 2024 | 31 December 2023 | Variation | ||||
EAD | EAD | ||||||
IRBA | Standardised approach | Total | IRBA | Standardised approach | Total | Total | |
Bilateral counterparty credit risk | 154,315 | 2,045 | 156,360 | 140,157 | 2,760 | 142,916 | 13,444 |
Central governments and central banks | 26,396 | 14 | 26,410 | 23,023 | 38 | 23,061 | 3,350 |
Corporates | 84,759 | 1,469 | 86,228 | 72,727 | 1,798 | 74,525 | 11,703 |
Institutions(1) | 43,160 | 560 | 43,720 | 44,406 | 922 | 45,328 | (1,608) |
Retail | 2 | 2 |
| 2 | 2 | (1) | |
Exposure to CCP related to clearing activities | 6,058 | 75,452 | 81,510 | 4,489 | 51,884 | 56,373 | 25,137 |
TOTAL | 160,374 | 77,497 | 237,871 | 144,646 | 54,644 | 199,289 | 38,581 |
| |||||||
For bilateral counterparty credit risk, the share of exposures under the IRB approach represented 99% at 31 December 2024 (stable compared with 31 December 2023).
The following table summarises the exposures to counterparty credit risk with a breakdown by product. An indication of the Group’s business volume on derivative financial instruments booked in the trading portfolio is presented in note 4.a Financial instruments at fair value through profit or loss to the consolidated financial statements.
In millions of euros | 31 December 2024 | 31 December 2023 | ||||||||
EAD | EAD | |||||||||
Bilateral counterparty credit risk | Exposure to CCP related to clearing activities | Total | Bilateral counterparty credit risk | Exposure to CCP related to clearing activities | Total | |||||
OTC derivatives | 82,020 | 80.88% | 19,395 | 19.12% | 101,415 | 78,438 | 96.19% | 3,108 | 3.81% | 81,546 |
Securities Financing Transactions | 74,340 | 91.02% | 7,331 | 8.98% | 81,671 | 64,478 | 81.74% | 14,406 | 18.26% | 78,885 |
Listed derivatives |
|
| 21,722 | 100.00% | 21,722 |
|
| 18,399 | 100.00% | 18,399 |
Default fund contribution |
|
| 33,062 | 100.00% | 33,062 |
|
| 20,459 | 100.00% | 20,459 |
TOTAL | 156,360 | 65.73% | 81,510 | 34.27% | 237,871 | 142,916 | 71.71% | 56,373 | 28.29% | 199,289 |
The bilateral counterparty risk corresponds to the contracts with its clients treated bilaterally (or over-the-counter) by BNP Paribas.
The exposure at default (EAD) is primarily measured with the aid of internal models (see paragraph Counterparty exposure calculation). For the perimeter not covered by internal models (limited mainly to subsidiaries BNL and TEB), EAD is calculated using the standardised approach to counterparty credit risk. Risk-weighted assets linked to counterparty credit risk are computed by multiplying EAD by an appropriate weighting according to the approach used (standardised or IRBA).
The following table shows a summary, by approach, of the regulatory exposures of counterparty credit risk and associated risk-weighted assets for the entire scope of the BNP Paribas Group’s bilateral activities, which represents the bulk of counterparty credit risk exposures.
Since 30 June 2021, exposures not modelled are calculated according to the provisions of article 274 of Regulation (EU) No. 2019/876 (SA-CCR method) and no longer using the “Mark-to-market” valuation method.
|
| a | b | c | d | e | f | g | h |
|
|
In millions of euros | 31 December 2024 | ||||||||||
Replacement cost (RC) | Potential future exposure (PFE) | EEPE(2) | Alpha used for computing regulatory exposure value | Exposure value pre-CRM(3) | Exposure value post-CRM(3) | Exposure value |
| RWA | |||
Of which standard approach | Of which IRB approach | ||||||||||
EU1 | EU – Original Exposure Method (for derivatives) |
|
|
|
|
|
|
|
|
|
|
EU2 | EU – Simplified SA-CCR (for derivatives) |
|
|
|
|
|
|
|
|
|
|
1 | SA-CCR (for derivatives) | 1,199 | 3,774 |
| 1.40 | 6,963 | 6,963 | 6,963 | 3,158 | 1,236 | 1,923 |
2 | IMM (for derivatives |
|
| 94,193 | 1.55 | 146,000 | 146,000 | 145,857 | 31,554 | 466 | 31,088 |
2a | of which securities financing transactions |
|
| 45,683 |
| 70,808 | 70,808 | 70,800 | 8,100 | 49 | 8,051 |
2b | of which derivatives and long settlement transactions |
|
| 48,510 |
| 75,191 | 75,191 | 75,058 | 23,454 | 417 | 23,036 |
2c | of which from contractual cross-product netting sets |
|
|
|
|
|
|
|
|
|
|
3 | Financial collateral simple method (for SFTs) |
|
|
|
|
|
|
|
|
|
|
4 | Financial collateral comprehensive method |
|
|
|
| 3,540 | 3,540 | 3,540 | 474 |
| 474 |
5 | VaR for SFTs |
|
|
|
|
|
|
|
|
|
|
6 | TOTAL |
|
|
|
| 156,503 | 156,503 | 156,360 | 35,186 | 1,702 | 33,484 |
| |||||||||||
|
| a | b | c | d | e | f | g | h |
|
|
In millions of euros | 31 December 2023 | ||||||||||
Replacement cost (RC) | Potential future exposure (PFE) | EEPE(2) | Alpha used for computing regulatory exposure value | Exposure value pre-CRM(3) | Exposure value post-CRM(3) | Exposure value |
| RWA | |||
Of which standard approach | Of which IRB approach | ||||||||||
EU1 | EU – Original Exposure Method (for derivatives) |
|
|
|
|
|
|
|
|
|
|
EU2 | EU – Simplified SA-CCR (for derivatives) |
|
|
|
|
|
|
|
|
|
|
1 | SA-CCR (for derivatives) | 906 | 3,159 |
| 1.40 | 5,692 | 5,692 | 5,692 | 3,287 | 1,596 | 1,691 |
2 | IMM (for derivatives |
|
| 86,754 | 1.55 | 134,468 | 134,468 | 134,282 | 28,904 | 231 | 28,674 |
2a | of which securities financing transactions |
|
| 39,703 |
| 61,540 | 61,540 | 61,535 | 7,821 | 53 | 7,768 |
2b | of which derivatives and long settlement transactions |
|
| 47,050 |
| 72,928 | 72,928 | 72,747 | 21,083 | 177 | 20,906 |
2c | of which from contractual cross-product netting sets |
|
|
|
|
|
|
|
|
|
|
3 | Financial collateral simple method (for SFTs) |
|
|
|
|
|
|
|
|
|
|
4 | Financial collateral comprehensive method |
|
|
|
| 2,943 | 2,943 | 2,943 | 452 | 168 | 284 |
5 | VaR for SFTs |
|
|
|
|
|
|
|
|
|
|
6 | TOTAL |
|
|
|
| 143,103 | 143,103 | 142,916 | 32,643 | 1,995 | 30,648 |
| |||||||||||
|
|
| a | b | c | d | e | f | g |
In millions of euros | PD scale | 31 December 2024 | |||||||
EAD | Average PD | Number of obligors | Average LGD | Average maturity | RWAs | Average RW | |||
1 | Central governments or central banks | 0.00 to < 0.15% | 26,288 | 0.01% | 100 to 1,000 | 2% | 1 | 80 | 0% |
2 | 0.15 to < 0.25% | 52 | 0.21% | 0 to 100 | 20% | 4 | 14 | 28% | |
3 | 0.25 to < 0.50% | 34 | 0.32% | 0 to 100 | 50% | 1 | 15 | 45% | |
4 | 0.50 to < 0.75% | 3 | 0.69% | 0 to 100 | 31% | - | 1 | 41% | |
5 | 0.75 to < 2.50% | 1 | 1.04% | 0 to 100 | 50% | 1 | 1 | 90% | |
6 | 2.50 to < 10.0% | 17 | 4.02% | 0 to 100 | 50% | 3 | 28 | 169% | |
7 | 10 to < 100% | 3 | 21.34% | 0 to 100 | 80% | 1 | 12 | 426% | |
8 | 100% (Default) |
|
|
|
|
|
|
| |
| SUB-TOTAL |
| 26,396 | 0.02% |
| 2% | 1 | 151 | 1% |
1 | Institutions | 0.00 to < 0.15% | 38,925 | 0.05% | 1,000 to 10,000 | 36% | 1 | 5,179 | 13% |
2 | 0.15 to < 0.25% | 2,534 | 0.17% | 100 to 1,000 | 41% | 1 | 882 | 35% | |
3 | 0.25 to < 0.50% | 852 | 0.34% | 100 to 1,000 | 49% | 1 | 515 | 60% | |
4 | 0.50 to < 0.75% | 149 | 0.59% | 0 to 100 | 48% | 1 | 122 | 82% | |
5 | 0.75 to < 2.50% | 472 | 1.13% | 100 to 1,000 | 52% | 1 | 581 | 123% | |
6 | 2.50 to < 10.0% | 220 | 2.86% | 0 to 100 | 51% | 1 | 294 | 133% | |
7 | 10 to < 100% | 8 | 21.81% | 0 to 100 | 68% | - | 29 | 380% | |
8 | 100% (Default) |
|
|
|
|
|
|
| |
| SUB-TOTAL |
| 43,160 | 0.09% |
| 37% | 1 | 7,602 | 18% |
1 | Corporates | 0.00 to < 0.15% | 67,208 | 0.05% | 1,000 to 10,000 | 35% | 1 | 12,500 | 19% |
2 | 0.15 to < 0.25% | 6,096 | 0.19% | 1,000 to 10,000 | 43% | 2 | 2,487 | 41% | |
3 | 0.25 to < 0.50% | 5,039 | 0.41% | 1,000 to 10,000 | 29% | 2 | 2,358 | 47% | |
4 | 0.50 to < 0.75% | 569 | 0.68% | 100 to 1,000 | 43% | 2 | 447 | 79% | |
5 | 0.75 to < 2.50% | 3,474 | 1.48% | 1,000 to 10,000 | 48% | 2 | 3,876 | 112% | |
6 | 2.50 to < 10.0% | 1,299 | 4.36% | 1,000 to 10,000 | 51% | 2 | 2,053 | 158% | |
7 | 10 to < 100% | 659 | 18.31% | 100 to 1,000 | 49% | 1 | 1,500 | 228% | |
8 | 100% (defaults) | 416 | 100.00% | 0 to 100 | 30% | 4 | 511 | 123% | |
| SUB-TOTAL |
| 84,759 | 0.84% |
| 36% | 1 | 25,731 | 30% |
| Retail |
| n.s. | n.s. |
| n.s. | n.s. | n.s. | n.s. |
| TOTAL | 154,315 | 0.49% |
| 31% | 1 | 33,484 | 22% | |
|
|
| a | b | c | d | e | f | g |
In millions of euros | PD scale | 31 December 2023 | |||||||
EAD | Average PD | Number of obligors | Average LGD | Average maturity | RWAs | Average RW | |||
1 | Central governments or central banks | 0.00 to < 0.15% | 22,702 | 0.02% | 100 to 1,000 | 2% | 2 | 97 | 0% |
2 | 0.15 to < 0.25% | 126 | 0.18% | 0 to 100 | 20% | 2 | 27 | 22% | |
3 | 0.25 to < 0.50% | 131 | 0.30% | 0 to 100 | 50% | - | 61 | 46% | |
4 | 0.50 to < 0.75% | 1 | 0.69% | 0 to 100 | 50% | 1 | 1 | 81% | |
5 | 0.75 to < 2.50% | 48 | 1.45% | 0 to 100 | 11% | 5 | 19 | 40% | |
6 | 2.50 to < 10.0% |
|
|
|
|
|
|
| |
7 | 10 to < 100% | 14 | 21.81% | 0 to 100 | 40% | 1 | 36 | 247% | |
8 | 100% (Default) |
|
|
|
|
| - |
| |
| SUB-TOTAL |
| 23,023 | 0.04% |
| 2% | 2 | 240 | 1% |
1 | Institutions | 0.00 to < 0.15% | 39,668 | 0.05% | 1,000 to 10,000 | 36% | 1 | 4,960 | 13% |
2 | 0.15 to < 0.25% | 2,534 | 0.17% | 100 to 1,000 | 40% | 1 | 940 | 37% | |
3 | 0.25 to < 0.50% | 1,360 | 0.35% | 100 to 1,000 | 50% | 1 | 710 | 52% | |
4 | 0.50 to < 0.75% | 147 | 0.59% | 100 to 1,000 | 42% | 1 | 93 | 63% | |
5 | 0.75 to < 2.50% | 364 | 1.15% | 100 to 1,000 | 60% | 1 | 438 | 120% | |
6 | 2.50 to < 10.0% | 317 | 3.07% | 100 to 1,000 | 50% | 1 | 414 | 131% | |
7 | 10 to < 100% | 16 | 23.14% | 0 to 100 | 63% | - | 58 | 361% | |
8 | 100% (Default) |
|
|
|
|
|
|
| |
| SUB-TOTAL |
| 44,406 | 0.10% |
| 37% | 1 | 7,612 | 17% |
1 | Corporates | 0.00 to < 0.15% | 56,435 | 0.06% | 1,000 to 10,000 | 31% | 1 | 10,992 | 19% |
2 | 0.15 to < 0.25% | 5,292 | 0.18% | 1,000 to 10,000 | 39% | 2 | 2,008 | 38% | |
3 | 0.25 to < 0.50% | 4,515 | 0.32% | 1,000 to 10,000 | 37% | 2 | 2,471 | 55% | |
4 | 0.50 to < 0.75% | 631 | 0.69% | 100 to 1,000 | 35% | 2 | 419 | 66% | |
5 | 0.75 to < 2.50% | 3,575 | 1.36% | 1,000 to 10,000 | 46% | 1 | 3,493 | 98% | |
6 | 2.50 to < 10.0% | 1,873 | 4.44% | 1,000 to 10,000 | 47% | 2 | 2,794 | 149% | |
7 | 10 to < 100% | 301 | 17.15% | 100 to 1,000 | 42% | 2 | 619 | 206% | |
8 | 100% (Default) | 106 | 100.00% | 0 to 100 | 43% | 2 | 1 | 1% | |
| SUB-TOTAL |
| 72,727 | 0.48% |
| 33% | 1 | 22,796 | 31% |
| Retail |
| n.s. | n.s. |
| n.s. | n.s. | n.s. | n.s. |
| TOTAL | 140,157 | 0.29% |
| 29% | 1 | 30,648 | 22% | |
|
| a | e | f | h | i | j | l |
|
In millions of euros | 31 December 2024 | ||||||||
EAD | RWAs | ||||||||
Risk weight | Total | ||||||||
0% | 20% | 50% | 75% | 100% | 150% | ||||
1 | Central governments or central banks | 2 |
|
|
| 12 |
| 13 | 12 |
2; 3; 4; 5; 6 | Institutions |
| 295 | 121 |
| 143 |
| 560 | 264 |
7; 9; 10 | Corporates |
| 16 | 100 |
| 1,299 | 54 | 1,469 | 1,425 |
8 | Retail |
|
|
| 2 |
|
| 2 | 1 |
| TOTAL | 2 | 312 | 220 | 2 | 1,455 | 54 | 2,045 | 1,702 |
|
| a | e | f | h | i | j | l |
|
In millions of euros | 31 December 2023 | ||||||||
EAD | RWAs | ||||||||
Risk weight | Total | ||||||||
0% | 20% | 50% | 75% | 100% | 150% | ||||
1 | Central governments or central banks |
|
| 23 |
| 15 |
| 38 | 26 |
2; 3; 4; 5; 6 | Institutions |
| 648 | 226 |
| 49 |
| 922 | 291 |
7; 9; 10 | Corporates |
| 23 | 203 |
| 1,524 | 48 | 1,798 | 1,676 |
8 | Retail |
|
|
| 2 |
|
| 2 | 2 |
| TOTAL | - | 671 | 451 | 2 | 1,587 | 48 | 2,760 | 1,995 |
| |||||||||
The capital requirements related to central counterparty (CCP) exposures correspond to an extension of the bilateral counterparty credit risk perimeter to clearing activities; it covers the cleared part of the OTC derivatives, repo portfolio as well as the listed derivative portfolio.
It is equal to the sum of the following three elements:
For central counterparties (CCP), Regulation (EU) No. 575/2013 distinguishes qualifying central counterparties (QCCP) from non-qualifying central counterparties. Qualifying central counterparties correspond to central counterparties authorised or recognised in accordance with Regulation (EU) No. 648/2012.
The table below presents the breakdown of the risk-weighted assets by method and category of exposure to central counterparties.
|
| a | b | a | b |
In millions of euros | 31 December 2024 | 31 December 2023 | |||
EAD | RWAs | EAD | RWAs | ||
1 | Exposures to QCCPs (total) |
| 4,888 |
| 3,917 |
2 | Exposures for trades at QCCPs (excluding initial margin and default fund contributions) | 46,086 | 1,659 | 33,385 | 1,720 |
3 | of which OTC derivatives | 18,914 | 399 | 2,669 | 126 |
4 | of which exchange-traded derivatives | 20,818 | 1,132 | 17,463 | 1,321 |
5 | of which SFTs(1) | 6,354 | 128 | 13,252 | 274 |
6 | of which Netting sets where cross-product netting has been approved |
|
|
|
|
7 | Segregated initial margin |
|
|
|
|
8 | Non-segregated initial margin | 1,439 | 36 | 1,968 | 41 |
9 | Prefunded default fund contributions | 9,581 | 3,193 | 6,127 | 2,155 |
10 | Unfunded default fund contributions | 23,240 |
| 14,115 |
|
11 | Exposures to non-eligible CCPs |
| 3,939 |
| 3,276 |
12 | Exposures for trades at non-QCCPs (excluding initial margin and default fund contributions) | 621 | 621 | 479 | 479 |
13 | of which OTC derivatives | 229 | 229 | 118 | 118 |
14 | of which exchange-traded derivatives | 373 | 373 | 320 | 320 |
15 | of which SFTs(1) | 19 | 19 | 41 | 41 |
16 | of which netting sets where cross-product netting has been approved |
|
|
|
|
17 | Segregated initial margin |
|
|
|
|
18 | Non-segregated initial margin | 303 | 303 | 82 | 82 |
19 | Prefunded default fund contributions | 51 | 641 | 41 | 514 |
20 | Unfunded default fund contributions | 190 | 2,374 | 176 | 2,202 |
| |||||
The CVA risk measures the risk of losses caused by changes in the credit valuation adjustments resulting from credit spread changes associated with the counterparties to whom the Group is exposed (see paragraph Credit Valuation Adjustments (CVA)).
Using the standardised approach, the capital requirement for credit valuation adjustment risk (CVA) is calculated according to the supervisory formula.
Using the IRB approach, the CVA risk capital charge is the sum of two elements:
|
| a | b | a | b |
In millions of euros | 31 December 2024 | 31 December 2023 | |||
EAD | RWAs | EAD | RWAs | ||
1 | Advanced approach | 53,227 | 3,860 | 51,629 | 4,988 |
2 | CVA VaR charge |
| 590 |
| 924 |
3 | CVA SVaR charge |
| 3,271 |
| 4,064 |
4 | Standardised approach | 416 | 224 | 370 | 200 |
5 | TOTAL | 53,643 | 4,084 | 52,000 | 5,189 |
CVA sensitivities to credit spreads are partially offset by the recognition of hedges. These hedges correspond to credit derivatives on certain identified counterparties or indices composed of identifiable counterparties.
Instruments authorised as hedges in the calculation of the capital requirements for credit valuation adjustment risk form a sub-set of the credit derivatives used as hedges by the Global Markets business in the management of its CVA.
In the context of liquidity management and counterparty credit risk management, the BNP Paribas Group systematically monitors the collateral guarantees received and given, for both the portion hedging the contracts’ market value (variation margin) and the risk of an adverse change in these market values in the event of a counterparty default (initial margin). The collateral given and received used in derivative contracts is mainly comprised of cash, and to a lesser extent, debt securities. The impact of the collateral received in clearing contracts is shown in the consolidated financial statements in note 4.o Offsetting of financial assets and liabilities.
As a general rule, when EAD is modelled in EEPE and weighted according to the IRB approach, the LGD (Loss Given Default) is not adjusted according to the collateral received since it is already taken into account in the “Effective Expected Positive Exposure” computation (see section Bilateral counterparty risk).
Collateral guarantees used in the standardised approach to reduce the EAD totalled EUR 18 million at 31 December 2024, compared with EUR 690 million at 31 December 2023.
The table below shows the breakdown of the collateral posted and received in respect of initial margins, margin calls as well as amounts in cash and in securities of repurchase agreements and securities lending and borrowing.
|
| a | b | c | d | e | f | g | h |
In millions of euros | 31 December 2024 | ||||||||
Collateral used in derivative transactions | Collateral used in SFTs(1) | ||||||||
Fair value of collateral received | Fair value of posted collateral | Fair value of collateral received | Fair value of posted collateral | ||||||
Segregated | Unsegregated | Segregated | Unsegregated | Segregated | Unsegregated | Segregated | Unsegregated | ||
1 | Cash – domestic currency |
| 42,909 | 1,072 | 33,834 |
| 149,910 |
| 157,001 |
2 | Cash – other currencies | 18 | 35,130 | 731 | 55,619 |
| 433,100 |
| 379,241 |
3 | Domestic sovereign debt-euro | 242 | 14,613 | 1,976 | 34,204 |
| 194,950 |
| 158,300 |
4 | Other sovereign debt | 7,984 | 10,227 | 1,779 | 12,152 | 9 | 432,990 | 1 | 404,993 |
5 | Government agency debt | 531 | 387 |
| 375 | 5 | 4,676 |
| 2,724 |
6 | Corporate bonds | 28,903 | 5,982 | 24,003 | 2,786 | 53 | 114,588 |
| 113,820 |
7 | Equity securities | 2,474 | 5 |
|
|
| 104,077 |
| 78,170 |
8 | Other collateral |
|
|
|
|
| 1,051 |
| 14 |
9 | TOTAL | 40,152 | 109,253 | 29,561 | 138,971 | 66 | 1,435,342 | 1 | 1,294,262 |
| |||||||||
|
| a | b | c | d | e | f | g | h |
In millions of euros | 31 December 2023 | ||||||||
Collateral used in derivative transactions | Collateral used in SFTs(1) | ||||||||
Fair value of collateral received | Fair value of posted collateral | Fair value of collateral received | Fair value of posted collateral | ||||||
Segregated | Unsegregated | Segregated | Unsegregated | Segregated | Unsegregated | Segregated | Unsegregated | ||
1 | Cash – domestic currency |
| 39,307 | 3,300 | 49,002 |
| 203,858 | 1,110 | 173,855 |
2 | Cash – other currencies |
| 38,320 | 1,337 | 33,703 |
| 287,443 | 15 | 262,674 |
3 | Domestic sovereign debt-euro | 216 | 14,346 | 15,984 | 12,851 |
| 206,202 | 4,108 | 189,108 |
4 | Other sovereign debt | 6,707 | 6,735 | 2,317 | 6,109 | 6 | 370,802 | 147 | 306,124 |
5 | Government agency debt | 112 | 410 |
| 317 |
| 3,160 |
| 3,045 |
6 | Corporate bonds | 26,027 | 4,847 | 23,365 | 2,128 | 2 | 94,165 |
| 125,513 |
7 | Equity securities | 125 | 13 |
|
|
| 94,989 |
| 51,914 |
8 | Other collateral |
| 14 |
|
|
| 6,261 |
| 16,332 |
9 | TOTAL | 33,186 | 103,992 | 46,303 | 104,110 | 7 | 1,266,880 | 5,379 | 1,128,565 |
| |||||||||
The amount of additional collateral to be provided by the Group in the event of a credit rating downgrade is not significant.
The following table summarises all the notional amounts and market values of the trading portfolio credit derivatives.
|
| a | b | a | b |
In millions of euros | 31 December 2024 | 31 December 2023 | |||
Protection bought | Protection sold | Protection bought | Protection sold | ||
6 | Notionals | 450,679 | 449,954 | 455,307 | 369,046 |
1 | Single-name credit default swaps | 195,235 | 196,063 | 186,611 | 154,081 |
2 | Index credit default swaps | 242,428 | 230,001 | 223,602 | 177,977 |
3 | Total return swaps | 7,421 | 23,265 | 10,647 | 5,426 |
4 | Credit options | 539 | 625 | 31,396 | 31,562 |
5 | Other credit derivatives | 5,055 |
| 3,051 | - |
| Fair values | (8,571) | 8,254 | (8,348) | 6,455 |
7 | Positive fair value (asset) | 1,279 | 9,531 | 953 | 7,536 |
8 | Negative fair value (liability) | (9,850) | (1,277) | (9,301) | (1,081) |
In millions of euros | RWAs | Capital requirements | ||||
31 December 2024 | 31 December 2023 | Variation | 31 December 2024 | 31 December 2023 | Variation | |
Bilateral counterparty credit risk | 34,712 | 32,191 | 2,521 | 2,777 | 2,575 | 202 |
Exposure to CCP related to clearing activities(1) | 8,827 | 7,193 | 1,634 | 706 | 575 | 131 |
CVA risk | 4,084 | 5,189 | (1,105) | 327 | 415 | (88) |
Others (general method based on financial collateral) | 474 | 452 | 22 | 38 | 36 | 2 |
TOTAL | 48,097 | 45,025 | 3,072 | 3,848 | 3,602 | 246 |
| ||||||
|
|
| a |
|
|
In millions of euros | RWAs – Counterparty credit risk | Capital requirements – Counterparty credit risk | |||
Total | of which internal model method (IMM)(1) | Total | of which internal model method (IMM) | ||
1 | 30 September 2024 | 47,983 | 32,616 | 3,839 | 2,609 |
2 | Asset size | (293) | (1,413) | (23) | (113) |
3 | Asset quality | 636 | 500 | 51 | 40 |
4 | Model update | (454) | (454) | (36) | (36) |
5 | Methodology and policy |
|
|
|
|
6 | Acquisitions and disposals |
|
|
|
|
7 | Currency | 92 | 76 | 7 | 6 |
8 | Other | 132 | 228 | 11 | 18 |
9 | 31 DECEMBER 2024 | 48,097 | 31,554 | 3,848 | 2,524 |
| |||||
|
|
| a |
|
|
|---|---|---|---|---|---|
In millions of euros | RWAs – Counterparty credit risk | Capital Requirements – Counterparty credit risk | |||
Total | of which internal model method (IMM)(1) | Total | of which internal model method (IMM) | ||
1 | 31 December 2023 | 45,025 | 28,904 | 3,602 | 2,312 |
2 | Asset size | 564 | (695) | 45 | (56) |
3 | Asset quality | 1,509 | 1,541 | 121 | 123 |
4 | Model update | 1,762 | 1,640 | 141 | 131 |
5 | Methodology and policy |
|
|
|
|
6 | Acquisitions and disposals |
|
|
|
|
7 | Currency | 48 | 46 | 4 | 4 |
8 | Other | (810) | 118 | (65) | 9 |
9 | 31 December 2024 | 48,097 | 31,554 | 3,848 | 2,524 |
| |||||
The change in counterparty risk-weighted assets in 2024 is explained by a EUR 2.4 billion in risk-weighted assets related to the business and an increase of EUR 1.8 billion related to updating the models, offset by a -EUR 1.1 billion reduction in CVA.
Market risk is the risk of incurring a loss of value due to adverse trends in market prices or parameters, whether directly observable or not.
Observable market parameters include, but are not limited to, exchange rates, prices of securities and commodities (whether listed or obtained by reference to a similar asset), prices of derivatives, and other parameters that can be directly inferred from them, such as interest rates, credit spreads, volatilities and implied correlations or other similar parameters.
Non-observable factors are those based on working assumptions such as parameters contained in models or based on statistical or economic analyses, non-ascertainable in the market.
In fixed-income trading books, credit instruments are valued on the basis of bond yields and credit spreads, which represent market parameters in the same way as interest rates or foreign exchange rates. The credit risk arising on the issuer of the debt instrument is therefore a component of market risk known as issuer risk.
Liquidity is an important component of market risk. In times of limited or no liquidity, instruments or goods may not be tradable or may not be tradable at their estimated value. This may arise, for example, due to low transaction volumes, legal restrictions or a strong imbalance between demand and supply for certain assets.
The market risk related to banking activities encompasses the interest rate and foreign exchange risks stemming from banking intermediation activities.
Market risk is presented in this section in two parts:
In millions of euros | RWAs | Capital requirements | ||||
31 December 2024 | 31 December 2023 | Variation | 31 December 2024 | 31 December 2023 | Variation | |
Internal model approach | 20,155 | 19,015 | 1,140 | 1,612 | 1,521 | 91 |
Standardised approach | 7,175 | 8,979 | (1,804) | 574 | 718 | (144) |
Trading book securitisation positions | 793 | 789 | 4 | 63 | 63 |
|
TOTAL | 28,123 | 28,783 | (660) | 2,250 | 2,303 | (53) |
Within the BNP Paribas Group, market risk is primarily handled using the internal model approach.
At 31 December 2024, the -EUR 0.7 billion euro decrease in market risk-weighted assets was mainly due to a -EUR 1.8 billion in foreign exchange risk and - EUR 0.8 billion in IRC, partly offset by a +EUR 1.2 billion increase of Stressed Var and +EUR 0.5 billion increase of VaR as a result of business development.
|
| a | b | a | b |
In millions of euros | 31 December 2024 | 31 December 2023 | |||
RWAs | Capital requirements | RWAs | Capital requirements | ||
1 | VaR(1) (higher of values 1.a and 1.b) | 4,675 | 374 | 4,134 | 331 |
1.a | Previous day’s VaR (VaRt-1) |
| 132 |
| 116 |
1.b | Average of the daily VaR on each of the preceding 60 business days x multiplication factor |
| 374 |
| 331 |
2 | SVaR(1) (higher of values 2.a and 2.b) | 10,214 | 817 | 9,050 | 724 |
2.a | Latest SVaR |
| 285 |
| 229 |
2.b | Average of the daily SVaR during the preceding 60 business days x multiplication factor |
| 817 |
| 724 |
3 | IRC(1)(2) (higher of values 3.a and 3.b) | 4,410 | 353 | 5,170 | 414 |
3.a | Last measure |
| 310 |
| 346 |
3.b | Average of the IRC number over the preceding 12 weeks |
| 353 |
| 414 |
4 | CRM(3) (higher of values 4.a, 4.b and 4.c) | 856 | 68 | 661 | 53 |
4.a | Last measure |
| 31 |
| 15 |
4.b | Average of the CRM over the preceding 12 weeks |
| 44 |
| 33 |
4.c | 8% of the capital requirement in the standardised approach on the most recent CRM for the correlation trading portfolio |
| 68 |
| 53 |
6 | TOTAL | 20,155 | 1,612 | 19,015 | 1,521 |
| |||||
The market risk calculated using the standardised approach covers the market risk of some entities of the Group that are not covered by internal models. The standardised approach is used to calculate foreign exchange risk and raw materials risk for the banking book (see section 5.7 Market risk related to banking activities).
|
| a |
| a |
|
In millions of euros | 31 December 2024 | 31 December 2023 | |||
RWAs | Capital requirements | RWAs | Capital requirements | ||
| Outright products |
|
|
|
|
1 | Interest rate risk (general and specific) | 402 | 32 | 405 | 32 |
2 | Equity risk (general and specific) |
|
| 1 | 0 |
3 | Foreign exchange risk | 6,757 | 541 | 8,568 | 685 |
4 | Commodity risk | 0 | 0 | 0 | 0 |
| Options |
|
|
|
|
5 | Simplified approach |
|
|
|
|
6 | Delta-plus approach |
|
|
|
|
7 | Scenario approach | 17 | 1 | 5 | 0 |
8 | Securitisation (specific risk) | 793 | 63 | 789 | 63 |
9 | TOTAL | 7,968 | 637 | 9,768 | 781 |
|
| a | b | c | d | e | f | g |
In millions of euros | VaR | SVaR | IRC(1) | CRM(2) | Standardised approach | Total RWAs | Total capital requirements | |
1 | 30 September 2024 | 4,519 | 9,909 | 6,373 | 754 | 7,567 | 29,122 | 2,330 |
2 | Asset size and quality | 158 | 311 | (1,963) | 102 | 100 | (1,292) | (103) |
3 | Model update |
|
|
|
|
|
|
|
4 | Methodology and policy |
|
|
|
|
|
|
|
5 | Acquisitions and disposals |
|
|
|
|
|
|
|
6 | Currency |
|
|
|
|
|
|
|
7 | Other | (3) | (6) |
|
| 301 | 293 | 23 |
8 | 31 December 2024 | 4,675 | 10,214 | 4,410 | 856 | 7,968 | 28,123 | 2,250 |
| ||||||||
|
| a | b | c | d | e | f | g |
In millions of euros | VaR | SVaR | IRC(1) | CRM(2) | Standardised approach | Total RWAs | Total capital requirements | |
1 | 31 December 2023 | 4,134 | 9,050 | 5,170 | 661 | 9,768 | 28,783 | 2,303 |
2. | Asset size and quality | 537 | 1,158 | (760) | 195 | 120 | 1,250 | 100 |
3 | Model update |
|
|
|
|
|
|
|
4 | Methodology and policy |
|
|
|
|
|
|
|
5 | Acquisitions and disposals |
|
|
|
| (144) | (144) | (11) |
6 | Currency |
|
|
|
|
|
|
|
7 | Other | 4 | 7 |
|
| (1,776) | (1,766) | (141) |
8 | 31 December 2024 | 4,675 | 10,214 | 4,410 | 856 | 7,968 | 28,123 | 2,250 |
| ||||||||
The change in market risk-weighted assets in 2024 is explained mainly by an decrease of -EUR 1.8 billion in foreign exchange and a -EUR 0.8 billion of IRC, partly offset by an increase of +EUR 1.2 billion in Stressed Var and +EUR 0.5 billion in VaR due to business development.
Market risk arises mainly from trading activities carried out within Corporate & Institutional Banking (CIB), mainly within Global Markets and encompasses different risk factors defined as follows:
Trading activities at BNP Paribas are directly related to economic relations with business line customers, or indirectly as part of market-making activities.
The market risk management system aims to track and control market risks as well as control financial instrument valuation whilst ensuring that the control functions remain totally independent from the business lines.
Within RISK, three departments are responsible for monitoring market risk:
This mission consists of defining, measuring and analysing risk factors and sensitivities, as well as measuring and controlling Value at Risk (VaR), the global indicator of potential losses. RISK ensures that all business activity complies with the limits approved by the various committees and approves new activities and major transactions, reviews and approves position valuation models and conducts a monthly review of market parameters (MAP review) in association with the Valuation and Risk Control Department (V&RC).
Market Risk and financial instrument valuation monitoring is structured around several formal committees:
As part of BCBS 239 Principles for effective risk data aggregation and risk reporting by the Basel Committee, a quarterly reconciliation process ensures that the entire trading portfolio of Front Office systems is correctly represented in the Group’s RISK and Finance & Strategy systems, and in particular:
This quarterly process is structured around the Effective Coverage of Portfolios Committee (EC) which validates the reconciliation results and any corrective and prevention actions undertaken subsequent to any discrepancies observed.
Financial instruments in the prudential trading book are valued and reported at market or model value through P&L, in compliance with applicable accounting standards. Such can also be the case of financial instruments classified in the banking book.
Portfolio valuation control is described in the Charter of Responsibility for Valuation, which sets out the division of responsibilities. These governance policies and practices also apply to all ALM Treasury activities.
In addition to the charter, the relevant valuation controls are detailed in specific policies. The main processes that together form the valuation control governance mechanism are set out below.
This control is under the responsibility of middle-office teams. However, the most complex transactions are controlled by RISK.
Price verification is managed jointly by Valuation and Risk Control (V&RC) and RISK. Daily controls are performed on the most liquid parameters and a comprehensive and formal review of all the market parameters is performed at month end. The types of parameters controlled by V&RC are listed precisely; these are essentially the parameters for which an automatic control against external sources can be implemented (security prices, vanilla parameters); this may include the use of consensus price services. RISK is in charge of controlling valuation methodologies as well as the most complex parameters that are very dependent on the choice of models.
The general principles of the Market Parameter review are described in the Charter of Responsibility for Valuation as well as specialised global policies such as the Global Marking and Independent Price Verification Policy and MAP Review Principles. The specific methodologies are described in documents known as the MAP Books organised by product lines and regularly updated. The responsibilities of RISK and V&RC are defined for each point in time and the conclusions of the Market Parameter reviews are documented in the MAP review finding documents.
The outcome of the Market parameter review is the estimation of valuation adjustments communicated to the middle-office, which enters it in the accounting records. The results are communicated to the Trading management during the Valuation Review Committees. The opinion of the control functions prevails, however, significant and persistent disagreement can be escalated to the PFC.
The governance of model controls is described in the Valuation Methodology Control Policy (VMCP).
Front office quantitative analysts design and propose the methodologies used to value the product and measure the risks that are used to take trading decisions. The research team and IT are responsible for the implementation of these models in the systems.
The independent control of the valuation models falls under the responsibility of RISK and includes:
RISK defines and calculates “reserves”. These are adjustments to the market or model value affecting both the accounting valuation and regulatory capital. They can be considered either as the exit cost of a position or as a premium for risks that cannot be diversified or hedged, as appropriate.
The reserves primarily cover:
A general valuation adjustment policy exists. Reserve methodologies are documented by RISK for each product line and these documentations are updated regularly. The analysis of reserve variations is reported at the monthly VRC.
Reserve methodologies are improved regularly and any change is a Valuation Model Event. Reserve improvements are generally motivated by the conclusion of a model review or by the calibration to market information during the Market parameter review process.
Additional Valuation Adjustments (AVA) are calculated in accordance with the Commission delegated Regulation (EU) No. 2016/101.
This delegated regulation supplements the requirements of article 105 of the CRR with regard to regulatory technical standards for prudent valuation of financial instruments in the trading portfolio. It specifies that the scope of application of these requirements covers all instruments measured according to article 34 of the CRR, based on the proportion of the accounting valuation change that impacts Tier 1 capital.
The regulatory technical standards set out the definitions and a framework for measurement and control for the elements of valuation uncertainty that must be considered when determining a prudent valuation under article 105. The standard also sets a target level of valuation certainty: the Bank must be 90% confident that it could liquidate the instrument at a better price than the prudent valuation.
To apply these requirements, the first step is to define Prudent Valuation Adjustments (PVA). These adjustments correspond to the different types of risks and costs that could lead to exit costs, relative to the mid-market value (or the expected value). The main categories are the liquidation cost, the risk related to uncertainties regarding market prices, concentration risk and valuation model risk. PVAs are calculated for each exposure on a granular level.
Based on these PVAs and for each exposure and risk type, BNP Paribas calculates the AVA (Additional Valuation Adjustments) that may be necessary, in addition to the reserves already taken into account in the valuation for the same exposure and risk type, to achieve the target valuation certainty level.
For some types of risk, the calculation of AVAs includes a diversification effect. This reflects the fact that the amount of the additional adjustments that are necessary with respect to all positions are less than the sum of the additional adjustments that may be required for the positions or risks taken individually.
The AVA amounts are deducted from Common Equity Tier 1 capital.
Some transactions are valued with non-observable parameters. Accounting norms require the recognition of any Day One P&L where these parameters are used. The deferred net margin on reserves is recognised through profit or loss in proportion to the anticipated duration of the transaction or the period for which the inputs will be non-observable.
RISK works with Finance, middle-offices, and business lines on the process of identifying and handling these profit and loss items, in order to determine whether a type of parameter or transaction is observable or not in accordance with the observability rules, which are moreover duly documented and approved in the Valuation Methodology Committee.
The P&L impact of the P&L deferral is calculated by the middle-office or the Finance teams, according to the scope.
The accounting treatment of the deferred margin is explained in note 1.f.10 Determination of fair value to the consolidated financial statements.
Market risk is first analysed by systematically measuring portfolio sensitivity to various market parameters. The results of these sensitivity analyses are compiled at various aggregate position levels and compared with market limits.
The Group uses an integrated system to follow the trading positions on a daily basis and manage VaR calculations. This system not only tracks the VaR, but also detailed positions and sensitivities to market parameters based on various criteria (such as by currency, product, counterparty). This system is also configured to include trading limits, reserves and stress tests.
Responsibility for limit setting and monitoring is delegated at three levels, which are, in order of decreasing importance: FMRC, followed by the Head of the business line and finally the manager of a trading portfolio. Limits may be changed either temporarily or permanently, in accordance with the level of delegation and the prevailing procedures. Appropriate escalation mechanisms are in place to ensure that the independent view from the RISK Function on the level of limits is heard.
RISK reports, through various risk analyses and dashboards, to Executive Management and business lines’ Senior Management on its risk analysis work (limit, VaR monitoring, core risk analysis, etc.). The reporting and diffusion of the main summary reports on risk are carried out by the MFI MI (Markets and Financial Institutions - Management Information) team within RISK.
The following reports are generated on a regular basis:
The VaR is a statistical measure indicating the worst loss expected for a given portfolio over a given time horizon and within a given confidence interval under normal market movements. It is not a maximum loss and it can potentially be exceeded in some cases, for example in the event of abnormal market conditions.
The BNP Paribas VaR calculation uses an internal model which has been approved by the banking supervisor. The BNP Paribas VaR methodology aims to accurately compute a one-day Value at Risk at the 99% confidence level.
The VaR calculation is based on a Monte-Carlo approach, which not only performs normal or log-normal simulations but also accounts for the non-normality often observed in financial markets as well as correlation between risk factors. An equally weighted one-year rolling window of historical market data (updated fortnightly) is used to calibrate the Monte-Carlo simulation.
The principal groups of simulated factors include: interest rates, credit spreads, exchange rates, equity prices, commodities prices, and associated volatilities. Changes in risk factors are proportional (share prices, volatility, CDS spreads) or absolute (rates excluding OIS, spreads, repo rates, correlations).
The valuation method used varies depending not upon the product but upon the type of risk we are capturing. To generalise, the methods used are either sensitivity based or full revaluation based on grid interpolation to incorporate both linear and, especially for derivatives, non-linear effects. In both cases, BNP Paribas calculates the general and specific risk as a whole, taking into account the diversification effect by correlating market parameters.
The algorithms, methodologies and sets of indicators are reviewed and improved regularly to take into account the capital market evolution.
The scope of the BNP Paribas internal model covers the majority of capital market activities (Global Markets, ALM Treasury). As an indication, market risk based on the standardised approach (excluding securitisation positions in the trading book) represented less than 5% of the total market risk capital requirement at 31 December 2023, including foreign exchange risk.
VaR is a statistical measure that does not take into account losses outside a given confidence interval and does not apply to losses related to intraday market movements. Other risk measures, such as Stressed VaR (SVaR), IRC and CRM, complement the BNP Paribas Group’s market risk monitoring and management system.
The VaR set out below are calculated from an internal model, which uses parameters that comply with regulations in place. They correspond to measurements taken into account within the framework of monitoring market limits. They are based on a one-day time horizon and a 99% confidence interval.
In 2024, total average VaR for BNP Paribas was EUR 32 million (with a minimum of EUR 24 million and a maximum of EUR 45 million), after taking into account the -EUR 38 million netting effect between the different types of risks. These amounts break down as follows:
In millions of euros | Year to 2024 | Year to 2023 | ||||
Minimum(1) | Average | Maximum(1) | Last measure | Average | Last measure | |
Interest rate risk | 15 | 26 | 46 | 25 | 28 | 31 |
Credit risk | 7 | 11 | 17 | 10 | 11 | 9 |
Foreign exchange risk | 4 | 9 | 18 | 9 | 10 | 7 |
Equity price risk | 10 | 16 | 28 | 25 | 14 | 11 |
Commodity price risk | 5 | 8 | 15 | 10 | 7 | 5 |
Netting effect(1) |
| (38) |
| (45) | (39) | (30) |
TOTAL VALUE AT RISK | 24 | 32 | 45 | 33 | 31 | 33 |
| ||||||
The VaR (1 day, 99%) stood at a low level throughout 2024 thanks to prudent management.
RISK continuously tests the accuracy of its internal model through a variety of techniques, including in particular a regular comparison over a long-term horizon between actual daily losses on capital market transactions and one-day VaR.
This backtesting consists of making a comparison between the daily global trading book VaR and the actual result except fees and commissions. In accordance with the regulation, BNP Paribas supplements this “actual backtesting” method with a comparison between the daily VaR and the hypothetical result generated by the trading book, which is also known as “hypothetical backtesting”. The hypothetical result includes all components of the actual result, calculated on the previous day’s positions, only incorporating changes in market parameters. A backtesting event is declared when a real or hypothetical loss exceeds the daily VaR amount. The confidence interval selected for calculating daily VaR is 99%, which in theory means the observation of two to three events per year.
The number of events is calculated at least quarterly and is equal to the highest of the number of excesses for the hypothetical and actual variations in the portfolio value.
In 2024, no Group backtesting event was found.
The following histogram presents the distribution of the actual daily trading revenue of BNP Paribas, including intra-day revenues, fees and commissions. It indicates the numbers of trading days during which the revenue reached each of the levels marked on the x axis, in millions of euros.
Trading activities generated an actual positive result for 99% of the trading days in 2024 (versus 99% in 2023).
The VaR set out below are calculated from an internal model, which uses parameters that comply with the method recommended by the Basel Committee for determining estimated Value at Risk. They correspond to measurements taken into account within the framework of monitoring market limits. These are based on a ten-day time horizon and a 99% confidence interval, extrapolated from 1-day VaR amounts with the same confidence interval, by multiplying by a factor equal to the square root of ten.
In 2024, total average VaR (10-day, 99%) for BNP Paribas is EUR 102 million (with a minimum of EUR 77 million and a maximum of EUR 142 million), after taking into account the -EUR 119 million netting effect between the different types of risks. These amounts break down as follows:
In millions of euros | Year to 2024 | Year to 2023 | ||||
Minimum(1) | Average | Maximum(1) | Last measure | Average | Last measure | |
Interest rate risk | 48 | 83 | 144 | 78 | 90 | 98 |
Credit risk | 22 | 34 | 53 | 31 | 36 | 29 |
Foreign exchange risk | 11 | 28 | 58 | 28 | 31 | 22 |
Equity price risk | 31 | 51 | 89 | 78 | 43 | 35 |
Commodity price risk | 15 | 25 | 48 | 32 | 22 | 16 |
Netting effect(1) |
| (119) |
| (143) | (123) | (95) |
TOTAL VALUE AT RISK | 77 | 102 | 142 | 103 | 99 | 105 |
| ||||||
Stressed VaR is calibrated over a specified full twelve-month period, including a crisis period. This period applies across the Group, which must have comprehensive market data to calculate the risk measurements and remain relevant when applied to the current trading book. An expert committee reviews the period on a quarterly basis in accordance with a quantitatively informed approach among the three scenarios that generate the maximum stressed risk measures.
The current reference period for calibrating stressed VaR is from 3 January 2008 to 31 December 2008.
BNP Paribas uses the same calculation method as for calculating VaR, with market parameters determined based on this reference period.
The SVaRs presented below are based on a one-day time horizon and a 99% confidence interval and correspond to measurements taken into account within the framework of monitoring market limits.
SVaR (1-day, 99%) remained relatively stable in 2024 with a slight decrease in the average to EUR 233 million. Le niveau global est lié aux activités des marchés des actions et de crédit.
In millions of euros | Year to 2024 | Year to 2023 | ||||
Minimum | Average | Maximum | Last measure | Average | Last measure | |
Stressed Value at Risk | 56 | 74 | 106 | 80 | 75 | 70 |
The IRC approach measures losses due to default and ratings migration at the 99.9% confidence interval (i.e. the maximum loss incurred after eliminating the 0.1% worst events) over a capital of one year, assuming a constant level of risk. The scope to which IRC applies mainly includes plain vanilla credit products (bonds and CDS, excluding securitised products) from the trading book.
The calculation of IRC is based on the assumption of a constant level of risk over the one-year capital horizon, implying that the trading positions or sets of positions must be rebalanced during the one-year horizon in a manner that maintains the initial risk level. Positions that have reached maturity or are in default are thus rolled over at the beginning of the liquidity horizon.
The model, developed internally, is built around a rating-based simulation for each obligor, which captures both the risk of the default as well as the risk of rating migration. The dependency between debtors is integrated into a multi-factor asset return model, resulting in the rating migration, potential default and changes in credit spreads.
The performance of each debtor depends on four factors:
The model is calibrated quarterly over the period from 1 February 2010 to the end of the quarter preceding the calculation date based on the CDS spread data series, and the price of corporate and institutional shares.
The simulated returns are used to calculate the probability of change in rating – which is assigned to a credit rating scenario, then a credit spread – and to define a price variation grid associated with each debtor within a credit rating scenario. Positions that can be broken down by debtor are thus valued in the various simulated scenarios. Non-linear products such as credit index options are revalued directly.
IRC was up, with an average of EUR 446 million in 2024. This increase is linked to the increase in the risk of positions in European and US credit index options. The year-end level was EUR 272 million after a significant decrease in September 2024 thanks to active protection management.
CRM is an additional capital charge to the IRC which applies to the credit correlation portfolio (excluding securitisation products) from the trading book. It measures potential losses from a variety of specific price change risks (spread, correlation, recovery, credit migration, etc.) at the 99.9% confidence interval (i.e. the maximum loss incurred after eliminating the 0.1% worst events) over a capital and liquidity horizon or rebalancing frequency of one year, assuming a constant level of risk over this horizon.
The corporate correlation activity is an activity that consists of trading and risk managing mainly bespoke corporate CDOs and their hedges using single name CDS, CDS indices and index tranches. This activity falls under the structured credit activity trading within the Global Credit business line of Global Markets.
The valuation framework uses both market observable prices (particularly used for CDS, index and index tranches) and data established based on models for the implicit correlations and recovery rates, the same model of returns and dependency between debtors, similar to that used for the IRC. The calibration is carried out on an annual basis. The correlation portfolio comprises complex non-linear products. Each product is revalued directly in the various simulated scenarios.
|
| a |
|
In millions of euros | 31 December 2024 | 31 December 2023 | |
| VaR (10 days, 99%) |
|
|
1 | Maximum value | 142 | 141 |
2 | Average value | 102 | 99 |
3 | Minimum value | 77 | 71 |
4 | Period end | 103 | 105 |
| SVaR (10 days, 99%) |
|
|
5 | Maximum value | 335 | 358 |
6 | Average value | 233 | 239 |
7 | Minimum value | 176 | 190 |
8 | Period end | 251 | 221 |
| IRC(1) (99.9%) |
|
|
9 | Maximum value | 671 | 594 |
10 | Average value | 446 | 288 |
11 | Minimum value | 232 | 154 |
12 | Period end | 272 | 324 |
| CRM(2) (99.9%) |
|
|
13 | Maximum value | 113 | 82 |
14 | Average value | 51 | 42 |
15 | Minimum value | (8) | 0 |
16 | Period end | 31 | 15 |
| |||
For securitisation positions treated as financial assets at fair value for accounting purposes, changes in market value, except accrued interest on fixed-income securities, are recognised in the profit and loss account under “Net gain/loss on financial instruments at fair value through profit or loss”.
For ABS positions outside the correlation book, the standardised capital charge applies (as per the standard method for banking books). The capital requirements are determined on the basis of the asset’s external rating. The capital calculation is based on the second-worst rating of the three rating agencies.
|
| i | j | k |
|
|
|
In millions of euros | 31 December 2024 | ||||||
| Investor | ||||||
EAD | RWA | ||||||
Traditional | Synthetic | Traditional | Synthetic | ||||
STS | Non-STS | STS | Non-STS | ||||
2 | Retail | 73 | 344 | - | 19 | 353 | - |
3 | Residential mortgages | 13 | 148 |
| 4 | 83 |
|
4 | Credit card receivables | 7 | 51 |
| 1 | 30 |
|
5 | Other retail exposures | 53 | 145 |
| 15 | 241 |
|
6 | Re-securitisation |
|
|
|
|
|
|
7 | Corporates | 6 | 702 | - | 1 | 419 | - |
8 | Loans to corporates |
| 483 |
|
| 293 |
|
9 | Commercial mortgage |
| 156 |
|
| 91 |
|
10 | Finance lease and trade receivables | 6 | 55 |
| 1 | 29 |
|
11 | Other assets |
| 8 |
|
| 6 |
|
12 | Re-securitisation |
|
|
|
|
|
|
1 | TOTAL | 79 | 1,046 | - | 20 | 772 | - |
|
| i | j | k |
|
|
|
In millions of euros | 31 December 2023 | ||||||
| Investor | ||||||
EAD | RWA | ||||||
Traditional | Synthetic | Traditional | Synthetic | ||||
STS | Non-STS | STS | Non-STS | ||||
2 | Retail | 85 | 452 | - | 89 | 243 | - |
3 | Residential mortgages | 15 | 109 |
| 6 | 44 |
|
4 | Credit card receivables | 6 | 39 |
| 48 | 13 |
|
5 | Other retail exposures | 63 | 304 |
| 34 | 186 |
|
6 | Re-securitisation |
|
|
|
|
|
|
7 | Corporates | 43 | 504 | - | 6 | 452 | - |
8 | Loans to corporates | 0 | 400 |
|
| 369 |
|
9 | Commercial mortgage | 0 | 19 |
|
| 23 |
|
10 | Finance lease and trade receivables | 43 | 57 |
| 6 | 53 |
|
11 | Other assets | 0 | 29 |
|
| 7 |
|
12 | Re-securitisation |
|
|
|
|
|
|
1 | TOTAL | 128 | 957 | - | 94 | 694 | - |
In millions of euros | 31 December 2024 | ||||||||
Risk weight | Securitisation positions | Capital requirements | |||||||
Short positions | Long positions | Short positions | Long positions | Total | |||||
Securitisation | Re-securitisation | Total | Securitisation | Re-securitisation | Total | ||||
7% – 10% |
|
| - | 36 |
| 36 |
| 0 | 0 |
12% – 18% |
|
| - | 386 |
| 386 |
| 5 | 5 |
20% – 35% | 0 |
| 0 | 424 |
| 424 | 0 | 11 | 11 |
40% – 75% |
|
| - |
|
| - |
|
| - |
100% | 0 |
| 0 | 178 |
| 178 | 0 | 23 | 23 |
250% |
|
| - | 40 |
| 40 |
| 11 | 11 |
425% |
|
| - | 16 |
| 16 |
| 7 | 7 |
650% |
|
| - | 10 |
| 10 |
| 6 | 6 |
Deduction(1) |
|
| - | 35 |
| 35 |
|
|
|
TOTAL | 0 | - | 0 | 1,125 |
| 1,125 | 0 | 63 | 63 |
| |||||||||
In millions of euros | 31 December 2023 | ||||||||
Risk weight | Securitisation positions | Capital requirements | |||||||
Short positions | Long positions | Short positions | Long positions | Total | |||||
Securitisation | Re-securitisation | Total | Securitisation | Re-securitisation | Total | ||||
7% – 10% |
|
| - | 68 |
| 68 |
| 1 | 1 |
12% – 18% |
|
| - | 467 |
| 467 |
| 7 | 7 |
20% – 35% |
|
| - | 292 |
| 292 |
| 8 | 8 |
40% – 75% |
|
|
|
|
|
|
|
|
|
100% |
|
| - | 163 |
| 163 |
| 18 | 18 |
250% |
|
| - | 61 |
| 61 |
| 17 | 17 |
425% |
|
| - | 4 |
| 4 |
| 2 | 2 |
650% |
|
| - | 17 |
| 17 |
| 11 | 11 |
Deduction(1) |
|
| - | 13 |
| 13 |
|
|
|
TOTAL | - | - | - | 1,084 |
| 1,084 | - | 63 | 63 |
| |||||||||
A series of stress tests are performed to simulate the impact of extreme market moves on the value on the global trading books. Stress tests cover all market activities applying a range of stressed market conditions.
The fundamental approach of the current trading book stress testing framework combines “bottom-up” and “top-down” stress testing:
It is the combination of such top-down and bottom-up scenarios that leads to the construction of the FMRC adverse scenario for the trading books. The official top-down stress scenarios are presented at each FMRC meeting along with the FMRC Adverse global stress scenarios and any bottom-up stress tests on complex products yielding significant results.
The results of all stress tests are reviewed regularly by Executive Management and sent to the Board of directors.
The scenarios take market liquidity into account by simulating the drying up of certain assets or product liquidity as the stress event unfolds. To understand this process, it can be simplified by considering an approach where the time horizon for the stress shock can vary between different instruments/assets (hence more advanced scenarios can take certain idiosyncratic factors into account). Moreover, it may sometimes be required to quantify the impact of a stress event occurring with re-hedging assumptions factored into part of the exposure under stress.
Stress testing is governed by the Stress testing steering Committee (STSC). The committee meets approximately monthly and sets the direction of all internal RISK departmental stress scenario developments, infrastructure, analysis and reporting. The STSC governs all internal stress testing matters relating to both market and counterparty risk and decides upon the detailed definition of the FMRC stress tests.
Stress testing is the core element of the tail risk analysis, which is also captured through the stressed Value at Risk, the Incremental Risk Charge and the Comprehensive Risk Measure. Furthermore, the risk of a rare event used in the form of the “average loss in addition to VaR” (Expected Shortfall) in allocating capital in respect of market risk between business lines is an additional element allowing tail risk in the management and monitoring of market risk to be taken into account.
Interest rate and foreign exchange risks related to banking intermediation activities and investments are managed by the cross-functional ALM Treasury Department. At Group level, the ALM-Treasury Department is directly overseen by the Group Senior Executive Advisor. BNP Paribas SA’s ALM Treasury Department exercises functional authority over the ALM Treasury teams of each entity or group of entities covering the entire Group perimeter. Strategic decisions are made by the Asset and Liability Committee (ALCo), which oversees ALM Treasury’s activities. These committees have been set up at Group, entity or group of entities level.
The foreign exchange risk gives rise to a weighted assets calculation under Pillar 1. The interest rate risk falls under Pillar 2.
Foreign exchange risk relates to all transactions part of the banking book.
Group entities calculate their net position in each currency, including the euro. The net position is equal to the sum of all asset items less all liability items plus off-balance sheet items (including the net forward currency position and the net delta-based equivalent of the currency option book), less structural, non-current assets (long-term equity interests, property, plant and equipment, and intangible assets) subject to exemption. These positions are converted into euros at the exchange rate prevailing on the reporting date and aggregated to give the Group’s overall net open position in each currency. The net position in a given currency is long when assets exceed liabilities and short when liabilities exceed assets. For each Group entity, the net currency position is balanced in the relevant currency (i.e. its reporting currency) such that the sum of long positions equals the sum of short positions.
The rules for calculating the capital requirement for foreign exchange risk are as follows:
The amounts involved are set out in Table 82: Market risk under the standardised approach (EU MR1).
So-called “operating” foreign exchange risk exposure relates to net earnings generated by activities conducted in currencies other than the functional currency of the entity concerned. The Group’s policy is to hedge the variability of its net income due to currency movements. To this end, earnings generated in a currency other than the functional currency of a given entity of the Group are hedged locally.
The so-called “structural” foreign exchange position of an entity relates to investments in currencies other than the functional currency. This position mainly results from the capital endowment of the branches and equity investments in foreign currencies financed by buying the investment currency. This structural foreign exchange position, adjusted for any intangibles, constitutes patrimonial exposure.
The Group’s policy is to hedge portfolio exposure to liquid currencies, while at the same time maintaining the solvency ratio’s limited sensitivity to exchange rate fluctuations. For this, borrowings in the same currency as the investment are used as an alternative to financing by purchasing the currency in question. Borrowings are recognised as hedges of investments.
Interest rate risk in the banking book, or global interest rate risk, is the risk of variability in results as a result of mismatches in interest rates, maturities and nature between assets and liabilities in the banking book. This risk arises in non-trading portfolios.
The Board of directors assigns responsibility to the Chief Executive Officer for management of interest rate risk in the banking book. The Board of directors is informed quarterly on the principles governing interest rate policy and the Group’s position through the Internal Control, Risk Management and Compliance Committee (CCIRC).
The Chief Executive Officer delegates management responsibility to the Group ALM Treasury Committee (Asset and Liability Management Committee). The permanent members of the Group ALM Treasury Committee are the Group Senior Executive Advisor (Chairman), the Delegate Deputy Chief Operating Officers, the Group Chief Risk Officer, the Group Chief Financial Officer, the Group ALM Treasury Head. The Head of General Inspection and the Head of Compliance are also invited. This committee is responsible for tracking interest rate risk monitoring indicators, proposing the Group’s interest rate risk profile and assigning limits.
ALM Treasury is responsible for the analysis of the management proposals and operational implementation of decisions related to managing the interest rate risk of the banking book as part of its delegated management.
The RISK Function participates in the Group ALM Treasury Committee and the local ALM Treasury Committees (ALCo) and oversees implementation by ALM Treasury of the relevant decisions made by these committees. It also provides second-line control by reviewing the models and risk indicators, monitoring the level of risk indicators and ensuring compliance with the limits assigned.
The banking book consists of the Group’s total bank balance sheet, excluding trading book transactions. This includes intermediation transactions (deposits, loans, etc.), non-commercial balance sheet items (equity, fixed assets, etc.) and banking book risk management activities, including derivatives used for the management of interest rate risk on the banking book (notably when they are ineligible for hedge accounting under IFRS).
Banking book interest rate risk in each BNP Paribas entity is systematically transferred to ALM Treasury, through internal analytic contracts or lending/borrowing transactions. For the Group as a whole, ALM Treasury is responsible for managing the interest rate risk transferred in this way.
Decisions concerning the management of interest rate risk are made and monitored during monthly or quarterly committee meetings by entity or group of entities, attended by representatives of local ALM Treasury, Group ALM Treasury, FINANCE & STRATEGY and RISK Functions and senior management of the entities and/or businesses.
Rate positions are measured taking into account the specific features of the risks managed. Hence, the Group has defined the concepts of standard rate risks and structural rate risks. The standard rate risk corresponds to the general case, namely when it is possible to define uniquely the most appropriate hedging strategy for a given transaction. The structural rate risk is the interest rate risk for equity and non-interest-bearing current accounts: the investment of these balance sheet items generates regular revenues but are sensitive to interest rate levels. However, it is not possible to define a single hedging strategy to fully neutralise this sensitivity. In this case, the Group included all the possible so-called “neutral” management strategies in terms of interest rate risk.
Interest rate risks are analysed in terms of interest rate gaps that measure for each future period the potential rate characteristic mismatches between assets and liabilities (fixed rate and indexation type). In the interest rate gaps, the optional effects, in particular linked to behavioural options, are embedded and translated into their delta equivalent. Value indicators are also used.
The maturity split is determined on the basis of the contractual terms of the transactions and observations of customer behaviour. For Retail Banking products, behavioural models are based on historical or forward data and econometric studies. These possible management strategies notably relate to early redemption and savings accounts. Moreover, the maturities of non-interest-bearing current accounts and of equity are calculated according to a more conventional approach defining a range of investments taking into account the objective of stabilising results and stability of deposits. For current accounts, average maturities are less than five years and the proportion invested beyond 10 years is negligible.
Incorporating dynamic changes in balance sheet items, the interest rate risk is measured through indicators of the sensitivity of revenues to interest rate changes on a going concern basis. This enables the partial or zero correlation between customer interest rates and market interest rates to be taken into account on the one hand, and the volume sensitivities to interest rates on the other hand, which create a risk to future revenues.
The choice of indicators and risk modelling are reviewed by RISK. The results and the adjustments following these reviews are presented and monitored to the committees on a regular basis.
The interest rate risk measurement indicators are consistently presented to the ALCos and serve as the basis for operating risk management decisions.
Interest rate risk indicators span the entire banking book as at 31 December 2024.
The interest rate gaps are subject to interest rate risk limits across all time horizons. These limits are calibrated based on the nature of the risks (standard or structural) at Group and entity level. They are reviewed annually.
The Group’s revenue sensitivity indicator is subject to limits and a warning threshold relative to the overall sensitivity level, also broken down by division and the main entities. Moreover, the Group regularly monitors the impact of stress scenarios on its revenues.
Net interest income sensitivities are calculated on the total banking book, over one-, two- and three-year rolling timeframes notably, for a parallel, instantaneous and definitive increase and decrease in market rates on all currencies over all the terms of ±50 basis points (±0.5%). These sensitivities are measured as deviations from the NII projection for the central rate scenario corresponding to future interest rates expected by the markets at estimation date (e.g. forward rates seen at the end of December 2024 for sensitivities at the end-2024). Other scenarios are also used to measure NII sensitivities, including instantaneous, parallel and definitive shocks of ±200 basis points.
The sensitivities include the direct impacts of market rates and business trends. Indirect effects on commercial activity linked to changes in outstandings and customer rates, are also taken into account. Thus, increases in sight non‑interest‑bearing current account balances, observed during the period of low or negative interest rates, are considered as situational to the low interest rates environment, and are assumed to decrease gradually when short‑term rates return to sufficiently positive levels.Having maintained interest rates at significant positive levels, led to sensitivities levels that existed before the low interest rate environment, as illustrated below by end-2023 sensitivities (end-December interest rates being punctually at lower levels compared to previous and subsequent weeks).
In millions of euros | 31 December 2024 | |
For +50 bps shock | For -50 bps shock | |
Year 1 | 147 | (134) |
Year 2 | 313 | (266) |
Year 3 | 574 | (516) |
In millions of euros | 31 December 2023 | |
For +50 bps shock | For -50 bps shock | |
Year 1 | 336 | (363) |
Year 2 | 401 | (378) |
Year 3 | 603 | (555) |
As the assets and liabilities of the Group’s banking intermediation business are not intended to be sold, they are not recognised or managed on the basis of their theoretical economic value measured by discounting future cash flows. Similarly, the theoretical economic value of the net assets does not affect the Group’s capital.
However, pursuant to the regulatory requirements and calculation methods laid down by the European Banking Authority (EBA), the ratios of sensitivity of the theoretical economic value of the net assets of the intermediation business in relation to Tier 1 capital are regularly calculated through 6 interest rate scenarios defined by the EBA (i.e. parallel up/down, steepening/flattening, short rates up/down). These ratios are compared to the -15% threshold used by the supervisor to identify situations where the interest rate risk in the banking book could be material.
The ratios at end-December 2024 are presented in the table below and are significantly below the materiality threshold of -15%. Across the six supervisory scenario, the lowest ratio stands at -3.2% below the level of end December 2024
After its approval by the European Commission and its publication in the Official Journal of the European Union in April 2024, the SOT NII entered into force in May 2024. The SOT NII refers to the sensitivity of the first year NII to parallel up/down interest rate scenarios (i.e. a ± 200 basis points shock for EUR and USD) assuming constant balance sheet (in terms of both size and mix) and constant commercial margin, expressed as a ratio to Tier One capital. For each currency, as for SOT EVE, the SOT NII weights positive sensitivities with a 50% factor and negative sensitivities with a 100% factor.
As of end-December 2024, the lowest ratio stands at -1.1%, well below the -5% materiality threshold.
Stress test scenarios (1) | 31 December 2024 | 31 December 2023 | |||
Change in the economic value as a percentage of equity (Tier 1) | Change in the Net Interest Income as a percentage of Tier 1 capital | Change in the economic value as a percentage of equity (Tier 1) | Change in the Net Interest Income as a percentage of Tier 1 capital | ||
1 | Parallel up | -2.70% | +0.40% | +0.30% |
|
2 | Parallel down | -3.20% | -1.10% | -5.40% |
|
3 | Steepener (decrease in short term rates, increase in long term rates) | +0.90% |
| +1.30% |
|
4 | Flattener (increase in short term rates, decrease in long term rates) | -2.70% |
| -3.10% |
|
5 | Short rates up | -2.80% |
| -2.00% |
|
6 | Short rates down | +1.30% |
| +0.80% |
|
| |||||
Hedges initiated by the Group consist mainly of interest rate or currency hedges using derivative financial instruments (swaps, options and forwards).
Depending on the hedging objective, derivative financial instruments used for hedging purposes are qualified either as fair value hedges, cash flow hedges, or hedges of net investments in foreign operations. Each hedging relationship is formally documented at inception. The documentation describes the hedging strategy, identifies the hedged item and the hedging instrument, and the nature of the hedged risk; and describes the methodology used to test the expected (prospective) and actual (retrospective) effectiveness of the hedge.
The Bank’s strategy for managing global interest rate risk is mainly based on closely monitoring the sensitivity of the Bank’s net income to changes in interest rates, factoring in all interest rate risks. The aim is to ensure the stability and regularity of the interest margin. This monitoring is based on an extremely accurate assessment of the risks incurred so that the Bank can determine the hedging strategy, after taking into account the effects of netting the different types of risk. These hedging strategies are defined and implemented by entity and by currency.
The hedges can comprise swaps and options and are typically accounted for as fair value hedges or cash flow hedges. They may also take the form of government securities and are classified on an accounting basis as “Financial assets at amortised cost” or “Financial assets at fair value through equity”.
The year 2024 was marked, on the one hand, by a stabilisation of the world’s growth and of the main economic zones (3.3% in 2023 and 3.2% in 2024 worldwide, 2.9% in 2023 and 2.8% in 2024 in the United States, 0.4% in 2023 and 0.8% in 2024 in the Euro Zone) and, on the other hand, by a divergence on the normalisation of inflation between economic zones. Indeed, a slowdown in the normalisation of inflation was observed in the United States (which remains above 3.0%), in non-Western countries ("Emerging Market and Developing Economies" at 7.8%), when the Euro zone benefited from the continued normalisation of the inflation at a level of 2.4% in 2024.
The European Central Bank was able to initiate a cycle of cuts in its key rate from June onwards, from 4.0% to 3.0% at the end of the year. The Federal Reserve began its own downward cycle in September, with a cumulative decrease of 1.00%.
Bond rates rose from January to May (German Bund 10-year bond yields rose from 2.05% to 2.70%, US U.S. Treasury, 10 years from 3.90% to 4.70%). In the second half of the year, US 10-year debt rates fell to 3.60% when the Federal Reserve first fell, and then rose by 1.00% until the end of the year. The Bund moved without a trend in the second half of the year between 2.05% and 2.40%.
Currency hedges are contracted by the ALM Treasury in relation to the Group’s investments in foreign currencies and its future foreign currency revenues. Each hedging relationship is formally documented at inception. The documentation describes the hedging strategy, identifies the hedged item and the hedging instrument, and the nature of the hedged risk and describes the methodology used to test the expected (prospective) and actual (retrospective) effectiveness of the hedge.
A hedging relationship is applied and documented for investments in subsidiaries and branches financed by foreign currency loans so as to record movements in exchange rates symmetrically and avoid impacts on the profit and loss account. In this context, these instruments are designated as net investment hedges. The amount of these loans stood at EUR 14 billion at 31 December 2024, compared with EUR 16 billion at 31 December 2023. The changes in value related to exchange differences recognised directly in equity with respect to these hedges amounted to -EUR 964 million in 2024, compared with -EUR 339 million at 31 December 2023.
During the 2024 financial year, no net investment hedging relationships were disqualified.
The amount recorded in the profit and loss account for 2024 with respect to the ineffective portion of hedges of net investments is immaterial.
Fair value hedges of interest rate risks relate either to identified fixed-rate assets or liabilities, or to portfolios of fixed-rate assets or liabilities. Derivatives are contracted to reduce the exposure of the fair value of these instruments to changes in interest rates.
Individual assets hedging consists mainly of securities classified as “Financial assets at amortised cost” or “Financial assets at fair value through equity”; individual liabilities hedging consists mainly of fixed-income securities issued by the Group.
Hedges of portfolios of financial assets and liabilities, constructed by currency, relate to:
To identify the hedged amount, the residual balance of the hedged item is split into maturity bands, and a separate amount is designated for each band. The maturity split is determined on the basis of the contractual terms of the transactions and historical observations of customer behaviour (early redemption assumptions and estimated default rates).
Demand deposits, which do not bear interest at contractual rates, are qualified as fixed-rate medium-term financial liabilities. Consequently, the value of these liabilities is sensitive to changes in interest rates. Estimates of future cash outflows are based on historical analyses.
For each hedging relationship, expected hedge effectiveness is measured by ensuring that for each maturity band, the fair value of the hedged items is greater than the fair value of the designated hedging instruments.
Actual effectiveness is assessed on an ex-post basis by ensuring that the monthly change in the fair value of hedged items since the start of the month does not indicate any over-hedging.
In terms of interest rate risk, the Group uses derivative instruments to hedge fluctuations in income and expenses arising on floating-rate assets and liabilities. Highly probable forecast transactions are also hedged. Hedged items are split into maturity bands by currency and benchmark interest rate. After factoring in early redemption assumptions and estimated default rates, the Group uses derivatives to hedge some or all of the risk exposure generated by these floating-rate instruments.
In terms of foreign exchange risk, the Group hedges against variability in components of consolidated net income. In particular, the Group may hedge future revenue flows (especially interest income and fees) derived from operations carried out by its main subsidiaries and/or branches in a currency other than their functional currencies. As in the case of interest rate hedges, the effectiveness of these hedging relationships is documented and assessed on the basis of forecast maturity bands.
The table below concerns the scope of BNP Paribas SA medium- and long-term transactions and shows the amount of hedged future cash flows (split by forecast date of realisation), which constitute the majority of the Group’s hedging transactions.
Period to realisation In millions of euros | 31 December 2024 | 31 December 2023 | ||||||
Less than 1 year | 1 to 5 years | More than 5 years | Total | Less than 1 year | 1 to 5 years | More than 5 years | Total | |
Hedged cash flows | 2,617 | 6,720 | 1,779 | 11,115 | 2,993 | 6,716 | 887 | 10,596 |
Liquidity risk is the risk that the Bank will not be able to honour its commitments or unwind or settle a position due to the market environment or idiosyncratic factors (i.e. specific to BNP Paribas), within a given timeframe and at a reasonable cost.
Liquidity risk reflects the risk of the Group being unable to fulfil current or future foreseen or unforeseen cash or collateral requirements, across all time horizons, from the short to the long term.
This risk may stem from the reduction in funding sources, drawdown of funding commitments, a reduction in the liquidity of certain assets, or an increase in cash or collateral margin calls. It may be related to the Bank itself (reputation risk) or to external factors (risks in some markets).
The Group’s liquidity risk is managed under a global liquidity policy approved by the Group’s ALM Treasury Committee. This policy is based on management principles designed to apply both in normal conditions and in a liquidity crisis. The Group’s liquidity position is assessed on the basis of internal indicators and regulatory ratios.
The objectives of the Group’s liquidity management policy are to secure a balanced financing structure for the development of BNP Paribas business activities, and to ensure it is sufficiently robust to cope with crisis situations.
The liquidity risk management framework relies on:
The Group’s liquidity policy defines the management principles that apply across all Group entities and businesses and across all time horizons.
As for all risks, the Group Chief Executive Officer is granted authority by the Board of directors to manage the Group’s liquidity risk. The Chief Executive Officer delegates this responsibility to the Group ALM Treasury Committee.
The Internal Control, Risk Management and Compliance Committee (CCIRC) reports quarterly to the Board of directors on liquidity policy principles and the Group’s liquidity position.
The Group ALM Treasury Committee is responsible for:
In particular, the Group ALM Treasury Committee is informed about funding programmes and programmes to build up liquidity reserves, simulations in crisis conditions (stress tests), and about all events that may arise in crisis situations.
The Group ALM Treasury Committee is tasked with defining the management approach in periods of crisis (emergency plan). This framework is based on:
The Group ALM Treasury Committee meets every month under normal conditions and more often in stressed conditions or to deal with specific issues.
The permanent members of the Group ALM Treasury Committee are the Group Senior Executive Advisor (Chairman), the Delegate Deputy Chief Operating Officers, the Chief Risk Officer, the Group Chief Financial Officer and the Group ALM Treasury Head. Other members represent the RISK Function, Finance & Strategy Function and ALM Treasury. The Head of General Inspection and the Head of Compliance are also invited.
Across the Group, ALM Treasury is responsible for the operational implementation of the Group ALM Treasury Committee’s liquidity management decisions. The ALM Treasury Committees in entities or groups of entities are responsible for local implementation of the strategy decided by the Group ALM Treasury Committee to manage the Bank’s liquidity risk.
ALM Treasury is responsible for managing liquidity for the entire Group across all maturities. In particular, it is responsible for funding and short-term issuance (certificates of deposit, commercial paper, etc.), for senior and subordinated debt issuance (MTNs, bonds, medium/long‑term deposits, covered bonds, etc.), preferred share issuance, and loan securitisation programmes for the Group. ALM Treasury is tasked with providing internal funding to the Group’s divisions, operating entities and business lines, and investing their surplus cash. It is also responsible for building up and managing liquidity reserves, which comprise assets that can be easily sold in the event of a liquidity squeeze.
RISK participates in the Group and local ALM Treasury Committees and oversees implementation by ALM Treasury of the relevant decisions made by these committees. It provides second-line control by reviewing the models and risk indicators (including liquidity stress tests), monitoring risk indicators and ensuring compliance with the limits assigned.
Finance is responsible for producing the regulatory liquidity indicators, as well as the internal monitoring indicators. Finance oversees the consistency of the internal monitoring indicators with the objectives defined by the Group ALM Treasury Committee. Finance takes also part in the Group and local ALM Committees.
Internal liquidity risk management and internal monitoring are based on a large range of indicators at various maturities. These indicators are measured on a regular basis by currency and maturity, both at Group level and entity level.
The management indicators relate to funding needs of Group’s business lines under normal and stressed conditions. These indicators are part of the Group’s budget management framework, with targets and regular (monthly) monitoring of the deviations from the objectives set.
The funding needs associated with the activity of the Group’s businesses are managed in particular by measuring the difference between commercial funding needs (customer loans and overdrafts, trading assets, etc.) and commercial funding resources (customer deposits, sale of the Group’s debt securities to customers, trading liabilities, etc.). This indicator makes it possible to measure the business lines’ liquidity consumption under a normal business scenario.
It is supplemented by indicators to measure the funding needs of the business lines in one month and one year depending on the assumptions defined by European regulations in force (Liquidity Coverage Ratio) and (Net Stable Funding Ratio).
In addition to this commercial funding need indicators, the Group closely monitors the liquidity reserves and the refinancing provided by ALM Treasury, as well as the Group’s structural resources (i.e. net own funds).
The overall management of the business funding needs, the Group’s structural resources, funding and liquidity reserves made by the ALM Treasury allows the Group to achieve a structurally robust liquidity situation able to resist severe liquidity stresses.
Business lines’ consumption of liquidity is thus integrated in the Group’s budget process, wherein each business line estimates its future liquidity needs, in keeping with its profitability targets and capital consumption objectives. During the iterative budget process, liquidity consumption objectives are allotted to the business lines, taking into account the funding provided by ALM Treasury and structural resources, in line with the Group’s overall target. This process is regularly renewed, monitored and adjusted as appropriate throughout the year by the Group ALM Treasury Committee.
All of the Group’s assets and liabilities are subject to internal liquidity pricing, the principles of which are decided by the Group ALM Treasury Committee and aim to take account of trends in the cost of market liquidity and the balance between assets and liabilities within the Group’s development strategy.
At end-2024, the businesses had a net liquidity surplus, asthe last year (deposits higher than loans). Group’s net equity is added to this surplus leading to an overall liquidity surplus.
In this context, the funding provided by ALM Treasury is used to finance the liquidity reserve, while also correcting the structural differences between assets and liabilities (by maturity term) and covering TLAC (Total Loss-Absorbing Capacity) requirements, as well as future Minimum Requirement for own funds and Eligible Liabilities (MREL).
The Group maintains a large surplus in liquidity.
The Group adopted a broad definition of wholesale funding, covering all funds excluding those provided by:
This definition is broader than market funding. For example, it includes medium- to long-term debt placed in funds for individuals and, in the short-term portion, non-operating deposits in the Securities Services business.
The Group has a conservative policy for the management of its wholesale funding by ensuring that it does not depend on very short-term funding and diversifying these funding sources.
Thus, wholesale funding with an original maturity of less than one month, so-called very short-term wholesale funding, is systematically “sterilised” by being placed in immediately-available deposits in central banks so that it is not used to fund the Group’s business.
The Group ensures that short-term wholesale funding (with original maturity of between one month and one year) is diversified in terms of counterparty, industry and residual maturity. Any excess concentration on one of these criteria is systematically “sterilised” and placed in central bank deposits.
Medium- to long-term wholesale market funding (with original maturity over one year) is diversified in terms of investor type, distribution network, funding programme (secured or unsecured), and by geographical area to ensure diversification. Furthermore, the Group aims to optimise the term structure of its funding operations.
At end of 2024, sterilised very short-term wholesale funding totalled EUR 76.4 billion (leading to the sterilisation of an equivalent amount in the Group’s liquidity reserve), diversified short-term wholesale funding totalled EUR 161.4 billion and diversified medium-to long-term wholesale funding totalled EUR 246.4 billion.
The breakdown of funding by currency corresponds to the Group’s needs and to a diversification objective.
In millions of euros | 31 December 2024 | |||
EUR | USD | Other | Total | |
Sterilised very short-term wholesale funding | 45,571 | 16,736 | 14,091 | 76,398 |
Short-term wholesale funding | 68,716 | 53,259 | 39,459 | 161,435 |
Medium- to long-term wholesale funding | 116,000 | 97,437 | 32,922 | 246,358 |
TOTAL WHOLESALE | 230,287 | 167,433 | 86,471 | 484,191 |
In millions of euros | 31 December 2023 | |||
EUR | USD | Other | Total | |
Sterilised very short-term wholesale funding | 38,358 | 20,243 | 12,328 | 70,930 |
Short-term wholesale funding | 56,676 | 46,920 | 33,805 | 137,400 |
Medium- to long-term wholesale funding | 105,461 | 85,776 | 26,485 | 217,722 |
TOTAL WHOLESALE | 200,495 | 152,939 | 72,618 | 426,052 |
The instruments are shown at their net carrying amount (including in particular accrued unpaid interest and the revaluation of the hedged portion).
In millions of euros | 31 December 2024 | |||||||
Tier 1 hybrid debt | Tier 2 subordinated debt | Subordinated debt not eligible to own funds | Unsecured senior debt | Secured MLT funding | Monetary policy funding | TOTAL | ||
Non-preferred | Preferred | |||||||
Total MLT funding | 15,872 | 25,683 | 2,487 | 73,487 | 141,770 | 13,648 | - | 272,946 |
MLT debt placed with clients |
| (282) |
| (247) | (26,058) | (2) |
| (26,588) |
Monetary policy |
|
|
|
|
|
| - | - |
WHOLESALE MLT FUNDING | 15,872 | 25,401 | 2,487 | 73,240 | 115,712 | 13,646 | - | 246,358 |
In millions of euros | 31 December 2023 | |||||||
Tier 1 hybrid debt | Tier 2 subordinated debt | Subordinated debt not eligible to own funds | Unsecured senior debt | Secured MLT funding | Monetary policy funding | TOTAL | ||
Non-preferred | Preferred | |||||||
Total MLT funding | 14,901 | 20,748 | 1,600 | 73,499 | 109,123 | 15,524 | 18,162 | 253,556 |
MLT debt placed with clients |
|
|
|
| (17,673) |
|
| (17,673) |
Monetary policy |
|
|
|
|
|
| (18,162) | (18,162) |
WHOLESALE MLT FUNDING | 14,901 | 20,748 | 1,600 | 73,499 | 91,450 | 15,524 | - | 217,722 |
In millions of euros | Outstanding | New origination | Redemptions | Buy-backs | Exercise of calls | Perimeter effect and other | Outstanding |
|---|---|---|---|---|---|---|---|
Total MLT funding | 253,556 | 77,826 | (49,204) | (3,371) | (22,321) | 16,459 | 272,946 |
MLT debt placed with clients | (17,673) | (10,882) | 1,667 | 273 |
| 28 | (26,588) |
Monetary policy | (18,162) |
| 18,162 |
|
|
| - |
WHOLESALE MLT FUNDING | 217,722 | 66,944 | (29,376) | (3,098) | (22,321) | 16,487 | 246,358 |
Total medium- to long-term wholesale funding outstandings stood at EUR 246.4 billion at 31 December 2024 against EUR 217.7 billion at 31 December 2023.
Wholesale funding raised by the Group in the markets with an initial maturity of over 1 year reached EUR 66.9 billion in 2024, compared to EUR 71.7 billion in 2023.
In addition to the Group’s liquidity management targets, use of wholesale funding also satisfies regulatory requirements relating to Recovery and Resolution, with the application of the Total Loss Absorbing Capacity (TLAC) and Minimum Requirement on own funds and Eligible Liabilities (MREL) requirements (see paragraph Recovery and resolution in Capital adequacy and capital planning in section 5.2).
At 31 December 2024, BNP Paribas issued a total of EUR 78.8 billion (outstanding principal) of non-preferred senior debt (of which EUR 73.2 billion of wholesale debt is eligible for TLAC and MREL). This debt is composed of: public issues and private placements in various currencies with different maturities.
The main characteristics of these debt instruments are:
In addition, as at 31 December 2024, BNP Paribas issued a total of EUR 24.9 billion in senior preferred vanilla debt, eligible for the MREL requirement.
To meet the TLAC and MREL ratio requirements, the Group plans to issue EUR 16 billion of senior debt (senior preferred and senior non-preferred) in 2025, subject to market conditions. The Group had completed 28.6% of its issue programme for this category of debt as at 17 February 2025.
MLT secured wholesale funding is measured by separating out assets representing securities and loans. Funding obtained from central banks is not included in the table below.
In millions of euros | 31 December 2024 | 31 December 2023 | ||
Collateral used(1) | Funding raised(2) | Collateral used(1) | Funding raised(2) | |
Loans and receivables | 15,843 | 13,646 | 17,671 | 15,524 |
Securities |
|
|
|
|
TOTAL | 15,843 | 13,646 | 17,671 | 15,524 |
| ||||
MLT secured wholesale funding (outside of monetary policy) represents 5.5% of total MLT wholesale funding in 2024 (7.1% in 2023). The Bank carefully manages its proportion of secured funding and the associated overcollateralisation in order to protect creditors holding unsecured debt.
Covered bonds and securitisation programmes are the main sources of the Group’s secured financing. On average, covered bonds are collateralised by 116% and securitisation programmes by 113%.
The medium-to long-term liquidity positions are measured regularly at Group level by entity and by currency to evaluate the medium-to long-term resources and uses. To this end, each balance sheet item is given a maturity in an economic approach using models and conventions offered by ALM Treasury and reviewed by the RISK Function, or a regulatory approach by applying standardised weightings of the Net Stable Funding Ratio (NSFR). For example, despite their immediate availability, the current accounts of retail customers and those linked with corporates’ cash management activities always remain highly stable, even through the most severe financial crises, thus constituting stable medium- to long-term funding sources in both an economic and a regulatory approach.
Liquidity stress tests are performed regularly on various maturities (one day to twelve months) based on market factors and/or factors specific to the Group and using different scenarios: idiosyncratic (i.e. specific to BNP Paribas), systemic crisis (affecting financial institutions), and combined crisis scenarios.
For each crisis scenario considered, borrowings and liabilities are expected to only partially renew, while loan amortisations are expected to be replaced by new loans to protect the commercial franchise, off-balance sheet financing commitments are expected to be used, and market assets are expected to lose their market liquidity. Commitment renewal and utilisation are differentiated in intensity and in time, based on client type (individuals, small and medium enterprises, corporates, financial institutions, etc.) and/or the type of underlying for secured borrowings and loans (repos/reverse repos). Stress scenarios also cover calls for additional collateral (e.g. increased margin calls for collateralised derivatives, impact of “rating trigger” clauses).
The liquidity reserve consists of Group assets held by ALM Treasury and the capital market businesses. The liquidity reserve comprises:
The table below shows its trends.
In millions of euros | Average 2024 | 31 December 2024 | 31 December 2023 |
|---|---|---|---|
Total eligible assets | 601,247 | 607,240 | 618,359 |
Utilisations | (125,676) | (119,989) | (138,791) |
Transferability | (5,980) | (7,300) | (5,700) |
GLOBAL LIQUIDITY RESERVE | 469,592 | 479,944 | 473,867 |
Of which liquid assets meeting prudential regulation requirements (HQLA) | 380,615 | 384,600 | 402,700 |
Of which other liquid assets | 88,992 | 95,344 | 71,167 |
The Group’s liquidity reserve stood at EUR 479.9 billion at end-2024, of which EUR 76.4 billion sterilising very short-term wholesale funding.
The Group’s liquidity reserve at 31 December 2024 increased by EUR 6.0 billion compared to end-2023.
The prudential liquidity scope defined by the BNP Paribas Group for monitoring and overseeing liquidity ratios on a consolidated basis is the one defined for its capital ratio adequacy, with the exception of jointly controlled entities which are consolidated under the equity method in the prudential liquidity scope (see Scope of application in section 5.2 Capital management and capital adequacy).
The 30-day Liquidity Coverage Ratio (LCR) came into force on 1 October 2015 setting the minimum coverage ratio for net cash outflows over a one-month time horizon, in a crisis situation, at 100% from 1 January 2018. The Group measures its liquidity requirements in accordance with the requirements of the Delegated Act adopted by the European Commission in January 2015, and has adapted its management process in keeping with this regulation. The management indicators for the businesses’ funding needs and the internal pricing terms therefore reflect the standardised assumptions set by the LCR and allow the Group to monitor compliance with this requirement.
The Group’s LCR for the period ending 31 December 2024 stood at 137%, versus 148% at 31 December 2023.
|
| a | b | c | d | e | f | g | h |
In millions of euros | Unweighted value | Weighted value | |||||||
31 December 2024 | 30 September 2024 | 30 June 2024 | 31 March 2024 | 31 December 2024 | 30 September 2024 | 30 June 2024 | 31 March 2024 | ||
| Number of data points used in the calculation of averages | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
| HIGH QUALITY LIQUID ASSETS (HQLA) |
|
|
|
|
|
|
|
|
1 | TOTAL HIGH QUALITY LIQUID ASSETS (HQLA) |
|
|
|
| 380,615 | 382,064 | 385,811 | 397,582 |
| CASH OUTFLOWS |
|
|
|
|
|
|
|
|
2 | Retail deposits (including small businesses) | 429,378 | 425,766 | 423,297 | 422,446 | 30,570 | 30,470 | 30,519 | 30,687 |
3 | Of which stable deposits | 242,499 | 243,071 | 244,092 | 245,985 | 12,125 | 12,154 | 12,205 | 12,299 |
4 | Of which less stable deposits | 157,758 | 156,827 | 157,041 | 157,979 | 18,425 | 18,281 | 18,264 | 18,326 |
5 | Unsecured non-retail funding | 487,792 | 480,243 | 478,322 | 479,145 | 223,291 | 217,459 | 215,524 | 215,823 |
6 | Of which operational deposits | 163,779 | 163,253 | 162,853 | 163,111 | 40,341 | 40,188 | 40,096 | 40,188 |
7 | Of which non-operational deposits | 304,030 | 300,159 | 300,349 | 302,508 | 162,968 | 160,439 | 160,309 | 162,109 |
8 | Of which unsecured debt | 19,983 | 16,831 | 15,120 | 13,526 | 19,983 | 16,831 | 15,120 | 13,526 |
9 | Secured non-retail funding (of which repos) |
|
|
|
| 115,623 | 107,576 | 101,733 | 97,444 |
10 | Additional requirements | 386,288 | 384,223 | 385,177 | 385,516 | 101,840 | 102,929 | 104,000 | 104,181 |
11 | Of which outflows related to derivative exposures and other collateral requirements | 48,018 | 49,010 | 48,864 | 48,974 | 46,070 | 47,065 | 47,144 | 47,614 |
12 | Of which outflows on secured debt | 3,536 | 5,289 | 6,949 | 7,196 | 3,536 | 5,289 | 6,949 | 7,196 |
13 | Of which credit and liquidity facilities | 334,734 | 329,925 | 329,363 | 329,345 | 52,234 | 50,576 | 49,906 | 49,370 |
14 | Other contractual funding obligations | 62,134 | 60,823 | 60,846 | 60,821 | 62,134 | 60,823 | 60,846 | 60,821 |
15 | Other contingent funding obligations | 153,308 | 150,528 | 146,756 | 142,122 | 10,709 | 9,358 | 8,374 | 7,149 |
16 | TOTAL CASH OUTFLOWS |
|
|
|
| 544,168 | 528,616 | 520,995 | 516,104 |
| CASH INFLOWS |
|
|
|
|
|
|
|
|
17 | Secured lending (of which reverse repos) | 505,686 | 493,229 | 486,032 | 471,994 | 114,827 | 108,518 | 103,320 | 96,369 |
18 | Inflows from fully performing exposures | 88,261 | 88,522 | 87,436 | 87,138 | 70,046 | 69,883 | 68,889 | 68,448 |
19 | Other cash inflows | 80,388 | 74,853 | 73,727 | 71,585 | 68,142 | 62,651 | 62,527 | 60,720 |
20 | TOTAL CASH INFLOWS | 674,335 | 656,604 | 647,194 | 630,717 | 253,015 | 241,052 | 234,735 | 225,538 |
EU-20c | Inflows subject to 75% cap | 493,284 | 479,282 | 469,567 | 454,620 | 253,015 | 241,052 | 234,735 | 225,538 |
21 | LIQUIDITY BUFFER |
|
|
|
| 380,615 | 382,064 | 385,811 | 397,582 |
22 | TOTAL NET CASH OUTFLOWS |
|
|
|
| 291,153 | 287,565 | 286,260 | 290,566 |
23 | LIQUIDITY COVERAGE RATIO (%) |
|
|
|
| 130.80% | 132.96% | 134.85% | 136.92% |
| |||||||||
The Group’s rolling month-end average LCR over the last 12 months stands at 131%, which corresponds to a liquidity surplus of EUR 89 billion compared with the regulatory requirement. The Group ratio averaged between 131% and 137%.
After application of the regulatory haircuts (weighted values), the Group’s rolling month-end average liquid assets over the last 12 months amount to EUR 381 billion, and mainly consist of central bank deposits (43% at the end of December) and government and sovereign bonds (57%).
Rolling month-end average cash outflows over the last 12 months under the thirty-day liquidity stress scenario amount to EUR 291 billion, a large part of which corresponds to thirty-day deposit outflow assumptions of EUR 234 billion. Reciprocally, cash inflows on loans under the thirty-day liquidity regulatory stress scenario amount to EUR 70 billion.
Cash flows on financing transactions and collateralised loans, representing repurchase agreements and securities exchanges, amounted to EUR 1 billion in net outflows . Flows linked to derivative instruments and regulatory stress tests record net outflows of EUR 14 billion after netting of cash outflows (EUR 46 billion) and inflows (EUR 32 billion).
Lastly, the rolling month-end average drawdown assumptions on financing commitments over the last 12 months amounted to EUR 52 billion.
There is no excessive imbalance on any significant currency.
Regulation (EU) No. 2019/876 has introduced a one-year structural liquidity ratio (Net Stable Funding Ratio – NSFR), subject to a 100% minimum requirement since 28 June 2021. This standardised ratio aims to ensure that assets and financing commitments considered over one year are financed by resources over one year.
At 31 December 2024, the Group complies with the minimum NSFR requirement with a level of 111.75%.
|
| a | b | c | d | e |
In millions of euros | 31 December 2024 | |||||
Unweighted value by residual maturity | Weighted value | |||||
No maturity | < 6 months | 6 months to < 1 year | ≥ 1 year | |||
| Available stable funding (ASF) Items |
|
|
|
|
|
1 | Capital items and instruments | 125,907 | 201 |
| 22,754 | 148,661 |
2 | Own funds | 125,907 | 201 |
| 20,481 | 146,388 |
3 | Other capital instruments |
|
|
| 2,273 | 2,273 |
4 | Retail deposits |
| 399,613 | 7,307 | 8,353 | 386,054 |
5 | Stable deposits |
| 227,418 | 2,042 | 2,097 | 220,084 |
6 | Less stable deposits |
| 172,195 | 5,264 | 6,256 | 165,970 |
7 | Wholesale funding |
| 1,041,003 | 59,145 | 183,892 | 472,065 |
8 | Operational deposits |
| 169,960 | - | 1,462 | 86,442 |
9 | Other wholesale funding |
| 871,043 | 59,145 | 182,430 | 385,623 |
10 | Interdependent liabilities |
| 19,692 |
| 25,552 | - |
11 | Other liabilities | 47,246 | 140,277 | 2,467 | 33,138 | 34,372 |
12 | NSFR derivative liabilities | 47,246 |
|
|
|
|
13 | All other liabilities and capital instruments not included in the above categories |
| 140,277 | 2,467 | 33,138 | 34,372 |
14 | TOTAL AVAILABLE STABLE FUNDING (ASF) |
|
|
|
| 1,041,153 |
| Required stable funding (RSF) Items |
|
|
|
|
|
15 | Total high-quality liquid assets (HQLA) |
|
|
|
| 46,606 |
15a | Assets encumbered for a residual maturity of one year or more in a cover pool |
| 192 | 189 | 8,207 | 7,299 |
16 | Deposits held at other financial institutions for operational purposes |
| 723 | - | - | 362 |
17 | Performing loans and securities: |
| 442,706 | 94,364 | 655,235 | 662,537 |
18 | Performing securities financing transactions with financial customers collateralised by Level 1 HQLA subject to 0% haircut |
| 109,260 | 7,292 | 4,154 | 12,311 |
19 | Performing securities financing transactions with financial customer collateralised by other assets and loans and advances to financial institutions |
| 140,331 | 17,036 | 13,873 | 34,384 |
20 | Performing loans to non-financial corporate clients, loans to retail and small business customers, and loans to sovereigns, and PSEs, of which |
| 117,442 | 52,065 | 360,519 | 391,804 |
21 | With a risk weight of less than or equal to 35% under the Basel Standardised Approach for credit risk |
|
|
|
|
|
22 | Performing residential mortgages, of which |
| 4,241 | 5,132 | 173,979 | 117,873 |
23 | With a risk weight of less than or equal to 35% under the Basel Standardised Approach for credit risk |
| 4,241 | 5,132 | 173,979 | 117,873 |
24 | Other loans and securities that are not in default and do not qualify as HQLA, including exchange-traded equities and trade finance on-balance sheet products |
| 71,431 | 12,839 | 102,710 | 106,165 |
25 | Interdependent assets |
| 19,692 |
| 25,552 | - |
26 | Other assets |
| 155,683 | 9,325 | 165,538 | 189,799 |
27 | Physical traded commodities |
|
|
| 6,596 | 5,606 |
28 | Assets posted as initial margin for derivative contracts and contributions to default funds of CCPs |
| 1,026 | 23 | 38,189 | 33,353 |
29 | NSFR derivative assets |
| 1,600 |
|
| 1,600 |
30 | NSFR derivative liabilities before deduction of variation margin posted |
| 93,767 |
|
| 4,688 |
31 | All other assets not included in the above categories |
| 59,290 | 9,303 | 120,753 | 144,552 |
32 | Off-balance sheet items |
| 484,196 | 7,453 | 29,690 | 25,037 |
33 | TOTAL REQUIRED STABLE FUNDING (RSF) |
|
|
|
| 931,639 |
34 | NET STABLE FUNDING RATIO (%) |
|
|
|
| 111.75% |
|
| a | b | c | d | e |
In millions of euros | 31 December 2023 | |||||
Unweighted value by residual maturity | Weighted value | |||||
No maturity | < 6 months | 6 months to < 1 year | ≥ 1 year | |||
| Available stable funding (ASF) Items |
|
|
|
|
|
1 | Capital items and instruments | 119,821 | 143 |
| 19,041 | 138,862 |
2 | Own funds | 119,821 | 143 |
| 17,332 | 137,153 |
3 | Other capital instruments |
|
|
| 1,708 | 1,708 |
4 | Retail deposits |
| 394,964 | 3,744 | 5,476 | 375,800 |
5 | Stable deposits |
| 228,935 | 777 | 977 | 219,203 |
6 | Less stable deposits |
| 166,030 | 2,967 | 4,500 | 156,597 |
7 | Wholesale funding |
| 998,486 | 52,212 | 162,771 | 440,539 |
8 | Operational deposits |
| 165,695 | 12 | 804 | 83,658 |
9 | Other wholesale funding |
| 832,791 | 52,200 | 161,967 | 356,881 |
10 | Interdependent liabilities |
| 17,926 |
| 25,778 |
|
11 | Other liabilities | 61,763 | 168,967 | 1,095 | 28,373 | 28,920 |
12 | NSFR derivative liabilities | 61,763 |
|
|
|
|
13 | All other liabilities and capital instruments not included in the above categories |
| 168,967 | 1,095 | 28,373 | 28,920 |
14 | TOTAL AVAILABLE STABLE FUNDING (ASF) |
|
|
|
| 984,120 |
| Required stable funding (RSF) Items |
|
|
|
|
|
15 | Total high-quality liquid assets (HQLA) |
|
|
|
| 29,226 |
15a | Assets encumbered for a residual maturity of one year or more in a cover pool |
| 254 | 250 | 10,413 | 9,279 |
16 | Deposits held at other financial institutions for operational purposes |
| 6 | 1 | 1 | 5 |
17 | Performing loans and securities: |
| 433,499 | 93,040 | 642,326 | 650,883 |
18 | Performing securities financing transactions with financial customers collateralised by Level 1 HQLA subject to 0% haircut |
| 113,944 | 4,910 | 5,396 | 13,040 |
19 | Performing securities financing transactions with financial customer collateralised by other assets and loans and advances to financial institutions |
| 132,919 | 12,305 | 9,982 | 27,290 |
20 | Performing loans to non-financial corporate clients, loans to retail and small business customers, and loans to sovereigns, and PSEs, of which |
| 120,158 | 59,023 | 372,265 | 406,659 |
21 | With a risk weight of less than or equal to 35% under the Basel Standardised Approach for credit risk |
|
|
|
|
|
22 | Performing residential mortgages, of which |
| 5,078 | 5,143 | 172,478 | 117,581 |
23 | With a risk weight of less than or equal to 35% under the Basel Standardised Approach for credit risk |
| 5,078 | 5,143 | 172,478 | 117,581 |
24 | Other loans and securities that are not in default and do not qualify as HQLA, including exchange-traded equities and trade finance on-balance sheet products |
| 61,400 | 11,659 | 82,205 | 86,313 |
25 | Interdependent assets |
| 17,926 |
| 25,778 |
|
26 | Other assets |
|
|
|
|
|
27 | Physical traded commodities |
|
|
| 10,110 | 8,594 |
28 | Assets posted as initial margin for derivative contracts and contributions to default funds of CCPs |
| 30,767 |
| 26,152 | |
29 | NSFR derivative assets |
|
|
|
| |
30 | NSFR derivative liabilities before deduction of variation margin posted |
| 103,619 |
| 5,181 | |
31 | All other assets not included in the above categories |
| 47,661 | 2,996 | 79,755 | 95,927 |
32 | Off-balance sheet items |
| 431,582 | 18,425 | 38,209 | 23,731 |
33 | TOTAL REQUIRED STABLE FUNDING (RSF) |
|
|
|
| 848,977 |
34 | NET STABLE FUNDING RATIO (%) |
|
|
|
| 115.92% |
This schedule presents cash flows according to contractual payment dates within the prudential scope (see Scope of application in section 5.2 Capital management and capital adequacy) in line with the rules defined for the liquidity ratio.
The securities in the trading book listed at fair value through profit or loss are presented with “not determined” maturities, as the securities’ contractual maturity is not representative of the Group’s planned holding period. Likewise, derivative financial instruments listed at fair value through profit or loss, derivatives used for hedging purposes and remeasurement adjustments on interest-rate risk hedged portfolios are presented with “not determined” maturities.
In the following table and in the event of an early repayment option, the rules applied are the most conservative:
In millions of euros | 31 December 2024 | |||||||
Not determined | Overnight or demand | Up to 1 month (excl. Overnight) | 1 to 3 months | 3 months | 1 to 5 years | More than 5 years | TOTAL | |
ASSETS |
|
|
|
|
|
|
|
|
Cash and amounts due from central banks |
| 182,504 |
|
|
|
|
| 182,504 |
Financial instruments at fair value through profit and loss | 591,250 | 42,333 | 97,130 | 30,911 | 28,187 | 23,440 | 4,768 | 818,022 |
Securities | 267,920 |
|
|
|
|
|
| 267,920 |
Loans and repurchase agreements |
| 42,333 | 97,130 | 30,911 | 28,187 | 23,440 | 4,768 | 226,771 |
Derivative financial instruments | 323,331 |
|
|
|
|
|
| 323,331 |
Derivatives used for hedging purposes | 20,930 |
|
|
|
|
|
| 20,930 |
Financial assets at fair value through equity | 1,637 | 140 | 1,800 | 1,304 | 3,728 | 28,932 | 38,943 | 76,484 |
Debt securities | 27 | 140 | 1,800 | 1,304 | 3,728 | 28,932 | 38,943 | 74,874 |
Equity securities | 1,610 |
|
|
|
|
|
| 1,610 |
Financial assets at amortised cost | 146 | 42,076 | 80,712 | 88,862 | 156,057 | 408,647 | 313,213 | 1,089,713 |
Loans and advances to credit institutions |
| 7,455 | 11,806 | 5,173 | 4,772 | 1,539 | 648 | 31,393 |
Loans and advances to customers |
| 34,472 | 65,560 | 78,389 | 130,328 | 344,865 | 257,875 | 911,489 |
Debt securities | 146 | 148 | 3,347 | 5,301 | 20,957 | 62,242 | 54,690 | 146,830 |
Remeasurement adjustment on interest rate risk hedged portfolios | (758) |
|
|
|
|
|
| (758) |
Financial assets | 613,205 | 267,054 | 179,643 | 121,078 | 187,972 | 461,019 | 356,924 | 2,186,895 |
Other assets | 178,054 | 8,916 | 9,421 | 5,503 | 11,061 | 27,537 | 5,435 | 245,928 |
TOTAL ASSETS | 791,259 | 275,970 | 189,064 | 126,581 | 199,032 | 488,556 | 362,359 | 2,432,823 |
of which Loans and advances |
| 75,718 | 174,496 | 114,473 | 163,287 | 369,845 | 263,292 | 1,161,111 |
of which Debt securities | 137,902 | 289 | 5,147 | 6,605 | 24,684 | 91,174 | 93,632 | 359,434 |
LIABILITIES |
|
|
|
|
|
|
|
|
Deposit from central banks |
| 3,366 |
|
|
|
|
|
|
Financial instruments at fair value through profit and loss | 382,202 | 36,489 | 194,996 | 50,812 | 45,095 | 59,779 | 22,299 | 382,202 |
Securities | 79,958 |
|
|
|
|
|
| 79,958 |
Deposits and repurchase agreements |
| 36,489 | 189,196 | 43,873 | 21,992 | 11,236 | 2,091 |
|
Issued debt securities |
|
| 5,800 | 6,939 | 23,102 | 48,543 | 20,207 |
|
Derivative financial instruments | 302,243 |
|
|
|
|
|
| 302,243 |
Derivatives used for hedging purposes | 36,823 |
|
|
|
|
|
| 36,823 |
Financial liabilities at amortised cost |
| 712,068 | 192,246 | 169,571 | 110,293 | 86,230 | 60,281 |
|
Deposits from credit institutions |
| 10,265 | 11,656 | 27,436 | 10,360 | 3,035 | 314 |
|
Deposits from customers |
| 701,803 | 170,597 | 97,292 | 54,130 | 10,103 | 2,741 |
|
Debt securities |
|
| 9,986 | 43,318 | 44,207 | 66,612 | 36,095 |
|
Subordinated debt |
|
| 6 | 1,525 | 1,595 | 6,480 | 21,131 |
|
Remeasurement adjustment on interest rate risk hedged portfolios | (10,696) |
|
|
|
|
|
| (10,696) |
Financial liabilities | 408,329 | 751,923 | 387,242 | 220,383 | 155,388 | 146,009 | 82,580 | 408,329 |
Other liabilities | 235,115 | 4,644 | 15,332 | 3,710 | 2,523 | 1,290 | 18,355 | 235,115 |
TOTAL LIABILITIES AND EQUITY | 643,444 | 756,567 | 402,574 | 224,093 | 157,911 | 147,298 | 100,934 | 643,444 |
In millions of euros | 31 December 2023 | |||||||
Not determined | Overnight or demand | Up to 1 month (excl. Overnight) | 1 to 3 months | 3 months | 1 to 5 years | More than 5 years | TOTAL | |
ASSETS |
|
|
|
|
|
|
|
|
Cash and amounts due from central banks |
| 288,270 |
|
|
|
|
| 288,270 |
Financial instruments at fair value through profit and loss | 504,881 | 65,049 | 86,442 | 30,200 | 24,195 | 16,466 | 4,686 | 731,919 |
Securities | 212,127 |
|
|
|
|
|
| 212,127 |
Loans and repurchase agreements |
| 65,049 | 86,442 | 30,200 | 24,195 | 16,466 | 4,686 | 227,038 |
Derivative financial instruments | 292,754 |
|
|
|
|
|
| 292,754 |
Derivatives used for hedging purposes | 21,814 |
|
|
|
|
|
| 21,814 |
Financial assets at fair value through equity | 2,301 | 81 | 1,571 | 1,418 | 3,440 | 16,706 | 29,725 | 55,242 |
Debt securities | 26 | 81 | 1,571 | 1,418 | 3,440 | 16,706 | 29,725 | 52,967 |
Equity securities | 2,275 |
|
|
|
|
|
| 2,275 |
Financial assets at amortised cost | 150 | 40,769 | 69,096 | 81,123 | 149,178 | 398,239 | 298,489 | 1,037,042 |
Loans and advances to credit institutions |
| 7,058 | 8,971 | 4,672 | 2,496 | 496 | 560 | 24,255 |
Loans and advances to customers(1) |
| 33,157 | 58,033 | 71,940 | 126,098 | 349,672 | 252,907 | 891,806 |
Debt securities | 150 | 553 | 2,092 | 4,511 | 20,584 | 48,071 | 45,021 | 120,982 |
Remeasurement adjustment on interest rate risk hedged portfolios | (2,661) |
|
|
|
|
|
| (2,661) |
Financial assets | 526,485 | 394,168 | 157,108 | 112,741 | 176,814 | 431,410 | 332,900 | 2,131,627 |
Other assets | 174,813 | 9,772 | 8,581 | 1,568 | 1,521 | 766 | 5,575 | 202,596 |
TOTAL ASSETS | 701,298 | 403,941 | 165,690 | 114,309 | 178,335 | 432,176 | 338,475 | 2,334,224 |
of which Loans and advances(1) | - | 98,125 | 153,446 | 106,812 | 152,789 | 366,634 | 258,154 | 1,135,960 |
of which Debt securities | 133,195 | 635 | 3,662 | 5,929 | 24,024 | 64,777 | 74,746 | 306,969 |
LIABILITIES |
|
|
|
|
|
|
|
|
Deposit from central banks |
| 3,374 |
|
|
|
|
| 3,374 |
Financial instruments at fair value through profit and loss | 384,357 | 35,669 | 161,410 | 52,685 | 36,213 | 49,455 | 21,783 | 741,573 |
Securities | 104,910 |
|
|
|
|
|
| 104,910 |
Deposits and repurchase agreements |
| 35,451 | 157,221 | 47,554 | 20,074 | 11,907 | 1,667 | 273,873 |
Issued debt securities |
| 218 | 4,190 | 5,131 | 16,140 | 37,549 | 20,116 | 83,343 |
Derivative financial instruments | 279,446 |
|
|
|
|
|
| 279,446 |
Derivatives used for hedging purposes | 37,911 |
|
|
|
|
|
| 37,911 |
Financial liabilities at amortised cost |
| 701,969 | 169,081 | 170,762 | 115,776 | 75,661 | 53,852 | 1,287,102 |
Deposits from credit institutions |
| 14,293 | 4,219 | 53,913 | 10,944 | 2,154 | 67 | 85,590 |
Deposits from customers |
| 687,569 | 153,167 | 83,997 | 57,565 | 7,978 | 3,598 | 993,875 |
Debt securities |
| 107 | 11,647 | 32,852 | 46,140 | 57,453 | 36,473 | 184,672 |
Subordinated debt |
|
| 48 |
| 1,127 | 8,076 | 13,715 | 22,965 |
Remeasurement adjustment on interest rate risk hedged portfolios | (14,175) |
|
|
|
|
|
| (14,175) |
Financial liabilities | 408,093 | 741,012 | 330,491 | 223,447 | 151,989 | 125,116 | 75,635 | 2,055,785 |
Other non-financial liabilities | 229,199 | 3,965 | 22,483 | 2,466 | 1,903 | 585 | 17,838 | 278,439 |
TOTAL LIABILITIES AND EQUITY | 637,292 | 744,977 | 352,974 | 225,914 | 153,893 | 125,701 | 93,473 | 2,334,224 |
| ||||||||
For liquidity risk management, the above contractual schedule is supplemented by economic analyses taking into account customer behaviour or market liquidity of certain assets (e.g. securities), under normal conditions and stress situations.
To this end, the Group uses a set of tools to anticipate and manage its economic liquidity, in particular as previously stated:
The following table presents the details of Table 100: Contractual maturities of the prudential balance sheet for equity instruments and debt securities issued by the Group in the medium and long term, excluding early redemption options.
In millions of euros | TOTAL | 2025 | 2026 | 2027 | 2028 | 2029 | 2030-2034 | Beyond 2034 | Perpetual |
|---|---|---|---|---|---|---|---|---|---|
Amount(1) of liabilities eligible to Additional Tier 1 | 15,872 | - | - | - | - | - | - | - | 15,872 |
Subordinated debt | 3,851 | - | - | - | - | - | - | - | 3,851 |
Preferred shares and Undated super subordinated notes | 12,021 | - | - | - | - | - | - | - | 12,021 |
Amount(1) of debt eligible to Tier 2 | 25,416 | 3,069 | 2,697 | 2,666 | 177 | - | 11,581 | 5,226 | - |
Subordinated debt | 25,416 | 3,069 | 2,697 | 2,666 | 177 | - | 11,581 | 5,226 | - |
of which subordinated debt at amortised cost | 25,398 | 3,069 | 2,697 | 2,666 | 177 |
| 11,581 | 5,208 |
|
of which subordinated debt at fair value through profit and loss | 18 |
|
|
|
|
|
| 18 |
|
Amount(1) of debt not eligible to prudential own funds | 2,472 | 228 | - | - | - | - | 621 | - | 1,623 |
Unsecured Senior debt | 195,073 | 33,465 | 28,830 | 25,753 | 25,085 | 27,408 | 43,316 | 11,216 | - |
Non-preferred senior debt | 73,240 | 5,383 | 6,776 | 11,409 | 12,072 | 8,604 | 22,747 | 6,249 | - |
of which non preferred senior debt at amortised cost | 68,744 | 5,358 | 6,776 | 11,409 | 12,072 | 8,583 | 22,346 | 2,200 | - |
of which non preferred senior debt at fair value through profit and loss | 4,496 | 25 |
|
|
| 21 | 401 | 4,049 | - |
Preferred senior debt | 121,833 | 28,082 | 22,054 | 14,344 | 13,013 | 18,804 | 20,569 | 4,967 | - |
of which preferred senior debt at amortised cost | 32,264 | 2,313 | 5,587 | 2,991 | 4,123 | 7,159 | 9,930 | 161 |
|
of which preferred senior debt at fair value through profit and loss | 89,569 | 25,769 | 16,467 | 11,353 | 8,890 | 11,645 | 10,639 | 4,806 | - |
Secured Senior debt | 13,350 | 3,339 | 2,288 | 1,042 | 4,514 | 281 | 1,610 | 276 | - |
| |||||||||
Tables providing details of instruments recognised as capital (CET1, AT1 and Tier 2), as well as debt instruments eligible for TLAC ratio (senior non-preferred debt), as required (EU CCA) by implementing Regulation (EU) No. 2021/637, are available in the BNP Paribas Debt section of the Investor Relations website: https://invest.bnpparibas/recherche/dette/documents/informations-sur-les programmes-et-les-emissions .
Some debt instruments shown above have an early redemption (“call”) option exercisable by the Group (Issuer). The following table shows the maturity schedule for debt and other subordinated liabilities by considering, where appropriate, the next date on which the option may be exercised (“call date”). Calls may only be exercised after authorisation from the regulator. The maturity dates shown hereafter are purely contractual and do not foresee the Group’s call policy.
In millions of euros | TOTAL | 2025 | 2026 | 2027 | 2028 | 2029 | 2030-2034 | Beyond 2034 | Perpetual |
|---|---|---|---|---|---|---|---|---|---|
Amount(2) of liabilities eligible to Additional Tier 1 | 15,872 | 1,347 | - | 2,681 | 2,605 | 2,952 | 6,287 | - | - |
Subordinated debt | 3,851 | - | - | - | 1,449 | - | 2,402 | - | - |
Preferred shares and undated super subordinated notes | 12,021 | 1,347 | - | 2,681 | 1,157 | 2,952 | 3,885 |
|
|
Amount(2) of debt eligible to Tier 2 | 25,416 | 3,767 | 4,586 | 5,610 | 2,498 | 2,420 | 5,377 | 1,157 | - |
Subordinated debt | 25,416 | 3,767 | 4,586 | 5,610 | 2,498 | 2,420 | 5,377 | 1,157 |
|
of which subordinated debt at amortised cost | 25,398 | 3,767 | 4,586 | 5,610 | 2,498 | 2,420 | 5,377 | 1,139 |
|
of which subordinated debt at fair value through profit and loss | 18 | - |
|
|
|
|
| 18 |
|
Amount(2) of debt not eligible to prudential own funds | 2,472 | 228 | - | - | 71 | 621 | - | - | 1,553 |
| |||||||||
Assets on the balance sheet and financial instruments received in guarantee used as pledges, guarantees or enhancement of a Group transaction and which cannot be freely withdrawn are considered to be encumbered.
The encumbrance of assets is central to the Group’s businesses and has two aims:
Thus, the encumbrance of assets can be distinguished from the transfer of assets shown in note 4.p Transfers of financial assets to the consolidated financial statements insofar as it only comprises the following transactions:
Based on the definitions above, guarantees given to clearing houses or central banks in the context of monetary policy, along with asset portfolios hedging the issue of secured bonds, fall within the scope of the encumbrance of assets but do not fall within the scope of asset transfers. The same applies to repurchase agreements (repos) and loans in the case of securities that are not recognised in the Bank’s balance sheet (because they were previously received under reverse repos and securities borrowing) and to securities received under repurchase agreements (reverse repos) and securities borrowings.
The monitoring of encumbered assets and assets received is carried out within the prudential scope defined in the section Scope of application in section 5.2 Capital management and capital adequacy.
The amounts of encumbered and unencumbered assets and collateral received are shown in the following table according to the provisions of Execution Regulation (EU) 2021/637. Thus, all data presented in the table are calculated as the median of the four quarter ends of the corresponding year. Each total line is thus calculated as the median of the four values of the total at each end of quarter, not as the sum of the median values for the year.
The median ratio of encumbered assets relative to Group balance sheet assets was 14.61% in 2024, compared to 14.63% in 2023.
|
| 010 | 030 | 040 | 050 | 060 | 080 | 090 | 100 |
In millions of euros | Four end of quarter median values in 2024 | ||||||||
Carrying amount | Fair value of encumbered assets | Carrying amount | Fair value of unencumbered assets | ||||||
Total | of which HQLA and EHQLA(1) | Total | of which HQLA and EHQLA(1) | Total | of which HQLA and EHQLA(1) | Total | of which HQLA and EHQLA(1) | ||
010 | ASSETS | 357,308 | 173,265 |
|
| 2,088,842 | 396,935 |
|
|
030 | Equity instruments | 67,562 | 46,878 |
|
| 68,441 | 29,116 |
|
|
040 | Debt securities | 157,208 | 122,634 | 157,208 | 122,634 | 217,916 | 196,047 | 217,916 | 196,047 |
050 | of which covered bonds | 3,043 | 2,494 | 3,043 | 2,494 | 4,026 | 3,541 | 4,026 | 3,541 |
060 | of which asset-backed securities | 1,929 | 416 | 1,929 | 416 | 7,861 | 375 | 7,861 | 375 |
070 | of which issued by general governments | 116,925 | 115,483 | 116,925 | 115,483 | 168,628 | 167,438 | 168,628 | 167,438 |
080 | of which issued by financial corporations | 27,833 | 4,043 | 27,833 | 4,043 | 37,806 | 7,062 | 37,806 | 7,062 |
090 | of which issued by non-financial corporations | 12,888 | 2,241 | 12,888 | 2,241 | 5,224 | 529 | 5,224 | 529 |
120 | Other assets | 131,603 |
|
|
| 1,802,238 | 172,651 |
|
|
121 | of which: Loans on demand |
|
|
|
| 194,519 | 172,651 |
|
|
122 | of which: Loans and advances other than loans on demand | 41,914 |
|
|
| 1,170,573 |
|
|
|
123 | of which: Other assets | 87,796 |
|
|
| 444,664 |
|
|
|
| |||||||||
|
| 010 | 030 | 040 | 050 | 060 | 080 | 090 | 100 |
In millions of euros | Four end of quarter median values in 2023 | ||||||||
Carrying amount | Fair value of encumbered assets | Carrying amount | Fair value of unencumbered assets | ||||||
Total | of which HQLA and EHQLA(1) | Total | of which HQLA and EHQLA(1) | Total | of which HQLA and EHQLA(1) | Total | of which HQLA and EHQLA(1) | ||
010 | ASSETS | 354,106 | 135,540 |
|
| 2,067,026 | 464,382 |
|
|
030 | Equity instruments | 24,694 | 16,253 |
|
| 61,759 | 22,956 |
|
|
040 | Debt securities | 148,995 | 119,481 | 148,995 | 119,481 | 175,765 | 154,098 | 175,765 | 154,098 |
050 | of which covered bonds | 3,458 | 2,839 | 3,458 | 2,839 | 2,975 | 2,723 | 2,975 | 2,723 |
060 | of which asset-backed securities | 867 | 558 | 867 | 558 | 7,615 | 3 | 7,615 | 3 |
070 | of which issued by general governments | 112,222 | 110,833 | 112,222 | 110,833 | 137,469 | 135,332 | 137,469 | 135,332 |
080 | of which issued by financial corporations | 27,861 | 4,093 | 27,861 | 4,093 | 24,982 | 6,177 | 24,982 | 6,177 |
090 | of which issued by non-financial corporations | 8,999 | 1,779 | 8,999 | 1,779 | 8,973 | 1,119 | 8,973 | 1,119 |
120 | Other assets | 178,102 |
|
|
| 1,838,784 | 283,351 |
|
|
121 | of which: Loans on demand |
|
|
|
| 301,377 | 283,351 |
|
|
122 | of which: Loans and advances other than loans on demand | 85,622 |
|
|
| 1,079,703 |
|
|
|
123 | of which: Other assets | 91,909 |
|
|
| 434,107 |
|
|
|
| |||||||||
The other encumbered assets mainly comprised loans and advances (often used when issuing asset-backed securities issues or guaranteed bonds) and amount to EUR 42 billion. The balance, grouped under line 123 “of which other assets”, comprises guarantee deposits and bank guarantees paid in respect of derivatives (recognised in the Accrued income and other assets category) amounting to EUR 88 billion.
The other unencumbered assets amount to EUR 445 billion. They mainly include intangible assets, goodwill, current and deferred tax assets, and assets ineligible for financing programmes under normal business conditions.
|
| 010 | 030 | 040 | 060 | 010 | 030 | 040 | 060 |
In millions of euros | Four end of quarter median values in 2024 | Four end of quarter median values in 2023 | |||||||
Fair value of encumbered collateral received or own(1) debt securities issued | Fair value of collateral received or own(1) debt securities issued available for encumbrance | Fair value of encumbered collateral received or own(1) debt securities issued | Fair value of collateral received or own(1) debt securities issued available for encumbrance | ||||||
Total | of which HQLA | Total | of which HQLA | Total | of which HQLA | Total | of which HQLA | ||
130 | COLLATERAL RECEIVED | 623,666 | 489,121 | 91,556 | 50,235 | 548,698 | 450,565 | 72,634 | 40,558 |
140 | Loans on demand |
|
|
|
|
|
|
|
|
150 | Equity instruments | 164,366 | 110,238 | 17,262 | 4,066 | 139,591 | 97,423 | 12,123 | 4,620 |
160 | Debt securities | 454,326 | 383,856 | 74,098 | 44,902 | 412,865 | 356,143 | 61,156 | 37,553 |
170 | of which covered bonds | 12,831 | 11,442 | 1,996 | 1,684 | 7,548 | 5,293 | 1,875 | 1,354 |
180 | of which asset-backed securities | 6,667 | 258 | 5,897 | 1,460 | 5,871 | 218 | 6,846 | 513 |
190 | of which issued by general governments | 367,584 | 365,807 | 30,810 | 29,755 | 346,412 | 345,059 | 24,316 | 23,798 |
200 | of which issued by financial corporations | 43,496 | 12,878 | 14,169 | 2,994 | 30,969 | 7,257 | 13,383 | 2,277 |
210 | of which issued by non-financial corporations | 46,736 | 6,988 | 24,265 | 8,103 | 36,760 | 5,440 | 15,899 | 6,039 |
220 | Loans and advances other than loans on demand |
|
|
|
|
|
|
|
|
230 | Other collateral received |
|
|
|
|
|
|
|
|
240 | OWN(1) DEBT SECURITIES ISSUED OTHER THAN OWN COVERED BONDS OR ASSET-BACKED SECURITIES | - | - | - | - | - | - | - | - |
241 | OWN(1) COVERED BONDS AND ASSET-BACKED SECURITIES AND NOT YET PLEDGED |
|
| 92,610 | - |
|
| 68,876 | - |
250 | TOTAL ASSETS, COLLATERAL PLEDGED AND OWN(2) DEBT SECURITIES ISSUED | 975,104 | 665,510 |
|
| 915,448 | 586,106 |
|
|
| |||||||||
The amount of own collateralised bonds and asset-backed securities (ABS and collateralised bonds) without collateral amounted to EUR 93 billion (EUR 92 billion available and EUR 1 billion not available) for an outstanding amount of underlying assets of EUR 113 billion.
|
| 010 | 030 | 010 | 030 |
In millions of euros | Four end of quarter median values in 2024 | Four end of quarter median values in 2023 | |||
Matching liabilities, contingent liabilities or securities lent | Assets, collateral received and own debt securities issued(1) | Matching liabilities, contingent liabilities or securities lent | Assets, collateral received and own debt securities issued(1) | ||
010 | CARRYING AMOUNT OF SELECTED FINANCIAL LIABILITIES | 824,981 | 975,104 | 766,746 | 915,448 |
011 | of which: Repurchase agreements | 381,821 | 402,850 | 346,474 | 361,885 |
012 | of which: Collateralised deposits other than repurchase agreements | 113,241 | 113,431 | 101,560 | 110,923 |
013 | of which: Debt securities issued | 35,702 | 37,764 | 36,371 | 37,903 |
014 | of which: Other sources of encumbrance | 322,174 | 447,204 | 276,463 | 393,876 |
| |||||
Encumbered assets, collateral received and own fixed-income securities are mainly issued by general government entities, raising EUR 490 billion and make it possible to obtain EUR 455 billion of financing.
In median data as at 31 December 2024, Fixed-Income Credit and Commodities and Prime Solutions & Financing businesses as well as Securities Services represented 82% of the Group’s encumbered assets (EUR 292 billion) and 100% of the collateral received (EUR 623 billion), i.e. 93% of the encumbrance (EUR 907 billion). These are mainly repos and derivatives activities. The other encumbered assets are mainly held through financing activities of ALM Treasury.
Encumbered assets and received and encumbered collateral are denominated mainly in euros or dollars (for a median amount of 33% and 49%, respectively, over the year).
Operational risk is the risk of incurring a loss due to inadequate or failed internal processes, or due to external events, whether deliberate, accidental or natural occurrences. Management of operational risk is based on an analysis of the “cause – event – consequences” chain.
Internal processes giving rise to operational risk may involve employees and/or IT systems. External events include, but are not limited to floods, fire, earthquakes and terrorist attacks. Credit or market events such as default or fluctuations in value do not fall within the scope of operational risk.
Operational risk encompasses fraud, Human Resources risks, legal risks, non-compliance risks, tax risks, information system risks, conduct risks (risks related to the provision of inappropriate financial services), risk related to failures in operating processes, including loan procedures or model risks, as well as any potential financial implications resulting from the management of reputation risk.
Operational and non-compliance risks come under a specific regulatory framework:
Banking regulations divide operational loss events into seven categories: (i) internal fraud, (ii) external fraud, (iii) employment practices and safety (such as an anomaly arising from recruitment management), (iv) clients, products and business practices (such as product defects, mis-selling, professional misconduct, etc.), (v) damage to physical assets, (vi) business disruption and system failures, (vii) execution, delivery and process management (data entry error, error in documentation, etc.).
Effective management of non-compliance risk aims to ensure compliance with applicable laws, regulations, rules of ethics and instructions, protect the Group’s reputation, that of its investors and that of its customers, ensure ethical professional behaviour, prevent conflicts of interest, protect customers’ interests and market integrity, fight against money laundering, corruption and the financing of terrorist activities, as well as ensure compliance with financial embargoes.
The general internal control system at BNP Paribas underpins management of operational, non-compliance and reputation risks as part of its dual-level system to ensure periodic and permanent control.
Within BNP Paribas, the control functions providing the second line of defence are Compliance, RISK and LEGAL. General Inspection provides a third line of defence responsible for periodic controls. These four Group oversight and control functions are organised according to a hierarchical reporting principle by all their teams worldwide, guaranteeing their independence and resource autonomy.
The governance of the Group’s internal control system is described in the section Internal control in chapter 2 Corporate governance and internal control.
Within the RISK Function, the second line of defence in terms of operational, technological and information protection risks (cybersecurity) is provided by Operational Risk Officers in the operating entities in accordance with the operational risk management system defined and supervised by RISK Operational Risk Management (RISK ORM).
The operational risk management and control system for the Group as a whole is structured around a dual-level system with the following participants:
Issues relating to operational risk, permanent control and the emergency plan to ensure business continuity in those situations specified in the regulatory standards are regularly submitted to the Group’s Executive Committee. The Group operating entities and subsidiaries implement this governance structure within their organisations, with the participation of Executive Management.
For its part, Compliance is in charge of supervising the non-compliance and reputation risk control system (see section 5.3).
To meet this dual requirement of the management and control of operational risk, BNP Paribas has developed a permanent iterative risk management process based on the following elements:
This system encompasses two major pillars:
Group Executive Committees, and those of operating entities (business lines, functions and subsidiaries), are tasked with monitoring the management of operational and non-compliance risk and permanent control in the areas falling within their remit, in accordance with the Group’s operational risk framework. The committees validate the quality and consistency of reporting data, examine their risk profile in light of the tolerance levels they have set in keeping with the Group Risk Appetite Statement, and assess the quality of risk control procedures according to their objectives and the risks they incur. They monitor the implementation of risk mitigation techniques.
Operational risk management has developed a system of data collection of actual or potential incidents using an approach structured by organisational process and business unit (activities in a country and a single legal entity) focusing on the cause-and-effect chain behind events. This information is used as the basis for risk mitigation and prevention measures.
The most significant information is brought to the attention of staff at various levels of the organisation, up to and including executive managers and supervisory bodies, in line with a predefined information reporting process.
By its nature, operational risk covers numerous areas related with the Group’s usual business activity and is linked to specific risks such as non-compliance, reputation, legal, fiscal and cybersecurity risks which are monitored in specific ways.
Non-compliance risk is defined in French regulations as the risk of legal, administrative or disciplinary sanctions, of significant financial loss or reputational damage that a bank may suffer as a result of failure to comply with national or European laws and regulations, codes of conduct and standards of good practice applicable to banking and financial activities, or instructions given by leaders, particularly in application of guidelines issued by a supervisory body.
The non-compliance risk is a sub-category of operational risk. Moreover, certain of its implications can involve more than a purely financial loss and may actually damage the institution’s reputation.
Reputation risk is the risk of damaging the Group’s image, the trust placed in a corporation by customers, counterparties, suppliers, employees, shareholders, supervisors and any other stakeholder whose trust is an essential condition for the corporation to carry out its day-to-day operations.
Reputation risk is primarily contingent on all the other risks borne by the Group, specifically the effective or potential materialisation of a credit, market risk, an operational, non-compliance, environmental, social or legal risk, as well as any violation of a law, a regulation of the Group’s Code of conduct or procedure.
Responsibility for controlling the risk of non-compliance lies primarily with the activities and business lines. In this context, and in accordance with international standards and French regulations, Compliance manages the system for monitoring non-compliance risks for the scope of all of the Group’s businesses in France and abroad.
The system for managing non-compliance risks is based on a permanent control system, structured around the following axes:
Reputation risk management is based on the following elements:
The Compliance Function is responsible centrally for coordinating initiatives related to reputation risk management.
The Group’s reputation risk management framework, like the entire internal control system, is under the responsibility of the Group Supervisory and Control Committee (GSCC), which is chaired by the Chief Executive Officer (see chapter 2 Corporate governance and internal control, section Internal control).
The LEGAL Function is an independent function of the BNP Paribas Group and is hierarchically integrated with all the Group’s legal teams. LEGAL is responsible for managing legal risks and interpreting the laws and regulations applicable to the Group’s activities and providing legal advice and guidance to the Group in a manner that meets the highest standards of excellence and integrity. The LEGAL Function provides Executive Officers and the Board of directors with reasonable assurance that legal risks are monitored, controlled and mitigated at the Group level. It is responsible for the prevention and management of legal risks within the Group through its advisory and control roles.
Legal risk refers to the potential loss to the BNP Paribas Group, whether financial or reputational, which impacts or could impact one or more entities of the BNP Paribas Group and/or its employees, business lines, operations, products and/or its services, and results from:
The LEGAL Function is responsible for:
In its strategic missions, LEGAL is responsible for:
In its prevention missions, LEGAL is responsible for ensuring:
BNP Paribas ensures compliance with the tax regulations in force in the various countries where the Group operates and which apply to the sectors of activity covered by the Group's various entities, such as banking, insurance and other financial services.
The tax mission is carried out by TAX, which has global powers in order to ensure, in particular, control of tax risk at the Group level. RISK, Compliance and Finance & Strategy are involved as the second line of defence in monitoring the tax risk according to the domain concerned (transactions carried out by the Group, obligations related to the tax situation of clients, tax returns made by the Group).
TAX is composed of the Group Tax Department (GTD) and the tax departments on which the GTD relies in certain businesses and in the main geographical areas where the Group operates (there are tax correspondents in the other jurisdictions where the Group operates). In order to ensure the consistency of the Group’s tax practices and the global tax risk monitoring, the Group Tax Department:
The use and protection of data and technologies are determining factors for the Bank’s activity and its transformation process.
While the Bank continues the roll-out of Digital Banking (for the Group’s customers and partners) and Digital Working (for the Group’s employees), it must incorporate new technology and innovative risk management practices, and establish new working practices. This introduces new technology risks in the cybersecurity area. In that context, the Group deploys significant resources to identify, measure and control these risks.
Technology management and information systems security is part of the Group’s cybersecurity strategy. This strategy is focused on the preservation of the most sensitive data, regularly adapting both its internal processes and procedures, and its employee training and awareness to contend with increasingly sophisticated and varied threats.
To reinforce its technology and the protection of data, the Group has adopted a comprehensive approach in cybersecurity management through its three lines of defence:
The Group is responding to new technological and cybersecurity risks as follows:
The chart below shows the losses linked to operational risk, according to the event classification defined in the current regulation.
The breakdown of losses by type of operational risk for the period 2016-2024 is quite close to the previous period (2015-2023), with a slight increase from 22% to 25% regarding external fraud while the “Clients, products and business practices” category decreased from 38% to 35%.
This last risk type is still the main Risk, followed by process failures, including errors in executing or processing transactions, and then external fraud.
BNP Paribas Group pays the utmost attention to analysing its operational risk incidents in order to continuously improve its control system.
Operational risk-weighted assets are calculated by multiplying the capital requirement by 12.5.
BNP Paribas uses a hybrid approach combining the advanced measurement approach (AMA), standardised approach, and basic indicator approach.
In terms of net banking income, most legal entities within the Group’s prudential scope of consolidation use the advanced measurement approach. This includes most retail banking activities in the domestic networks and private banking, as well as Corporate & Institutional Banking.
Under the AMA for calculating capital requirements, the Bank uses an operational risk internal model based on the four components required by regulations, namely:
BNP Paribas’ internal model in place since 2008 includes the following features:
Regulatory AMA capital requirements are calculated as VaR (Value at Risk), or the maximum potential loss over one year, at a 99.9% confidence level to calculate regulatory capital requirements. Capital requirements are calculated at an aggregated level using risk data from all Group entities in the AMA perimeter, then allocated to business lines and individual legal entities.
BNP Paribas uses fixed-parameter approaches (basic or standard) to calculate the capital requirements for entities in the Group’s prudential consolidation scope that are not covered by the internal model:
|
| a | b | c | d | e |
|
In millions of euros | 31 December 2024 | 31 December 2023 | |||||
Relevant indicators | RWAs | Capital requirements | RWAs | ||||
Year-3 | Year-2 | Last year | |||||
1 | Basic indicator approach | 4,537 | 5,233 | 4,850 | 9,137 | 731 | 3,911 |
2 | Standardised approach | 5,788 | 6,110 | 6,440 | 11,094 | 887 | 10,215 |
3 | of which subject to TSA | 5,788 | 6,110 | 6,440 | 11,094 | 887 | 10,215 |
4 | of which subject to ASA | - | - | - | - | - |
|
5 | Advanced measurement approach (AMA) | 34,575 | 32,439 | 34,362 | 44,733 | 3,579 | 44,771 |
| TOTAL OPERATIONAL RISK | 44,900 | 43,782 | 45,652 | 64,964 | 5,197 | 58,897 |
The EUR 6.1 billion increase in risk-weighted assets due to operational risk in 2024 is driven by the global integration of UkrisbBank and Arval, which were consolidated in the first and third quarters respectively. Both impacts are reflected in the basic indicator approach. A further rise in fixed-parameter approaches is related to the performance of the entities, and their higher average Relevant indicator. As for the AMA capital, it remained stable in 2024.
BNP Paribas Group deals with its insurable risks with the triple aim of protecting its balance sheet, its profit and loss account and its staff. Its insurance set-up is based on risk identification and assessment, underpinned by risk mapping and by analysis of operational loss profile, both historical and forward-looking.
The Group purchases insurance from leaders in the insurance market, covering computer crime, fraud, theft, business disruption, liability and other risks for which it may be held responsible. In order to optimise costs whilst effectively managing its exposure, the Group retains some well-identified risks whose impact in terms of frequency and cost is known or can be adequately estimated.
In selecting insurers, the Group pays close attention to the credit rating and claims paying ability of the companies concerned. Detailed information on risks incurred by BNP Paribas, together with risk assessment visits, enable insurers to assess the quality of risk prevention within the Group, as well as the safeguard measures put in place and upgraded on a regular basis in light of new standards and regulations.
Risk management is a process that allows identification, measurement, monitoring, management and reporting of both the risks arising from the external environment as well as intrinsic risks inherent to the BNP Paribas Cardif insurance group. The objective is to guarantee the solvency, business continuity, and development of the BNP Paribas Cardif group, under satisfactory conditions of risk and profitability.
Within the framework of the provisions of article L.354-2 of the French Insurance Code, the BNP Paribas Cardif group conducts a forward-looking assessment of its solvency and risks every year under the Solvency II framework, in particular:
Depending on the observed solvency ratio levels and the forecasts made under ORSA (Own Risk and Solvency Assessment), remedial actions may be undertaken to adjust own capital.
The risk typology adopted by the BNP Paribas Cardif group is changing in pace with methodological work and regulatory requirements. It is presented according to the main categories as follows:
The BNP Paribas Cardif group is exposed mainly to credit, underwriting and market risks. The BNP Paribas Cardif group closely monitors its exposures, taking into account these various risks and the adequacy of its capital with regard to regulatory solvency requirements. It endeavours to contain potential losses in adverse scenarios at acceptable levels.
The risk strategy is implemented and monitored through an organisation tailored to the broad risk classes and supported by ad hoc governance structures. The governance and risk management systems are presented in sections B. System of Governance and C. Risk profile of the BNP Paribas Cardif group’s Solvency and Financial Condition Report (SFCR), available on the institutional website at https://www.bnpparibascardif.com/en/financial-informations.
The solvency requirements for the BNP Paribas Cardif group under Solvency II are shown in the section Capital adequacy and capital planning of section 5.2 Capital management and capital adequacy.
Financial and underwriting risks related to insurance contracts within the scope of IFRS 17 are disclosed in note 5. Notes relating to insurance activities to the consolidated financial statements. The note presents the assessment of these risks in accordance with the principles of IFRS 17 as well as the risk management framework implemented by the BNP Paribas Group.
Market risk arises mainly in the Savings business, where technical reserves represent most of the BNP Paribas Cardif group insurance subsidiaries' liabilities.
General framework for monitoring market risk
BNP Paribas Cardif has the necessary management tools to calibrate its strategic asset allocation and to measure its risks of asset-liability adjustment. The asset-liability studies enable the expected flows on both the assets and the liabilities of the various general funds to be forecast. They allow the duration of assets to be adjusted according to the profile of the different liabilities.
The investment policy dictates the scope applicable to asset management. It defines the principles along which the structure of asset portfolios can be matched with the undertakings made to policyholders, while optimising the expected return on investment in relation to the set risk limit.
The implementation of the investment policy, assigned to the Asset Management Department, is regulated for each portfolio by a management agreement that specifies the investment limits geared to different classes of asset. Market risk can also be managed with financial hedging instruments.
Exposure to market risk is also monitored through specific targeted studies, such as the review of securities in an unrealised loss position.
In addition, the exposure to foreign exchange risk results from allocations to branches, foreign currency equity investments or the investment strategy in foreign currency assets in general funds and non-participative funds.
Interest rate risk management
Interest rate risk management for the general insurance funds, the assets for the protection activities and the own funds, mainly leads to investment in bonds, of which government bonds, notably those issued by countries in the Eurozone. The asset diversification policy aims to invest in listed or non-listed equities as well as real estate assets.
Euro funds in underwritten life insurance policies are measured based on either a contractual fixed rate or a variable rate, with or without a minimum guaranteed return. All of these policies give rise to an interest rate and asset value risk, corresponding to the risk that the return on admissible assets is less than the contractual return payable to policyholders or return payable defined in consideration of the market expectations and the positioning of the market players. In France, the average rate guaranteed by Cardif Assurance Vie in 2024 was below 0.1%.
Credit spread risk
General funds are mainly invested in bond assets that generate spread risk. Limits by issuer and rating type (investment grade, non-investment grade) are monitored regularly. Issuer credit quality is also reviewed frequently;
Management of the risk of change in the value of assets
In addition to the quality of the assets, portfolio diversification and hedging policy, the exposure to the risk of a decline in the value of assets (interest rate, spread, equities, real estate) for contracts with a profit-sharing clause is mitigated by the accounting variable fees model (VFA), with changes in the value of financial assets adjusting the cash flows from execution for the share accruing to policyholders and the margin on contractual services for the share accruing to the insurer.
Foreign exchange risk management
Currency risk hedging may be provided by forward financial instruments, such as currency swaps or by currency borrowings.
Exposure to liquidity risk is appraised, over a one-year horizon, mainly through the liquidity policy of the Asset Management Department, and in the medium term through studies carried out by the Actuarial Department on forecasted expected cash flows on the assets and liabilities of BNP Paribas Cardif general funds.
Tactical asset management provides the necessary liquidity to address redemptions and lapses, within the regular asset management framework, while minimising the impact on the yield of the assets.
The liquidity risk is centrally managed through reviews realised with a frequency appropriate to the risk exposure.
Stress tests are regularly carried out as part of asset and liability management studies. These stress tests make it possible to check the ability of BNP Paribas Cardif to honour its undertakings in negative financial market situations, by taking account of the impact of these situations on the behaviour of policyholders. Asset-liability matching analyses over the medium to long term are also carried out regularly by Asset-Liability Management in order to supplement the measurement of the financial risks incurred. They are based on medium- and/or long-term profit and loss account and balance sheet projections prepared using a range of economic scenarios. The results of these reviews are analysed in order to determine any adjustments to required assets (through strategic allocation, diversification, use of derivatives, etc.).
The rules for the dispersion of assets are laid down in the management agreements of the general funds. They specify the dispersion ratios per issuer on fixed-income instruments and by rating category. The credit doctrine formalised through the CRC – CGL (Credit Risk Consumption – Global Concentration Limit) also specifies the dispersion rules at the consolidated level for the general funds of entities based within the Eurozone, which are the most important.
The counterparty risk on reinsurers is managed through a stringent selection of counterparties, the negotiation of the guarantees provided and regular monitoring of the main exposures. The Risk Transfer and the Credit Risk Departments are responsible for this monitoring. The guarantees required may be actual guarantees, such as deposits in the form of a financial guarantee and pledged securities, or as sureties and letters of guarantee.
Partner counterparty risk comes under the credit governance for Partners and Reinsurers. The governance determines the delegated powers granted to local entities and provides for an agreement with the Credit Risk Department, if this latter is outside the framework of the local delegation. An exposure on a partner may be the subject of collateral or a personal guarantee. Depending on the quality of the counterparty, the following techniques may be used: parent company endorsements, bank guarantees payable at first demand, an account segregated from all other assets in the event of bankruptcy, etc.
As of 31 December 2024, in addition to unit-linked investments, the BNP Paribas Cardif group manages EUR 168.6 billion at net book value and, at market value, through its subsidiaries in France (mainly Cardif Assurance Vie, representing EUR 133.3 billion), Italy (mainly Cardif Vita, representing EUR 22.6 billion) and Luxembourg (Cardif Lux Vie, EUR 8.6 billion). The breakdown of BNP Paribas Cardif group investments (excluding investments in unit-linked contracts) is presented in the table Investments and other assets related to insurance activites in note 5. Notes related to insurance activities to the consolidated financial statements.
Exposure by rating | 31 December 2024 | 31 December 2023 | ||||
Govies | Corporate | Total | Govies | Corporate | Total | |
AAA | 7.8% | 4.3% | 12.1% | 7.9% | 4.1% | 12.0% |
AA | 24.5% | 8.3% | 32.8% | 21.0% | 13.6% | 34.6% |
A | 4.3% | 29.6% | 33.9% | 2.9% | 23.7% | 26.6% |
BBB | 10.3% | 7.7% | 18.1% | 10.1% | 13.7% | 23.8% |
< BBB(1) | 0.0% | 3.1% | 3.1% | 0.4% | 2.6% | 3.0% |
TOTAL | 46.9% | 53.1% | 100.0% | 42.2% | 57.8% | 100.0% |
| ||||||
Exposure by country In millions of euros | Rating | 31 December 2024 | 31 December 2023 |
Net book value | Net book value | ||
France | AA- | 21,234 | 15,523 |
Italy | BBB | 11,881 | 10,253 |
Spain | A- | 2,592 | 1,904 |
Belgium | AA- | 7,932 | 7,494 |
Germany | AAA | 1,567 | 1,922 |
Austria | AA+ | 358 | 313 |
Netherlands | AAA | 320 | 674 |
Ireland | A+ | 110 | 96 |
Portugal | BBB+ | 77 | 57 |
Others |
| 7,808 | 7,308 |
TOTAL |
| 53,877 | 45,544 |
Because of the upward trend in long-term rates in Europe in the first half of 2024, investments in general funds were made on long-maturities and good credit quality bond securities, notably in government or supranational bonds.
Underwriting risk arises mainly from the surrender, the longevity and the mortality risk in the savings business line, and in creditor insurance contracts for the protection business. Underwriting risk management is detailed in note 5. Notes related to insurance activities to the consolidated financial statements.
The publications under this section cover the environmental, social and governance (ESG) risk factors that may directly affect credit institutions through their impacts on the business activity of the customers.
From a general perspective, the Group has integrated the ESG-related risk factors into the Group’s risk management framework, as potential drivers of existing financial risks. Given the evolving nature of these methodologies, data and regulations related to ESG, the Group’s set-up may also be gradually adapted, as relevant.
The tools rolled out and continuously improved within the Group cover the risk factors regarding the three pillars “E”, “S”, and “G”. The environmental and climate-related ones are the most developed. The Supervisors and other external stakeholders pay particular attention to identifying and managing these types of risks, considering their potential impacts on the banking sector.
In its ambition to be a leader in sustainable finance and in the wake of its Strategic Plan, built around the pillars Growth, Technology & Sustainability (GTS), the Group has set itself the objective of directing financial flows towards a more sustainable economy. The Group consequently supports all its customers (corporates and individuals) in their transition.
Three strategic pillars have been identified to accelerate the implementation of the Group’s sustainable development commitments. Firstly, the alignment of lending sector-specific portfolios with the objectives of the 2015 Paris Agreement. Secondly, supporting clients towards a sustainable, low-carbon economy, thanks to the mobilisation of the Group’s networks of internal experts on ESG issues like the Low-Carbon Transition Group. Finally, strengthening the internal expertise, the management tools, the processes and mechanisms enabling to support the evolving needs of stakeholders and the training of employees, including the Sustainability Academy.
In this context, the Group continuously strengthens its ESG risk management framework. The Group monitors the potential impact of ESG risk factors on the conduct of its business, counterparties and investments on its own behalf or on behalf of third parties. Initially focused on the sectors most sensitive from an ESG perspective, the assessment of these ESG risks is gradually strengthened following the development of the methods for measuring and analysing these factors and their impacts on financial risks, in particular those relating to credit risk. Thus, the Group relies notably on a strong framework leveraging Sectoral Policies, Global and Specific Credit Policies, Exclusion and Monitoring lists and financing and investing policies which set ESG criteria governing the Group’s decisions to allocate financial services to sensitive industrial sectors
The Group continues expanding its training offer for employees to further support the consideration of ESG issues in its global risk management. It now covers a broad spectrum ranging from general awareness-raising to specific and technical trainings, for example trainings about energy transition, protection of biodiversity, respect for human rights and on the ESG risk management framework. The creation of the Sustainability Academy in 2022 has accelerated this process (see section 7.1.4 Own Workforce, paragraph Skills development and employability enhancement in chapter 7).
BNP Paribas has implemented a comprehensive ESG risk management approach developed to support the Group's strategy and in compliance with the current regulations of the European Union. It reflects a commitment at the highest level of the Group to combine performance, responsibility, ethics and transparency. This approach embeds ESG risks on a short-, medium-, and long-term scale as displayed in its CSR policy management dashboard (see section 7.1.1 General disclosures, paragraph Sustainability strategy overview in chapter 7).
The Group strategy aims to contribute to directing capital flows towards the transition to a more sustainable economy through banking and financial services. In that regard, the Group also pays specific attention to actions and practices that facilitate the alignment of its loan portfolio with the Net-Zero in 2050 objective. In 2021, the Group committed to objectives to gradually align its loan portfolios on a trajectory consistent with the 2015 Paris Agreement.
The CSRD sustainability stetements (Corporate Sustainability Reporting Directive) presented in section 7.1 Sustainability statements of chapter 7 illustrate the progress in supporting the transition of clients in developing renewable and low-carbon energies, supporting the energy transition of individuals and improving energy efficiency within its operating scope. They present the transition in the financing of low-carbon energy, now the majority in the Group's credit exposure to energy production. They also present its targets for reducing absolute greenhouse gas emissions for oil and gas, matched by reductions in its financing for this sector. Finally, they present sector review and targets of the greenhouse gas emissions intensity of its credit portfolios in the electricity generation, automotive, steel, aluminium, cement, aviation, shipping and commercial real estate sectors, while also disclosing the approach to the agriculture and residential real estate sectors.
Actions to assess and address social risks are developed in the strategy and in the Group’s vigilance plan. The Group’s vigilance plan is implemented to identify and prevent the risk of serious violations of human rights and fundamental freedoms, of harm to human health and safety, and to the environment throughout its business operations. For more information, refer to section 7.2 Vigilance plan in chapter 7.
Furthermore, the Group is committed to respecting and promoting internationally recognised human rights standards as defined in the International Charter of Human Rights, the OECD Guidelines for Multinational Enterprises, and the United Nations Guidelines on Business and Human Rights. The Group also recognises the fundamental conventions established by the International Labour Organisation (ILO), integral parts of the ILO Declaration on Fundamental Principles and Rights at Work, as well as the principles of international humanitarian law applicable in situations of armed conflict. The Group complies with local regulations of the countries in which the Group operates.
The Board of directors validates the Group’s strategy on energy and climate-related matters, with the support of two specialised Committees (see Governance in section 5.3 Risk Management):
For environmental-related risks and opportunities in all fields, the Chief Executive Officer and the Chief Operating Officer submit a strategy proposal to the Board of directors, then subsequently oversee the management of the Group and its performance.
The Chief Executive Officer is responsible for the ESG strategy, for which the definition and implementation through the Group’s commitments is managed by the Head of Company Engagement, a member of the Group Executive Committee, in its role as CSR supervisor. The Company Engagement Department, the CSR Department (which is part of the Company Engagement Department), the operating entities and functions are responsible for the implementation of the Group’s climate strategy.
Since 2021, the Group’s ESG governance system has been extended to cover all aspects of the Company and restructured to better incorporate environmental and climate-related issues in the definition of the strategy, its oversight and management of the associated risks. This framework is based on well-defined governance, with responsibilities shared between the Group and operating entities in order to facilitate operational integration of the ESG policies, targets and risk framework. This governance is led by:
Specific actions aiming at further embedding ESG into the risk management framework are handled within the ESG Methodologies, Analyses and Risk Management programme, which is monitored by the Sustainable Finance Infrastructure Committee.
The Group General Management has set up an internal control framework whose main objective is to ensure the global risk management and to give a reasonable assurance that related objectives are achieved (see section 2.4 Internal Control in chapter 2). The BNP Paribas Group’s internal control monitors all types of risks to which the Group may be exposed, including those resulting from ESG factors. It is applied at the Group level and at the level of directly or indirectly controlled entities.
The ESG risk management framework of the Group has been built on the basis of voluntary actions and commitments as well as regulatory requirements and supervisory expectations.
The long-standing voluntary actions with respect to international and European policy framework encompass good practices on both environmental and social fields and include the following principles:
The qualification of the risk factors related to climate change to which the Group is exposed is defined in paragraph "Environmental risks" of section 5.1 “Top and emerging risks” of chapter 5.
The Group does not consider the ESG risks as risk types but rather as risk factors which may potentially favour, trigger or worsen any types of risk, and notably credit, market or operational risks.
Accordingly, ESG risk factors are incorporated in the Group’s existing risk management framework and processes.
The risk identification is a top-down and bottom-up annual, forward-looking, comprehensive approach to identify and assess, amongst other risks, the ESG risk factors the Group is exposed to.
The Risk ID process has been designed to favour anticipation and to promote a forward-looking approach when updating the Risk inventory of the Group, resulting in the final outcome of the process. The risk inventory is made of a set of “severe but plausible” elementary scenarios (the “risk events”) that reflect the ways the risk types faced by the Group could materialise.
All the risk events have the same structure:
Given the still evolving features of the ESG topics, the Group has deepened and broadened the insertion of climate risk factors over the years into its risk management framework and related lifecycle and will continue doing so over time.
More specifically, many actions have been implemented in the context of the continuous improvement of the Group Risk ID and to better answer regulatory expectations, such as:
In the Risk ID approach, the 20 ESG risk factors are combined with 24 possible ESG-transmission channels. A better understanding of the transmission channels that explain how ESG risk factors could lead to direct or indirect damage to the Group enhances the ability to seize and model the possible impacts of ESG risk factors. Consequently, in the Risk ID approach, whenever an ESG risk factor is considered as favouring, triggering and or worsening a risk event, the associated transmissions channels must be identified. They have to be selected from the first version of the BNP Paribas reference taxonomy of ESG transmission channels.
The following chart illustrates the manner in which BNP Paribas accounts for the fact that ESG risk factors are likely to contribute, via pre-identified transmission channels, to the materialisation of, potentially, any type of risk.
To better take into account ESG aspects in its risk management framework, BNP Paribas provides a picture of the risk environment of financial institutions by updating each year its Financial Institutions Global Risks Landscape(12). In 2024, 22 among the 34 global risks retained and detailed in this work have an ESG dimension (see the table in Appendix 5 Risk identification & assessment process [“Risk ID”]).
Regarding Risk Assessment & Measurement, the Group has put in place several tools and processes:
Tools to enhance forward-looking assessment capabilities are being developed. In particular climate scenarios analyses are deployed, covering climate-related risk factors, in that respect:
Gradually, since 2020, the scenario analysis framework has been enriched for use in analysing the consequences of global warming and the energy transition on the Group’s asset portfolios.
Progress has been made to:
Climate scenarios addressing transition risk and physical risk have been included in the ICAAP, reflecting the increasing importance of climate in the Group’s strategy. Consistent with this pivotal role of climate change and energy transition, these scenarios are part of a more general treatment of climate-related risks and opportunities in the ICAAP, which are documented in a dedicated section of the ICAAP.
Climate scenario analyses in the ICAAP are not limited to credit risk. They also include:
In 2024, the Group developed methodologies for:
These different scenarios enable the Group to determine the materiality and sensitivity of climate risk factors This concerns in particular the impact on revenues, credit risk and operational risk. Climate risk scenarios remain exploratory in nature and cover time horizons that far exceed horizons used for capital planning. As a result, although integrated in the ICAAP for risk management purposes, climate scenarios are not used to calculate an impact on the Group’ capital.
For further information on the Group’s developing climate stress testing infrastructure, please also refer to section 5.3 Risk Management, which provides information on the Group’s stress testing infrastructure, including relating to climate.
The Group does not calculate a capital charge linked to climate-related risk, which is considered a risk factor of risks such as business, credit or operational risk. The Group is, however, able to assess the contribution of events that can be triggered or worsened by climate risk to its internal capital requirement. The assessment relies on the Group’s risk identification process.
The Group’s resilience to environmental and social risk is underpinned by its diversified, integrated business model. The diversity of the business lines, the business sectors in which the Group operates and the geographic areas in which it is established is a key asset to mitigate risks of all kinds, whether they are climate, related to biodiversity or other environmental risks.
In parallel with internal climate scenario analyses, the Group continues to participate in climate stress exercises for regulators and supervisors. Notably, in 2024, the Group participated in the stress tests:
This promotes the development of shared skills between internal analyses of climate scenarios and climate-related exercises mandated by regulators and supervisors.
Several other elements can be highlighted as contributing significantly to the Group’s resilience to environmental risks:
Regarding social risks, activities of the corporate clients may introduce social risks related to the respect of human rights particularly in the area of workers’ rights and may have a negative impact on local communities. Hence, the Group encourages clients to manage their own activities with respect to human rights. It also endeavours to identify, assess, monitor and encourage the improvement of the current and future performance of clients operating in sensitive sectors through the application of its investment and financing policies. This set-up has been further strengthened with the deployment of the ESG assessment of the Group’s customers on five dimensions, including social (health, safety and impact on communities). In case of suspicion or identification of serious human rights abuses by a BNP Paribas customer or a company in its portfolio, the Group conducts in-depth due diligences with the company concerned.
In addition, the adherence to international and European policy framework, which incorporates principles relating to the social field, can also contribute to reducing potential social risks. For example, as a signatory member of the Equator Principles, the Group ensures that any negative impacts of a project finance on communities, ecosystems or the climate are avoided and, if necessary, remedied, and encourages clients to obtain the Free, Prior and Informed Consent (FPIC) of the local communities impacted by their projects.
The above-mentioned approaches and tools developed for risk identification and measurement also constitute tools for risk monitoring, as they enable portfolio analyses and provide for indicators and insights on the Group’s exposure towards climate factors.
The internal reporting framework and structure cover all type of risks to which the Group may be exposed, including the ESG risks.
For example, a quarterly Group risk dashboard is periodically submitted to the Group Executive Management as well as the Board of directors’ Internal Control, Risk Management and Compliance Committee (CCIRC): this report covers the Group’s risk appetite and its risk profile leveraging amongst other things the results of the transverse stress tests.
Climate and environmental factors are also incorporated into the Group's Risk Appetite Statement (RAS).
The Group's RAS is defined in line with the strategy of BNP Paribas and includes risk principles dedicated to ESG risks factors (climate-related elements are included).
These risk principles, coupled with dedicated metrics, define the risk tolerance of the Group on these dimensions.
The Group RAS is being enriched year-on-year and now integrates several metrics to control Group achievements with respect to its commitments on Thermal Coal and on the exploration and production of Oil & Gas financing for 2025 and 2030, as well as the monitoring of the Residential Real Estate portfolio.
In addition, complementary indicators, resulting from the setting of decarbonisation targets regarding the Oil & Gas, Power Generation and Automotive sectors, and the low carbon financing are part of the Risk Appetite Statement for monitoring purposes.
As part of sector/activity RAS review, the Risk and Development Policy Committee, gathering together Business & RISK representatives, validates the strategic development plan and underlying risk profile of the sector/activity under review, including the ESG dimension.
Environmental and social risk-related objectives are also considered in the remuneration policy (see section 1. Corporate governance in chapter 2).
Several dashboards and analyses monitoring ESG risks are updated on a regular basis and shared with relevant stakeholders to support decision-making and operational insertion as follows:
Moreover, to closely control the risk exposure towards sectors particularly exposed to ESG matters, the Group has issued financing and investment policies, classified as sector policies. Group credit related policies have also been reinforced considering ESG dimensions. Exclusion & monitoring lists restrict the activity or increase the level of scrutiny placed towards specific sectors or activities.
Furthermore, climate-related criteria are incorporated as relevant in the due diligence performed on customers and suppliers, in covenants and procedures related to new/modified activities and exceptional transactions. Portfolios are dynamically managed towards the alignment targets defined by the Group.
Below is a list of examples of specific policies recently updated:
The implementation of a strong governance to define the data collection instructions, the data management and estimation rules, to optimise the quality, the exhaustivity and the freshness of ESG data is a prerequisite for a sound measurement and reporting.
ESG data and information systems are managed in the context of a specific “Data & Systems” stream, under the Group Sustainable Finance Infrastructure Committee’s umbrella.
In this context, the following framework has been set up to collect ESG needs within the Group:
Feedback loops are organised with data providers to address data quality issues and implement remediation plans;
Despite the developments in recent years in terms of standardising methodologies for the quantitative analysis of ESG factors and their impact on traditional financial risks, they must be interpreted with caution, taking into account their limitations. In the response to the public consultation of its report on prudential disclosures for ESG(14) of January 2022, the EBA underlines the difficulties relating to these methodologies, namely the low historical depth, the unavailability of standardised and comparable data on the various geographies and sectors of activity, the multiplicity of methods and scenarios used to estimate missing data, among others.
The tables presented in this section should be read in conjunction with the methods and definitions used and described in the accompanying narrative. In the absence of a reference proposed by the supervisory authorities, the Group has chosen to refer, whenever possible, to European definitions or regulatory exercises. When this was not possible, the information was produced on the basis of forward-looking plans and projections, prepared in good faith by the Group based on internal definitions and estimates. The Group constantly adapts its methodologies taking into account the development of knowledge, the availability of data, the establishment or updating of recognised guidelines and standards.
Certain factors, which are external to the Group, may cause variations in the forecasts taken into account to prepare forward-looking plans and projections, such as changes in climate scenarios, changes in economic conditions or geopolitical risks. The information contained in this section may, therefore, be significantly revised in future publications.
As a result, the tables presented in this section can only be assessed on the date of publication of this document and must be interpreted taking into account the uncertainties related to the methodologies, projections and data used.
|
| a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | p |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
In millions of euros |
|
|
|
|
|
|
|
|
|
|
| 31 December 2024 | |||||
Gross carrying amount | Accumulated impairment, | GHG financed emissions (scope 1, scope 2 and scope 3 emissions of the counterparty) (in tons of CO2 equivalent) | GHG emissions (column i): gross carrying amount percentage of the portfolio derived from company-specific reporting | ≤ 5 years | > 5 year ≤ 10 years | > 10 year ≤ 20 years | > 20 years | Average weighted maturity (in years) | |||||||||
| of which exposures towards companies excluded from EU Paris-Aligned Benchmarks | of which environmentally sustainable (CCM) | of which Stage 2 | of which non-performing exposures |
| of which Stage 2 | of which non-performing |
| of which scope 3 financed emissions | ||||||||
1 | Exposures towards sectors that highly contribute to climate change(1) | 332,462 | 17,818 | 4,177 | 37,144 | 11,935 | (7,078) | (541) | (6,053) | 95,738,428 | 39,329,247 | 30% | 270,767 | 31,798 | 27,811 | 2,086 | 4 |
2 | A – Agriculture, forestry and fishing | 11,333 | 0 | 0 | 810 | 396 | (224) | (35) | (139) | 7,959,900 | 65,991 | 4% | 9,582 | 934 | 771 | 46 | 4 |
3 | B – Mining and quarrying | 5,073 | 3,289 | 7 | 277 | 70 | (67) | (4) | (60) | 8,528,448 | 5,670,361 | 71% | 4,152 | 781 | 140 | 1 | 4 |
4 | B.05 – Mining of coal and lignite | 20 | 20 | 0 | 0 | 4 | (3) | 0 | (3) | 10,985 |
| 71% | 20 |
|
|
| 4 |
5 | B.06 – Extraction of crude petroleum and natural gas | 2,352 | 2,352 | 4 | 1 | 43 | (42) | 0 | (42) | 5,405,012 | 4,297,327 | 72% | 1,933 | 392 | 27 | 0 | 3 |
6 | B.07 – Mining of metal ores | 1,254 | 125 | 0 | 234 | 10 | (14) | (4) | (9) | 943,156 |
| 73% | 952 | 302 |
|
| 4 |
7 | B.08 – Other mining and quarrying | 661 | 5 | 3 | 30 | 14 | (8) | 0 | (7) | 595,226 | 425 | 19% | 581 | 59 | 19 | 1 | 3 |
8 | B.09 – Mining support service activities | 787 | 787 | 1 | 11 | 0 | 0 | 0 | 0 | 1,574,069 | 1,372,609 | 97% | 665 | 28 | 93 |
| 5 |
9 | C – Manufacturing | 95,092 | 3,639 | 1,235 | 11,654 | 3,326 | (2,189) | (120) | (1,959) | 32,968,886 | 16,302,217 | 43% | 89,402 | 4,477 | 783 | 430 | 3 |
10 | C.10 – Manufacture of food products | 14,658 | 252 | 2 | 1,571 | 391 | (258) | (14) | (220) | 2,589,821 | 728,027 | 34% | 13,817 | 673 | 115 | 53 | 3 |
11 | C.11 – Manufacture of beverages | 3,512 |
| 0 | 386 | 28 | (22) | (1) | (15) | 234,915 |
| 48% | 3,373 | 105 | 33 | 1 | 3 |
12 | C.12 – Manufacture of tobacco products | 0 |
|
| 0 |
|
|
| 0 | 23 |
| 66% | 0 | 0 |
|
|
|
13 | C.13 – Manufacture of textiles | 866 |
| 0 | 89 | 69 | (51) | (1) | (49) | 65,084 | 12 | 8% | 829 | 15 | 8 | 13 | 2 |
14 | C.14 – Manufacture of wearing apparel | 1,155 |
|
| 300 | 138 | (84) | (5) | (77) | 44,624 |
| 19% | 1,134 | 16 | 2 | 3 | 2 |
15 | C.15 – Manufacture of leather and related products | 328 |
|
| 76 | 31 | (23) | 0 | (22) | 12,832 |
| 9% | 320 | 6 | 0 | 2 | 1 |
16 | C.16 – Manufacture of wood and of products of wood and cork | 1,151 |
| 2 | 70 | 61 | (33) | (1) | (29) | 95,565 | 546 | 11% | 1,030 | 92 | 22 | 8 | 3 |
17 | C.17 – Manufacture of paper and paper products | 2,066 |
| 2 | 149 | 51 | (34) | (1) | (31) | 241,066 | 7,440 | 42% | 1,905 | 156 | 3 | 2 | 2 |
18 | C.18 – Printing and reproduction of recorded media | 726 | 0 | 0 | 52 | 66 | (45) | (1) | (42) | 60,163 |
| 11% | 670 | 44 | 10 | 2 | 3 |
19 | C.19 – Manufacture of coke and refined petroleum products | 3,044 | 3,044 | 19 | 375 | 11 | (12) | 0 | (11) | 5,687,987 | 4,760,911 | 69% | 2,220 | 791 | 33 |
| 5 |
20 | C.20 – Manufacture of chemicals and chemical products | 7,887 | 212 | 7 | 1,768 | 393 | (173) | (9) | (153) | 3,000,552 | 363,878 | 50% | 7,243 | 430 | 173 | 40 | 3 |
21 | C.21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations | 6,284 |
| 0 | 378 | 31 | (22) | (1) | (19) | 569,345 | 1 | 71% | 6,008 | 256 | 5 | 14 | 2 |
22 | C.22 – Manufacture of rubber products | 3,721 |
| 27 | 439 | 260 | (166) | (5) | (158) | 1,082,939 | 164,338 | 31% | 3,497 | 150 | 30 | 44 | 3 |
23 | C.23 – Manufacture of other non-metallic mineral products | 3,493 |
| 20 | 301 | 116 | (95) | (3) | (88) | 2,097,261 | 88 | 51% | 3,337 | 120 | 26 | 10 | 3 |
24 | C.24 – Manufacture of basic metals | 5,687 |
| 148 | 384 | 97 | (63) | (1) | (60) | 4,741,570 | 269,299 | 58% | 5,222 | 402 | 49 | 14 | 3 |
25 | C.25 – Manufacture of fabricated metal products, except machinery and equipment | 4,452 | 1 | 39 | 789 | 240 | (202) | (15) | (175) | 848,437 | 16,170 | 15% | 3,993 | 253 | 171 | 36 | 3 |
26 | C.26 – Manufacture of computer, electronic and optical products | 5,897 |
| 39 | 625 | 86 | (87) | (10) | (70) | 161,123 | 14,410 | 78% | 5,777 | 74 | 8 | 38 | 3 |
27 | C.27 – Manufacture of electrical equipment | 5,114 | 59 | 241 | 623 | 294 | (163) | (10) | (149) | 1,512,126 | 1,345,964 | 72% | 4,931 | 115 | 5 | 63 | 2 |
28 | C.28 – Manufacture of machinery and equipment n.e.c. | 7,061 | 56 | 77 | 879 | 303 | (248) | (9) | (232) | 428,388 | 177,588 | 30% | 6,832 | 187 | 18 | 24 | 3 |
29 | C.29 – Manufacture of motor vehicles, trailers and semi-trailers | 7,590 |
| 242 | 1,178 | 456 | (268) | (17) | (247) | 8,578,198 | 8,239,318 | 70% | 7,361 | 221 | 3 | 4 | 2 |
30 | C.30 – Manufacture of other transport equipment | 4,577 |
| 332 | 496 | 60 | (27) | (5) | (17) | 156,156 | 52,516 | 77% | 4,463 | 100 | 2 | 13 | 1 |
31 | C.31 – Manufacture of furniture | 1,005 |
| 1 | 88 | 37 | (33) | (2) | (28) | 56,825 | 148 | 17% | 932 | 35 | 29 | 9 | 3 |
32 | C.32 – Other manufacturing | 1,160 | 0 | 4 | 141 | 50 | (38) | (2) | (34) | 78,931 |
| 33% | 1,092 | 39 | 6 | 24 | 3 |
33 | C.33 – Repair and installation of machinery and equipment | 3,657 | 15 | 33 | 496 | 56 | (42) | (6) | (29) | 624,957 | 161,564 | 48% | 3,419 | 196 | 29 | 13 | 3 |
34 | D – Electricity, gas, steam and air conditioning supply | 19,837 | 3,796 | 1,559 | 1,695 | 259 | (133) | (34) | (85) | 16,571,471 | 2,143,158 | 64% | 14,438 | 2,144 | 2,956 | 299 | 5 |
35 | D35.1 – Electric power generation, transmission and distribution | 17,223 | 1,612 | 1,463 | 1,523 | 256 | (129) | (34) | (82) | 14 896 647 | 1 499 664 | 65% | 12,088 | 2,072 | 2,795 | 269 | 3 |
36 | D35.11 – Production of electricity | 12,020 | 677 | 1,065 | 1,056 | 231 | (106) | (27) | (68) | 8,839,122 | 768,318 | 64% | 7,374 | 1,730 | 2,649 | 267 | 6 |
37 | D35.2 – Manufacture of gas; distribution of gaseous fuels through mains | 2,183 | 2,183 | 71 | 67 | 3 | (4) | 0 | (3) | 1,375,801 | 643,425 | 74% | 2,034 | 54 | 95 |
| 3 |
38 | D35.3 – Steam and air conditioning supply | 431 | 1 | 25 | 105 | 0 | (1) | 0 | 0 | 299,024 | 69 | 71% | 316 | 19 | 66 | 30 | 7 |
39 | E – Water supply; sewerage, waste management and remediation activities | 3,465 | 3 | 193 | 368 | 138 | (118) | (4) | (109) | 1,132,316 | 56,482 | 40% | 2,865 | 344 | 184 | 72 | 3 |
40 | F – Construction | 25,412 | 129 | 260 | 2,815 | 1,892 | (996) | (48) | (900) | 1,022,334 | 200,431 | 11% | 22,726 | 1,242 | 1,284 | 160 | 3 |
41 | F.41 – Construction of buildings | 15,902 | 33 | 134 | 2,121 | 1,356 | (719) | (27) | (659) | 651,471 | 176,720 | 10% | 14,433 | 629 | 742 | 98 | 2 |
42 | F.42 – Civil engineering | 3,596 | 95 | 75 | 240 | 195 | (110) | (5) | (99) | 133,545 | 3,367 | 25% | 3,306 | 176 | 106 | 8 | 4 |
43 | F.43 – Specialised construction activities | 5,913 | 1 | 50 | 454 | 341 | (167) | (16) | (143) | 237,317 | 20,344 | 6% | 4,987 | 438 | 435 | 53 | 3 |
44 | G – Wholesale and retail trade; repair of motor vehicles and motorcycles | 77,123 | 5,096 | 95 | 8,368 | 2,778 | (1,768) | (116) | (1,535) | 17,878,435 | 11,477,110 | 24% | 71,104 | 4,433 | 1,299 | 287 | 3 |
45 | H – Transportation and storage | 27,192 | 1,864 | 423 | 2,912 | 614 | (377) | (36) | (310) | 7,923,633 | 2,190,318 | 40% | 20,697 | 4,270 | 2,073 | 152 | 4 |
46 | H.49 – Land transport and transport via pipelines | 7,262 | 954 | 186 | 738 | 405 | (255) | (16) | (221) | 1,284,179 | 728,795 | 16% | 6,410 | 513 | 329 | 10 | 4 |
47 | H.50 – Water transport | 10,710 | 821 | 11 | 1,522 | 77 | (51) | (2) | (46) | 3,820,590 | 622,658 | 48% | 7,044 | 2,517 | 1,148 | 0 | 5 |
48 | H.51 – Air transport | 3,439 | 0 |
| 239 | 33 | (10) | (1) | (9) | 2,215,013 | 724,659 | 70% | 2,767 | 495 | 167 | 10 | 4 |
49 | H.52 – Warehousing and support activities for transportation | 5,683 | 89 | 225 | 405 | 92 | (56) | (17) | (31) | 600,926 | 114,202 | 47% | 4,383 | 743 | 426 | 132 | 4 |
50 | H.53 – Postal and courier activities | 98 | 0 | 2 | 7 | 6 | (5) | 0 | (4) | 2,926 | 4 | 33% | 93 | 2 | 3 |
| 2 |
51 | I – Accommodation and food service activities | 7,670 | 0 | 19 | 1,250 | 571 | (276) | (16) | (247) | 435,286 | 62,270 | 10% | 5,810 | 1,137 | 689 | 35 | 4 |
52 | L – Real estate activities | 60,264 | 1 | 387 | 6,995 | 1,890 | (929) | (126) | (708) | 1,317,720 | 1,160,910 | 8% | 29,992 | 12,035 | 17,633 | 604 | 7 |
53 | Exposures towards sectors other than those that highly contribute to climate change(*) | 114,646 | 1,523 | 1,043 | 10,115 | 3,038 | (1,603) | (234) | (1,215) | 8,416,759 | 4,331,408 | 31% | 96,622 | 10,524 | 5,064 | 2,435 | 2 |
54 | K – Financial and insurance activities | 26,108 | 393 | 105 | 1,517 | 450 | (293) | (38) | (223) | 2,480,428 | 1,645,225 | 34% | 20,605 | 3,257 | 1,495 | 750 | 1 |
55 | Exposures to other sectors (NACE codes J, M – U) | 88,538 | 1,130 | 938 | 8,597 | 2,588 | (1,311) | (196) | (992) | 5,936,331 | 2,686,183 | 30% | 76,017 | 7,267 | 3,569 | 1,685 | 2 |
56 | TOTAL | 447,107 | 19,340 | 5,220 | 47,259 | 14,974 | (8,681) | (775) | (7,268) | 104,155,188 | 43,660,656 | 30% | 367,389 | 42,322 | 32,875 | 4,521 | 3 |
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| a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | p |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
In millions of euros |
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| 31 December 2023 | |||||
Gross carrying amount |
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| Accumulated impairment, accumulated negative changes | GHG financed emissions (scope 1, scope2 and scope3 emissions of the counterparty) (in tons of CO2 equivalent) | GHG emissions (column i): gross carrying amount percentage of the portfolio derived from company-specific reporting | ≤ 5 years | > 5 year ≤ 10 years | > 10 year ≤ 20 years | > 20 years | Average weighted maturity (in years) | ||||||
| of which exposures towards companies excluded from EU Paris-Aligned Benchmarks | of which environmentally sustainable (CCM) | of which Stage 2 | of which non-performing exposures |
| of which Stage 2 | of which non-performing exposures |
| of which scope 3 financed emissions | ||||||||
1 | Exposures towards sectors that highly contribute to climate change(1) | 327,955 | 20,772 | 4,117 | 38,902 | 10,646 | (7,032) | (821) | (5,659) |
|
|
| 269,597 | 29,369 | 27,266 | 1,723 | 4 |
2 | A – Agriculture, forestry and fishing | 12,989 | 26 |
| 969 | 460 | (341) | (40) | (261) |
|
|
| 10,945 | 1,124 | 841 | 78 | 4 |
3 | B – Mining and quarrying | 7,623 | 5,292 | 22 | 544 | 193 | (124) | (5) | (108) |
|
|
| 6,678 | 840 | 103 | 1 | 3 |
4 | B.05 – Mining of coal and lignite | 124 | 125 |
| 58 | 3 | (4) |
| (3) |
|
|
| 124 |
|
|
| 3 |
5 | B.06 – Extraction of crude petroleum and natural gas | 3,755 | 3,775 | 11 | 140 | 101 | (63) | (1) | (58) |
|
|
| 3,336 | 392 | 27 | - | 4 |
6 | B.07 – Mining of metal ores | 1,656 |
| 1 | 260 | 63 | (31) | (2) | (26) |
|
|
| 1,268 | 388 |
|
| 4 |
7 | B.08 – Other mining and quarrying | 690 | 10 | 3 | 52 | 20 | (17) | (2) | (14) |
|
|
| 628 | 59 | 2 | - | 3 |
8 | B.09 – Mining support service activities | 1,398 | 1,383 | 7 | 35 | 6 | (9) | - | (6) |
|
|
| 1,322 | 1 | 75 |
| 3 |
9 | C – Manufacturing | 92,356 | 4,184 | 1,115 | 9,444 | 2,603 | (2,035) | (235) | (1,663) |
|
|
| 87,074 | 3,822 | 1,172 | 289 | 3 |
10 | C.10 – Manufacture of food products | 12,857 | 205 | 1 | 1,081 | 339 | (243) | (37) | (183) |
|
|
| 12,140 | 545 | 143 | 29 | 3 |
11 | C.11 – Manufacture of beverages | 3,279 |
|
| 145 | 46 | (30) | (2) | (22) |
|
|
| 3,161 | 80 | 37 | 1 | 3 |
12 | C.12 – Manufacture of tobacco products | 6 |
|
| 1 |
|
|
|
|
|
|
| 6 |
|
|
| 4 |
13 | C.13 – Manufacture of textiles | 961 |
|
| 297 | 87 | (67) | (3) | (62) |
|
|
| 929 | 10 | 10 | 12 | 3 |
14 | C.14 – Manufacture of wearing apparel | 1,156 |
|
| 113 | 70 | (71) | (9) | (49) |
|
|
| 1,143 | 8 | 4 | 1 | 2 |
15 | C.15 – Manufacture of leather and related products | 406 |
|
| 105 | 32 | (24) | (2) | (22) |
|
|
| 400 | 4 | - | 2 | 2 |
16 | C.16 – Manufacture of wood and of products of wood and cork, | 1,149 |
| 5 | 96 | 48 | (35) | (3) | (27) |
|
|
| 965 | 175 | 8 | 1 | 4 |
17 | C.17 – Manufacture of paper and paper products | 1,741 |
|
| 336 | 38 | (38) | (4) | (30) |
|
|
| 1,640 | 92 | 3 | 6 | 2 |
18 | C.18 – Printing and reproduction of recorded media | 791 |
|
| 109 | 58 | (37) | (5) | (29) |
|
|
| 744 | 36 | 7 | 3 | 3 |
19 | C.19 – Manufacture of coke and refined petroleum products | 2,987 | 2,961 | 17 | 506 | 10 | (30) | (16) | (10) |
|
|
| 2,097 | 445 | 445 |
| 5 |
20 | C.20 – Manufacture of chemicals and chemical products | 7,878 | 482 | 25 | 771 | 124 | (85) | (15) | (52) |
|
|
| 7,056 | 720 | 76 | 26 | 3 |
21 | C.21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations | 4,939 |
|
| 525 | 11 | (23) | (7) | (8) |
|
|
| 4,698 | 219 | 8 | 14 | 4 |
22 | C.22 – Manufacture of rubber products | 4,919 | 175 | 1 | 320 | 199 | (138) | (8) | (125) |
|
|
| 4,762 | 100 | 28 | 29 | 3 |
23 | C.23 – Manufacture of other non-metallic mineral products | 3,103 |
| 29 | 291 | 160 | (120) | (5) | (110) |
|
|
| 2,922 | 144 | 24 | 13 | 3 |
24 | C.24 – Manufacture of basic metals | 5,393 | 103 | 164 | 441 | 72 | (64) | (6) | (55) |
|
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| 5,071 | 262 | 44 | 16 | 3 |
25 | C.25 – Manufacture of fabricated metal products, except machinery and equipment | 4,749 | 7 | 17 | 458 | 237 | (193) | (16) | (170) |
|
|
| 4,311 | 273 | 128 | 38 | 3 |
26 | C.26 – Manufacture of computer, electronic and optical products | 6,686 |
| 15 | 574 | 67 | (91) | (23) | (58) |
|
|
| 6,443 | 210 | 8 | 26 | 3 |
27 | C.27 – Manufacture of electrical equipment | 4,635 | 223 | 245 | 578 | 45 | (72) | (24) | (40) |
|
|
| 4,530 | 59 | 28 | 18 | 2 |
28 | C.28 – Manufacture of machinery and equipment n.e.c. | 8,236 |
| 67 | 448 | 459 | (297) | (5) | (287) |
|
|
| 8,053 | 135 | 21 | 27 | 3 |
29 | C.29 – Manufacture of motor vehicles, trailers and semi-trailers | 7,038 | 23 | 60 | 1,015 | 264 | (223) | (9) | (214) |
|
|
| 6,991 | 38 | 5 | 3 | 2 |
30 | C.30 – Manufacture of other transport equipment | 4,331 |
| 372 | 584 | 47 | (26) | (7) | (18) |
|
|
| 4,150 | 100 | 78 | 3 | 2 |
31 | C.31 – Manufacture of furniture | 1,013 |
| - | 108 | 35 | (32) | (4) | (25) |
|
|
| 929 | 56 | 27 | 1 | 2 |
32 | C.32 – Other manufacturing | 1,614 |
| 3 | 238 | 98 | (53) | (15) | (34) |
|
|
| 1,540 | 47 | 11 | 16 | 3 |
33 | C.33 – Repair and installation of machinery and equipment | 2,490 | 5 | 94 | 305 | 57 | (41) | (7) | (32) |
|
|
| 2,394 | 63 | 28 | 5 | 3 |
34 | D – Electricity, gas, steam and air conditioning supply | 19,080 | 3,176 | 1,339 | 1,546 | 312 | (138) | (17) | (102) |
|
|
| 13,677 | 2,323 | 2,876 | 204 | 5 |
35 | D35.1 – Electric power generation, transmission and distribution | 15,711 | 1,103 | 1,323 | 1,164 | 281 | (118) | (12) | (91) |
|
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| 10,650 | 2,194 | 2,680 | 188 | 7 |
36 | D35.11 – Production of electricity | 11,946 | 816 | 824 | 1,100 | 276 | (110) | (12) | (85) |
|
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| 7,305 | 1,864 | 2,626 | 150 | 6 |
37 | D35.2 – Manufacture of gas; distribution of gaseous fuels through mains | 2,797 | 2,073 | 13 | 192 | 29 | (19) | (4) | (11) |
|
|
| 2,572 | 106 | 119 | - | 1 |
38 | D35.3 – Steam and air conditioning supply | 571 |
| 3 | 190 | 2 | (2) |
|
|
|
|
| 455 | 22 | 77 | 16 | 1 |
39 | E – Water supply; sewerage, waste management and remediation activities | 2,528 | 88 | 89 | 276 | 108 | (72) | (4) | (62) |
|
|
| 1,949 | 476 | 83 | 21 | 3 |
40 | F – Construction | 25,615 | 249 | 374 | 2,923 | 2,112 | (1,499) | (49) | (1,395) |
|
|
| 23,246 | 1,126 | 1,140 | 102 | 3 |
41 | F.41 – Construction of buildings | 15,728 | 33 | 134 | 1,585 | 1,473 | (936) | (22) | (886) |
|
|
| 14,263 | 681 | 706 | 79 | 3 |
42 | F.42 – Civil engineering | 3,713 | 213 | 70 | 626 | 200 | (153) | (11) | (131) |
|
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| 3,603 | 53 | 52 | 5 | 4 |
43 | F.43 – Specialised construction activities | 6,173 | 2 | 171 | 711 | 439 | (410) | (16) | (378) |
|
|
| 5,381 | 393 | 381 | 18 | 4 |
44 | G – Wholesale and retail trade; repair of motor vehicles and motorcycles | 69,868 | 5,240 | 654 | 10,492 | 2,120 | (1,323) | (172) | (1,033) |
|
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| 64,766 | 3,564 | 1,267 | 271 | 3 |
45 | H – Transportation and storage | 29,001 | 2,512 | 311 | 3,836 | 591 | (423) | (51) | (335) |
|
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| 23,390 | 3,803 | 1,660 | 148 | 4 |
46 | H.49 – Land transport and transport via pipelines | 8,600 | 1,670 | 93 | 912 | 335 | (231) | (16) | (200) |
|
|
| 7,577 | 653 | 359 | 11 | 4 |
47 | H.50 – Water transport | 11,170 | 662 | 6 | 1,875 | 170 | (113) | (10) | (100) |
|
|
| 8,352 | 2,250 | 568 | - | 5 |
48 | H.51 – Air transport | 3,162 |
|
| 563 | 21 | (19) | (6) | (11) |
|
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| 2,625 | 359 | 171 | 6 | 5 |
49 | H.52 – Warehousing and support activities for transportation | 5,888 | 179 | 212 | 473 | 60 | (55) | (18) | (21) |
|
|
| 4,661 | 538 | 559 | 130 | 4 |
50 | H.53 – Postal and courier activities | 181 |
| - | 12 | 5 | (4) |
| (3) |
|
|
| 176 | 2 | 3 | - | 2 |
51 | I – Accommodation and food service activities | 7,587 |
| 1 | 1,761 | 653 | (347) | (69) | (262) |
|
|
| 5,774 | 1,117 | 642 | 54 | 4 |
52 | L – Real estate activities | 61,308 | 5 | 212 | 7,111 | 1,494 | (730) | (181) | (438) |
|
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| 32,097 | 11,174 | 17,480 | 557 | 7 |
53 | Exposures towards sectors other than those that highly contribute to climate change(*) | 125,900 | 1,557 | 4,473 | 12,197 | 3,606 | (1,828) | (265) | (1,385) |
|
|
| 108,287 | 10,580 | 5,048 | 1,985 | 2 |
54 | K – Financial and insurance activities | 23,702 | 466 | 454 | 1,695 | 793 | (502) | (58) | (408) |
|
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| 18,745 | 3,142 | 1,139 | 676 | 2 |
55 | Exposures to other sectors (NACE codes J, M – U) | 102,198 | 1,091 | 4,019 | 10,502 | 2,813 | (1,326) | (206) | (977) |
|
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| 89,542 | 7,438 | 3,910 | 1,309 | 3 |
56 | TOTAL | 453,855 | 22,329 | 8,590 | 51,100 | 14,252 | (8,860) | (1,086) | (7,044) |
|
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| 377,884 | 39,949 | 32,314 | 3,708 | 4 |
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The table “Credit quality of exposures by sector, emissions and residual maturity” is republished as of 31 December 2023 following the new instruction provided by the EBA in April 2024 within its question and answer framework (Q&A 2023_6940).
The Group’s total exposure to non-financial corporates stands at EUR 447 billion at 31 December 2024 including loans and advances, debt securities and equity instruments not held for trading. The table shows a mapping of exposures by sector with the detail of those considered to significantly contribute to climate change and may not, under any circumstances, be interpreted as an exposure to transition risk as such.
The exposure towards companies excluded from Paris-aligned benchmarks(15) stands at EUR 19 billion and is mainly composed of exposure towards companies active in fossil fuel. These companies have been identified through a double screening based on:
The environmentally-sustainable outstandings relate to the exposures identified as aligned to the climate change mitigation objective in relation with Regulation EU 2020/852. They only cover financial instruments with general purpose, granted to European corporates subject to the Non-Financial Reporting Directive in 2024. The alignment share is calculated on the basis of the ratio of EU Taxonomy-aligned turnover disclosed by these counterparts. The methodology is detailed in section 7.1.3 Activities aligned within the meaning of the European Taxonomy in chapter 7.
[Sustainability statements](17) As of 31 December 2024, the estimated amount of greenhouse gas financed emissions of the counterparts is 104.2 MtCO2e. The estimate of greenhouse gas financed emissions of the counterparts is calculated according to the Partnership for Carbon Accounting Financials (PCAF) Standard A methodology. In order to determine the share of emissions affected to the Group’s financing, the scope 1 and 2 emissions reported by the counterparts are weighted by the share of financing held by BNP Paribas over the client’s total financing, represented by the enterprise value for listed companies and the total equity and debt (loans and debt securities) for unlisted companies.
The average data quality score of the Group’s financed emissions according to PCAF standard is 3.8 as of end-December 2024. It is determined by weighting the gross carrying amount by the quality score of the greenhouse gases emissions used. The scale of data quality score ranges from 1, for collected and verified data, to 5 for the average sector and regional intensities.
The estimated amount of greenhouse gas financed emissions of the Group’s counterparts on their scopes 1 and 2 is 60.5 MtCO2e. Scopes 1 and 2 greenhouse gas data collected from counterparts or data providers cover 29% of the Group’s total outstanding amount granted to non-financial corporates. Where clients’ greenhouse gas emissions are not available, the Group relies on average emissions intensities of the counterpart’s sector to complete the scope of calculation. The Group uses Exiobase estimates provided by PCAF, more specifically the emission intensities expressed in terms of greenhouse gas emissions per unit asset lent or financed (CO2e/M€) for a given sector and geography. In line with PCAF recommendations, the Group applies emissions intensities at sectoral and regional level.
The estimated amount of greenhouse gas financed emissions of the Group’s counterparts on their scope 3 is 43.7 MtCO2e as of 31 December 2024 in the oil and gas and automotive sectors, which are the sectors for which, at this stage, the Group has reliable and relevant data. Data is published on these two sectors despite the multiple counting of the gas and oil usage by end-users in the automotive industry. When data is not reported by clients of these sectors, the Group does not use the average intensities by sector and geography proposed by PCAF. Indeed, PCAF intensities are limited to the upstream activities of the value chain and do not cover the use of fuels of the downstream activities. Therefore, they are significantlyunderestimated. The Group applies average intensities per euro lent observed on the counterparts of these sectors which are in the Group’s portfolio and for which the data are available. These estimates are of low quality and are likely to change significantly downwards or upwards along with clients’ disclosures.
Overall, scope 3 data is available for less than 18% of the Group’s outstanding amount granted to non-financial corporates. In sectors other than oil and gas and automotive, greenhouse gas data are either not published by counterparts (coverage below 30%) or appear to be non-homogeneous and linked to segments of the value chain for which there are no decarbonisation levers that can be directly actionable.
Sector | NACE Sectors (a minima) | Portfolio gross carrying amoun (Mn EUR) | Alignment metric | Year of reference | Distance to the 2030 milestone of the IEA NZE2050, in % | Target (year of reference + 3 years) | |
|---|---|---|---|---|---|---|---|
1 | Power generation | D35.1, D35.3 | 15,313 | 129 gCO2/kWh | 2024 | - 34% | 146(1) |
2 | Oil & Gas | B06, C19, D35.2 | 6,156 | 9.5 MtCO2e | 2024 | - 47% | 8.9 |
3 | Automotive | C29 | 5,564 | 145 gCO2/km WLTP | 2024 | 120% | 137(1) |
4 | Aviation | H51, H52, C30, C33 | 7,488 | 904 gCO2e/RTK | 2023 | 23% | 853 |
5 | Shipping | H50 | 5,927 | 8.2 gCO2e/dwt.nm | 2023 | 55% | 7.4 |
6 | Cement | B08 | 599 | 0.63 tCO2/t cementitious product | 2023 | 34% | 0.58 |
7 | Steel | C24, C25, B05, B07 | 3,184 | 1.5 tCO2/t steel | 2024 | 23% | 1.3 |
8 | Aluminium | C24, C25, B05, B07 | 256 | 5.3 tCO2e/t aluminium | 2024 | - 40% | 5.5 |
9 | Commercial real estate | L | 15,175 | 27.7 kg CO2e/m² | 2023 | 3% | 24.0 |
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The above template provides information on alignment efforts towards Paris agreement objectives on the intensive sectors in terms of the greenhouse gas emissions of the Group’s portfolio. This information is published using the same scopes and methodologies as those of the credit portfolio sector alignment objectives presented in section 7.1.2 Climate Change, paragraph 3. Metrics and targets of chapter 7.
The gross carrying amount is determined as of 31 December 2024 on all the counterparts in the sectors covered by the alignment objectives of the Group’s credit portfolio , the NACE sectors included in the template provided by the EBA are non-exhaustive and are provided on an indicative basis only.
The alignment metrics used are the same as the metrics presented in section 7.1.2 Climate change, paragraph 3. Metrics and targets of chapter 7. It should be noted that the alignment metric for the automotive sector is measured on the average intensity of vehicles produced over the year as only the portfolio of car manufacturer loans is covered.
The distance between the alignment metric at the reference date and the 2030 milestone for each sector is calculated in relation to the IEA’s Net-Zero Emissions (NZE) 2050 scenario in accordance with the instructions.
Except for the automotive and power generation sectors for which the targets correspond to the ones set for the Group’s 2025 commitments, the disclosed targets are projections at three years from the reference year are interpolated between the reference year and 2030, the date of the Group’s credit portfolio sector alignment commitments. These intermediate points are estimates of the sectoral alignment trajectories at 3 years.
|
| a | b | c | d | e |
| 31 December 2024 | |||||
| Gross carrying amount (in millions of euros) | Gross carrying amount towards | of which environmentally sustainable (CCM) (in millions of euros) | Weighted average maturity (in years) | Number of top 20 polluting | |
1 | TOTAL | 5,457 | 0.46% | 17.2 | 4 | 9 |
| ||||||
The information above does not include the counterparties for which the commercial relationship has ended and for which the residual outstanding is not significant.
|
| a | b | c | d | e |
| 31 December 2023 | |||||
| Gross carrying amount (in millions of euros) | Gross carrying amount towards | of which environmentally sustainable (CCM) (in millions of euros) | Weighted average maturity (in years) | Number of top 20 polluting | |
1 | TOTAL | 6,407 | 0.58% | 14.7 | 4 | 11 |
| ||||||
The identification of the counterparties making up the list of the 20 most carbon-intensive firms worldwide was updated in 2024 and is based on the public list provided by Carbon Majors(18).
The assets included in the table are composed of loans and advances, debt securities and equity instruments not held for trading granted to these business groups. They are compared to the gross carrying amount of the assets included in the banking book, excluding financial assets held for trading and held for sale.
After matching on a name-by-name basis the Climate Accountability Institute list with the internal third parties referential at business group level, the related carrying amount, corresponding to the financing of 9 of them, has been aggregated and stands at EUR 5 billion at end-December 2024.
The environmentally-sustainable gross carrying amount relates to the exposures identified as aligned to the climate change mitigation objective in relation with Regulation EU 2020/852. They only cover financial instruments with general purpose, granted to European corporates subject to the Non-Financial Reporting Directive in 2024. The alignment share is calculated on the basis of the ratio of EU Taxonomy-aligned turnover disclosed by these counterparts. The methodology is detailed in section 7.1.3 Activities aligned within the meaning of the European Taxonomy in chapter 7.
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| a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | p |
In millions of euros | 31 December 2024 | ||||||||||||||||
Total gross carrying amount | |||||||||||||||||
| Level of energy efficiency (EP score in kWh/m2 of collateral) | Level of energy efficiency (EPC label of collateral) | Without EPC label of collateral | ||||||||||||||
| 0; ≤ 100 | > 100; ≤ 200 | > 200; ≤ 300 | > 300; ≤ 400 | > 400; ≤ 500 | > 500 | A | B | C | D | E | F | G |
| Of which level of energy efficiency (EP score in kWh/m2 of collateral) estimated | ||
1 | Total EU area | 203,611 | 25,969 | 54,328 | 44,854 | 25,573 | 17,612 | 11,539 | 6,585 | 5,242 | 6,288 | 6,720 | 6,059 | 5,326 | 4,120 | 163,269 | 85% |
2 | Of which Loans collateralised by commercial immovable property | 70,357 | 9,364 | 20,979 | 15,851 | 6,719 | 4,522 | 5,062 | 808 | 1,638 | 1,540 | 1,931 | 1,775 | 512 | 579 | 61,574 | 87% |
3 | Of which Loans collateralised by residential immovable property | 133,081 | 16,606 | 33,348 | 28,997 | 18,835 | 12,943 | 6,477 | 5,777 | 3,605 | 4,748 | 4,789 | 4,284 | 4,814 | 3,541 | 101,523 | 84% |
4 | Of which Collateral obtained by taking possession: residential and commercial immovable properties | 172 |
| 1 | 6 | 19 | 147 |
|
|
|
|
|
|
|
| 172 | 100% |
5 | Of which Level of energy efficiency (EP score in kWh/m2 of collateral) estimated | 138,976 | 17,268 | 43,761 | 35,956 | 20,200 | 14,530 | 7,262 |
|
|
|
|
|
|
| 138,976 | 100% |
6 | Total non-EU area | 6,126 | 93 | 339 | 806 | 160 | 50 | 105 | 32 | 145 | 482 | 101 | 33 | 11 | 11 | 5,311 | 14% |
7 | Of which Loans collateralised by commercial immovable property | 2,578 | 34 | 252 | 709 | 88 | 14 | 74 | 15 | 128 | 466 | 74 | 13 |
|
| 1,882 | 25% |
8 | Of which Loans collateralised by residential immovable property | 3,548 | 60 | 87 | 97 | 73 | 37 | 30 | 17 | 17 | 16 | 27 | 20 | 11 | 11 | 3,429 | 8% |
9 | Of which Collateral obtained by taking possession: residential and commercial immovable properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 | Of which Level of energy efficiency (EP score in kWh/m2 of collateral) estimated | 145 | 12 | 38 | 51 | 26 | 12 | 5 |
|
|
|
|
|
|
| 145 | 100% |
|
| a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | p |
In millions of euros | 31 December 2023 | ||||||||||||||||
Total gross carrying amount | |||||||||||||||||
| Level of energy efficiency (EP score in kWh/m2 of collateral) | Level of energy efficiency (EPC label of collateral) | Without EPC label of collateral | ||||||||||||||
| 0; ≤ 100 | > 100; ≤ 200 | > 200; ≤ 300 | > 300; ≤ 400 | > 400; ≤ 500 | > 500 | A | B | C | D | E | F | G |
| Of which level of energy efficiency (EP score in kWh/m2 of collateral) estimated | ||
1 | Total EU area | 200,874 | 21,533 | 52,250 | 43,576 | 25,784 | 18,787 | 11,918 | 1,854 | 3,072 | 3,940 | 4,472 | 4,123 | 4,290 | 3,363 | 175,759 | 85% |
2 | Of which Loans collateralised by commercial immovable property | 67,486 | 8,054 | 20,142 | 15,074 | 6,525 | 4,499 | 4,866 | 152 | 633 | 636 | 1,126 | 657 | 158 | 364 | 63,760 | 87% |
3 | Of which Loans collateralised by residential immovable property | 133,182 | 13,480 | 32,106 | 28,495 | 19,237 | 14,112 | 7,052 | 1,702 | 2,439 | 3,304 | 3,346 | 3,466 | 4,132 | 2,999 | 111,792 | 83% |
4 | Of which Collateral obtained by taking possession: residential and commercial immovable properties | 207 |
| 2 | 7 | 22 | 176 |
|
|
|
|
|
|
|
| 207 | 100% |
5 | Of which Level of energy efficiency (EP score in kWh/m2 of collateral) estimated | 145,656 | 18,328 | 44,436 | 37,196 | 22,215 | 15,658 | 7,823 |
|
|
|
|
|
|
| 145,656 | 100% |
6 | Total non-EU area | 5,577 | 18 | 183 | 298 | 53 | 26 | 29 | 2 | 128 | 229 | 14 | 10 | 9 | 8 | 5,178 | 4% |
7 | Of which Loans collateralised by commercial immovable property | 1,855 | 0 | 118 | 218 |
| 0 |
|
| 118 | 218 |
| 0 |
|
| 1,519 |
|
8 | Of which Loans collateralised by residential immovable property | 3,722 | 18 | 65 | 80 | 53 | 25 | 29 | 2 | 10 | 11 | 14 | 10 | 9 | 8 | 3,658 | 6% |
9 | Of which Collateral obtained by taking possession: residential and commercial immovable properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 | Of which Level of energy efficiency (EP score in kWh/m2 of collateral) estimated | 145 | 7 | 36 | 54 | 30 | 13 | 5 |
|
|
|
|
|
|
| 145 | 100% |
The Group’s total portfolio of loans collateralised by immovable properties stands at EUR 210 billion at 31 December 2024 including loans collateralised by both commercial and residential immovable properties and collateral obtained by taking possession. Its breakdown by energy efficiency is displayed in two forms: its value in kWh/m2 and in label (A to G) of the collateral as defined in the Energy Performance of Buildings Directive(19) and the Energy Efficiency Directive(20). The Energy Performance Certificates (EPCs) provide information on the energy efficiency of the collateral, which enables the Group to:
The availability of Energy Performance Certificates across Europe is nevertheless not homogeneous, as it strongly relies on geographical specificities, such as national data protection laws in Belgium, or real estate local market practices for instance. Moreover, open-source databases are sometimes available, however they rarely cover a whole country and often show poor data quality, as they are only updated at the last sale of the assets, often more than two years ago.
As Energy Performance Certificates are based on EU regulations, data for real estate collaterals located outside the European Union cannot be obtained except in a case where a mapping with the EU EPC label exists.
As in most cases no mapping exists, the columns corresponding to the EPC label of real estate collaterals located outside the EU have been left blank and only the energy efficiency in kWh/m2 has been filled in with estimates, when relevant.
As a result, Energy Performance Certificates (EPCs) data are either:
Loans guaranteed by a mutual guarantee fund, especially the “Crédit Logement” framework in France, do not fall under the definition of loans collateralised by immovable property and are not reported in this table.
Should these loans have been reported, the total gross carrying amount of real estate loans at 31 December 2024 would have increased by EUR 78 billion, of which EUR 7 billion in the “0; < 100” bucket, EUR 26 billion in the “> 100; ≤ 200” bucket, EUR 26 billion in the “> 200; ≤ 300” bucket, EUR 13 billion in the “> 300; ≤ 400” bucket, EUR 4 billion in the “> 400; ≤ 500” bucket, and EUR 2 billion in the “> 500” bucket.
| a | b | c | d | e | f | g | h | i | j |
In millions of euros | 31 December 2024 | |||||||||
Gross carrying amount | ||||||||||
| of which exposures sensitive to impact from climate change physical events | |||||||||
| Breakdown by maturity bucket | of which exposures sensitive to impact from chronic climate change events | of which exposures sensitive to impact from acute climate change events | of which exposures sensitive to impact both from chronic and acute climate change events | ||||||
≤ 5 years | > 5 years ≤ 10 years | > 10 years ≤ 20 years | > 20 years | Average weighted maturity (in years) | ||||||
1 | A – Agriculture, forestry and fishing | 11,333 | 46 | 5 | 4 |
| 4 |
| 55 |
|
2 | B – Mining and quarrying | 5,073 |
|
|
|
| 4 |
|
|
|
3 | C – Manufacturing | 95,092 | 1 |
|
|
| 3 |
| 1 |
|
4 | D – Electricity, gas, steam and air conditioning supply | 19,837 |
|
|
|
| 5 |
|
|
|
5 | E – Water supply; sewerage, waste management and remediation activities | 3,465 |
|
|
|
| 3 |
|
|
|
6 | F – Construction | 25,412 | 28 | 2 | 2 |
| 3 |
| 31 |
|
7 | G – Wholesale and retail trade; repair of motor vehicles and motorcycles | 77,123 | 54 | 3 | 1 |
| 3 |
| 58 |
|
8 | H – Transportation and storage | 27,192 | 2 |
|
|
| 4 |
| 2 |
|
9 | L – Real estate activities | 60,264 | 577 | 231 | 339 | 12 | 7 |
| 1,159 |
|
10 | Loans collateralised by residential immovable property | 15,246 | 268 | 35 | 26 | 3 | 4 |
| 332 |
|
11 | Loans collateralised by commercial immovable property | 57,689 | 1,013 | 132 | 99 | 11 | 4 |
| 1,255 |
|
12 | Repossessed collaterals | 172 |
|
|
|
|
|
|
|
|
13 | Exposures to other sectors (NACE codes I, J, M - U) | 122,316 | 255 | 29 | 14 | 6 | 2 |
| 304 |
|
14 | TOTAL | 447,107 | 962 | 270 | 360 | 18 |
|
| 1,611 |
|
| a | b | c | d | e | f | g | h | i | j |
In millions of euros | 31 December 2023 | |||||||||
| Gross carrying amount | |||||||||
| of which exposures sensitive to impact from climate change physical events | |||||||||
| Breakdown by maturity bucket | of which exposures sensitive to impact from chronic climate change events | of which exposures sensitive to impact from acute climate change events | of which exposures sensitive to impact both from chronic and acute climate change events | ||||||
≤ 5 years | > 5 years ≤ 10 years | > 10 years ≤ 20 years | > 20 years | Average weighted maturity (in years) | ||||||
1 | A – Agriculture, forestry and fishing | 12,989 | 51 | 5 | 4 |
| 4 |
| 60 |
|
2 | B – Mining and quarrying | 7,623 |
|
|
|
|
|
|
|
|
3 | C – Manufacturing | 92,356 | 1 |
|
|
| 3 |
| 1 |
|
4 | D – Electricity, gas, steam and air conditioning supply | 19,080 |
|
|
|
|
|
|
|
|
5 | E – Water supply; sewerage, waste management and remediation activities | 2,528 |
|
|
|
|
|
|
|
|
6 | F – Construction | 25,615 | 164 | 8 | 8 | 1 | 3 |
| 181 |
|
7 | G – Wholesale and retail trade; repair of motor vehicles and motorcycles | 69,868 | 73 | 4 | 1 |
| 3 |
| 79 |
|
8 | H – Transportation and storage | 29,001 | 1 |
|
|
| 4 |
| 2 |
|
9 | L – Real estate activities | 61,308 | 594 | 207 | 323 | 10 | 7 |
| 1,135 |
|
10 | Loans collateralised by residential immovable property | 13,749 | 208 | 45 | 62 | 3 | 4 |
| 319 |
|
11 | Loans collateralised by commercial immovable property | 55,591 | 874 | 189 | 262 | 13 | 4 |
| 1,337 |
|
12 | Repossessed collaterals | 227 |
|
|
|
|
|
|
|
|
13 | Exposures to other sectors (NACE codes I – K & M – U) | 133,488 | 287 | 29 | 14 | 5 | 3 |
| 336 |
|
14 | TOTAL | 453,855 | 1,172 | 254 | 351 | 17 |
|
| 1,794 |
|
The table before shows the potential exposures sensitive to physical risks.
Disclaimer: Given the current lack of stability of the models, the data gaps and the guidelines' uncertainty, the Group has opted for the disclosure of impacts using the physical risk scenarios of the 2022 European Central Bank Climate stress test. The results of the flood, heatwave and drought scenarios of the ECB’s 2022 climate stress test have been adjusted to reflect the materiality of chronic physical risk factors over the horizon of the estimated duration of the credit portfolios, by only retaining exposures to non-financial companies to match the model expected by the EBA. These figures are not comparable with other banks' publications, having taken other disclosure options, and are published for information only. These figures are an attempt to flag exposures potentially sensitive to physical risk events and should not be understood as direct or integrated risks.
The Group expects that the instructions and working assumptions will be clarified with a common methodology to be applied for future years. It should also be noted that these analyses are based on an adjusted version of the ECB scenarios initially presenting a time horizon of 2050, to reflect the materiality of the chronic physical risk factors to the expected duration of the credit portfolios, all other things being equal.
Physical risks are defined as the risks of any negative financial impact on the institution stemming from the current or prospective impacts of physical effects of environmental factors on its counterparties or invested assets.
The presentation of assets subject to climate change physical risks in the Group’s balance sheet requires the definition of methodologies and hypotheses to identify the corresponding counterparties.
Two physical risk scenarios were retained by the European Central Bank for its 2022 climate stress test exercise. They are based on anticipating today the expected chronic heat levels and an acute river flooding event forecast for 2050. The acute extreme climate events are managed through this thirty-year anticipation of severe events that are plausible in 2050. No chronic physical risk events were specifically covered in the 2022 ECB climate stress test.
In the ECB drought and heat risk scenario, the economic effects of a severe drought and heatwave in Europe were modelled. Extended periods of hot weather can lead to sizeable output losses across several economic sectors. Through their exposure to these vulnerable industries, banks could sustain losses. To limit the scope of the exercise, the scenario only models the shocks to sectoral gross value-added growth. The scenario calibration is based on NGFS (Network for Greening the Financial System) estimates for labour productivity shocks due to heat stress across relevant countries in 2050. Thus, the key transmission channel of heatwave risk to the economy is through labour productivity. For example, a severe heatwave can weaken the productivity of construction workers or that of farmers who face harsher working conditions.
For this drought risk scenario, BNP Paribas provided its corporate exposures not secured by real estate with headquarters in France, Belgium, Italy, Germany and Luxembourg (main exposures of the Group).
River flooding has historically been a major source of physical risk in Europe and, with a rise in extreme levels of precipitation being associated with climate change, this risk is expected to increase. Under the river flooding scenario used by the ECB in its 2022 climate stress test, it is assumed that severe floods sweep across Europe on the first day of projection. While the probability of such an event is very low, it allows relevant flood risk scenarios to be created across the European Union. Flood risk is different across Europe and can vary significantly even within a few kilometres. Therefore, the flood risk scenario accounts for within-country variation in risks. As such, shocks to residential and commercial real estate exposures are estimated at NUTS3 regional level (“Nomenclature des Unités Territoriales Statistiques” – the level 3 being departments for France), according to a specific flood risk level.
The flood risk scenario was developed based on insights from the work carried out by the European Commission’s Joint Research Centre on flood risk, as well as from granular geospatial flood risk data collected for the purposes of the ECB economy-wide climate stress test based on the Four Twenty-Seven dataset.
For this flood risk scenario, BNP Paribas provided its commercial real estate exposures located in France, Belgium and Italy (main exposures of the Group)..
In accordance with EBA instructions, publications relating to the GAR (Green Asset Ratio) presented below in tables 112 to 114 are based on the alignment with the taxonomy of the counterparty’s turnover for the financing component without determined allocation.
The methodology for identifying eligible and aligned assets is described in section 7.1.3 Aligned activities within the meaning of European taxonomy of chapter 7. The increase in the Green Asset Ratio in 2024 reflects the inclusion of aligned habitat credits, identified through a comprehensive valuation method applied since 2024.
Due to its methodological imbalance and operational complexity, the GAR cannot reflect all the financing of the transition to a low-carbon economy for the Group. As a result, the Group publishes an internal ratio, which tracks the evolution of the Group's financing towards assets contributing to Europe's carbon neutrality objectives. This indicator, which is detailed in section 7.1.3 Aligned activities under the EU taxonomy, measures the share of assets aligned with key climate performance criteria over the assets eligible to climate objectives.
| a | b | c | f |
|
|
|
|
| 31 December 2024 |
|
|
|
| |||
Key performance indicators | Proportion of eligible assets in relation to total assets |
|
|
|
| |||
Climate change mitigation | Climate change adaptation | Total (climate change mitigation + climate change adaptation) |
|
|
|
| ||
GAR stock | 1.82% | 0.02% | 1.84% | 11.21% |
|
|
|
|
GAR flow | (11.50)% | (0.07)% | (11.56)% | (125.36)% |
|
|
|
|
| a | b | c | f |
|
|
|
|
| 31 December 2023 |
|
|
|
| |||
Key performance indicators | Proportion of eligible assets in relation to total assets |
|
|
|
| |||
Climate change mitigation | Climate change adaptation | Total (climate change mitigation + climate change adaptation) |
|
|
|
| ||
GAR stock | 0.77% | 0.01% | 0.78% | 11.78% |
|
|
|
|
GAR flow |
|
|
|
|
|
|
|
|
|
| a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | p |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
In millions of euros | Gross carrying amount |
|
|
|
| 31 December 2024 | |||||||||||
Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | TOTAL (CCM + CCA) | |||||||||||||||
of which towards taxonomy relevant sectors (Taxonomy-eligible) | of which towards taxonomy relevant sectors (Taxonomy-eligible) | of which towards taxonomy relevant sectors (Taxonomy-eligible) | |||||||||||||||
| of which environmentally sustainable (Taxonomy-aligned) |
| of which environmentally sustainable (Taxonomy-aligned) |
| of which environmentally sustainable (Taxonomy-aligned) | ||||||||||||
| of which specialised lending | of which transitional | of which enabling |
| of which specialised lending | of which adaptation | of which enabling |
| of which specialised lending | of which transitional/adaptation | of which enabling | ||||||
GAR - Covered assets in both numerator and denominator |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
1 | Loans and advances, debt securities and equity instruments not held for trading eligible for the GAR calculation | 536,690 | 271,118 | 23,296 |
| 8,576 | 2,800 | 3,535 | 199 |
|
|
| 274,653 | 23,495 |
| 8,576 | 2,800 |
2 | Financial corporations | 46,999 | 9,936 | 632 |
| 6 | 383 | 132 | - |
|
|
| 10,068 | 632 |
| 6 | 383 |
3 | Credit institutions | 18,347 | 3,256 | 1 |
|
| 1 | 1 |
|
|
|
| 3,258 | 1 |
|
| 1 |
4 | Loans and advances | 5,493 | 1,745 | 1 |
|
| 1 | 1 |
|
|
|
| 1,746 | 1 |
|
| 1 |
5 | Debt securities | 7,678 | 1,378 |
|
|
|
|
|
|
|
|
| 1,378 |
|
|
|
|
6 | Equity instruments | 5,176 | 133 |
|
|
|
|
|
|
|
|
| 133 |
|
|
|
|
7 | Other financial corporations | 28,653 | 6,680 | 631 |
| 6 | 382 | 131 |
|
|
|
| 6,811 | 631 |
| 6 | 382 |
8 | of which investment firms | 8,212 | 2,415 | 184 |
| 4 | 167 | 4 |
|
|
|
| 2,419 | 184 |
| 4 | 167 |
9 | Loans and advances | 2,895 | 629 | 67 |
| 4 | 51 | 2 |
|
|
|
| 630 | 67 |
| 4 | 51 |
10 | Debt securities | 4,708 | 1,779 | 116 |
|
| 116 | 2 |
|
|
|
| 1,781 | 116 |
|
| 116 |
11 | Equity instruments | 609 | 7 |
|
|
|
| - |
|
|
|
| 7 | - |
|
| - |
12 | of which management companies | 5,517 | 2,436 | 223 |
| 2 | 214 | 127 |
|
|
|
| 2,563 | 223 |
| 2 | 214 |
13 | Loans and advances | 3,545 | 1,836 | 189 |
| 1 | 181 | 112 |
|
|
|
| 1,948 | 189 |
| 1 | 181 |
14 | Debt securities | 882 | 490 | 34 |
| 1 | 33 | 15 |
|
|
|
| 504 | 34 |
| 1 | 33 |
15 | Equity instruments | 1,090 | 111 |
|
|
|
|
|
|
|
|
| 111 |
|
|
|
|
16 | of which insurance undertakings | 14,923 | 1,829 | 225 |
|
| 1 |
|
|
|
|
| 1,829 | 225 |
|
| 1 |
17 | Loans and advances | 7,420 | 890 | 117 |
|
| 1 |
|
|
|
|
| 890 | 117 |
|
| 1 |
18 | Debt securities | 4,038 | 420 | 81 |
|
|
|
|
|
|
|
| 420 | 81 |
|
|
|
19 | Equity instruments | 3,465 | 519 | 27 |
|
|
|
|
|
|
|
| 519 | 27 |
|
|
|
20 | Non-financial corporations (subject to NFRD disclosure obligations) | 166,761 | 29,306 | 5,220 |
| 648 | 2,417 | 3,403 | 199 |
|
|
| 32,709 | 5,418 |
| 648 | 2,417 |
21 | Loans and advances | 160,350 | 27,336 | 4,838 |
| 648 | 2,252 | 3,373 | 195 |
|
|
| 30,709 | 5,034 |
| 648 | 2,252 |
22 | Debt securities | 1,962 | 1,190 | 314 |
| - | 162 | 5 | 3 |
|
|
| 1,195 | 317 |
| - | 162 |
23 | Equity instruments | 4,449 | 780 | 67 |
| - | 3 | 25 | - |
|
|
| 805 | 68 |
| - | 3 |
24 | Households | 311,173 | 231,857 | 17,444 |
| 7,922 | - |
|
|
|
|
| 231,857 | 17,444 |
| 7,922 | - |
25 | of which loans collateralised by residential immovable property | 207,123 | 207,123 | 17,444 |
| 7,922 |
|
|
|
|
|
| 207,123 | 17,444 |
| 7,922 |
|
26 | of which building renovation loans | 4,942 | 4,942 |
|
|
|
|
|
|
|
|
| 4,942 |
|
|
|
|
27 | of which loans for motor vehicles | 19,792 | 19,792 |
|
|
|
|
|
|
|
|
| 19,792 |
|
|
|
|
28 | Local government financing | 11,756 | 19 |
|
|
|
|
|
|
|
|
| 19 |
|
|
|
|
29 | Housing financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 | Other local government financing | 11,756 | 19 |
|
|
|
|
|
|
|
|
| 19 |
|
|
|
|
31 | Collateral obtained by taking possession: residential and commercial immovable properties | 191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32 | TOTAL GAR ASSETS | 536,881 | 271,118 | 23,296 |
| 8,576 | 2,800 | 3,535 | 199 | - | - | - | 274,653 | 23,495 | - | 8,576 | 2,800 |
| Assets excluded from the numerator for GAR calculation (covered in the denominator) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33 | EU non-financial corporations (not subject to NFRD disclosure obligations) | 135,458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34 | Loans and advances | 133,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35 | Debt securities | 420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36 | Equity instruments | 1,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37 | Non-EU non-financial corporations (not subject to NFRD disclosure obligations) | 145,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38 | Loans and advances | 140,851 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39 | Debt securities | 4,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40 | Equity instruments | 452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41 | Derivatives | 20,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42 | On demand interbank loans | 8,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43 | Cash and cash-related assets | 2,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44 | Other assets (goodwill, commodities, etc.) | 426,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45 | TOTAL ASSETS IN THE DENOMINATOR (GAR) | 1,276,702 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other assets excluded from both the numerator and the denominator for the GAR calculation | - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46 | Sovereigns | 173,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47 | Central bank exposures | 196,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48 | Trading book | 802,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49 | TOTAL ASSETS EXCLUDED FROM THE NUMERATOR AND THE DENOMINATOR | 1,173,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50 | TOTAL ASSETS | 2,450,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | p |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
In millions of euros |
|
|
|
|
| 31 December 2023 | |||||||||||
Gross carrying amount | Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | TOTAL (CCM + CCA) | ||||||||||||||
of which towards taxonomy relevant sectors (Taxonomy-eligible) | of which towards taxonomy relevant sectors (Taxonomy-eligible) | of which towards taxonomy relevant sectors (Taxonomy-eligible) | |||||||||||||||
| of which environmentally sustainable (Taxonomy-aligned) |
| of which environmentally sustainable (Taxonomy-aligned) |
| of which environmentally sustainable (Taxonomy-aligned) | ||||||||||||
|
| of which specialised lending | of which transitional | of which enabling |
| of which specialised lending | of which adaptation | of which enabling |
| of which specialised lending | of which transitional/adaptation | of which enabling | |||||
GAR - Covered assets in both numerator and denominator |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
1 | Loans and advances, debt securities and equity instruments not held for trading eligible for the GAR calculation | 659,823 | 276,571 | 9,137 |
| 5,808 | 2,631 | 598 | 117 | - | - | - | 277,169 | 9,254 | - | 5,808 | 2,631 |
2 | Financial corporations | 82,051 | 6,803 | 546 |
| 495 | 403 | 34 | 4 | - | - | - | 6,837 | 550 | - | 495 | 403 |
3 | Credit institutions | 12,674 | 978 |
|
|
|
| - | - | - | - | - | 978 | - | - |
|
|
4 | Loans and advances | 1,356 | 253 |
|
|
|
| - | - | - | - | - | 253 | - | - |
|
|
5 | Debt securities | 6,137 | 725 | - |
| - | - | - | - | - | - | - | 725 | - | - | - | - |
6 | Equity instruments | 5,181 |
| - |
| - | - | - | - |
| - | - |
| - |
| - | - |
7 | Other financial corporations | 69,377 | 5,825 | 546 |
| 495 | 403 | 34 | 4 | - | - | - | 5,859 | 550 |
| 495 | 403 |
8 | of which investment firms | 47,567 | 3,108 | 323 |
| 323 | 231 | 21 | 3 | - | - | - | 3,128 | 326 | - | 323 | 231 |
9 | Loans and advances | 31,470 | 1,799 | 221 |
| 221 | 130 | 21 | 3 | - | - | - | 1,820 | 224 | - | 221 | 130 |
10 | Debt securities | 11,305 | 1,309 | 102 |
| 102 | 102 | - | - | - | - | - | 1,309 | 102 | - | 102 | 102 |
11 | Equity instruments | 4,792 |
| - |
| - | - | - | - |
| - | - |
| - |
| - | - |
12 | of which management companies | 8,039 | 2,231 | 172 |
| 172 | 171 | 13 | 1 | - | - | - | 2,244 | 173 | - | 172 | 171 |
13 | Loans and advances | 6,424 | 2,219 | 172 |
| 172 | 171 | 13 | 1 | - | - | - | 2,233 | 173 | - | 172 | 171 |
14 | Debt securities | 752 | 12 | - |
| - | - | - | - | - | - | - | 12 | - | - | - | - |
15 | Equity instruments | 863 | - | - |
| - | - | - | - |
| - | - | - | - |
| - | - |
16 | of which insurance undertakings | 13,771 | 487 | 51 |
| - | - | - | - | - | - | - | 487 | 51 | - | - | - |
17 | Loans and advances | 5,727 | 48 | - |
| - | - | - | - | - | - | - | 48 | - | - | - | - |
18 | Debt securities | 3,445 | 8 | - |
| - | - | - | - | - | - | - | 8 | - | - | - | - |
19 | Equity instruments | 4,599 | 431 | 51 |
| - | - | - | - |
| - | - | 431 | 51 |
| - | - |
20 | Non-financial corporations (subject to NFRD disclosure obligations) | 258,850 | 42,107 | 8,590 |
| 5,313 | 2,228 | 564 | 113 | - | - | - | 42,672 | 8,704 | - | 5,313 | 2,228 |
21 | Loans and advances | 250,750 | 37,862 | 7,585 |
| 4,769 | 1,935 | 564 | 113 | - | - | - | 38,427 | 7,699 | - | 4,769 | 1,935 |
22 | Debt securities | 2,045 | 1,137 | 534 |
| 534 | 290 | - | - | - | - | - | 1,137 | 534 | - | 534 | 290 |
23 | Equity instruments | 6,055 | 3,108 | 471 |
| 9 | 3 | - | - |
| - | - | 3,108 | 471 |
| 9 | 3 |
24 | Households | 307,637 | 227,656 | - |
| - | - |
|
|
|
|
| 227,656 | - | - | - | - |
25 | of which loans collateralised by residential immovable property | 208,499 | 208,499 | - |
| - | - |
|
|
|
|
| 208,499 | - | - | - | - |
26 | of which building renovation loans | 4,617 | 4,617 | - |
| - | - |
|
|
|
|
| 4,617 | - | - | - | - |
27 | of which loans for motor vehicles | 14,540 | 14,540 | - |
| - | - |
|
|
|
|
| 14,540 | - | - | - | - |
28 | Local government financing | 11,286 | 4 | - |
| - | - | - | - | - | - | - | 4 | - | - | - | - |
29 | Housing financing | - | - | - |
| - | - | - | - | - | - | - |
| - | - | - | - |
30 | Other local government financing | 11,286 | 4 | - |
| - | - | - | - | - | - | - | 4 | - | - | - | - |
31 | Collateral obtained by taking possession: residential and commercial immovable properties | 227 | - | - |
| - | - | - | - | - | - | - | - | - | - | - | - |
32 | TOTAL GAR ASSETS | 660,050 | 276,571 | 9,137 |
| 5,808 | 2,631 | 598 | 117 | - | - | - | 277,169 | 9,254 | - | 5,808 | 2,631 |
| Assets excluded from the numerator for GAR calculation (covered in the denominator) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33 | EU non-financial corporations (not subject to NFRD disclosure obligations) | 60,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34 | Loans and advances | 59,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35 | Debt securities | 177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36 | Equity instruments | 1,058 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37 | Non-EU non-financial corporations (not subject to NFRD disclosure obligations) | 129,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38 | Loans and advances | 125,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39 | Debt securities | 4,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40 | Equity instruments | 305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41 | Derivatives | 21,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42 | On demand interbank loans | 7,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43 | Cash and cash-related assets | 2,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44 | Other assets (goodwill, commodities, etc.) | 308,610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45 | TOTAL ASSETS IN THE DENOMINATOR (GAR) | 1,191,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other assets excluded from both the numerator and the denominator for the GAR calculation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46 | Sovereigns | 141,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47 | Central bank exposures | 300,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48 | Trading book | 719,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49 | TOTAL ASSETS EXCLUDED FROM THE NUMERATOR AND THE DENOMINATOR | 1,161,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50 | TOTAL ASSETS | 2,352,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | p |
|
|
% (of total assets included in the denominator) |
|
|
|
|
|
| 31 December 2024: Stock indicators |
|
| ||||||||||
Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | TOTAL (CCM + CCA) | Proportion of eligible assets in relation to total assets |
|
| ||||||||||||||
of which towards taxonomy relevant sectors (Taxonomy-eligible) | of which towards taxonomy relevant sectors (Taxonomy-eligible) | of which towards taxonomy relevant sectors (Taxonomy-eligible) |
|
| |||||||||||||||
| of which environmentally sustainable (Taxonomy-aligned) |
| of which environmentally sustainable (Taxonomy-aligned) |
| of which environmentally sustainable (Taxonomy-aligned) |
|
| ||||||||||||
|
| of which specialised lending | of which transitional | of which enabling |
|
| of which specialised lending | of which adaptation | of which enabling |
|
| of which specialised lending | of which transitional/adaptation | of which enabling |
|
| |||
1 | GAR | 21.24% | 1.82% |
| 0.67% | 0.22% | 0.28% | 0.02% | - | 21.51% | 1.84% |
| 0.67% | 0.22% | 11.21% |
|
| ||
2 | Loans and advances, debt securities and equity instruments not held for trading and eligible for the GAR calculation | 50.52% | 4.34% |
| 1.60% | 0.52% | 0.66% | 0.04% |
|
| 51.18% | 4.38% |
| 1.60% | 0.52% | 11.21% |
|
| |
3 | Financial corporations | 21.14% | 1.35% |
| 0.01% | 0.82% | 0.28% | 0.00% |
|
| 21.42% | 1.35% |
| 0.01% | 0.82% | 0.41% |
|
| |
4 | Credit institutions | 17.75% | 0.01% |
| 0.00% | 0.01% | 0.01% | 0.00% |
|
| 17.76% | 0.01% |
| 0.00% | 0.01% | 0.13% |
|
| |
5 | Other financial corporations | 23.31% | 2.20% |
| 0.02% | 1.33% | 0.46% | 0.00% |
|
| 23.77% | 2.20% |
| 0.02% | 1.33% | 0.28% |
|
| |
6 | of which investment firms | 29.41% | 2.23% |
| 0.05% | 2.04% | 0.05% | 0.00% |
|
| 29.45% | 2.24% |
| 0.05% | 2.04% | 0.10% |
|
| |
7 | of which management companies | 44.16% | 4.04% |
| 0.03% | 3.88% | 2.30% | 0.00% |
|
| 46.46% | 4.04% |
| 0.03% | 3.88% | 0.10% |
|
| |
8 | of which insurance undertakings | 12.25% | 1.51% |
| 0.00% | 0.01% | 0.00% | 0.00% |
|
| 12.25% | 1.51% |
| 0.00% | 0.01% | 0.07% |
|
| |
9 | Non-financial corporations (subject to NFRD disclosure obligations) | 17.57% | 3.13% |
| 0.39% | 1.45% | 2.04% | 0.12% |
|
| 19.61% | 3.25% |
| 0.39% | 1.45% | 1.33% |
|
| |
10 | Households | 74.51% | 5.61% |
| 2.55% |
|
|
|
|
|
| 74.51% | 5.61% |
| 2.55% |
| 9.46% |
|
|
11 | of which loans collateralised by residential immovable property | 100.00% | 8.42% |
| 3.82% |
|
|
|
|
|
| 100.00% | 8.42% |
| 3.82% |
| 8.45% |
|
|
12 | of which building renovation loans | 100.00% |
|
|
|
|
|
|
|
|
| 100.00% |
|
|
|
| 0.20% |
|
|
13 | of which motor vehicle loans | 100.00% |
|
|
|
|
|
|
|
|
| 100.00% |
|
|
|
| 0.81% |
|
|
14 | Local government financing | 0.16% |
|
|
|
|
|
|
|
|
| 0.16% |
|
|
|
| 0.00% |
|
|
15 | Housing financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 | Other local government financing | 0.16% |
|
|
|
|
|
|
| 0.16% |
|
|
|
| 0.00% |
|
| ||
17 | Collateral obtained by taking possession: residential and commercial immovable properties | - |
|
|
|
|
|
| 0.00% |
|
| ||||||||
|
| a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | p |
% (of total assets included in the denominator) |
|
|
|
|
|
| 31 December 2023: Stock indicators | ||||||||||
Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | TOTAL (CCM + CCA) | Proportion of eligible assets in relation to total assets | ||||||||||||||
of which towards taxonomy relevant sectors (Taxonomy-eligible) | of which towards taxonomy relevant sectors (Taxonomy-eligible) | of which towards taxonomy relevant sectors (Taxonomy-eligible) | |||||||||||||||
| of which environmentally sustainable (Taxonomy-aligned) |
| of which environmentally sustainable (Taxonomy-aligned) |
| of which environmentally sustainable (Taxonomy-aligned) | ||||||||||||
|
| of which specialised lending | of which transitional | of which enabling |
|
| of which specialised lending | of which adaptation | of which enabling |
|
| of which specialised lending | of which transitional/adaptation | of which enabling | |||
1 | GAR | 23.22% | 0.77% |
| 0.49% | 0.22% | 0.05% | 0.01% |
|
|
| 23.27% | 0.78% |
| 0.49% | 0.22% | 11.78% |
2 | Loans and advances, debt securities and equity instruments not held for trading and eligible for the GAR calculation | 41.92% | 1.38% |
| 0.88% | 0.40% | 0.09% | 0.02% |
|
|
| 42.01% | 1.40% |
| 0.88% | 0.40% | 11.78% |
3 | Financial corporations | 8.29% | 0.67% |
| 0.60% | 0.49% | 0.04% |
|
|
|
| 8.33% | 0.67% |
| 0.60% | 0.49% | 0.29% |
4 | Credit institutions | 7.71% | - |
| - | - |
|
|
|
|
| 7.72% | - |
| - | - | 0.04% |
5 | Other financial corporations | 8.40% | 0.79% |
| 0.71% | 0.58% | 0.05% | 0.01% |
|
|
| 8.45% | 0.79% |
| 0.71% | 0.58% | 0.25% |
6 | of which investment firms | 6.53% | 0.68% |
| 0.68% | 0.49% | 0.04% | 0.01% |
|
|
| 6.58% | 0.69% |
| 0.68% | 0.49% | 0.13% |
7 | of which management companies | 27.75% | 2.14% |
| 2.14% | 2.13% | 0.17% | 0.01% |
|
|
| 27.91% | 2.15% |
| 2.14% | 2.13% | 0.10% |
8 | of which insurance undertakings | 3.54% | 0.37% |
| - | - |
|
|
|
|
| 3.54% | - |
| - | - | 0.02% |
9 | Non-financial corporations (subject to NFRD disclosure obligations) | 16.27% | 3.32% |
| 2.05% | 0.86% | 0.22% | 0.04% |
|
|
| 16.49% | 3.36% | 0.00% | 2.05% | 0.86% | 1.81% |
10 | Households | 74.00% |
|
|
|
|
|
|
|
|
| 74.00% | 0.00% |
|
| 0.00% | 9.68% |
11 | of which loans collateralised by residential immovable property | 100.00% |
|
|
|
|
|
|
|
|
| 100.00% |
|
|
|
| 8.86% |
12 | of which building renovation loans | 100.00% |
|
|
|
| - | - |
|
|
| 100.00% |
|
|
|
| 0.20% |
13 | of which motor vehicle loans | 100.00% |
|
|
|
|
|
|
|
|
| 100.00% |
|
|
|
| 0.62% |
14 | Local government financing | 0.04% |
|
|
|
| - | - |
|
|
| - |
|
|
|
|
|
15 | Housing financing |
|
|
|
|
| - | - |
|
|
|
|
|
|
|
|
|
16 | Other local government financing | 0.04% |
|
|
|
| - | - |
|
|
| - |
|
|
|
|
|
17 | Collateral obtained by taking possession: residential and commercial immovable properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
| q | r | s | t | u | v | w | x | y | z | aa | ab | ac | ad | ae | af |
% (compared to total covered assets in the denominator) |
|
|
|
|
|
|
| 31 December 2024: KPIs on flows | |||||||||
Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | TOTAL (CCM + CCA)TOTAL (CCM + CCA) | Proportion of total new assets covered | ||||||||||||||
Proportion of new eligible assets funding taxonomy relevant sectors | Proportion of new eligible assets funding taxonomy relevant sectors | Proportion of new eligible assets funding taxonomy relevant sectors | |||||||||||||||
| Of which environmentally sustainable |
| Of which environmentally sustainable |
| Of which environmentally sustainable | ||||||||||||
|
| Of which specialised lending | Of which transitional | Of which enabling |
|
| Of which specialised lending | Of which transitional | Of which enabling |
|
| Of which specialised lending | Of which transitional | Of which enabling | |||
1 | GAR | + 4,43% | - 11,50% |
| - 2,25% | - 0,14% | - 2,38% | - 0,07% | + 2,04% | - 11,56% |
| - 2,25% | - 0,14% | - 125,36% | |||
2 | Loans and advances, debt securities and equity instruments not held for trading and eligible for the GAR calculation | + 4,43% | - 11,50% |
| - 2,25% | - 0,14% | - 2,38% | - 0,07% | + 2,04% | - 11,57% |
| - 2,25% | - 0,14% | - 125,33% | |||
3 | Financial corporations | - 8,94% | - 0,25% |
| + 1,39% | + 0,06% | - 0,28% | + 0,01% | - 9,22% | - 0,23% |
| + 1,39% | + 0,06% | - 35,68% | |||
4 | Credit institutions | + 40,17% | + 0,02% |
| 0,00% | + 0,02% | + 0,02% | 0,00% | + 40,19% | + 0,02% |
| 0,00% | + 0,02% | + 5,77% | |||
5 | Other financial corporations | - 2,10% | - 0,21% |
| + 1,20% | + 0,05% | - 0,24% | + 0,01% | - 2,34% | - 0,20% |
| + 1,20% | + 0,05% | - 41,45% | |||
6 | of which investment firms | + 1,76% | + 0,36% |
| + 0,81% | + 0,16% | + 0,04% | + 0,01% | + 1,80% | + 0,36% |
| + 0,81% | + 0,16% | - 40,06% | |||
7 | of which management companies | - 8,15% | - 2,02% |
| + 6,74% | - 1,70% | - 4,51% | + 0,04% | - 12,66% | - 1,98% |
| + 6,74% | - 1,70% | - 2,57% | |||
8 | of which insurance undertakings | + 116,37% | + 15,04% |
| - 0,02% | + 0,05% | 0,00% | 0,00% | + 116,37% | + 15,04% |
| - 0,02% | + 0,05% | + 1,17% | |||
9 | Non-financial corporations (subject to NFRD disclosure obligations) | + 13,90% | + 3,66% |
| + 5,07% | - 0,20% | - 3,08% | - 0,09% | + 10,82% | + 3,57% |
| + 5,07% | - 0,20% | - 93,73% | |||
10 | Households | + 118,76% | + 415,28% |
|
|
|
|
|
|
|
| + 118,76% | + 415,28% |
|
|
| + 3,60% |
11 | of which loans collateralised by residential immovable property | + 100,00% | - 1.267,19% |
|
|
|
|
|
|
|
| + 100,00% | - 1.267,19% |
|
|
| - 1,40% |
12 | of which building renovation loans | + 100,00% |
|
|
|
|
|
|
|
|
| + 100,00% |
|
|
|
| + 0,33% |
13 | of which motor vehicle loans | + 100,00% |
|
|
|
|
|
|
|
|
| + 100,00% |
|
|
|
| + 5,35% |
14 | Local government financing | + 3,08% |
|
|
|
|
|
|
|
|
| + 3,08% |
|
|
|
| + 0,48% |
15 | Housing financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 | Other local government financing | + 3,08% |
|
|
|
| + 3,08% |
|
|
|
| + 0,48% | |||||
17 | Collateral obtained by taking possession: residential and commercial immovable properties |
|
|
|
|
|
|
|
|
|
| ||||||
For consistency purpose, the figures presented in the tables of this section correspond to the alignment information presented in section 7.1.3 Aligned activities within the meaning of European taxonomy of chapter 7, in application of Commission Delegated Regulation (EU) 2021/2178 of 6 July 2021 and of the Draft Commission Notice of 21 December 2023.
The detail of covered assets and the methodology as well as the limitations of the Green Asset Ratio are presented in section 7.1.3 of chapter 7, as well as the internal ratio measuring the share of assets aligned with climate performance criteria over eligible assets. The table with the gross carrying amounts in absolute values is accessible in the ESG regulatory indicators dedicated document, on the Group Investors Relationships website.
It should be noted that the Green Asset Ratio, due to its unbalanced methodology and its operating complexity, cannot reflect for the Group the entirety of the instruments financing the transition to a low-carbon economy.
Firstly, the EU Taxonomy alignment covers only companies subject to the NFRD, European households and specialised financings granted to European local administrations. The regulation excludes from the analysis financings granted to SMEs and non-EU companies. Neither does it allow the inclusion in the analysis of project financings set up in dedicated vehicles, not subject to NFRD, even if they relate to financing of European low-carbon infrastructures. Moreover, the ratio’s scope limited to large corporations subject to NFRD regulation, appears very restrictive as regards the Group’s diversified business model.
As such, the imbalance between the assets subject to alignment analysis for the numerator and all covered assets in the denominator sets a structural cap on the GAR at 42% for 2024. This cap is lower as the business model is diversified in terms of clients, products and geographies.
The taxonomy’s alignment criteria are by definition ambitious, since they correspond to science-based thresholds compatible with the EU carbon neutrality goal by 2050. However, by proposing only an aligned or non-aligned outcome, the transition pathway is not taken into account, although it is part of long-term effort already engaged by the Group and its clients.
Lastly, climate performance criteria are completed by multiple supplementary conditions, aiming at ensuring that no significant harm is caused towards one of the other five environmental objectives of the Taxonomy. The assessment of these latter conditions is complex, including issues both of the interpretation of regulations and of access to information. The need to take these last criteria into account significantly reduces the share of activities aligned by companies, especially since banks data collection for each criteria is not achievable as of today.
|
| a | b | c | d | e |
Type of financial instrument In millions of euros | 31 December 2024 | |||||
Type of counterparty | Gross carrying amount | Type of risk mitigated (Climate change transition risk) | Type of risk mitigated (Climate change physical risk) | Qualitative information on the nature of the mitigating actions | ||
1 | Bonds (e.g. green, sustainable, sustainability-linked under standards other than the EU standards) | Financial corporations |
| Yes |
| Refer to comments |
2 | Non-financial corporations | 97 | Yes |
| ||
7 | Other counterparties | 5,124 | Yes |
| ||
8 | Loans (e.g. green, sustainable, sustainability-linked under standards other than the EU standards) | Financial corporations | 1,550 | Yes |
| Refer to comments |
9 | Non-financial corporations | 27,650 | Yes |
| ||
10 | of which Loans collateralised by commercial immovable property | 963 | Yes |
| ||
11 | Households | 11,135 | Yes |
| ||
12 | of which Loans collateralised by residential immovable property | 819 | Yes |
| ||
13 | of which building renovation loans | 4,944 | Yes |
| ||
14 | Other counterparties | 307 | Yes |
| ||
|
| a | b | c | d | e |
Type of financial instrument In millions of euros | 31 December 2023 | |||||
Type of counterparty | Gross carrying amount | Type of risk mitigated (Climate change transition risk) | Type of risk mitigated (Climate change physical risk) | Qualitative information on the nature of the mitigating actions | ||
1 | Bonds (e.g. green, sustainable, sustainability-linked under standards other than the EU standards) | Financial corporations | 43 | Yes | Refer to comments | |
2 | Non-financial corporations | 93 | Yes | |||
7 | Other counterparties | 3,797 | Yes | |||
8 | Loans (e.g. green, sustainable, sustainability-linked under standards other than the EU standards) | Financial corporations | 2,335 | Yes | Refer to comments | |
9 | Non-financial corporations | 18,907 | Yes | |||
10 | of which Loans collateralised by commercial immovable property | 1,882 | Yes | |||
11 | Households | 22,919 | Yes | |||
12 | of which Loans collateralised by residential immovable property | 14,569 | Yes | |||
13 | of which building renovation loans | 4,619 | Yes | |||
14 | Other counterparties | 116 | Yes | |||
The table shows the loans and bonds, held in the banking book, measured on a gross carrying amount basis, and that contribute to mitigating climate change risks according to the ESG internal classification principles of the Group.
Bonds outstanding stood at EUR 5.2 billion at 31 December 2024 (versus EUR 3.9 billion at 31 December 2023) and are identified by a third party as aligned with key green bond principles defined by the International Capital Market Association. Each bond in the banking book portfolio is analysed according to the different criteria collected by external information in order to select only the bonds which finance low-carbon and/or climate resilient projects or climate transition projects.
Reported obligations are only those recorded in assets for which the business model is to collect the contractual cash flows and hold the asset until maturity.
Loans outstanding stood at EUR 40.6 billion at 31 December 2024 (versus EUR 44 billion at 31 December 2023) measured on the basis of the gross carrying amount. They have been identified by the Group as corresponding to loans with a specified climate mitigation purpose based on the transaction tagging process deployed by the Group in the credit process. The internal principles on which the tagging is done are based on the Loan Market Association principles. It includes a list of eligible categories, such as Renewable Energies, Sustainable Hydrogen, Energy Efficiency and other Low-Carbon Solutions, Clean Transportation, for which qualitative and/or quantitative criteria have been defined, leveraging as much as possible on EU Taxonomy substantial contribution criteria or recognised by the market or local climate performance standards. The outstanding also includes Sustainability-Linked Loans granted to financial and non-financial corporations, whose loan agreement contains at least one performance indicator related to climate change mitigation.
The BNP Paribas Group is exposed to sovereign risk, which is the risk of a State defaulting on its debt, i.e. a temporary or prolonged interruption of debt servicing (interest and/or principal). The Group is thus exposed to credit, counterparty or market risk according to the accounting category of the financial asset issued by the sovereign State.
Exposure to sovereign debt mainly consists of securities. The Group holds sovereign bonds as part of its liquidity management process. Liquidity management is based in particular on holding securities eligible as collateral for refinancing by central banks and includes a substantial share of highly rated debt securities issued by governments, representing a low level of risk. Moreover, as part of its assets and liability management and structural interest rate risk management policy, the Group also holds a portfolio of assets including sovereign debt instruments, with interest-rate characteristics that contribute to its hedging strategies. In addition, the Group is a primary dealer in sovereign debt securities in a number of countries, which leads it to take temporary long and short trading positions, some of which are hedged by derivatives.
Sovereign exposures held by the Group are presented in the table hereafter in accordance with the method defined by the EBA for the 2014 stress tests covering a scope which includes sovereigns as well as local and regional authorities.
Exposures In millions of euros | 31 December 2024 | ||||||
Banking book(1) | Trading book | ||||||
Total | of which financial assets at amortised cost | of which financial instruments at fair value through equity | of which financial instruments at fair value through profit or loss | Financial instruments at fair value through profit or loss held for trading (excl. derivatives) | Derivatives(2) | ||
Direct exposures(3) | Indirect exposures(4) | ||||||
Eurozone |
|
|
|
|
|
|
|
Austria | 1,153 | 379 | 774 |
|
|
|
|
Belgium | 14,064 | 11,295 | 2,769 |
| 548 | 79 | (2) |
France | 15,168 | 13,206 | 1,958 | 4 | (518) | (5) | (76) |
Germany | 6,236 | 3,946 | 2,290 |
| 5,026 | (78) |
|
Ireland | 1,018 | 957 | 61 |
| (41) |
| (1) |
Italy | 15,124 | 12,273 | 2,851 |
| (25) | 2,629 | (62) |
Portugal | 2,418 | 2,418 |
|
| (61) |
|
|
Spain | 8,843 | 7,653 | 1,190 |
| (102) |
| 6 |
Other Eurozone countries | 1,877 | 1,340 | 537 |
| (129) | 516 | 3 |
TOTAL Eurozone | 65,901 | 53,467 | 12,430 | 4 | 4,698 | 3,141 | (131) |
Other European Economic Area countries |
|
|
|
|
|
|
|
Poland | 6,258 | 5,115 | 1,143 |
| (3) | (515) |
|
Other EEA countries | 540 | 500 | 39 | 1 | 402 | (20) | (1) |
TOTAL OTHER EEA COUNTRIES | 6,798 | 5,615 | 1,182 | 1 | 400 | (534) | - |
TOTAL EEA | 72,699 | 59,082 | 13,612 | 5 | 5,097 | 2,606 | (132) |
Canada | 5,009 | 3,056 | 1,953 |
| 325 | 1,838 |
|
Japan | 166 | 42 | 124 |
| 9,988 | (8,910) | (217) |
Türkiye | 3,304 | 2,326 | 978 |
| 219 |
| (40) |
United Kingdom | 4,931 | 1,826 | 3,104 |
| (255) |
| 9 |
United States | 27,200 | 12,192 | 15,009 |
| 16,502 | 1,063 | 4,005 |
Other | 16,282 | 8,384 | 7,898 |
| 19,144 | 1,613 | (508) |
TOTAL | 129,591 | 86,908 | 42,678 | 5 | 51,019 | (1,790) | 3,119 |
| |||||||
Exposures In millions of euros | 31 December 2023 | ||||||
Banking book(1) | Trading book | ||||||
Total | of which financial assets at amortised cost | of which financial instruments at fair value through equity | of which financial instruments at fair value through profit or loss | Financial instruments at fair value through profit or loss held for trading (excl. derivatives) | Derivatives(2) | ||
Direct exposures(3) | Indirect exposures(4) | ||||||
Eurozone |
|
|
|
|
|
|
|
Belgium | 11,073 | 8,206 | 2,867 |
| (50) | 2 | (21) |
France | 12,776 | 11,105 | 1,622 | 49 | (1,713) | 9 | (79) |
Germany | 5,067 | 3,592 | 1,475 |
| 8,754 | (174) | (8) |
Ireland | 1,061 | 1,061 |
|
| 182 | 1 |
|
Italy | 12,353 | 9,608 | 2,745 |
| (347) | 2,482 | (35) |
Portugal | 3,153 | 3,153 |
|
| (347) | 5 | (1) |
Spain | 9,194 | 8,919 | 275 |
| (93) |
| 4 |
Other Eurozone countries | 1,842 | 1,088 | 754 |
| 209 | 513 | 10 |
TOTAL EUROZONE | 56,519 | 46,732 | 9,738 | 49 | 6,595 | 2,838 | (130) |
Other European Economic Area countries |
|
|
|
|
|
|
|
Poland | 6,229 | 4,640 | 1,589 |
| (105) | (431) |
|
Other EEA countries | 698 | 650 | 47 | 1 | (612) | (57) |
|
TOTAL OTHER EEA COUNTRIES | 6,927 | 5,290 | 1,636 | 1 | (717) | (488) | - |
TOTAL EEA | 63,446 | 52,022 | 11,374 | 50 | 5,878 | 2,350 | (130) |
United States | 18,446 | 10,737 | 7,709 |
| 20,858 | 233 | (64) |
Canada | 4,189 | 2,387 | 1,802 |
| 1,860 | 1,755 |
|
Japan | 107 | 38 | 69 |
|
|
|
|
United Kingdom | 3,609 | 1,722 | 1,887 |
| (879) |
| 70 |
Türkiye | 2,050 | 1,806 | 244 |
| 444 |
| (46) |
United Kingdom | 3,609 | 1,722 | 1,887 |
| (879) |
| 70 |
United States | 18,446 | 10,737 | 7,709 |
| 20,858 | 233 | (64) |
Other | 13,244 | 8,074 | 5,170 |
| 29,652 | 4,208 | (731) |
TOTAL | 105,091 | 76,786 | 28,255 | 50 | 57,813 | 8,546 | (901) |
| |||||||
|
| a | a | b |
|
|---|---|---|---|---|---|
In millions of euros | 31 December 2024 | 31 December 2023 | Reference to table 8 | Notes | |
Common Equity Tier 1 (CET1) capital: instruments and reserves |
|
|
|
| |
1 | Capital instruments and the related share premium accounts | 20,202 | 21,253 | 6 | (1) |
| of which: Instrument type 1 | 20,202 | 21,253 |
|
|
2 | Retained earnings | 87,453 | 82,257 | 6 | (2) |
3 | Accumulated other comprehensive income (and other reserves) | (2,277) | (2,809) |
|
|
3a | Funds for general banking risk |
|
|
|
|
4 | Amount of qualifying items referred to in article 484 (3) and the related share premium accounts subject to phase out from CET1 |
|
|
|
|
5 | Minority interests (amount allowed in consolidated CET1) | 2,448 | 2,048 | 8 | (3) |
5a | Independently reviewed interim profits net of any foreseeable charge or dividend | 4,406 | 3,970 | 7 | (4) et (5) |
6 | Common Equity Tier 1 (CET1) capital before regulatory adjustments | 112,231 | 106,719 |
|
|
Common Equity Tier 1 (CET1) capital: regulatory adjustments |
|
|
|
| |
7 | Additional value adjustments (negative amount) | (1,941) | (1,817) |
|
|
8 | Intangible assets (net of related tax liability) (negative amount) | (7,649) | (8,055) | 3 | (6) |
10 | Deferred tax assets that rely on future profitability excluding those arising from temporary differences (net of related tax liability where the conditions in article 38 (3) are met) (negative amount) | (181) | (311) |
|
|
11 | Fair value reserves related to gains or losses on cash flow hedges of financial instruments that are not valued at fair value | (112) | (293) |
|
|
12 | Negative amounts resulting from the calculation of expected loss amounts | (1,397) | (599) |
|
|
13 | Any increase in equity that results from securitised assets (negative amount) |
|
|
|
|
14 | Gains or losses on liabilities valued at fair value resulting from changes in own credit standing | 288 | (146) |
|
|
15 | Defined-benefit pension fund assets (negative amount) | (517) | (397) |
| (6) |
16 | Direct and indirect holdings by an institution of own CET1 instruments (negative amount) | (135) | (128) |
|
|
17 | Direct, indirect and synthetic holdings of the CET 1 instruments of financial sector entities where those entities have reciprocal cross holdings with the institution designed to inflate artificially the own funds of the institution (negative amount) |
|
|
|
|
18 | Direct, indirect and synthetic holdings by the institution of the CET1 instruments of financial sector entities where the institution does not have a significant investment in those entities (amount above 10% threshold and net of eligible short positions) (negative amount) |
|
|
|
|
19 | Direct, indirect and synthetic holdings by the institution of the CET1 instruments of financial sector entities where the institution has a significant investment in those entities (amount above 10% threshold and net of eligible short positions) (negative amount) |
|
|
|
|
20a | Exposure amount of the following items which qualify for a RW of 1,250%, where the institution opts for the deduction alternative | (437) | (284) |
|
|
20b | of which: qualifying holdings outside the financial sector (negative amount) |
|
|
|
|
20c | of which: securitisation positions (negative amount) | (437) | (284) |
|
|
20d | of which: free deliveries (negative amount) |
|
|
|
|
21 | Deferred tax assets arising from temporary differences (amount above 10% threshold, net of related tax liability where the conditions in article 38 (3) are met) (negative amount) |
|
|
|
|
22 | Amount exceeding the 17.65% threshold (negative amount) |
|
|
|
|
23 | of which: direct, indirect and synthetic holdings by the institution of the CET1 instruments of financial sector entities where the institution has a significant investment in those entities |
|
|
|
|
25 | of which: deferred tax assets arising from temporary differences |
|
|
|
|
25a | Losses for the current financial year (negative amount) |
|
|
|
|
25b | Foreseeable tax charges relating to CET1 items except where the institution suitably adjusts the amount of CET1 items insofar as such tax charges reduce the amount up to which those items may be used to cover risks or losses (negative amount) |
|
|
|
|
26 | Empty set in the EU |
|
|
|
|
27 | Qualifying AT1 deductions that exceed the AT1 items of the institution (negative amount) |
|
|
|
|
27a | Other regulatory adjustments | (2,021) | (1,832) |
|
|
28 | Total regulatory adjustments to Common Equity Tier 1 (CET1) | (14,103) | (13,862) |
|
|
29 | Common Equity Tier 1 (CET1) capital | 98,128 | 92,857 |
|
|
Additional Tier 1 (AT1) capital: instruments |
|
|
| (7) | |
30 | Capital instruments and the related share premium accounts | 15,872 | 14,901 |
|
|
31 | of which: classified as equity under applicable accounting standards | 12,021 | 13,549 | 4 |
|
32 | of which: classified as liabilities under applicable accounting standards | 3,851 | 1,352 | 4 |
|
33 | Amount of qualifying items referred to in article 484 (4) and the related share premium accounts subject to phase out from AT1 as described in article 486(3) of CRR |
|
| 4 | (8) |
33a | Amount of qualifying items referred to in article 494a subject to phase out from AT1 |
|
|
|
|
33b | Amount of qualifying items referred to in article 494b subject to phase out from AT1 |
|
|
| (9) |
34 | Qualifying Tier 1 capital included in consolidated AT1 capital (including minority interests not included in row 5) issued by subsidiaries and held by third parties | 252 | 249 |
|
|
35 | of which: instruments issued by subsidiaries subject to phase out |
|
|
|
|
36 | Additional Tier 1 (AT1) capital before regulatory adjustments | 16,124 | 15,150 |
|
|
Additional Tier 1 (AT1) capital: regulatory adjustments |
|
|
|
| |
37 | Direct and indirect holdings by an institution of own AT1 instruments (negative amount) | (34) | (56) |
|
|
38 | Direct, indirect and synthetic holdings of the AT1 instruments of financial sector entities where those entities have reciprocal cross holdings with the institution designed to inflate artificially the own funds of the institution (negative amount) |
|
|
|
|
39 | Direct, indirect and synthetic holdings of the AT1 instruments of financial sector entities where the institution does not have a significant investment in those entities (amount above 10% threshold and net of eligible short positions) (negative amount) |
|
|
|
|
40 | Direct, indirect and synthetic holdings by the institution of the AT1 instruments of financial sector entities where the institution has a significant investment in those entities (net of eligible short positions) (negative amount) | (450) | (450) |
|
|
42 | Qualifying T2 deductions that exceed the T2 items of the institution (negative amount) |
|
|
|
|
42a | Other regulatory adjustments to AT1 capital |
|
|
|
|
43 | Total regulatory adjustments to Additional Tier 1 (AT1) capital | (484) | (506) |
|
|
44 | Additional Tier 1 (AT1) capital | 15,640 | 14,644 |
|
|
45 | Tier 1 capital (T1 = CET1 + AT1) | 113,768 | 107,501 |
|
|
Tier 2 (T2) capital: instruments and provisions |
|
|
| (7) | |
46 | Capital instruments and the related share premium accounts | 19,188 | 15,002 | 5 | (10) |
47 | Amount of qualifying items referred to in article 484 (5) and the related share premium accounts subject to phase out from T2 as described in article 486 (4) CRR |
|
|
|
|
47a | Amount of qualifying items referred to in article 494a (2) subject to phase out from T2 |
|
| 5 | (10) |
47b | Amount of qualifying items referred to in article 494b (2) subject to phase out from T2 | 1,246 | 2,284 | 5 | (9) and (10) |
48 | Qualifying own funds instruments included in consolidated T2 capital (including minority interests and AT1 instruments not included in rows 5 or 34) issued by subsidiaries and held by third parties | 248 | 190 |
|
|
49 | of which: instruments issued by subsidiaries subject to phase out |
|
|
|
|
50 | Credit risk adjustments |
|
|
|
|
51 | Tier 2 (T2) capital before regulatory adjustments | 20,683 | 17,476 |
|
|
Tier 2 (T2) capital: regulatory adjustments |
|
|
|
| |
52 | Direct and indirect holdings by an institution of own T2 instruments and subordinated loans (negative amount) | (85) | (101) |
|
|
53 | Direct, indirect and synthetic holdings of the T2 instruments and subordinated loans of financial sector entities where those entities have reciprocal cross holdings with the institution designed to inflate artificially the own funds of the institution (negative amount) |
|
|
|
|
54 | Direct and indirect holdings of the T2 instruments and subordinated loans of financial sector entities where the institution does not have a significant investment in those entities (amount above 10% threshold and net of eligible short positions) (negative amount) |
|
|
|
|
55 | Direct and indirect holdings by the institution of the T2 instruments and subordinated loans of financial sector entities where the institution has a significant investment in those entities (net of eligible short positions) (negative amount) | (3,785) | (3,132) | 1 | (11) |
56a | Qualifying eligible liabilities deductions that exceed the eligible liabilities items of the institution (negative amount) |
|
|
|
|
56b | Other regulatory adjustments to T2 capital |
|
|
|
|
57 | Total regulatory adjustments to Tier 2 (T2) capital | (3,870) | (3,233) |
|
|
58 | Tier 2 (T2) capital | 16,813 | 14,243 |
|
|
59 | Total capital (TC = T1 + T2) | 130,581 | 121,744 |
|
|
60 | Total risk-weighted assets | 762,247 | 703,694 |
|
|
Capital ratios and buffers |
|
|
|
| |
61 | Common Equity Tier 1 (as a percentage of total risk exposure amount) | 12.87% | 13,20 % |
|
|
62 | Tier 1 (as a percentage of total risk exposure amount) | 14.93% | 15,28 % |
|
|
63 | Total capital (as a percentage of total risk exposure amount) | 17.13% | 17,30 % |
|
|
64 | Institution CET1 overall capital requirement (CET1 requirement in accordance with article 92 (1) CRR, plus additional CET1 requirement which the institution is required to hold in accordance with point (a) of article 104(1) CRD, plus combined buffer requirement in accordance with article 128(6) CRD) expressed as a percentage of risk exposure amount | 10.33% | 9,79 % |
|
|
65 | of which: capital conservation buffer requirement | 2.50% | 2,50 % |
|
|
66 | of which: countercyclical buffer requirement | 0.67% | 0,40 % |
|
|
67 | of which: systemic risk buffer requirement | 0.04% | 0,00 % |
|
|
67a | of which: Global Systemically Important Institution (G-SII) or Other Systemically Important Institution (O-SII) buffer | 1.50% | 1,50 % |
|
|
67b | of which: Pillar 2 Requirements – additional CET1 SREP requirements | 1.11% | 0,88 % |
|
|
68 | Common Equity Tier 1 available to meet buffer (as a percentage of risk exposure amount) | 7.26% | 7,73 % |
|
|
Amounts below the thresholds for deduction (before risk weighting) |
|
|
|
| |
72 | Direct and indirect holdings of own funds and eligible liabilities of financial sector entities where the institution does not have a significant investment in those entities (amount below 10% threshold and net of eligible short positions) | 7,090 | 4 835 | 2 | (11) |
73 | Direct and indirect holdings by the institution of the CET1 instruments of financial sector entities where the institution has a significant investment in those entities (amount below 17.65% thresholds and net of eligible short positions) | 5,746 | 4 910 | 1 | (11) |
75 | Deferred tax assets arising from temporary differences (amount below 17.65% threshold, net of related tax liability where the conditions in article 38 (3) are met) | 2,552 | 2 805 |
|
|
Applicable caps on the inclusion of provisions in Tier |
|
|
|
| |
76 | Credit risk adjustments included in T2 in respect of exposures subject to standardised approach (prior to the application of the cap) |
|
|
|
|
77 | Cap on inclusion of credit risk adjustments in T2 under standardised approach | 3,141 | 2 633 |
|
|
78 | Credit risk adjustments included in T2 in respect of exposures subject to internal ratings-based approach (prior to the application of the cap) |
|
|
|
|
79 | Cap for inclusion of credit risk adjustments in T2 under internal ratings-based approach | 2,071 | 1 995 |
|
|
Capital instruments subject to phase out arrangements (only applicable between 1 Jan 2013 and 1 Jan 2022) |
|
|
|
| |
80 | Current cap on CET1 instruments subject to phase out arrangements |
|
|
|
|
81 | Amount excluded from CET1 due to cap (excess over cap after redemptions and maturities) |
|
|
|
|
82 | Current cap on AT1 instruments subject to phase out arrangements |
|
|
|
|
83 | Amount excluded from AT1 due to cap (excess over cap after redemptions and maturities) |
|
|
|
|
84 | Current cap on T2 instruments subject to phase out arrangements |
|
|
|
|
85 | Amount excluded from T2 due to cap (excess over cap after redemptions and maturities) |
|
|
|
|
| |||||
The calculation and the amount of the BNP Paribas countercyclical capital buffer are given in the tables below in accordance with the instructions of Commission Delegated Regulation (EU) No. 2015/1555 of 28 May 2015.
|
| a |
|
In millions of euros | 31 December 2024 | 31 December 2023 | |
010 | Total risk-weighted assets | 762,247 | 703,694 |
020 | BNP Paribas countercyclical capital buffer rate | 0.67% | 0.40% |
030 | Countercyclical capital buffer requirement | 5,136 | 2,813 |
At 31 December 2024, the BNP Paribas countercyclical capital buffer rate was 0.67% against 0.40% at 31 December 2023.
The countercyclical capital buffer is calculated as the weighted average of the countercyclical buffer rates that apply in the countries where the relevant credit exposures of the Group are located. The weight applied to the countercyclical buffer rate in each country is the share of own funds requirements in total own funds requirements relating to relevant credit exposures in the territory in question.
At 31 December 2024, BNP Paribas’ countercyclical capital buffer rate of 0.67% was mainly due to the rates applicable in France (1.0%), the United Kingdom (2.0%) and Belgium (1.0%). This rate is expected to be around 0.72% at 31 December 2025 due to the activation or increase in requirements announced by certain European countries (see table below).
|
| a | b | c | d | e | g | h | i | j | k | l | m |
|
In millions of euros |
|
|
|
| 31 December 2024 | 31 December 2025 | ||||||||
General credit exposures | Relevant credit | Securitisation exposures Exposure value for non-trading book | Own fund requirements | Risk- | Own fund requirements weights (%) | Counter- | Countercyclical buffer rate (%) announced(2) | |||||||
Exposure value under the standardised approach | Exposure value under the IRB approach | Exposure value under the standardised approach | Exposure value under the IRB approach | Of which credit risk exposure | Of which market risk exposure | Of which securitisation positions | Total | |||||||
010 | Breakdown by country |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Europe(1) | 275,590 | 669,913 |
|
| 77,954 | 37,803 | 1,583 | 1,026 | 40,412 | 505,152 | 79% |
|
|
| of which Germany | 35,076 | 24,728 |
|
| 4,008 | 2,575 |
| 45 | 2,620 | 32,755 | 5% | 0,75% | 0,75% |
| of which Armenia | - | 1 |
|
|
|
|
|
|
|
| 0% | 1,50% | 1,50% |
| of which Belgium | 29,296 | 136,886 |
|
| 2,887 | 4,349 |
| 34 | 4,383 | 54,792 | 9% | 1,00% | 1,00% |
| of which Bulgaria | 10 | 117 |
|
|
| 5 |
|
| 5 | 63 | 0% | 2,00% | 2,00% |
| of which Cyprus | 21 | 320 |
|
|
| 18 |
|
| 18 | 225 | 0% | 1,00% | 1,00% |
| of which Croatia | 5 | 72 |
|
|
| 3 |
|
| 3 | 35 | 0% | 1,50% | 1,50% |
| of which Denmark | 798 | 6,015 |
|
|
| 197 |
|
| 197 | 2,462 | 0% | 2,50% | 2,50% |
| of which Spanish | 19,796 | 9,909 |
|
| 617 | 1,471 |
| 8 | 1,479 | 18,489 | 3% | 0,00% | 0,50% |
| of which Estonia | 2 | 80 |
|
|
| 5 |
|
| 5 | 59 | 0% | 1,50% | 1,50% |
| of which France | 59,392 | 270,261 |
|
| 45,107 | 13,709 | 1,559 | 642 | 15,910 | 198,872 | 31% | 1,00% | 1,00% |
| of which Greece | 325 | 222 |
|
| 2 | 28 |
|
| 28 | 354 | 0% | 0,00% | 0,25% |
| of which Hungary | 225 | 1,387 |
|
|
| 49 |
|
| 49 | 610 | 0% | 0,50% | 1,00% |
| of which Ireland | 736 | 8,733 |
|
| 323 | 484 |
| 5 | 489 | 6,116 | 1% | 1,50% | 1,50% |
| of which Iceland | 1 | 18 |
|
|
|
|
|
|
| 3 | 0% | 2,50% | 2,50% |
| of which Latvia | 1 | 2 |
|
|
|
|
|
|
| 2 | 0% | 0,50% | 1,00% |
| of which Lithuania | 9 | 11 |
|
|
| 1 |
|
| 1 | 14 | 0% | 1,00% | 1,00% |
| of which Luxembourg | 4,139 | 36,375 |
|
|
| 1,793 |
|
| 1,793 | 22,408 | 4% | 0,50% | 0,50% |
| of which Norway | 557 | 2,205 |
|
|
| 107 |
|
| 107 | 1,342 | 0% | 2,50% | 2,50% |
| of which Netherlands | 7,879 | 22,241 |
|
| 1,563 | 1,105 |
| 23 | 1,128 | 14,096 | 2% | 2,00% | 2,00% |
| of which Poland | 26,937 | 702 |
|
| 435 | 1,662 | 24 | 4 | 1,690 | 21,127 | 3% | 0,00% | 1,00% |
| of which Czech Republic | 942 | 449 |
|
|
| 73 |
|
| 73 | 914 | 0% | 1,25% | 1,25% |
| of which Romania | 1,055 | 176 |
|
|
| 66 |
|
| 66 | 827 | 0% | 1,00% | 1,00% |
| of which United Kingdom | 26,417 | 47,563 |
|
| 13,982 | 2,964 |
| 176 | 3,140 | 39,247 | 6% | 2,00% | 2,00% |
| of which Slovakia | 331 | 247 |
|
|
| 31 |
|
| 31 | 388 | 0% | 1,50% | 1,50% |
| of which Slovenia | 8 | 14 |
|
|
| 1 |
|
| 1 | 9 | 0% | 0,50% | 1,00% |
| of which Sweden | 1,620 | 3,850 |
|
| 946 | 197 |
| 9 | 206 | 2,570 | 0% | 2,00% | 2,00% |
| North America | 1,477 | 112,299 |
|
| 40,131 | 3,921 | 48 | 571 | 4,539 | 56,742 | 9% |
|
|
| Asia Pacific | 13,139 | 49,756 |
|
| 2,242 | 3,139 |
| 29 | 3,168 | 39,600 | 6% |
|
|
| of which Australia | 188 | 7,821 |
|
| 120 | 206 |
| 1 | 208 | 2,597 | 0% | 1,00% | 1,00% |
| of which South Korea | 127 | 3,548 |
|
| 1,714 | 105 |
| 22 | 127 | 1,582 | 0% | 1,00% | 1,00% |
| of which Hong Kong | 2,025 | 8,766 |
|
|
| 348 |
|
| 348 | 4,347 | 1% | 0,50% | 0,50% |
| Rest of the World | 24,485 | 32,091 |
|
| 295 | 2,951 | 8 | 20 | 2,979 | 37,236 | 6% |
|
|
| of which Chile | 163 | 2,232 |
|
| 52 | 108 |
| 3 | 112 | 1,397 | 0% | 0,50% | 0,50% |
020 | TOTAL | 314,692 | 864,059 |
|
| 120,623 | 47,814 | 1,639 | 1,645 | 51,098 | 638,730 | 100% | 0,67% | 0,72% |
| ||||||||||||||
The measurement approach of the global systemic importance is indicator-based. The selected indicators reflect the size of banks, their interconnectedness, the use of banking information systems for the services they provide, their global cross-jurisdictional activity and their complexity. The methodology is described in a document published in July 2013 by the Basel Committee, entitled Global systemically important banks: updated assessment methodology and the higher loss absorbency requirement (BCBS 255).
The Group received notification from the Autorité de contrôle prudentiel et de résolution (ACPR), dated 27 November 2024, that it was on the 2024 list of global systemically important financial institutions in sub-category 2, corresponding to its score in the database at end 2023.
As a result, the G-SIB buffer requirement for the Group, applicable from 1 January 2025 remains unchanged at 1.5% of the total risk exposure amount.
The Group’s G-SIB indicators at 31 December 2024 will be published in April 2025 and included in the first update to the Universal registration document.
In millions of euros | 31 December 2023 | |
Cross-jurisdictional activity |
| |
1 | Cross-jurisdictional claims | 1,348,201 |
2 | Cross-jurisdictional liabilities | 1,208,729 |
Size |
| |
3 | Total exposures | 2,608,724 |
Interconnectedness |
| |
4 | Intra-financial system assets | 359,736 |
5 | Intra-financial system liabilities | 271,664 |
6 | Securities outstanding | 377,326 |
Substitutability |
| |
7 | Assets under custody | 6,482,818 |
| Trading volume fixed income | 1,636,803 |
| Trading volume equities and other securities | 3,127,562 |
Financial institution infrastructure |
| |
8 | Payment activity | 54,455,027 |
Underwritten transactions in debt and equity markets |
| |
9 | Underwritten transactions in a debt and equity markets | 214,706 |
Complexity |
| |
10 | Notional amount of over-the-counter (OTC) derivatives | 29,857,825 |
11 | Level 3 assets | 30,584 |
12 | Trading and available for sale (AFS) securities | 88,054 |
In millions of euros | RWAs | Capital requirements | ||
31 December 2024 | 31 December 2023 | 31 December 2024 | ||
1 | Credit risk | 168,278 | 137,700 | 13,462 |
2 | Of which standardised approach | 102,440 | 62,680 | 8,195 |
EU 4a | Of which equities under the simple weighting approach | 5,357 | 15,664 | 429 |
5 | Of which advanced IRB (A-IRB) approach | 60,481 | 59,356 | 4,838 |
6 | Counterparty credit risk | 2,268 | 1,296 | 181 |
7 | Of which SACCR (derivatives) | 682 | 634 | 55 |
8 | Of which internal model method (IMM) | 740 | 330 | 59 |
EU 8a | Of which exposures to CCP related to clearing activities | 741 | 297 | 59 |
EU 8b | Of which CVA | 102 | 33 | 8 |
9 | Of which other | 3 | 2 |
|
16 | Securitisation exposures in the banking book | 851 | 1,026 | 68 |
17 | Of which internal ratings-based approach (SEC-IRBA) | 410 | 621 | 33 |
18 | Of which external ratings-based approach (SEC-ERBA) | 408 | 394 | 33 |
19 | Of which standardised approach (SEC-SA) | 33 | 11 | 3 |
20 | Market risk | 1,607 | 1,061 | 129 |
21 | Of which standardised approach | 1,607 | 1,061 | 129 |
23 | Operational risk | 16,922 | 11,971 | 1,354 |
EU 23a | Of which basic indicator approach | 6,707 | 2,212 | 537 |
EU 23b | Of which standardised approach | 3,565 | 3,108 | 285 |
EU 23c | Of which advanced measurement approach (AMA) | 6,650 | 6,651 | 532 |
24 | Amounts below the thresholds for deduction | 3,544 | 3,616 | 284 |
29 | TOTAL | 193,470 | 156,669 | 15,478 |
In millions of euros | RWAs | Capital requirements | ||
31 December 2024 | 31 December 2023 | 31 December 2024 | ||
1 | Credit risk | 37,877 | 36 081 | 3,030 |
2 | Of which standardised approach | 7,967 | 7 288 | 637 |
EU 4a | Of which equities under the simple weighting approach | 1,035 | 1 128 | 83 |
5 | Of which advanced IRB (A-IRB) approach | 28,874 | 27 664 | 2,310 |
6 | Counterparty credit risk | 300 | 471 | 24 |
7 | Of which SACCR (Derivatives) | 281 | 440 | 22 |
8 | Of which internal model method (IMM) |
|
|
|
EU 8a | Of which exposures to CCP related to clearing activities |
|
|
|
EU 8b | Of which CVA | 19 | 32 | 2 |
9 | Of which other |
|
|
|
16 | Securitisation exposures in the banking book | 403 | 396 | 32 |
17 | Of which internal ratings-based approach (SEC-IRBA) | 361 | 322 | 29 |
18 | Of which external ratings-based approach (SEC-ERBA) |
|
|
|
19 | Of which standardised approach (SEC-SA) | 42 | 75 | 3 |
20 | Market risk | 2 | 7 | - |
21 | Of which standardised approach | 2 | 7 |
|
23 | Operational risk | 3,468 | 3 366 | 277 |
EU 23a | Of which basic indicator approach | 70 | 61 | 6 |
EU 23b | Of which standardised approach | 91 | 95 | 7 |
EU 23c | Of which advanced measurement approach (AMA) | 3,308 | 3 209 | 265 |
24 | Amounts below the thresholds for deduction | 78 | 80 | 6 |
29 | TOTAL | 42,130 | 40 402 | 3,370 |
In millions of euros | RWAs | Capital requirements | ||
31 December 2024 | 31 December 2023 | 31 December 2024 | ||
1 | Credit risk | 57,696 | 59 136 | 4,616 |
2 | Of which standardised approach | 50,611 | 52 140 | 4,049 |
EU 4a | Of which equities positions under the simple weighting approach | 50 | 33 | 4 |
5 | Of which advanced IRB (A-IRB) approach | 7,035 | 6 963 | 563 |
6 | Counterparty credit risk | 67 | 174 | 5 |
7 | Of which SACCR (Derivatives) | 15 | 96 | 1 |
8 | Of which internal model method (IMM) |
|
|
|
EU 8a | Of which exposures to CCP related to clearing activities |
|
|
|
EU 8b | Of which CVA | 51 | 77 | 4 |
9 | Of which other |
|
|
|
16 | Securitisation exposures in the banking book | 331 | 216 | 26 |
17 | Of which internal ratings-based approach (SEC-IRBA) | 31 | 45 | 2 |
18 | Of which external ratings-based approach (SEC-ERBA) | 123 | 171 | 10 |
19 | Of which standardised approach (SEC-SA) | 177 |
| 14 |
20 | Market risk | 80 | 78 | 6 |
21 | Of which standardised approach | 80 | 78 | 6 |
23 | Operational risk | 5,357 | 5 963 | 429 |
EU 23a | Of which basic indicator approach | 220 | 390 | 18 |
EU 23b | Of which standardised approach | 1,454 | 1 496 | 116 |
EU 23c | Of which advanced measurement approach (AMA) | 3,683 | 4 077 | 295 |
24 | Amounts below the thresholds for deduction | 1,941 | 2 032 | 155 |
29 | TOTAL | 65,472 | 67 598 | 5,238 |
In millions of euros | RWAs | Capital requirements | ||
31 December 2024 | 31 December 2023 | 31 December 2024 | ||
1 | Credit risk | 25,813 | 24 625 | 2,065 |
2 | Of which standardised approach | 18,619 | 17 744 | 1,490 |
EU 4a | Of which equities under the simple weighting approach | 687 | 618 | 55 |
5 | Of which advanced IRB approach | 6,506 | 6 263 | 521 |
6 | Counterparty credit risk | 17 | 21 | 1 |
7 | Of which SACCR (Derivatives) | 14 | 15 | 1 |
8 | Of which internal model method (IMM) |
|
|
|
EU 8a | Of which exposures to CCP related to clearing activities |
|
|
|
EU 8b | Of which CVA | 2 | 3 |
|
9 | Of which other |
| 2 |
|
16 | Securitisation exposures in the banking book | 7 | 15 | 1 |
17 | Of which internal ratings-based approach (SEC-IRBA) |
|
|
|
18 | Of which external ratings-based approach (SEC-ERBA) | 7 | 15 | 1 |
19 | Of which standardised approach |
|
|
|
20 | Market risk | 8 | 30 | 1 |
21 | Of which standardised approach | 8 | 30 | 1 |
23 | Operational risk | 1,568 | 1 564 | 125 |
EU 23a | Of which basic indicator approach | 301 | 273 | 24 |
EU 23b | Of which standardised approach | 229 | 227 | 18 |
EU 23c | Of which advanced measurement approach (AMA) | 1,038 | 1 064 | 83 |
24 | Amounts below the thresholds for deduction | 355 | 205 | 28 |
29 | TOTAL | 27,766 | 26 459 | 2,221 |
For corporate and financial institutional clients, BNP Paribas has developed the ESG Assessment. It is a tool which provides a more systematic and comprehensive review of ESG topics through the credit chain: from on-boarding to credit granting, monitoring and reporting.
In particular, the ESG Assessment enables the Group to:
This analysis aims to identify companies for which weak ESG performance and risk management could generate credit, investment or reputation risks, as well as negative environmental and social impacts.
Initially launched on the large corporate segment, the ESG assessment framework was enlarged in 2024 to relevant medium-sized corporate customers (companies with sales of over EUR 50 million, selected on risk-based criteria) and to financial institutions thanks to adapted questionnaires.
The ESG Assessment tool for corporate covers five ESG dimensions including climate and environment.
Answers to preliminary questions trigger specific questions
This ESG Assessment includes assessment indicators on the way ESG-related issues are tackled by the Group’s clients. This set of questions cover, for example, the following aspects:
The ESG assessment provides a global overview of the ESG profile of the client, which is completed by the controversies analysis for a full evaluation. The qualitative conclusions of the ESG Assessment (including controversies analysis) are provided by the Relationship Manager and Group CSR if applicable and challenged by RISK as the control function, to allow a well-balanced evaluation of the performance and risk. The ESG Assessment helps decision-making through the usual credit processes, in strengthening and documenting ESG due diligence at counterparty, transaction and collateral levels.
The results of the ESG Assessment are used both:
The global framework surrounding the credit process has also been enhanced, in particular through the update of the various credit policies, encompassing dedicated and adapted ESG sections and leveraging the ESG Assessment outcomes.
Credit risk is expected to be one of the risks most impacted by ESG. However, the Group also adapts its risk framework to embed ESG and climate-risk factors in other risk processes to capture potential impacts of these drivers, as the case may be.
The risk identification and assessment process (Risk ID) is part of the Group risk management framework. Risk ID is a fully integrated process, involving business lines, the RISK Function and the other control functions throughout the Group. It serves to maintain up-to-date the risk inventories, both at local and Group levels. It aims to identify and assess all risks in a forward-looking way, thus fostering anticipation in the Group risk management practices.
BNP Paribas’ Risk ID process covers:
The process requires that all business lines keep up to date their Risk Inventory (that contributes to the Group Risk Inventory).
The Group risk inventory – like all the underlying local risk inventories – is made of an ensemble of elementary severe but plausible scenarios (“risk events”) corresponding to the way the risk types BNP Paribas is exposed to could materialise.
All risk events are identified and assessed along three main elements:
Hence, the Group risk inventory encompasses both frequent, probable risk events and unusual, long-term, less probable but more severe risk events.
The assessment of severity, frequency and imminence performed for all risk events enables to appreciate the materiality of risk types and risk factors – including ESG ones.
In the course of 2024, evolutions have been implemented in Risk ID methodology and application to reinforce the possibility to apprehend the materiality of ESG-related scenarios over various horizons. Considering that some ESG risk factors are likely to grow in importance and criticality in the future, the assessments of severity, intrinsic frequency and imminence of ESG-related risk events are now supplemented by two functionalities:
Thanks to those evolutions, the Group is now able to appreciate the materiality of ESG risk factors over the short, medium and long-term.
Materiality of the risk events
Based on individual severity, frequency & imminence assessments, it is possible to compute the materiality of each risk event. It corresponds to an indicator resulting from the product of:
Risk event’s materiality indicator = Risk event’s severity (in €M) x Risk event’s probability (%)
The materiality indicator that reflects the individual materiality of the risk event, is a form of stressed expected loss. The risk events’ individual materialities can be aggregated along various axes, like the risk type axis.
Currently, the aggregation of individual materialities consists in adding them up. However, exploratory work is being carried out to find alternative – and possibly more relevant – methods of consolidation/aggregation of materialities.
Materiality of the risk factors
For a given risk event, with the percentages allocated to each risk factor, it is possible to distribute the risk event’s materiality to each of the underlying risk factors and obtain their contribution to the materiality of the risk event.
Like for the risk events, the individual materiality contributions of the risk factors can be aggregated along various axes like the risk factor axis. Doing so, it is possible, for example, to determine the contribution of a given risk factor to the risk events associated to a given risk type. It enables the production of various metrics and the creation of visualisations like Sankey diagrams that display the materiality relationships that exist between risk factors and risk types.
In Risk ID, ESG dimensions are captured via risk factors that have been designed considering, notably, EBA, ECB and CSRD-ESRS recommendations or needs.
The risk factor taxonomy encompasses 13 risk factors in the Risk ID 2023 exercise and 20 in the 2024 Risk ID exercise:
The labels of the ESG risk factors have been adapted to be more self-explanatory and their definitions have been adjusted.
Hence, in 2024, the 20 ESG risk factors represent 16% of the number of drivers in the taxonomy (125), which encompasses the following 6 categories:
These ESG risk factors are used in the Risk ID process to appreciate, in a forward-looking way, how they could give rise to elementary scenarios, corresponding to the materialisation of virtually any kind of financial or non-financial risks.
As indicated in the ESG risk factor taxonomy presented below:
The BNP Paribas taxonomy of ESG risk factors is presented in the following table.
Level 1 risk factor | Level 2 risk factor | Level 3 risk factor | Climate | Nature | Social | Gov. | |
|---|---|---|---|---|---|---|---|
Environment, social & governance risk factors | Climate change physical risk factors | 1 | Physical impacts of acute climate change phenomena | ✓ |
|
|
|
2 | Adaptation to acute climate change phenomena | ✓ |
|
|
| ||
3 | Physical impacts of chronic climate change phenomena | ✓ |
|
|
| ||
4 | Adaptation to chronic climate change phenomena | ✓ |
|
|
| ||
Climate change transition risk factors | 5 | Transition to a low-carbon economy - Policy changes | ✓ |
|
|
| |
6 | Transition to a low-carbon economy - Technological changes | ✓ |
|
|
| ||
7 | Transition to a low-carbon economy - Behavioural changes | ✓ |
|
|
| ||
Nature-related risk factors | 8 | Impacts on biodiversity & ecosystems |
| ✓ |
|
| |
9 | Mismanagement of dependencies on natural resources and ecosystem services |
| ✓ |
|
| ||
10 | Impacts & dependencies on freshwater, marine & coastal resources, & ecosystems |
| ✓ |
|
| ||
11 | Pollution and hazardous chemicals |
| ✓ |
|
| ||
12 | Failure in waste management & recycling |
| ✓ |
|
| ||
13 | Invasive alien species |
| ✓ |
|
| ||
Social risk factors | 14 | Violation of local communities-related human rights |
|
| ✓ |
| |
15 | Non-respect of consumers rights |
|
| ✓ |
| ||
16 | Violation of workforce-related rights |
|
| ✓ |
| ||
17 | Inadequacy with social sentiments and expectations |
|
| ✓ |
| ||
Governance risk factors | 18 | Inadequate governance regarding management of E & S risks | ✓ | ✓ | ✓ | ✓ | |
19 | Non-compliance with corporate governance frameworks or codes |
|
|
| ✓ | ||
ESG liability consequences | 20 | ESG related liability consequences | ✓ | ✓ | ✓ | ✓ | |
To promote and foster anticipation with a view to developing a forward-looking mindset within the Group when identifying risks, BNP Paribas draws a picture of the Financial Institutions risk environment by annually updating its Financial Institutions Global Risks Landscape.
This work aims at seizing economic, technological, business, socio-political & environmental megatrends, major risks and significant transitions that represent threats likely to have negative consequences for financial institutions in the short, medium and longer term. It also encompasses and attempts to understand the interdependencies between those threats.
The Financial Institutions Global Risks Landscape is the outcome of cross analyses of various internal and external supranational, public and private sources (30 in 2023, 51 in 2024).
The “criticality” of each of the global risks presented in the landscape (32 in 2023 and 34 in 2024), is assessed for 3 different horizons – short-term horizon (0 - 3 years), medium-term horizon (3 - 10 years) and long-term horizon (10 - 30 years) - using a 4-position qualitative scale. These assessments are based on expert judgement and reflect the appreciation of the possible impact of a given risk for the banking sector as a whole rather than for BNP Paribas Group specifically.
Moreover, for each global risk, the “direction” provides an indicator of the probable evolution of the risk (increasing, decreasing, stable) and, whenever appropriate, the global risk is identified as being emerging.
The table below is extracted from the BNP Paribas 2024 Financial Institutions Landscape. This document is meant to be used by Risk ID contributors who have to appreciate the extent to which these global risks could have direct or indirect negative impacts for the Group.
| Horizons | Criticality | Emerging | ESG dimension |
|---|---|---|---|---|
Theme # 1: Technology & digital |
|
|
|
|
#1.1. Dependence on critical technological infrastructure | Short-term | High |
|
|
Medium-term | Very high | |||
Long-term | Very high | |||
#1.2. Cyber threats and cybersecurity failure | Short-term | Very high |
|
|
Medium-term | Very high | |||
Long-term | Very high | |||
#1.3. Data protection, governance and strategy | Short-term | Very high |
| ✓ |
Medium-term | High | |||
Long-term | High | |||
#1.4. IT complexity & obsolescence and disruptive technological trends | Short-term | High | ✓ |
|
Medium-term | Very high | |||
Long-term | Very high | |||
#1.5. Risks related to artificial intelligence | Short-term | High | ✓ | ✓ |
Medium-term | Very high | |||
Long-term | Very high | |||
#1.6. Digital power concentration | Short-term | High |
|
|
Medium-term | Very high | |||
Long-term | Extr. high | |||
Theme # 2: Changes to business environment |
|
|
|
|
#2.1. Regulation and supervision pressure | Short term | High |
| ✓ |
Medium Term | High | |||
Long term | High | |||
#2.2. Digitalisation, digital assets & decentralised finance | Short term | High | ✓ | ✓ |
Medium Term | Very high | |||
Long term | High | |||
#2.3. Possible evolutions in insurance and reinsurance markets | Short term | High | ✓ | ✓ |
Medium Term | Very high | |||
Long term | Extr. high | |||
#2.4. Fast-changing multifaceted competitive environment | Short term | High |
|
|
Medium Term | High | |||
Long term | High | |||
#2.5. Shadow banking & disintermediation | Short term | High |
|
|
Medium Term | Very high | |||
Long term | Very high | |||
#2.6. Customers’ expectations and impact of consumerism | Short term | High |
| ✓ |
Medium Term | High | |||
Long term | High | |||
#2.7. Investor’s financial expectations | Short term | Medium |
| ✓ |
Medium Term | High | |||
Long term | Very high | |||
Theme # 3: Macroeconomics |
|
|
|
|
#3.1. Inflationary risks | Short term | High |
| ✓ |
Medium Term | High | |||
Long term | High | |||
#3.2. Supply chain disruptions, uneasy access to commodities | Short term | Very high |
| ✓ |
Medium Term | Very high | |||
Long term | Very high | |||
#3.3. High interest rate environment | Short term | Very high |
|
|
Medium Term | High | |||
Long term | High | |||
#3.4. Asset prices volatility | Short term | High |
|
|
Medium Term | High | |||
Long term | High | |||
#3.5. Real estate market under pressure | Short term | Very high |
| ✓ |
Medium Term | High | |||
Long term | High | |||
#3.6. Public debt concerns | Short term | Very high |
| ✓ |
Medium Term | Very high | |||
Long term | Very high | |||
#3.7.Private debt concerns | Short term | Very high |
|
|
Medium Term | Very high | |||
Long term | Very high | |||
#3.8. Economic fragilities in some emerging markets | Short term | High |
| ✓ |
Medium Term | High | |||
Long term | High | |||
#3.9. Turkey | Short term | High |
|
|
Medium Term | High | |||
Long term | High | |||
#3.10. China | Short term | High |
|
|
Medium Term | High | |||
Long term | High | |||
Theme # 4: Political measures and geopolitical developments |
|
|
|
|
#4.1. Risks linked to political decisions | Short term | Very high |
| ✓ |
Medium Term | Very high | |||
Long term | High | |||
#4.2. Geopolitical risks | Short term | Extr. high |
| ✓ |
Medium Term | Very high | |||
Long term | High | |||
#4.3. Geoeconomic fragmentation, protectionism, sanctions | Short term | High |
| ✓ |
Medium Term | High | |||
Long term | High | |||
Theme # 5: Environment & society |
|
|
|
|
#5.1. Demographic transition | Short term | High | ✓ |
|
Medium Term | High | |||
Long term | Very high | |||
#5.2. Economic impact of environmental degradation, climate change & energy transition | Short term | High | ✓ | ✓ |
Medium Term | Very high | |||
Long term | Extremely high | |||
#5.3. Demand-supply gap for natural resources | Short term | High | ✓ | ✓ |
Medium Term | Very high | |||
Long term | Extremely high | |||
#5.4. From climate & nature-related risks to ecosystems collapse | Short term | High | ✓ | ✓ |
Medium Term | Very high | |||
Long term | Extremely high | |||
#5.5. Threats to health and resistance of pathogenic agents | Short term | Medium | ✓ | ✓ |
Medium Term | High | |||
Long term | Extremely high | |||
#5.6. Misinformation and disinformation | Short term | High | ✓ | ✓ |
Medium Term | Very high | |||
Long term | Extremely high | |||
#5.7. Widening inequalities, societal polarisation, organised criminality & social unrest | Short term | High |
| ✓ |
Medium Term | Very high | |||
Long term | Extremely high | |||
#5.8. Employees’ expectations & engagement, recruitment & retention | Short term | High |
| ✓ |
Medium Term | High | |||
Long term | High | |||
| ||||
Pages | ||
|---|---|---|
5.1 ANNUAL RISK SURVEY | 335 | |
Table 1 | Key indicators (EU KM1) | 336 |
Table 2 | MREL & TLAC ratio (EU KM2) | 337 |
Figure 1 | Risk-weighted assets by risk type | 338 |
Figure 2 | Risk-weighted assets by business line | 338 |
Figure 3 | Credit risk exposure breakdown by geographic region | 339 |
Figure 4 | Credit risk exposure breakdown by asset class | 339 |
Table 3 | Doubtful loans on gross outstandings ratio | 339 |
Table 4 | Stage 3 coverage ratio | 339 |
Table 5 | Cost of risk on outstandings | 339 |
Table 6 | Immediately available liquidity reserve | 339 |
5.2 CAPITAL MANAGEMENT AND CAPITAL ADEQUACY | 360 | |
Table 7 | Differences between the accounting and prudential scopes (EU LI3) | 361 |
Table 8 | Consolidated balance sheet to prudential balance sheet reconciliation (EU LI1/EU CC2) | 362 |
Table 9 | Prudential balance sheet by risk type (EU LI1-B) | 366 |
Table 10 | Reconciliation between net carrying values under the prudential scope and the exposure amounts considered | 370 |
Table 11 | Transition from consolidated equity to Common Equity Tier 1 (CET1) capital | 372 |
Table 12 | Value adjustments related to prudent valuation (PVA) (EU PV1) | 373 |
Table 13 | Regulatory capital | 374 |
Table 14 | Change in regulatory capital | 375 |
Table 15 | Change in eligible debt for the constitution of equity | 375 |
Table 16 | Effect of the application of transitional arrangements for IFRS 9 accounting standard (EU IFRS9-FL) | 377 |
Table 17 | Overview of risk-weighted exposure amounts (EU OV1) | 378 |
Table 18 | Risk-weighted assets movements by key driver | 379 |
Table 19 | Risk-weighted assets by risk type and business | 380 |
Table 20 | Overall capital requirements | 384 |
Figure 5 | MDA restriction thresholds | 385 |
Table 21 | Financial conglomerates – own funds and capital adequacy ratio (EU INS2) | 386 |
Table 22 | Composition of TLAC and MREL ratios (EU TLAC1) | 388 |
Table 23 | Creditor ranking of the resolution entity – BNP Paribas SA (EU TLAC3) | 389 |
Table 24 | Leverage ratio – Itemised | 391 |
5.3 RISK MANAGEMENT | 396 | |
Figure 6 | Overview of Group level governing bodies covering risk-related topics | 396 |
5.4 CREDIT RISK | 405 | |
Table 25 | Credit risk exposure by asset class and approach | 405 |
Figure 7 | Gross credit risk exposure by approach | 406 |
Table 26 | Scope of the use of IRB and SA approaches (EU CR6-A) | 407 |
Table 27 | Indicative mapping of internal counterparty rating with agency rating scale and average expected PD | 411 |
Table 28 | Credit risk exposure by regulatory asset class and approach type (EU CRB-B) | 413 |
Table 29 | Credit risk exposure by geographic region | 414 |
Table 30 | Credit risk-weighted assets | 418 |
Table 31 | Credit risk-weighted assets movements by key driver (EU CR8) | 419 |
Table 32 | Main models: PD, LGD and CCF/EAD | 421 |
Table 33 | Backtesting of PD on central governments, central banks and institutions portfolio (EU CR9) | 424 |
Table 34 | Backtesting of PD on corporates portfolio (EU CR9) | 426 |
Table 35 | Backtesting of PD on retail secured by property portfolio (EU CR9) | 430 |
Table 36 | Backtesting of PD on other retail portfolio (EU CR9) | 432 |
Table 37 | Backtesting of LGD | 435 |
Figure 8 | IRBA exposure by PD range – Sovereign, financial institution, corporate and specialised financing portfolios | 437 |
Table 38 | IRBA exposure by PD scale and asset class – central bank, central government and institutions portfolio (EU CR6) | 438 |
Table 39 | IRBA exposure by PD scale and asset class corporate portfolio (EU CR6) | 440 |
Table 40 | Average PD and LGD of the corporate asset class by geographic region | 444 |
Figure 9 | IRBA exposure by PD range – Retail portfolio | 445 |
Table 41 | IRBA exposure by PD scale and asset class – retail guaranteed by real property portfolio (EU CR6) | 446 |
Table 42 | IRBA exposure by PD scale and asset class – other retail portfolios (EU CR6) | 448 |
Table 43 | Average PD and LGD of the retail portfolio by geographic region | 452 |
Table 44 | Standardised credit risk exposure by standard exposure class (EU CR4) | 453 |
Table 45 | Standardised credit exposure at default (EU CR5) | 455 |
Figure 10 | Standardised credit exposure at default by risk weight | 457 |
Table 46 | Equity positions under the simple weighting method (EU CR10) | 458 |
Table 47 | Insurance undertakings (EU INS1) | 458 |
Table 48 | Performing and non-performing exposures and related provisions (EU CR1) | 460 |
Table 49 | Performing and non-performing exposures by past due days (EU CQ3) | 462 |
Table 50 | Exposures and provisions by geographic breakdown (EU CQ4) | 464 |
Table 51 | Breakdown of loans and advances and provisions to non-financial corporations by industry (EU CQ5) | 468 |
Table 52 | Breakdown of financial assets subject to impairment by stage and internal rating | 474 |
Table 53 | Credit quality of restructured loans (EU CQ1) | 476 |
Table 54 | Credit risk mitigation techniques (EU CR3) | 478 |
Table 55 | Credit risk mitigation in IRBA and standard approach | 479 |
Table 56 | Secured exposures in IRB approach (EU CR7-A) | 480 |
Table 57 | Collateral obtained by taking possession and execution processes (EU CQ7) | 485 |
5.5 SECURITISATION IN THE BANKING BOOK | 486 | |
Table 58 | Securitised exposures and securitisation positions (held or acquired) by role | 486 |
Table 59 | Securitised exposures originated by BNP Paribas | 487 |
Table 60 | Securitised exposures by BNP Paribas as an originator by underlying asset category | 488 |
Table 61 | Exposures securitised by the institution – exposures in default (EU SEC5) | 488 |
Table 62 | Securitised exposures by BNP Paribas as sponsor by underlying asset category | 489 |
Table 63 | List of securitisation vehicles Initiated by the Group (SEC-A) | 490 |
Table 64 | Securitisation exposures in the non-trading book (EU SEC1) | 493 |
Table 65 | Banking book securitisation position quality | 494 |
Table 66 | Securitisation positions and risk-weighted assets movements by key driver | 495 |
Table 67 | Securitisation exposures and risk-weighted assets – institution acting as originator or as sponsor (EU SEC3) | 496 |
Table 68 | Securitisation positions and risk-weighted assets – BNP Paribas acting as investor (EU SEC4) | 498 |
5.6 COUNTERPARTY CREDIT RISK | 500 | |
Table 69 | Counterparty credit risk exposure at default by asset class (excl. CVA risk charge) | 503 |
Table 70 | Counterparty credit risk exposure at default by product (excl. CVA risk charge) | 504 |
Table 71 | Bilateral counterparty credit risk exposure at default by approach (EU CCR1) | 505 |
Table 72 | IRBA bilateral counterparty credit risk exposure at default (EU CCR4) | 507 |
Table 73 | Standardised bilateral counterparty credit risk exposure at default (EU CCR3) | 509 |
Table 74 | Exposure to central CCPs (EU CCR8) | 510 |
Table 75 | CVA risk capital charge (EU CCR2) | 511 |
Table 76 | Composition of collateral for CCR exposures given and received (EU CCR5) | 511 |
Table 77 | Credit derivative exposures (EU CCR6) | 512 |
Table 78 | Counterparty credit risk capital requirement and risk-weighted assets | 513 |
Table 79 | Counterparty credit RWA movements by key driver (EU CCR7) | 513 |
5.7 MARKET RISK | 514 | |
Table 80 | Market risk capital requirement and risk-weighted assets | 514 |
Table 81 | Market risk under the internal model approach (EU MR2-A) | 515 |
Table 82 | Market risk under the standardised approach (EU MR1) | 515 |
Table 83 | Market risk-weighted assets movements by key driver (EU MR2-B) | 516 |
Table 84 | Value at Risk (1-day, 99%) | 520 |
Figure 11 | Quarterly change in VaR (1-day, 99%) | 521 |
Figure 12 | Comparison between VaR (1-day, 99%) and daily trading revenue (EU MR4) | 522 |
Figure 13 | Distribution of daily trading revenue | 522 |
Table 85 | Value at Risk (10-day, 99%) | 523 |
Table 86 | Stressed Value at Risk (1-day, 99%) | 523 |
Table 87 | IMA values for trading portfolios (EU MR3) | 524 |
Table 88 | Breakdown of trading book securitisation positions outside correlation book by asset type (EU SEC2) | 525 |
Table 89 | Breakdown of trading book securitisation positions and capital requirements outside correlation book by risk weight | 526 |
Table 90 | Sensitivity of revenues to global interest rate risk based on a 50 basis point increase or decrease in the interest rates | 530 |
Table 91 | Sensitivity of Tier 1 capital economic value and sensivity of Tier 1 net interest income to the regulatory stress test scenarios (EU IRRBB1B) | 531 |
Table 92 | Hedged cash flows | 532 |
5.8 LIQUIDITY RISK | 533 | |
Table 93 | Breakdown of the wholesale funding by currency | 535 |
Table 94 | Breakdown of the Group’s medium long term (MLT) wholesale funding | 536 |
Table 95 | Trends in Group MLT wholesale funding | 536 |
Table 96 | MLT secured wholesale funding | 537 |
Table 97 | Breakdown of global liquidity reserve (counterbalancing capacity) | 538 |
Table 98 | Short-term liquidity ratio (LCR) – Itemised (EU LIQ1) | 539 |
Table 99 | Net stable funding ratio (EU LIQ2) | 541 |
Table 100 | Contractual maturities of the prudential balance sheet (EU CR1-A) | 544 |
Table 101 | Contractual maturities of capital instruments and medium long-term debt securities in the prudential scope | 546 |
Table 102 | Economic maturities of subordinated debt (prudential perimeter) | 547 |
Table 103 | Encumbred and unencumbered assets | 548 |
5.9 OPERATIONAL RISK | 552 | |
Figure 14 | Operational losses – Breakdown by event type (average 2016-2024) | 557 |
Table 104 | Operational risk capital requirement and risk-weighted assets (EU OR1) | 558 |
5.10 INSURANCE RISKS | 559 | |
Table 105 | Breakdown of BNP Paribas Cardif Group investments (excluding investments in unit-linked contracts) | 561 |
Table 106 | Bond exposure by issuer and rating (excluding investments in unit-linked contracts and Eurocroissance contracts) | 562 |
5.11 ENVIRONMENTAL, SOCIAL AND GOVERNANCE RISK | 563 | |
Table 107 | Exposure to government bond and similar by issuing country (excluding investments in unit-linked contracts | 572 |
Table 108 | Credit quality of exposures by sector, emissions and residual maturity | 583 |
Table 109 | Exposures to top 20 carbon-intensive firms | 584 |
Table 110 | Loans collateralised by immovable property – energy efficiency of the collateral | 585 |
Table 111 | Exposures subject to potential physical risk | 587 |
Table 112 | Summary of key performance indicators (KPIs) aligned with the taxonomy | 589 |
Table 113 | Assets for the GAR calculation | 590 |
Table 114 | GAR (%) | 598 |
Table 115 | GAR flux (%) | 602 |
Table 116 | Other climate change mitigation actions not covered by the taxonomy | 605 |
Acronyms |
|
|---|---|
ABCP | Asset-Backed Commercial Paper |
ABS | Asset-Backed Securities |
ACPR | Autorité de contrôle prudentiel et de résolution |
ALCo | Asset and Liability Committee |
EFTA | European Free Trade Association |
AFG | Affaires Fiscales Groupe (Group Tax Department) |
A-IRB | Advanced internal ratings-based approach |
ALM | Asset and Liability Management |
AMA | Advanced measurement approach |
AMF | Autorité des Marchés Financiers (French Financial Markets Authority) |
ASA | Alternative Standardised Approach |
AVA | Additional Valuation Adjustments |
BCBS | Basel Committee on Banking Supervision |
ECB | European Central Bank |
CPBF | Commercial & Personal Banking in France |
CPBB | Commercial & Personal Banking in Belgium |
BNB | Banque Nationale de Belgique |
BNL | Banca Nazionale del Lavoro |
BRRD | Bank Recovery and Resolution Directive |
CCA | Climate Change Adaptation |
CCDG | Executive Management Credit Committee |
CDDG | Executive Management Receivables Committee |
CCF | Credit Conversion Factor |
CCIRC | Internal Control, Risk Management and Compliance Committee |
CCM | Climate Change Mitigation |
CC | Central Counterparty |
CDO | Collaterised Debt Obligations |
CDS | Credit Default Swap |
CEBS | Committee of European Banking Supervisors |
CFA | French African Community |
CFP | Change Franc Pacifique |
CGEN | Corporate Governance, Ethics, Nominations and CSR Committee |
CIB | Corporate & Institutional Banking |
HRC | Homogeneous Risk Category |
CLO | Collaterised Loan Obligations |
CMAP | Centre for Applied Mathematics |
CMBS | Commercial Mortgage Backed Securities |
CMG | Crisis Management Group |
CPBS | Commercial, Personal Banking & Services |
CRD | Capital Requirement Directive (European directive) |
CRM | Comprehensive Risk Measure |
CRR | Capital Requirement Regulation (EU regulation amended by CRR2) |
SRB | Single Resolution Board |
CSA | Credit Support Annex |
CVA | Credit Valuation Adjustment |
DPE | Energy Performance Diagnosis |
D-SIBS | Domestic Systemically Important Banks |
EAD | Exposure at Default |
EBA | European Banking Authority |
ECAIs | External Credit Assessment Institutions |
EDTF | Enhanced Disclosure Task Force |
EEA | European Economic Area |
EEPE | Effective Expected Positive Exposure |
EHQLA | Assets of extremely high liquidity and credit quality |
EPE | Expected Positive Exposure |
EIOPA | European Insurance and Occupational Pensions Authority |
EIS | Systemically important institution |
G-SII | Global systemically important institution |
EL | Expected Loss |
EMIR | European Market Infrastructure Regulation (European regulation) |
EMTN | Euro Medium-Term Note |
EP4 | 4th version of the Equator Principles |
EPC | Energy Performance Contract |
ESG | Environmental Social and Governance |
ESG-A | ESG Assessment |
ESMA | European Securities and Markets Authority |
ESRB | European Systemic Risk Board |
FBF | Fédération Bancaire Française (French Banking Federation) |
Fed | Federal Reserve System of the United States |
FICC | Fixed Income Credit and Commodities |
FLAIR | Forward Looking Adjustment of Internal Rating |
IMF | International Monetary Fund |
FMRC | Financial Markets Risk Committee |
FRTB | Fundamental review of trading book |
FSB | Financial Stability Board |
FSRU | Floating Storage and Regasification Unit |
GAFAM | Google, Apple, Facebook, Amazon, Microsoft |
GCM | Global Clearing Member |
GHG | Greenhouse gas emissions |
GHOS | Central Bank Governers and Bank Supervisors Group |
GITRC | Group IT Risk Committee |
GSCC | Group Supervisory and Control Committee |
G-SIBs | Global systemically important banks |
GTS | Growth Technology Sustainability |
GWWR | General Wrong Way Risk |
HQLA | High Quality Liquid Assets |
ICAAP | Internal Capital Adequacy Assessment Process (under Pillar 2) |
ICT | Information, communication and technology |
IFRS | International Financial Reporting Standards |
IMM | Internal Model Method |
IPS | Investment & Protection Services |
IRB | International Retail Banking |
IRBA | Internal Ratings-Based Approach (internal models) |
IRC | Incremental Risk Charge |
ISDA | International Swaps and Derivatives Association |
STIs | Implementing Technical Standards |
JJ | Overnight Rate |
LBO | Leveraged Buy-Out |
LCR | Liquidity Coverage Ratio |
LGD | Loss Given Default |
KYC | Know Your Client |
LTV | Loan-to-Value |
MAP | Market Parameter |
MFI MI | Markets and Financial Institutions - Management Information |
MLT | Medium and long term |
NIM | Net interest margin |
MDA | Maximum Distributable Amount |
MREL | Minimum Requirement for own funds and Eligible Liabilities |
SSM | Single Supervisory Mechanism |
MTN | Medium-Term Note |
NACE | Statistical classification of economic activities in the European Community |
NIST | National Institute of Standards and Technology |
NFRD | Non-Financial Reporting Directive |
NGFS | Network for Greening the Financial System |
NPV | Net Present Value |
NSFR | Net Stable Funding Ratio |
NUTS3 | Classification of territorial units for statistics, level 3 corresponding to the departments |
NZBA | Net-Zero Banking Alliance |
OAT | Obligations Assimilables du Trésor (10-year French government bonds) |
OECD | Organisation for Economic Cooperation and Development |
SDG | Sustainable Development Goals |
OIS | Overnight Indexed Swap |
ILO | International Labour Organization |
IMO | International Maritime Organisation |
OPC | Collective investment undertakings |
ORM | Operational Risk Management |
ORSA | Own Risk and Solvency Assessment |
OS | Open Source (source designed to be accessible to the public) |
OTC | Over-the-counter |
P2G | Pillar 2 Guidance |
P2R | Pillar 2 Requirement (prudential requirement) |
bp | Basis points |
PCAF | Partnership for Carbon Accounting Financials |
PD | Probability of Default |
PFC | Product and Financial Control Committee |
PFE | Potential Future Exposure |
GDP | Gross Domestic Product |
PM | Portfolio Management |
SME | Small and Medium-sized Enterprise |
SR | Policyholders’ Surplus Reserve |
PRB | Principles for Responsible Banking |
PRI | Principles for Responsible Investment |
PVA | Prudent Valuation Adjustment |
RAS | Risk Appetite Statement |
RC | Replacement cost |
RDPC | Risk and Development Policy Committees |
GDPR | General Data Protection Regulation |
RMBS | Residential Mortgage-Backed Securities |
CSR | Corporate Social Responsibility |
RW | Risk weight |
SA-CCR | Standardised Approach for Counterparty Credit Risk |
SEC-ERBA | External ratings-based approach |
SEC-IRBA | Internal ratings-based approach |
SEC-SA | Standardised approach |
SFCR | Solvency and Financial Condition Report |
SFSC | Sustainable Finance Strategic Committee |
SFT | Securities Financing Transaction |
SREP | Supervisory Review and Evaluation Process |
STFS | Stress Testing and Financial Simulations |
STS | Simple, transparent and standard |
STSC | Stress Testing Steering Committee |
SWWR | Specific Wrong Way Risk |
SyRB | Systemic risk buffer |
TCP | Thematic Credit Policy |
TLAC | Total Loss Absorbing Capacity |
TLTRO | Targeted Long-Term Refinancing Operation |
MGR | Minimum guaranteed rate |
EIR | Effective Interest Rate |
GRR | Global Recovery Rate |
SRT | Significant Risk Transfer |
TSA | Standardised approach |
TTC | Through The Cycle |
US MTN | United States Medium-Term Note |
V&RC | Risk valuation and control team |
VaR | Value at Risk |
SVaR | Stressed VaR |
VFA | Variable Fee Approach |
VMC | Valuation Methodology Committee |
VMCP | Valuation Methodology Control Policy |
VRC | Valuation Review Committee |
The annual financial statements were approved by the Board of directors of BNP Paribas SA on 3 February 2025.
In millions of euros | Notes | Year to 31 December 2024 | Year to 31 December 2023 |
|---|---|---|---|
Interest income | 2.a | 73,566 | 67,392 |
Interest expense | 2.a | (69,993) | (64,304) |
Income on equities and other variable instruments | 2.b | 5,790 | 8,211 |
Commission income | 2.c | 9,480 | 8,545 |
Commission expense | 2.c | (2,374) | (2,042) |
Net gains on trading account securities | 2.d | 9,505 | 9,552 |
Net losses on securities available for sale | 2.e | (1,289) | (228) |
Other banking income |
| 447 | 557 |
Other banking expenses |
| (456) | (490) |
NET BANKING INCOME |
| 24,676 | 27,193 |
Salaries and employee benefit expense | 5.a | (8,860) | (8,765) |
Other administrative expenses |
| (5,005) | (6,132) |
Depreciation, amortisation and impairment on tangible and intangible assets |
| (722) | (741) |
GROSS OPERATING INCOME |
| 10,089 | 11,555 |
Cost of risk | 2.f | (808) | (748) |
OPERATING INCOME |
| 9,281 | 10,807 |
Gains or losses on long-term investments | 2.g | 919 | (538) |
Net additions to or reversals of regulated provisions |
| (1) | 34 |
INCOME BEFORE TAX |
| 10,199 | 10,303 |
Corporate income tax | 2.h | (639) | (683) |
NET INCOME |
| 9,560 | 9,620 |
In millions of euros, at | Notes | 31 December 2024 | 31 December 2023 |
|---|---|---|---|
ASSETS |
|
|
|
Cash and amounts due from central banks |
| 142,855 | 234,997 |
Treasury bills and money-market instruments | 3.c | 172,478 | 159,168 |
Due from credit institutions | 3.a | 280,623 | 216,239 |
Customer items | 3.b | 608,500 | 586,322 |
Bonds and other fixed-income securities | 3.c | 176,215 | 140,476 |
Equities and other variable-income securities | 3.c | 3,210 | 2,356 |
Investments in subsidiaries and equity securities held for long-term investment | 3.c | 3,920 | 4,006 |
Investments in affiliates | 3.c | 50,804 | 48,654 |
Intangible assets | 3.j | 2,646 | 2,635 |
Tangible assets | 3.j | 2,087 | 2,093 |
Treasury shares | 3.d | 38 | 38 |
Other assets | 3.h | 208,536 | 189,177 |
Accrued income | 3.i | 132,880 | 126,335 |
TOTAL ASSETS |
| 1,784,792 | 1,712,496 |
LIABILITIES |
|
|
|
Central banks |
| 1,237 | 1,330 |
Due to credit institutions | 3.a | 241,955 | 227,418 |
Customer items | 3.b | 857,658 | 839,734 |
Debt securities | 3.f | 203,101 | 180,433 |
Other liabilities | 3.h | 233,144 | 230,846 |
Accrued expenses | 3.i | 125,026 | 115,121 |
Provisions | 3.k | 2,919 | 1,990 |
Subordinated debt | 3.l | 32,702 | 31,882 |
TOTAL LIABILITIES |
| 1,697,742 | 1,628,754 |
SHAREHOLDERS’ EQUITY | 6.b |
|
|
Share capital |
| 2,262 | 2,295 |
Additional paid-in capital |
| 16,547 | 17,565 |
Reserves and Retained earnings |
| 58,681 | 54,262 |
Net income for the period |
| 9,560 | 9,620 |
TOTAL SHAREHOLDERS’ EQUITY |
| 87,050 | 83,742 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
| 1,784,792 | 1,712,496 |
Off-balance sheet | Notes | 31 December 2024 | 31 December 2023 |
|---|---|---|---|
COMMITMENTS GIVEN |
|
|
|
Financing commitments | 4.a | 444,574 | 447,356 |
Guarantee commitments | 4.b | 212,897 | 211,773 |
Commitments given on securities | 4.b | 36,125 | 51,108 |
COMMITMENTS RECEIVED |
|
|
|
Financing commitments | 4.a | 121,699 | 178,847 |
Guarantee commitments | 4.b | 313,312 | 323,022 |
Commitments given on securities | 4.b | 46,722 | 54,234 |
BNP Paribas SA’s financial statements have been prepared in accordance with generally accepted accounting principles applied to credit institutions in France, set out in ANC (French Accounting Standards Authority) Regulation No. 2014-07 of 26 November 2014 and its amending regulations since that date.
Amounts due from credit institutions include all subordinated and unsubordinated loans made in connection with banking transactions with credit institutions, with the exception of debt securities. They also include assets purchased under resale agreements, whatever the type of assets concerned, and receivables corresponding to securities sold under collateralised repurchase agreements. They are broken down between demand loans and deposits, and term loans and time deposits.
Amounts due from customers include loans to customers other than credit institutions, with the exception of loans represented by debt securities issued by customers, assets purchased under resale agreements, whatever the type of assets concerned, and receivables corresponding to securities sold under collateralised repurchase agreements. They are broken down between commercial loans, customer debit accounts, and other loans.
Amounts due from credit institutions and customers are recorded in the balance sheet at nominal value plus accrued interest not yet due.
Outstanding loans and confirmed credit facilities are broken down into sound loans, including sound restructured loans, and doubtful loans. The same analysis is performed for credit risks attached to forward financial instruments whose present value represents an asset for the Group.
Credit risks are monitored using BNP Paribas SA’s internal credit risk rating system. This system is based on two key parameters: the probability of default by the counterparty, expressed as a rating, and the overall recovery rate determined by reference to the type of transaction. There are twelve counterparty ratings: ten covering sound loans and two covering doubtful loans and loans classified as irrecoverable.
Doubtful loans are defined as loans where the Bank considers that there is a risk that the borrowers will be unable to honour all or part of their commitments. The definition of default is consistent with the Basel definition, which takes into account the EBA guidelines of 28 September 2016, in particular the applicable thresholds for overdue amounts and probationary periods.
Loans overdue for more than 90 days, as well as loans subject to litigation are considered as doubtful. When a loan is classified as doubtful, all other loans and commitments to the debtor are automatically assigned the same classification.
The Bank recognises an impairment for doubtful accounts on these loans, in an amount corresponding to the difference between the gross loan value and present value of the future cash flows (from principal, interest, and any realised guarantees) that are deemed recoverable, using a discount rate equal to the original effective interest rate (for fixed-rate loans), or the most recent contractual interest rate (for floating-rate loans). The guarantees considered here include mortgages and pledges on assets, as well as credit derivatives acquired by the Bank as a protection against credit losses in the loan book.
These impairments are determined on an individual or collective basis based on statistical models for loan portfolios with similar risks and not impaired individually.
If a loan is restructured because the borrower is facing financial difficulties, the Bank calculates a discount equal to the difference in present value between the old and new repayment terms. These discounts are recognised as a deduction to assets and reversed through income on an actuarial basis over the remaining term of the loan. If any instalments on a restructured loan are not paid, the loan is reclassified as doubtful or irrecoverable.
In the case of doubtful loans where the borrower has resumed making regular payments in accordance with the original repayment schedule, the loan is reclassified as sound. Similarly, doubtful loans that have been restructured, where the restructuring terms are satisfied and for which the credit risk is no longer proven, are also reclassified as sound.
Irrecoverable loans include loans to borrowers whose credit standing is such that after a reasonable time classified as doubtful loans, no reclassification as a sound loan is foreseeable, loans where an event of default has occurred, almost all restructured loans where the borrower has once again defaulted, and loans classified as doubtful for more than one year that are in default and are not secured by guarantees covering a substantial portion of the amount due.
Impairments for credit risk on doubtful loans are deducted from the carrying amount of the assets on the balance sheet. Provisions recorded under liabilities include provisions related to off-balance sheet commitments, loss provisions relating to interests in real-estate development programmes, provisions for claims and litigation, and provisions for unforeseeable industry risks.
Additions to and recoveries of provisions and impairment, losses on irrecoverable loans, recoveries on loans covered by provisions and discounts calculated on restructured loans are recorded in the income statement under “Cost of risk”.
The interest received from the repayment of the carrying amount of loans that have been written-down, as well as the reversals of discounting effects and the discount on restructured loans, are recognised under “Interest income”.
In addition to impairments for doubtful loans, the Bank records additional provisions for expected credit risk, in accordance with the principle of prudence. In 2024, the Bank made a change in how the valuation of these additional provisions is estimated, in order to provide better information with regard to its activity and its credit risk management practices. These estimates were previously based on a calculation of provisions for international commitments and are now based, from 2024, on a calculation of expected credit losses calculated on the entire non-doubtful loan portfolio.
This change in valuation technique is a change in estimate that affects the income statement under “Cost of risk” at 31 December 2024.
At 31 December 2023, provisions for international commitments were based on the evaluation of non-transfer risk related to the future solvency of each of the countries at risk and on the systemic credit risk incurred by debtors in the event of a constant and durable deterioration in the overall situation and economies of these countries. Additions and reversals of these provisions were reflected in the income statement under “Cost of risk”.
For the portfolio of non-doubtful loan outstandings, consisting of loans and commitments by signature, the Bank calculates expected credit losses. As soon as each commitment is initially recognised, a provision for impairment is recognised, with a counterparty corresponding against an entry in the income statement under “Cost of risk”.
Expected credit losses are defined as an estimate of credit losses (i.e. the present value of cash shortfalls) weighted by the probability of occurrence of these losses over the expected life of the outstandings, taking into account past events, current circumstances and reasonable and justifiable forecasts of the economic environment.
In practice, they are calculated as the product of the probability of default, the Loss Given Default (taking into account, where applicable, collateral held or other credit enhancements) and the amount of exposure at default discounted at the effective interest rate of the exposure. They are measured on the basis of changes in the counterparty default risk since the initial recognition of the outstanding amount.
The assessment of a significant increase in credit risk is based in particular on the following indicators:
Home savings accounts (Comptes Épargne Logement – “CEL”) and home savings plans (Plans d’Épargne Logement – “PEL”) are government-regulated retail products for individuals sold in France. They combine a savings phase and a loan phase which are inseparable, with the loan phase contingent upon the savings phase.
These products contain two types of obligations for BNP Paribas SA: an obligation to pay interest on the savings for an indefinite period at a rate set by the government on inception of the contract (in the case of PEL products) or at a rate reset every half-year using an indexation formula set by law (in the case of CEL products); and an obligation to lend to the customer (at the customer’s option) an amount contingent upon the rights acquired during the savings phase at a rate set on inception of the contract (in the case of PEL products) or at a rate contingent upon the savings phase (in the case of CEL products).
BNP Paribas SA’s future obligations with respect to each generation (in the case of PEL products, a generation comprises all products with the same interest rate at inception; in the case of CEL products, all such products constitute a single generation) are measured by discounting potential future earnings from at-risk outstandings for that generation.
At-risk outstandings are estimated on the basis of a historical analysis of customer behaviour, and equate to statistically probable outstanding loans and the difference between statistically probable outstandings and minimum expected outstandings, with minimum expected outstandings being deemed equivalent to unconditional term deposits.
Earnings for future periods from the savings phase are estimated as the difference between the reinvestment rate and the fixed savings interest rate on at-risk savings outstanding for the period in question. Earnings for future periods from the loan phase are estimated as the difference between the refinancing rate and the fixed loan interest rate on at-risk outstanding loans for the period in question.
The reinvestment rate for savings and the refinancing rate for loans are derived from the swap yield curve and from the spreads expected on financial instruments of similar type and maturity. Spreads are determined on the basis of actual spreads on fixed-rate home loans in the case of the loan phase and on products offered to retail clients in the case of the savings phase.
In order to reflect the uncertainty of future interest-rate trends, and the impact of such trends on customer behaviour models and on at risk outstandings, the obligations are estimated using the Monte-Carlo method.
When the sum of BNP Paribas SA’s estimated future obligations with respect to the savings and loan phases of any generation of contracts indicates a potentially unfavourable situation for BNP Paribas SA, a provision is recognised, with no offset between generations, in the balance sheet under “Provisions”. Movements in this provision are recognised as interest income and expense in the income statement.
The term “Securities” covers interbank market securities, treasury bills and negotiable certificates of deposit, bonds and other “fixed-income” securities (whether fixed- or floating-rate), equities and other variable-income securities.
Securities are classified as: “trading securities”, “securities available for sale”, “equity securities available for sale in the medium term”, “debt securities held to maturity”, “equity securities held for long-term investment”, or “investments in subsidiaries and affiliates”.
From 1 January 2018, trading securities acquired or disposed of under agreements whose terms require delivery of the securities within a period defined by regulation or by an agreement on the relevant market are recorded in the balance sheet on the settlement date. This change has no impact on the opening income statement or equity. Other categories of securities acquired or disposed of under the same conditions are recorded on the transaction date.
When a credit risk has occurred, fixed-income securities held in the “Available for sale” or “Held to maturity” portfolio are classified as doubtful, based on the same criteria as those applied to doubtful loans and commitments.
When securities exposed to counterparty risk are classified as doubtful and the related provision can be separately identified, the corresponding charge is included in “Cost of risk”.
“Trading account securities” are securities bought or sold with the intention of selling them or repurchasing them in the near future, as well as those held as a result of market-making activities. These securities are valued individually at market value if they meet the following criteria:
“Trading account securities” also include securities bought or sold for specific asset-management objectives (especially in terms of sensitivity) for trading books comprised of forward financial instruments, securities, or other financial instruments taken globally, as well as borrowed securities. When the latter are not backed by cash, they are presented in the balance sheet as a deduction from the debt representing the value of the borrowed securities. In the same way, financial instruments received as fully-owned collateral under financial guarantee contracts with the right of re-use, recorded in the balance sheet and revalued according to the rules applicable to trading securities, are presented with a deduction from the liability representing the restitution commitment.
Changes in the market value of these securities are recognised in income. “Trading account securities” cannot be reclassified into another category and must follow the valuation rules for this category until they are sold, fully redeemed, or recognised as a loss and consequently removed from the balance sheet.
In the case of exceptional market circumstances necessitating a change in investment strategy, “Trading securities” can be reclassified as “Securities available for sale” or “Debt securities held to maturity” depending on the new strategy adopted.
If fixed-income securities classified as “Trading securities” can no longer be traded on an active market, and if the Bank has the intention and ability to hold these securities for the foreseeable future or until maturity, they can be reclassified as “Securities available for sale” or “Debt securities held to maturity”.
The accounting rules for each category concerned apply as of the reclassification date.
If the market in which securities classified as “Trading account securities” were purchased can no longer be considered active, the securities will be valued using methods that take into account the new market conditions.
The “Securities available for sale” category includes securities not classified into one of the other categories.
Bonds and other fixed-income securities are valued at the lower of cost (excluding accrued interest) or probable market prices. This is generally determined on the basis of stock market prices. Accrued interest is posted to the income statement under “Interest income on bonds and other fixed-income securities”.
For fixed-income securities available for sale that have been purchased on the secondary market, any difference between cost and redemption price is recognised in income using the actuarial method over the remaining life of the securities. On the balance sheet, their carrying amount is amortised to their redemption value over their remaining life.
Equities are valued at the lower of cost or probable market prices. This is generally determined on the basis of stock market prices for listed equities, or BNP Paribas SA’s share in net equity, calculated on the basis of the most recent financial statements available, for unlisted equities. Dividends received are recognised in the income statement under “Income on variable-income securities” on a cash basis.
The cost of securities available for sale that have been sold is determined on a first in, first out (FIFO) basis. Disposal gains or losses, and additions to and reversals of lower of cost and market provisions are reflected in the income statement under “Gains (losses) on securities available for sale”.
In the case of exceptional circumstances necessitating a change in investment strategy, or if the securities can no longer be traded on an active market, securities classified as “Securities available for sale” may be reclassified as “Debt securities held to maturity” and must be identified within this portfolio. These securities would then be recognised according to the method used for “Debt securities held to maturity”.
Equity securities available for sale in the medium term comprise investments made for portfolio management purposes, with the aim of realising a profit in the medium term without investing on a long-term basis in the development of the issuer’s business. This category includes venture capital investments.
Equity securities available for sale in the medium term are recorded individually at the lower of historic cost and fair value. Fair value takes into account the issuer’s general business outlook and the planned holding period. The fair value of listed shares is determined by reference to the average stock market price determined over a one-month period.
Fixed-income securities with a specified maturity (mainly bonds, interbank market securities, treasury bills, and other negotiable debt securities) are recorded under “Debt securities held to maturity” to reflect BNP Paribas SA’s intention of holding them to maturity.
Bonds classified under this heading are financed by matching funds or hedged against interest-rate exposure for their remaining lives.
The difference between cost and the redemption price of these securities is recognised in income using the actuarial method over the remaining life of the securities. On the balance sheet, their carrying amount is amortised to their redemption value over their remaining life.
Interest on debt securities held to maturity is recorded in the income statement under “Interest income on bonds and other fixed-income securities”.
An impairment is recognised when a decline in the credit standing of an issuer jeopardises redemption at maturity.
If a significant portion of the “debt securities held to maturity” is sold or reclassified into a different category, the sold or reclassified securities cannot be returned to the “Debt securities held to maturity” category at any time during the current financial period or the following two financial years. All the securities classified as “Debt securities held to maturity” would then be reclassified as “Securities available for sale in the medium term”.
If exceptional market circumstances necessitate a change in investment strategy, and “Trading account securities” and “Securities available for sale” are reclassified as “Debt securities held to maturity”, the sale of any “Debt securities held to maturity” prior to the maturity date would not invoke the reclassification clauses in the above paragraph if the sale occurred because the securities had once again become tradable on an active market.
Equity interests include investments in subsidiaries and affiliates in which BNP Paribas SA exercises significant influence over management and investments considered strategic to BNP Paribas SA’s business development. This influence is deemed to exist when BNP Paribas SA holds an ownership interest of at least 10%.
“Equity securities held for long-term investment” are shares and related instruments that BNP Paribas SA intends to hold on a long-term basis in order to earn a satisfactory long-term rate of return without taking an active part in the management of the issuing company, but with the intention of promoting the development of lasting business relationships by creating special ties with the issuer.
Other investments in affiliates consist of shares and other variable-income securities in companies over which BNP Paribas SA has exclusive control (i.e. companies likely to be fully consolidated into the Group).
These types of securities are recorded individually at the lower of cost and fair value.
Fair value for each security is determined on the basis of available information, including discounted future cash flows, net revalued assets and/or multiples commonly used to assess future yields. For securities listed on an active market, the fair value is considered to be the average market price over the previous one-month period.
For simplicity, listed securities acquired for less than EUR 10 million may be valued on the basis of the average closing stock market price in the month prior to closing.
Disposals, gains or losses and provision movements are recorded in the income statement under “Net gains or losses on disposals of long-term investments”.
Dividends are recognised as soon as payment has been approved by the Annual General Meeting or when they are received if the shareholders’ decision is unknown. They are recorded under “Income on equities and variable-income securities”.
Treasury shares held by BNP Paribas SA are classified and valued as follows:
Buildings and equipment are stated at acquisition cost or at the adjusted value determined in accordance with France’s finance laws of 1977 and 1978. Revaluation differences on non-depreciable assets, recorded at the time of these statutory revaluations, are included in share capital.
Fixed assets are initially recognised at purchase price plus directly attributable costs, together with borrowing costs where a long period of construction or adaptation is required before the asset can be brought into service.
Software developed by the Bank, that fulfils the criteria for capitalisation, is capitalised at direct development cost, which includes external costs and staff costs directly attributable to the project.
Subsequent to initial recognition, fixed assets are measured at cost less accumulated depreciation or amortisation and any impairment losses.
Fixed assets are depreciated or amortised using the straight-line method over the useful life of the asset. Depreciation and amortisation expenses are recognised in the income statement under “Depreciation, amortisation, and provisions on property, plant and equipment and intangible assets”.
The portion of recognised depreciation or amortisation that exceeds the economic amount, mainly calculated on a straight-line basis, is recorded in the balance sheet as a liability under “Regulatory provisions: accelerated depreciation and amortisation”. BNP Paribas SA does not calculate the deferred tax effects of accelerated depreciation and amortisation.
Where an asset consists of a number of components which may require replacement at regular intervals, or which have different uses or generate economic benefits at different rates, each component is recognised separately and depreciated using a method appropriate to that component. BNP Paribas SA has adopted the component-based approach for property used in operations.
The depreciation periods used for office property are as follows: 80 years or 60 years for the shell (for prime and other property respectively); 30 years for facades; 20 years for general and technical installations; and 10 years for fixtures and fittings.
Depending on its type, software is amortised over a period of no more than 8 years for infrastructure developments and 3 years or 5 years in the case of software developed primarily for the purpose of providing services to customers.
Depreciable fixed assets are tested for impairment if there is an indication of potential impairment loss at the reporting date. Non-depreciable assets are tested for impairment annually.
If there is an indication of impairment, the new recoverable amount of the asset is compared with the carrying amount. If the asset is found to be materially impaired, an impairment loss is recognised in the income statement. This impairment loss is reversed in the event of a change in the estimated recoverable amount or if there is no longer an indication of impairment, with the exception of goodwill and residual merger premium (see below) allocated to goodwill. Impairment losses are taken into account in the income statement under “Depreciation, amortisation, and provisions on property, plant and equipment and intangible assets”.
Gains and losses on disposals of property, plant and equipment, and intangible assets used in operations are recognised in the income statement under “Net gains or losses on disposals of long-term investments”.
Amounts due to credit institutions and customers are presented according to their initial term or type: demand accounts and time deposits for credit institutions; regulated savings accounts and other deposits for customers. These sections include securities and other assets sold under repurchase agreements depending on the type of counterparty. Accrued interest is recorded on a separate line. Savings accounts with special arrangements are presented as the centralised share with the Caisse des Dépôts et Consignations, less the savings deposits collected.
Debt securities are presented according to the nature of their support: savings certificates, interbank market securities, negotiable debt securities, bonds and similar securities, excluding subordinated notes classified as subordinated debt.
Accrued interest on debt securities is recorded on a separate line of the balance sheet and is debited to the income statement.
Bond issue and redemption premiums are amortised using the yield-to-maturity method over the life of the bonds. Bond issuance costs are amortised using the straight-line method over the life of the bonds.
BNP Paribas SA records provisions for clearly identified contingencies and charges whose timing or amount is uncertain. In accordance with current regulations, these provisions for non-banking transactions may be recorded only if the Bank has an obligation to a third party at year-end, there is a high probability of an outflow of resources to the third party, and no equivalent economic benefits are expected in return from the third party.
The “Cost of risk” line item includes expenses arising from the identification of counterparty and credit risks, litigation, and fraud inherent to banking transactions conducted with third parties. Net movements in provisions that do not fall under the category of such risks are classified in the income statement according to their type.
Forward financial instruments are purchased on various markets for use as specific or general hedges of assets and liabilities, or for transaction purposes.
The Bank’s commitments related to these instruments are recognised off-balance sheet at nominal value. The accounting treatment of these instruments depends on the corresponding investment strategy.
Income and expenses related to forward derivative financial instruments held for hedging purposes and designated to one instrument or a group of homogeneous instruments are recognised in income symmetrically with the income and expenses on the underlying instrument, and under the same accounting heading.
Income and expenses related to forward financial instruments used to hedge overall interest rate risk are recognised in income on a pro rata basis.
Derivatives held for trading purposes can be traded on organised markets or over-the-counter.
Derivatives held within a trading book are valued at market value on the reporting date. The corresponding gains or losses (realised and unrealised) are recognised in income. They are recognised in the income statement under “Gains (losses) on trading book transactions”.
The market value is determined from either:
In both cases, BNP Paribas SA makes conservative value adjustments to account for modelling, counterparty, and liquidity risks.
Some complex derivatives, which are typically custom-made from combined instruments and highly illiquid, are valued using models where certain parameters are not observable on an active market.
The margin generated during the trading of these complex financial instruments is deferred and reversed in profit or loss over the period during which the valuation parameters are expected to be unobservable. When parameters that were originally unobservable become observable, or when the valuation can be substantiated in comparison with recent similar transactions in an active market, the unrecognised portion of the day one profit is released to the income statement.
Depending on the nature of the instruments, gains and losses on contracts representing isolated open positions are recognised in income when the contracts are settled or on a pro rata basis. Derivatives are measured at market value on the reporting date and a provision for unrealised losses is recognised for each group of homogeneous contracts.
A charge for corporate income tax is taken in the period in which the related taxable income and expenses are booked, regardless of the period in which the tax is actually paid. When the period in which the income and expenses are booked differs from that in which the income is taxed and expenses deducted, BNP Paribas SA recognises a deferred tax, whose amount is calculated according to the liability method, with the basis taken to be all temporary differences between the book value and tax basis of balance sheet items, and applying applicable future tax rates once these have been approved. Deferred tax assets are recognised in accordance with the likelihood of their being recovered.
Following the recommendations of Pillar II of the Organisation for Economic Cooperation and Development (OECD) on the reform of international taxation, on 14 December 2022, the European Union adopted Directive 2022/2523 establishing a minimum taxation of international groups with respect to corporate income tax, applicable from 1 January 2024. Following the example provided for the consolidated financial statements prepared under French rules in application of ANC Regulation 2020-01 amended by ANC Regulation 2023-02, BNP Paribas SA does not recognise deferred taxes related to the Pillar II/GloBE rules. Given the information available, the impact of the Pillar II reform would be negligible for BNP Paribas SA when it is adopted.
As required by French law, BNP Paribas SA recognises employee profit-sharing in the income statement in the year in which the employee entitlement arises. The amount is reported under “Salaries and employee benefit expenses”.
BNP Paribas SA employees receive each of the following four types of benefits:
Termination benefits are employee benefits payable as a result of a decision by BNP Paribas SA to terminate a contract of employment before the legal retirement age or by an employee to accept voluntary redundancy in exchange for a benefit. Termination benefits due more than twelve months after the reporting date are discounted.
The Group recognises an expense when it has used services rendered by employees in exchange for employee benefits.
Long-term benefits are benefits (other than post-employment benefits and termination benefits) which do not fall wholly due within twelve months after the end of the period in which the employee renders the associated services. The actuarial techniques used are similar to those used for defined-benefit post-employment benefits, except that actuarial gains and losses are recognised immediately, as are the effects of any plan amendments.
This category relates to compensation paid in cash and deferred for more than twelve months, which is accrued in the financial statements for the financial years during which the employee rendered the corresponding services. If this deferred variable compensation is subject to the employee’s continued presence at the vesting date, the services are presumed to been rendered during the vesting period and the corresponding compensation expense is recognised on a pro rata basis over that period. The expense is recognised under salary and employee benefits expenses with a corresponding liability in the balance sheet. It is revised to take account of any non-fulfilment of the continued presence or performance conditions, and changes in the BNP Paribas share price, for deferred compensation indexed to the share.
If there is no continued presence condition, the deferred variable compensation is immediately provisioned in the financial statements of the year to which it refers; the liability is then revised on each reporting date until settlement, to account for any performance conditions, and for deferred compensation indexed to the BNP Paribas share price, to changes in the share price.
In France, the changes brought about by the pension reform enacted on 14 April 2023 constitute an amendment to the plan for retirement benefits for which the impact recognised in the income statement is not material.
The post-employment benefits provided to BNP Paribas SA employees in France include both defined-contribution plans and defined-benefit plans.
Defined-contribution plans, such as Caisse Nationale d’Assurance Vieillesse and supplemental national and trade union plans that pay pensions to former BNP Paribas SA employees in France, do not give rise to an obligation for BNP Paribas SA and consequently do not require a provision. The amount of the employer’s contributions payable during the period is recognised as an expense.
Only defined-benefit plans, such as the retirement packages paid for by BNP Paribas SA’s retirement fund and end of career bonuses, give rise to an obligation for BNP Paribas SA. This obligation must be measured and recognised as a liability by means of a provision.
The classification of plans into these two categories is based on the economic substance of the plan, which is reviewed to determine whether BNP Paribas SA has a legal or constructive obligation to pay the agreed benefits to employees.
Post-employment benefit obligations under defined-benefit plans are measured using actuarial techniques that take demographic and financial assumptions into account. The amount of the obligation recognised as a liability is measured on the basis of the actuarial assumptions applied by the Group, using the projected unit credit method. This method takes into account various parameters, tailored to the country in question, such as demographic assumptions, the probability that employees will leave before retirement age, salary inflation, a discount rate, and the general inflation rate. The value of any plan assets is deducted from the amount of the obligation. When the value of the plan assets exceeds the amount of the obligation, an asset is only recognised if it represents a future economic benefit in the form of a reduction in future contributions or a future partial refund of amounts paid into the plan.
The amount of the obligation under a plan, and the value of the plan assets, may show significant fluctuations from one period to the next due to changes in actuarial assumptions, thereby giving rise to actuarial gains and losses. Actuarial gains and losses and the effect of limits on assets are recognised in full in profit or loss; the expected gains from investments are calculated at the discount rate of the corresponding commitments.
Interest and fees and commissions qualified as interest are recognised on an accrual basis on a pro rata basis. These include the commissions charged by the Bank as part of an overall loan package (i.e. application fees, commitment fees, participation fees, etc.). The marginal transaction costs that the Bank must pay when granting or acquiring loans are also spread out over the effective life of the corresponding loan.
Fees and commissions not qualified as interest that relate to the provision of services are recognised when the services are performed or, for ongoing services, on a pro rata basis over the length of the service agreement.
The acquisition costs of securities are recognised directly as expenses.
Foreign exchange positions are generally valued at the official year-end exchange rate. Exchange gains and losses on transactions in foreign currency carried out in the normal course of business are recognised in the income statement.
Exchange differences arising from the conversion of assets held on a long-term basis, including equity securities held for long-term investment, the capital made available to branches, and other foreign equity investments denominated in foreign currencies and financed in euros, are recognised as translation adjustments for the balance sheet line items recording the assets.
Exchange differences arising from the conversion of assets held on a long-term basis, including equity securities held for long-term investment, the capital made available to branches, and other foreign equity investments, denominated and financed in foreign currencies, are recognised symmetrically as translation differences for the corresponding financing.
Monetary and non-monetary foreign currency-denominated assets and liabilities of foreign branches are translated into euros at the year-end exchange rate. Translation adjustments regarding the capital made available to branches outside of France are included in “Accrued income” and “Accrued expenses”.
BNP Paribas SA includes in “Interest income” and “Interest expense” all income and expenses from financial instruments measured at amortised cost according to the effective interest rate method (interest, commission and expenses) and from financial instruments measured at fair value that do not meet the definition of a derivative instrument. The change in fair value on financial instruments at fair value through profit or loss (excluding accrued interest) is recognised under “Gains (losses) on trading account securities”.
Interest income and expense on derivatives accounted for as fair value hedges are included with the revenues generated by the hedged item.
In millions of euros | Year to 31 December 2024 | Year to 31 December 2023 | ||
Income | Expenses | Income | Expenses | |
Credit institutions | 27,613 | (17,349) | 33,003 | (20,543) |
Demand accounts, loans and borrowings | 19,211 | (9,956) | 26,096 | (14,253) |
Securities given/received under repurchase agreements | 8,069 | (7,393) | 6,500 | (6,290) |
Subordinated loans | 333 | - | 407 | - |
Customers | 36,265 | (39,306) | 27,708 | (32,942) |
Demand accounts, loans, and term accounts | 20,892 | (20,965) | 16,187 | (18,295) |
Securities given/received under repurchase agreements | 15,370 | (18,341) | 11,516 | (14,647) |
Subordinated loans | 3 | - | 5 | - |
Finance lease | 12 | - | 3 | - |
Debt securities | 292 | (11,475) | 217 | (9,258) |
Bonds and other fixed-income securities | 9,384 | - | 6,461 | - |
Trading account securities | 2,118 | - | 1,014 | - |
Securities available for sale | 7,215 | - | 5,243 | - |
Debt securities held to maturity | 51 | - | 204 | - |
Macro-hedging instruments | - | (1,863) | - | (1,561) |
Interest income and expense | 73,566 | (69,993) | 67,392 | (64,304) |
In millions of euros | Year to 31 December 2024 | Year to 31 December 2023 |
|---|---|---|
Securities available for sale | 136 | 40 |
Investments in subsidiaries and equity securities held for long-term investment | 378 | 355 |
Investments in affiliates | 5,276 | 7,816 |
revenue from variable income securities | 5,790 | 8,211 |
In millions of euros | Year to 31 December 2024 | Year to 31 December 2023 | ||
Income | Expenses | Income | Expenses | |
Commissions on banking and financing transactions | 3,546 | (1,381) | 3,086 | (1,081) |
Customer items | 1,889 | (85) | 1,675 | (65) |
Others | 1,657 | (1,296) | 1,411 | (1,016) |
Commissions on financial services | 5,934 | (993) | 5,459 | (961) |
Commission income and expense | 9,480 | (2,374) | 8,545 | (2,042) |
In millions of euros | Year to 31 December 2024 | Year to 31 December 2023 |
|---|---|---|
Fixed-income instruments and transactions in trading account securities | 692 | 2,992 |
Currency instruments | 8,039 | 6,031 |
Credit instruments | 316 | (1,271) |
Other variable income financial instruments and transactions in trading account securities | 458 | 1,800 |
Net gains on trading account securities | 9,505 | 9,552 |
In millions of euros | Year to 31 December 2024 | Year to 31 December 2023 | ||
Income | Expenses | Income | Expenses | |
Divestments | 435 | (715) | 256 | (1,033) |
Provisions | 164 | (1,173) | 700 | (151) |
Total | 599 | (1,888) | 956 | (1,184) |
Net losses on securities available for sale | (1,289) | (228) | ||
Cost of risk represents the net amount of impairment losses recognised with respect to credit risks inherent to BNP Paribas SA’s banking intermediation activities, plus any impairment losses in the case of known counterparty risk on over-the-counter derivative financial instruments.
In millions of euros | Year to 31 December 2024 | Year to 31 December 2023 |
|---|---|---|
Additions to or write-backs from provisions during the period | (562) | (421) |
Customer items and credit institutions | (730) | (279) |
Off-balance sheet commitment | (135) | (55) |
Securities | 292 | (92) |
Doubtful loans | 8 | 2 |
Financial instruments for market activities | 3 | 3 |
Irrecoverable loans not covered by provisions | (294) | (376) |
Recoveries of loans written-off | 48 | 49 |
Cost of risk | (808) | (748) |
In millions of euros | 31 December 2024 | 31 December 2023 |
|---|---|---|
Balance at 1 January | 6,371 | 6,332 |
Additions to or write-backs from provisions during the period | 562 | 421 |
Write-offs during the period covered by provisions | (617) | (497) |
Effect of movements in exchange rates and other | 13 | 115 |
PROVISIONS for doubtful receivables or risks | 6,329 | 6,371 |
The change in the methods for estimating provisions for expected credit risks in 2024 led to the recognition of an expense of EUR 64 million in the income statement for the year.
The provisions break down as follows:
In millions of euros | 31 December 2024 | 31 December 2023 |
|---|---|---|
Provisions deducted from assets | 5,938 | 6,068 |
For amounts due from credit institutions (note 3.a) | 33 | 162 |
For amounts due from customers (note 3.b) | 5,718 | 5,371 |
For securities | 164 | 482 |
For financial instruments for market activities | 23 | 53 |
Provisions recognised as liabilities (note 3.k) | 391 | 303 |
For off-balance sheet commitments | 360 | 264 |
For doubtful loans | 31 | 39 |
PROVISIONS for doubtful receivables or risks | 6,329 | 6,371 |
In millions of euros | Year to 31 December 2024 | Year to 31 December 2023 | ||
Income | Expenses | Income | Expenses | |
Investments in subsidiaries and equity securities held for long-term investment | 207 | (90) | 153 | (96) |
Divestments | 86 | (24) | 41 | (9) |
Provisions | 121 | (66) | 112 | (87) |
Investments in affiliates | 1,545 | (676) | 544 | (1,192) |
Divestments | 287 | (56) | 358 | (462) |
Provisions | 1,258 | (620) | 186 | (730) |
Operating assets | 2 | (69) | 88 | (35) |
Total | 1,754 | (835) | 785 | (1,323) |
Gains or losses oN long-term investments | 919 |
|
| (538) |
In millions of euros | Year to 31 December 2024 | Year to 31 December 2023 |
|---|---|---|
Current tax expense | (1,341) | (1,077) |
Deferred tax | 702 | 394 |
Corporate income tax | (639) | (683) |
The basic tax consolidation agreements between BNP Paribas SA and the subsidiaries belonging to its tax group are designed to be tax neutral for every party. Thus, each Group subsidiary recognises in its own books, over the full term of its consolidation, corporate income tax income or expense, additional contributions and, in general, all current or future taxes covered by the scope of tax consolidation just as they would if they were not part of a tax group. BNP Paribas SA, as the parent company, records the impact of Group tax savings from tax consolidation in France in current tax expense.
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Loans and receivables | 192,522 | 152,665 |
Demand accounts | 7,414 | 6,178 |
Term accounts and loans | 180,198 | 140,790 |
Subordinated loans | 4,910 | 5,697 |
Securities received under repurchase agreements | 88,134 | 63,736 |
Loans and advances to credit institutions before impairment | 280,656 | 216,401 |
Of which accrued interest | 2,781 | 2,361 |
Of which irrecoverable loans | - | - |
Of which potentially recoverable doubtful loans | 11 | 11 |
Impairments on receivables due from credit institutions (note 2.f) | (33) | (162) |
Loans and receivables to credit institutions net of impairment | 280,623 | 216,239 |
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Deposits and borrowings | 136,784 | 147,278 |
Demand deposits | 19,758 | 20,380 |
Term deposits and borrowings(*) | 117,026 | 126,898 |
Securities given under repurchase agreements | 105,171 | 80,140 |
Due to credit institutions | 241,955 | 227,418 |
Of which accrued interest | 1,561 | 1,203 |
| ||
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Loans and receivables | 424,134 | 403,526 |
Commercial and industrial loans | 9,756 | 10,198 |
Demand accounts | 17,042 | 16,643 |
Short-term loans | 137,278 | 133,813 |
Mortgages | 86,574 | 86,213 |
Equipment loans | 55,782 | 53,187 |
Export loans | 7,035 | 6,110 |
Other customer loans | 110,014 | 96,524 |
Subordinated loans | 653 | 838 |
Securities received under repurchase agreements | 190,084 | 188,167 |
Customer items before impairment – Assets | 614,218 | 591,693 |
Of which accrued interest | 3,388 | 3,893 |
Of which loans eligible for refinancing by the Banque de France | 18 | 13 |
Of which potentially recoverable doubtful loans and receivables | 4,982 | 5,680 |
Of which irrecoverable loans and receivables | 4,510 | 3,757 |
Impairments on receivables due from customers (note 2.f) | (5,718) | (5,371) |
Customer items net of impairment – Assets | 608,500 | 586,322 |
The following table gives the loans and receivables net of impairment due from customers by counterparty:
In millions of euros, at | 31 December 2024 | 31 December 2023 | ||||||
Sound loans | Doubtful loans | Total | Sound loans | Doubtful loans | Total | |||
Potentially recoverable | Irrecoverable | Potentially recoverable | Irrecoverable | |||||
Financial institutions | 80,856 | 83 | 15 | 80,954 | 73,264 | 388 | 11 | 73,663 |
Corporate clients | 242,205 | 1,988 | 1,693 | 245,886 | 237,769 | 2,571 | 1,109 | 241,449 |
Entrepreneurs | 5,459 | 1 | 1 | 5,461 | 3,724 | 2 | 6 | 3,732 |
Individuals | 75,861 | 477 | 480 | 76,818 | 70,910 | 390 | 409 | 71,709 |
Other non-financial customers | 9,189 | 5 | 103 | 9,297 | 7,493 | 19 | 90 | 7,602 |
Total loans and receivables net of impairment | 413,570 | 2,554 | 2,292 | 418,416 | 393,160 | 3,370 | 1,625 | 398,155 |
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Deposits | 668,774 | 638,697 |
Demand deposits | 361,569 | 340,879 |
Term deposits | 242,687 | 229,016 |
Special savings accounts | 64,518 | 68,802 |
Of which demand special savings accounts | 52,415 | 54,556 |
Of which share centralised with Caisse des Dépôts et Consignations(1) | (19,649) | (17,874) |
Securities given under repurchase agreements | 188,884 | 201,037 |
Customer items – Liabilities | 857,658 | 839,734 |
Of which accrued interest | 4,465 | 4,201 |
| ||
In millions of euros, at | 31 December 2024 | 31 December 2023 | ||
Net carrying amount | Market value | Net carrying amount | Market value | |
Transaction | 80,658 | 80,658 | 82,762 | 82,762 |
Securities available for sale | 87,572 | 90,724 | 71,643 | 72,416 |
Of which provisions | (941) | - | (370) | - |
Investments | 4,248 | 4,248 | 4,763 | 4,763 |
Treasury bills and money-market instruments | 172,478 | 175,630 | 159,168 | 159,941 |
Of which receivables corresponding to loaned securities | 40,746 | - | 28,641 | - |
Of which discounts and reimbursement premiums | 3,802 | - | 4,105 | - |
Transaction | 42,111 | 42,111 | 32,853 | 32,853 |
Securities available for sale | 134,061 | 136,864 | 107,601 | 108,279 |
Of which provisions | (722) | - | (655) | - |
Investments | 43 | 43 | 22 | 22 |
Bonds and other fixed-income securities | 176,215 | 179,018 | 140,476 | 141,154 |
Of which unlisted securities | 44,420 | 45,489 | 41,140 | 41,869 |
Of which accrued interest | 2,675 | - | 1,809 | - |
Of which receivables corresponding to loaned securities | 10,228 | - | 12,581 | - |
Of which discounts and reimbursement premiums | (636) | - | (405) | - |
Transaction | 688 | 688 | 279 | 279 |
Securities available for sale and equity securities available for sale in the medium term | 2,522 | 3,220 | 2,077 | 2,677 |
Of which provisions | (468) | - | (409) | - |
Equities and other variable-income securities | 3,210 | 3,908 | 2,356 | 2,956 |
Of which unlisted securities | 2,316 | 3,000 | 1,821 | 2,396 |
Of which receivables corresponding to loaned securities | 9 | - | 6 | - |
Associated companies | 3,522 | 6,502 | 3,595 | 5,729 |
Of which provisions | (196) |
| (262) |
|
Equity securities held for long-term investment | 398 | 707 | 411 | 695 |
Of which provisions | (61) | - | (45) | - |
Investments in subsidiaries and equity securities held for long-term investment | 3,920 | 7,209 | 4,006 | 6,424 |
Of which unlisted securities | 1,986 | 3,558 | 1,918 | 3,300 |
Investments in affiliates | 50,804 | 80,383 | 48,654 | 78,220 |
Of which provisions | (8,404) | - | (9,410) | - |
Investments in affiliates | 50,804 | 80,383 | 48,654 | 78,220 |
Equity investments in credit institutions and investments in affiliates held by BNP Paribas SA totalled EUR 1,943 million and EUR 31,990 million respectively as at 31 December 2024, compared with EUR 1,495 million and EUR 30,614 million respectively as at 31 December 2023.
Borrowed securities held by BNP Paribas SA break down as follows:
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Treasury bills and money-market instruments | 116,229 | 107,951 |
Bonds and other fixed-income securities | 33,212 | 27,318 |
Equities and other variable-income securities | 11,417 | 11,265 |
Total borrowed securities | 160,858 | 146,534 |
Following Regulation No. 2020-10 of 22 December 2020, which amended ANC Regulation No. 2014-07, borrowed securities are presented as a deduction from the liabilities representing these same securities. The amount of securities borrowed represented EUR 160,858 million as at 31 December 2024, compared with EUR 146,534 million as at 31 December 2023.
In millions of euros, at | 31 December 2024 | 31 December 2023 | |
Gross book value | Net carrying amount | Net carrying amount | |
Transaction | - | - | - |
Securities available for sale | 6 | 6 | 6 |
Investment in subsidiaries | 32 | 32 | 32 |
Treasury shares | 38 | 38 | 38 |
In application of the fifth resolution of the Shareholders’ Combined General Meeting of 14 May 2024, which replaced the fifth resolution of the Shareholders’ Combined General Meeting of 16 May 2023, BNP Paribas SA was authorised to buy back shares representing up to 10% of BNP Paribas SA’s issued capital at a maximum purchase price of EUR 96 per share (previously EUR 89). The shares could be acquired for the following purposes: for subsequent cancellation in accordance with conditions set by the Shareholders’ Combined General Meeting of 14 May 2024, to fulfil the Bank’s obligations relative to the issue of shares or share equivalents, for stock option plans, for bonus share awards, or for granting or selling shares to employees under an employee profit-sharing plan, employee share ownership plan or Corporate Savings Plan and to cover any type of share award to the employees of BNP Paribas SA and companies controlled exclusively by BNP Paribas SA within the meaning of article L.233-16 of the French Commercial Code; to be held in treasury for subsequent remittance in exchange or in payment for acquisitions, mergers, spin-offs or asset transfers; within the scope of a market-making agreement compliant with the Code of Ethics recognised by the Autorité des Marchés Financiers (French Financial Markets Authority – AMF); or for asset and financial management purposes.
This authorisation was granted for a period of eighteen months.
At 31 December 2024, BNP Paribas SA held 603,827 treasury shares classified as “equity securities held for long-term investment”.
BNP Paribas SA also held 118,144 treasury shares classified as “Securities available for sale” and intended to be used for free share awards to Group employees, granted or sold as part of an employee profit-sharing plan, employee share ownership plan, or Company Savings Plan.
In millions of euros | Gross values | Provisions | Carrying amount | |||||||||
1 Jan. 2024 | Acquisitions | Disposals | Transfers and other movements | 31 Dec. 2024 | 1 Jan. 2024 | Additions | Write-backs | Other variations | 31 Dec. 2024 | 31 Dec. 2024 | 31 Dec. 2023 | |
Debt securities held to maturity (note 3.c) | 4,785 | 86 | (610) | 30 | 4,291 | - | - | - | - | - | 4,291 | 4,785 |
Investments in subsidiaries and equity securities held for long-term investment (note 3.c) | 4,313 | 716 | (780) | (72) | 4,177 | 307 | 65 | (117) | 2 | 257 | 3,920 | 4,006 |
Investments in affiliates (note 3.c) | 58,064 | 1,255 | (615) | 504 | 59,208 | 9,410 | 254 | (1,263) | 3 | 8,404 | 50,804 | 48,654 |
Of which merger premium on investments in affiliates | 4,258 | - | - | - | 4,258 | 3,384 | - | (382) | - | 3,002 | 1,256 | 874 |
Treasury shares (note 3.d) | 32 | - | - | - | 32 | - | - | - | - | - | 32 | 32 |
Long-term investments | 67,194 | 2,057 | (2,005) | 462 | 67,708 | 9,717 | 319 | (1,380) | 5 | 8,661 | 59,047 | 57,477 |
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Negotiable debt securities | 174,942 | 157,120 |
Bond issues (note 3.g) | 2,722 | 2,312 |
Other debt securities | 25,437 | 21,001 |
Debt securities | 203,101 | 180,433 |
Of which unamortised issuance premiums | 913 | 780 |
At 31 December 2024, the maturity schedule of the bonds issued by BNP Paribas SA, according to the clauses of the issuance contracts, was as follows:
In millions of euros | Outstanding at 31/12/2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 to 2034 | After 2034 |
|---|---|---|---|---|---|---|---|---|
Bond issues | 2,722 | 145 | 230 | 352 | 542 | 385 | 706 | 362 |
At 31 December 2023, the maturity schedule of the bonds issued by BNP Paribas SA, according to the clauses of the issuance contracts, was as follows:
In millions of euros | Outstanding at 31/12/2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 to 2033 | After 2033 |
|---|---|---|---|---|---|---|---|---|
Bond issues | 2,312 | 215 | 222 | 174 | 156 | 454 | 720 | 371 |
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Options purchased | 67,519 | 46,038 |
Settlement accounts related to securities transactions | 2,037 | 2,323 |
Deferred taxes – assets | 1,672 | 1,150 |
Miscellaneous assets(**) | 137,308 | 139,666 |
Other assets | 208,536 | 189,177 |
Options sold | 78,816 | 55,487 |
Settlement accounts related to securities transactions | 1,024 | 1,897 |
Liabilities related to securities transactions(*) | 50,448 | 64,731 |
Deferred taxes – liabilities | 146 | 277 |
Miscellaneous liabilities | 102,710 | 108,454 |
Other liabilities | 233,144 | 230,846 |
| ||
Under “Miscellaneous liabilities”, BNP Paribas SA’s trade payables amounted to EUR 177.2 million at 31 December 2024, for the company in France and its three branches with the largest supplier debts, and break down as follows, pursuant to article D.441-6 of the French Commercial Code.
| Invoices received, due and outstanding at the year-end | |||||
0 days (indicative) | 1 to 30 days | 31 to 60 days | 61 to 90 days | 91 days and over | Total (1 day and more) | |
Total invoices concerned, including taxes | 98.9 | 10.6 | 5.3 | 50.0 | 12.4 | 78.3 |
Percentage of total purchases for the year, including taxes | 2.33% | 0.25% | 0.13% | 1.18% | 0.29% | 1.85% |
Number of invoices concerned | 415 |
|
|
|
| 3,802 |
Information related to invoices received and presented in the table above does not include banking and related transactions. The payment terms used are the statutory terms. Customer advances outside the scope of banking and related transactions are mainly loans to BNP Paribas Group entities. For amounts due to and from customers of BNP Paribas SA for banking and related transactions which are not shown in the table above, the remaining term of the sources and uses of funds is presented in note 6.e.
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Remeasurement of currency instruments and derivatives | 111,362 | 104,130 |
Accrued income | 5,000 | 5,767 |
Collection accounts | 51 | 99 |
Other accrued income | 16,467 | 16,339 |
Accrued income – Assets | 132,880 | 126,335 |
Remeasurement of currency instruments and derivatives | 100,959 | 95,676 |
Accrued expenses | 9,410 | 6,293 |
Collection accounts | 2,325 | 2,403 |
Other accrued expenses | 12,332 | 10,749 |
Accrued expenses – Liabilities | 125,026 | 115,121 |
In millions of euros, at | 31 December 2024 | 31 December 2023 | ||
Gross value | Depreciation, amortisation and impairment | Net amount | Net amount | |
Software | 4,400 | (3,563) | 837 | 822 |
Other intangible assets | 3,576 | (1,767) | 1,809 | 1,813 |
Intangible assets | 7,976 | (5,330) | 2,646 | 2,635 |
Land and buildings | 2,463 | (1,027) | 1,436 | 1,463 |
Equipment, furniture and fixtures | 2,525 | (2,058) | 467 | 487 |
Other fixed assets | 145 | (11) | 134 | 91 |
Tangible assets – Merger premium | 84 | (34) | 50 | 52 |
Tangible assets | 5,217 | (3,130) | 2,087 | 2,093 |
In millions of euros, at | 31 December 2023 | Additions | Write-backs | Other variations | 31 December 2024 |
|---|---|---|---|---|---|
Provisions for employee benefit obligations | 433 | 72 | (100) | 18 | 423 |
Provisions for credit risks (note 2.f) | 39 | 7 | (16) | 1 | 31 |
Provisions for commitments given (note 2.f) | 264 | 240 | (103) | (41) | 360 |
Other provisions |
|
|
|
|
|
| 484 | 492 | (84) | (51) | 841 |
| 770 | 149 | (454) | 799 | 1,264 |
Provisions | 1,990 | 960 | (757) | 726 | 2,919 |
| |||||
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Deposits collected under home savings accounts and plans | 12,516 | 14,477 |
Of which loans granted under home savings plans | 10,420 | 12,334 |
| 7,076 | 6,645 |
| 2,587 | 4,886 |
| 757 | 803 |
Outstanding loans granted under home savings accounts and plans | 19 | 7 |
Of which for home savings plans | 14 | 2 |
Provisions and discount recognised for home savings accounts and plans | 35 | 48 |
Of which discount on home savings accounts and plans | - | - |
Of which provisions recognised for home savings plans | 24 | 33 |
| 20 | 14 |
| 3 | 16 |
| 1 | 3 |
Of which provisions recognised for home savings accounts | 11 | 15 |
In millions of euros | Year to 31 December 2024 | Year to 31 December 2023 | ||
Provisions for home savings plans | Provisions for home savings accounts | Provisions for home savings plans | Provisions for home savings accounts | |
Provisions at start of period | 33 | 15 | 42 | 5 |
Additions to provisions during the period | - | - | - | 10 |
Provisions write-backs during the period | (9) | (4) | (9) | - |
Provisions at end of period | 24 | 11 | 33 | 15 |
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Redeemable subordinated debt | 15,007 | 15,801 |
Undated subordinated debt | 17,096 | 15,575 |
Undated super subordinated notes | 12,754 | 13,490 |
Undated subordinated notes | 4,117 | 1,860 |
Participating securities | 225 | 225 |
Related debt | 599 | 506 |
Subordinated debt | 32,702 | 31,882 |
The redeemable subordinated debt issued by BNP Paribas SA is in the form of medium and long-term debt securities equivalent to ordinary subordinated debt; these issues are redeemable prior to the contractual maturity date in the event of liquidation of the issuer, and rank after the other creditors but before holders of participating loans and participating subordinated notes.
These debt issues may contain a call provision authorising the Group to redeem the securities prior to maturity by repurchasing them in the stock market, via a public tender or exchange offers, or (in the case of private placements) over the counter, subject to regulatory approval.
Debt issued by BNP Paribas SA via placements in the international markets may be subject to early redemption of the capital and early payment of interest due at maturity at the issuer’s discretion on or after a date stipulated in the issue particulars (call option), or in the event that changes in the applicable tax rules oblige the BNP Paribas Group issuer to compensate debt-holders for the consequences of such changes. Redemption may be subject to a notice period of between 15 and 60 days, and is in all cases subject to approval by the banking supervisory authorities.
In 2023, five subordinated debt issues were repaid at or before maturity. These transactions resulted in a EUR 411 million reduction in the amount of redeemable subordinated debt.
In 2024, three subordinated debt issues were repaid at or before maturity. This transaction resulted in a EUR 1,098 million reduction in the amount of redeemable subordinated debt.
The following table gives the maturity schedule for redeemable subordinated debt at 31 December 2024:
In millions of euros | Outstanding at 31/12/2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 to 2034 | After 2034 |
|---|---|---|---|---|---|---|---|---|
Redeemable subordinated debt | 15,007 | 2,756 | 2,782 | 2,763 | 193 | - | 5,974 | 539 |
The following table gives the maturity schedule for redeemable subordinated debt at 31 December 2023:
In millions of euros | Outstanding at 31/12/2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 to 2033 | After 2033 |
|---|---|---|---|---|---|---|---|---|
Redeemable subordinated debt | 15,801 | 906 | 2,706 | 2,709 | 2,674 | 181 | 5,893 | 732 |
BNP Paribas SA has issued undated super subordinated notes which pay a fixed, fixed adjustable or floating-rate coupon and are redeemable at the end of a fixed period and thereafter at each coupon date or every 5 years.
On 11 January 2023, BNP Paribas SA issued undated super subordinated notes in the amount of EUR 1,250 million. This issue pays a fixed-rate coupon of 7.375%. These notes could be redeemed at the end of a period of 7 years. If the notes are not redeemed in 2030, a mid-swap rate EUR five-year coupon will be paid half-yearly.
On 28 February 2023, BNP Paribas SA issued undated super subordinated notes in the amount of SGD 600 million. This issue pays a fixed-rate coupon of 5.9%. These notes could be redeemed at the end of a period of 5 years. If not redeemed in 2028, a coupon will be paid semi-annually indexed to the rate of the Singapore Treasury bill with a constant five-year maturity (SORA rate).
On 25 March 2024, BNP Paribas SA redeemed the March 2019 issue for an amount of USD 1,500 million, at its first call date. This issue paid a 6.625% fixed-rate coupon.
The following table summarises the characteristics of these various issues:
Issue date | Currency | Amount in | Coupon frequency | Rate and term before first call date | Rate after first call date | 31 December 2024 | 31 December 2023 | |
|---|---|---|---|---|---|---|---|---|
August 2015 | USD | 1,500 | semi-annual | 7.375% | 10 years | USD 5-year swap +5.150% | 1,449 | 1,360 |
November 2017 | USD | 750 | semi-annual | 5.125% | 10 years | USD 5-year swap +2.838% | 724 | 679 |
August 2018 | USD | 750 | semi-annual | 7.000% | 10 years | USD 5-year swap +3.980% | 724 | 679 |
March 2019 | USD | 1,500 | semi-annual | 6.625% | 5 years | USD 5-year swap +4.149% | - | 1,359 |
July 2019 | AUD | 300 | semi-annual | 4.500% | 5.5 years | AUD 5-year swap +3.372% | 179 | 185 |
February 2020 | USD | 1,750 | semi-annual | 4.500% | 10 years | US CMT 5 years +2.944% | 1,690 | 1,585 |
February 2021 | USD | 1,250 | semi-annual | 4.625% | 10 years | US CMT 5 years +3.340% | 1,207 | 1,132 |
January 2022 | USD | 1,250 | semi-annual | 4.625% | 5 years | US CMT 5 years +3.196% | 1,207 | 1,132 |
August 2022 | USD | 2,000 | semi-annual | 7.750% | 7 years | US CMT 5 years +4.899% | 1,932 | 1,811 |
September 2022 | EUR | 1,000 | semi-annual | 6.875% | 7.25 years | EUR 5-year mid-swap +4.645% | 1,000 | 1,000 |
November 2022 | USD | 1,000 | semi-annual | 9.250% | 5 years | US CMT 5 years +4.969% | 966 | 906 |
January 2023 | EUR | 1,250 | semi-annual | 7.375% | 7 years | EUR 5-year mid-swap +4.631% | 1,250 | 1,250 |
February 2023 | SGD | 600 | semi-annual | 5.900% | 5 years | SGD SORA 5 years +2.674% | 426 | 412 |
Undated super subordinated notes |
|
| 12,754 | 13,490 | ||||
BNP Paribas has the option of not paying interest due on these undated super subordinated notes. Unpaid interest is not carried forward.
For the notes issued before 2015, this non-payment is subject to the absence of any payment on BNP Paribas SA ordinary shares or on undated super subordinated note equivalents in the previous year. This interest must be paid when dividends are paid on BNP Paribas SA’s ordinary shares.
The contracts relating to these undated super subordinated notes contain a loss absorption clause. Under the terms of this clause, in the event of insufficient regulatory capital, the nominal value of the notes may be reduced in order to serve as a new basis for the calculation of the related coupons until the capital deficiency is made up and the nominal value of the notes is increased to its original amount.
The undated subordinated notes (TSDIs) issued by BNP Paribas SA are redeemable on liquidation of the Bank after repayment of all other debts but ahead of undated participating subordinated notes. They confer no rights over residual assets.
Characteristics of undated subordinated notes:
Issue date | Currency | Amount in original currency (in millions) | Rate | Date of call or interest step-up | Interest rate reset | 31 December 2024 | 31 December 2023 |
|---|---|---|---|---|---|---|---|
October 1985 | EUR | 305 | TMO - 0.25% | - | - | 254 | 254 |
September 1986 | USD | 500 | 6-month Libor +0.075% | - | - | - | 248 |
August 2023 | USD | 1,500 | 8.500% | August 2028 | CMT ±4.354% | 1,449 | 1,358 |
February 2024 | USD | 1,500 | 8,000% | August 2031 | CMT +3.727% | 1,449 | - |
September 2024 | USD | 1,000 | 7.375% | September 2034 | CMT +3.535% | 965 | - |
Undated subordinated notes |
|
| 4,117 | 1,860 | |||
Payment of interest is obligatory on the TSDIs issued in October 1985 (representing a nominal amount of EUR 305 million), but the Board of directors may postpone interest payments if the Ordinary General Meeting of Shareholders notes that there is no income available for distribution in the twelve months preceding the interest payment date. Interest payments are cumulative and are payable in full once dividend payments resume.
Payment of interest is obligatory on the TSDIs issued in September 1986 (representing a nominal amount of USD 500 million), but the Board of directors may postpone interest payments if the Ordinary General Meeting of Shareholders approves a decision not to pay a dividend in the twelve months preceding the interest payment date. Interest payments are cumulative and are payable in full once dividend payments resume. The Bank has the option of resuming payment of interest arrears, even where no dividend is paid out. This instrument was recalled on its contractual call date on 28 March 2024.
The instruments issued by BNP Paribas SA in August 2023, February and September 2024 are contingent convertible securities recorded for accounting purposes as TSDIs. Payment of the interest is made on a discretionary basis and may be cancelled in full or in part upon notification by the regulator based on its assessment of the issuer’s financial and solvency situation. The amounts of interest on the bonds will not be cumulative once coupon payments resume.
Undated participating subordinated notes issued by BNP Paribas SA in July 1984 in a total amount of EUR 337 million are redeemable only in the event of the liquidation of BNP Paribas SA, but may be bought back on the terms specified in the French act of 3 January 1983. The number of notes in circulation was 1,434,092 at 31 December 2024.
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Credit institutions | 74,394 | 82,330 |
Customers | 370,180 | 365,026 |
Confirmed letters of credit | 103,716 | 87,886 |
Other commitments given to customers | 266,464 | 277,140 |
Financing commitments given | 444,574 | 447,356 |
Credit institutions | 88,475 | 124,938 |
Customers | 33,224 | 53,909 |
Financing commitments received | 121,699 | 178,847 |
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Credit institutions | 86,634 | 85,324 |
Customers | 126,263 | 126,449 |
Guarantee commitments given | 212,897 | 211,773 |
Credit institutions | 85,962 | 92,230 |
Customers | 227,350 | 230,792 |
Guarantee commitments received | 313,312 | 323,022 |
BNP Paribas SA’s annual contribution to the European Union’s Single Resolution Fund may be made, in part, in the form of an irrevocable payment commitment (IPC) guaranteed by a cash deposit of the same amount. If the fund is called into play as part of a resolution measure, the Single Resolution Board (SRB) may call all or part of the IPC received.
The irrevocable payment commitment is qualified as a contingent liability. It gives rise to provisioning if the probability of a call by the fund becomes greater than 50%. As it is estimated to be below this threshold, no provision was recorded by BNP Paribas SA at 31 December 2024.
These commitments amounted to EUR 948 million at 31 December 2024 (versus EUR 946 million at 31 December 2023).
The cash paid as collateral is subject to a remuneration and is recognised as an asset at amortised cost, within the line “other miscellaneous assets” (see note 3.h).
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Commitments given on securities | 36,125 | 51,108 |
Commitments received on securities | 46,722 | 54,234 |
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Financial instruments (negotiable securities and private receivables) lodged with central banks and eligible for use at any time as collateral for refinancing transactions after haircut | 55,509 | 66,096 |
| 1,244 | 14,832 |
| 54,265 | 51,264 |
Other financial assets pledged as collateral for transactions with credit institutions, financial customers or subscribers of covered bonds issued by the Group | 339,193 | 271,709 |
As at 31 December 2024, the Bank had EUR 55,509 million of financial instruments (negotiable securities and private receivables) deposited or pledged with central banks for use at any time as collateral for refinancing transactions (versus EUR 66,096 million as at 31 December 2023). This amount includes EUR 40,846 million deposited with the Banque de France (versus EUR 57,106 million at 31 December 2023) under the Banque de France’s Comprehensive Collateral Management system to cover Eurosystem monetary policy transactions and intraday loans. As at 31 December 2024, the Bank had EUR 1,244 million of collateral deposited with central banks (EUR 14,832 million as at 31 December 2023).
The other assets that the Bank has pledged as collateral with credit institutions and financial customers totalled EUR 41,770 million at 31 December 2024 (versus EUR 41,715 million at 31 December 2023), included in particular financing for BNP Paribas Home Loan SFH.
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Financial instruments received as collateral (excluding repurchase agreements) | 292,539 | 205,568 |
In millions of euros | Year to 31 December 2024 | Year to 31 December 2023 |
|---|---|---|
Salaries | (6,322) | (6,190) |
Tax and social security charges(1) | (2,214) | (2,283) |
Employee profit-sharing and incentive plans | (324) | (292) |
Total salaries and employee benefit expenses | (8,860) | (8,765) |
| ||
BNP Paribas SA’s headcount breaks down as follows:
Headcount at | 31 December 2024 | 31 December 2023 |
|---|---|---|
BNP Paribas Metropolitan France | 36,710 | 36,833 |
Of which managers | 28,972 | 30,094 |
Employees outside Metropolitan France | 28,750 | 28,014 |
Total BNP Paribas SA | 65,460 | 64,847 |
The amount of compensation paid to the Company’s directors in respect of their office during 2024 was EUR 1.85 million.
The compensation awarded in 2024 to corporate officers (Jean-Laurent Bonnafé, Yann Gérardin and Thierry Laborde) amounted to EUR 10.9 million.
Two categories of systems exist within the Group, each treated differently according to the risk borne by the Company. When the entity is only committed to paying a fixed amount, stated as a percentage of the beneficiary’s annual salary, for example, to an external entity handling payment of the benefits based on the assets available for each plan member, it is described as a defined-contribution plan. Conversely, when the entity’s obligation is to manage the financial assets funded through the collection of contributions from employees and to bear the cost of benefits itself or to guarantee the final amount subject to future events, it is described as a defined-benefit plan. The same applies if the entity entrusts management of the collection of premiums and payment of benefits to a separate entity but retains the risk arising from management of the assets and/or from future changes in the benefits.
In France, BNP Paribas SA pays contributions to various nationwide basic and top-up pension plans. BNP Paribas SA has set up a defined-contribution pension plan under a company-wide agreement. Under this plan, employees will receive an annuity on retirement in addition to the pension paid by nationwide schemes.
Since defined-benefit plans have been closed to new employees in most countries outside France, they are offered the benefit of defined-contribution pension plans.
The amount paid into defined-contribution post-employment plans in France and other countries for the year 2024 was EUR 426 million, compared with EUR 407 million for the year 2023.
Existing legacy defined-benefit plans within BNP Paribas SA are valued independently using actuarial techniques by applying the projected unit cost method in order to determine the expense arising from rights vested in employees and benefits payable to retired employees. The demographic and financial assumptions used to estimate the present value of these obligations and of plan assets take into account economic conditions specific to each country.
Provisions set up to cover obligations under defined-benefit post-employment plans totalled EUR 96 million at 31 December 2024 (against EUR 106 million at 31 December 2023), comprised of EUR 42 million for French plans and EUR 54 million for other plans.
EUR 551 million of retirement plan assets (recognised surplus) were recognised at 31 December 2024 as compared to EUR 508 million at 31 December 2023.
In France, BNP Paribas pays a top-up banking industry pension arising from rights acquired to 31 December 1993 by retired employees and active employees in service at that date. The Group’s residual obligations for these employees were recognised on the balance sheet in full.
The defined-benefit plans previously granted to some Group senior managers have all been closed to new employees and converted into top-up type schemes. The amounts allocated to residual beneficiaries, subject to their presence within the Group at retirement, were fixed when these schemes were closed. These pension plans have been outsourced to insurance companies. The market value of the related plan assets in these companies’ balance sheets breaks down as 77% bonds, 12% equities, 9% property assets and 2% other financial instruments.
In BNP Paribas SA’s foreign branches, pension plans are based either on pensions linked to the employee’s final salary and length of service (United Kingdom), or on annual vesting of rights to a capital sum expressed as a percentage of annual salary and remunerated at a predefined rate (United States).
Some plans are managed by independent fund managers. At 31 December 2024, 85% of the gross obligations under these plans related to plans in the United Kingdom, the United States and the Netherlands. The market value of the related plan assets was split as follows: 81% bonds, 7% equities, and 12% other financial instruments.
BNP Paribas SA employees also receive various other contractual post-employment benefits, such as indemnities payable on retirement. In France, the obligations for these benefits are funded through a contract held with an insurer that is independent from BNP Paribas SA.
In France, BNP Paribas SA no longer has any obligation in relation to healthcare benefits for its retired employees.
Among BNP Paribas SA’s foreign branches, there are several healthcare benefit plans for retired employees, mainly in Canada and Portugal. Provisions for obligations under these plans amounted to EUR 17 million at 31 December 2024, compared to EUR 15 million at 31 December 2023.
Obligations under post-employment healthcare benefit plans are measured using the mortality tables applicable in each country and assumptions about trends in healthcare costs. They also build in assumptions about healthcare benefit costs, including forecast trends in the cost of healthcare services and in inflation, which are derived from historical data.
The Bank has implemented a number of voluntary redundancy plans and a headcount adaptation plan for employees who meet certain eligibility criteria. The obligations to eligible active employees under such plans are provided for when the plan is the subject of an agreement or a bilateral draft agreement.
Provisions for these plans totalled EUR 48 million at 31 December 2024 (EUR 41 million at 31 December 2023).
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Provision for voluntary departure, early retirement plans, and headcount adaptation plans | 48 | 41 |
Resolutions of Shareholders’ Annual General Meetings that can be used during the year are presented in chapter 2 Corporate governance report of the Universal registration document.
Operations affecting share capital | In number | Par value (in euros) | In euros | Date of authorisation by the Annual General Meeting | Date of decision by Board of directors | Date from which shares carry dividend rights |
|---|---|---|---|---|---|---|
Number of shares issued at 31 December 2022 | 1,234,331,646 | 2 | 2,468,663,292 |
|
|
|
Capital reduction by cancellation of shares | (60,914,757) | 2 | (121,829,514) | (1) | (1) | 27 Sept. 23 |
Capital reduction by cancellation of shares | (6,238,000) | 2 | (12,476,000) | (1) | (1) | 11 Oct. 23 |
Capital reduction by cancellation of shares | (2,491,000) | 2 | (4,982,000) | (1) | (1) | 23 Oct. 23 |
Capital reduction by cancellation of shares | (3,744,000) | 2 | (7,488,000) | (1) | (1) | 27 Oct. 23 |
Capital reduction by cancellation of shares | (4,333,000) | 2 | (8,666,000) | (1) | (1) | 06 Nov. 23 |
Capital reduction by cancellation of shares | (4,449,000) | 2 | (8,898,000) | (1) | (1) | 13 Nov. 23 |
Capital reduction by cancellation of shares | (4,684,480) | 2 | (9,368,960) | (1) | (1) | 17 Nov. 23 |
Number of shares issued at 31 December 2023 | 1,147,477,409 | 2 | 2,294,954,818 |
|
|
|
Capital reduction by cancellation of shares | (16,666,738) | 2 | (33,333,476) | (1) | (1) | 06 May 24 |
Number of shares issued at 31 December 2024 | 1,130,810,671 | 2 | 2,261,621,342 |
|
|
|
| ||||||
In millions of euros | Share capital | Additional paid-in capital and other premiums | Legal reserve | Net income for the period | Other reserves | Total shareholders’ equity |
|---|---|---|---|---|---|---|
Shareholders’ equity at 31 December 2022 | 2,469 | 22,374 | 270 | 8,033 | 50,720 | 83,866 |
Dividend payout for 2022 |
|
|
| (8,033) | 3,289 | (4,744) |
Capital decrease (by cancellation of shares) | (174) | (4,809) | (17) |
|
| (5,000) |
Other variations |
|
|
|
| 1 | 1 |
Accelerated depreciation |
|
|
|
| (1) | (1) |
Net income for 2023 |
|
|
| 9,620 |
| 9,620 |
Shareholders’ equity at 31 December 2023 | 2,295 | 17,565 | 253 | 9,620 | 54,009 | 83,742 |
Dividend payout for 2023 |
|
|
| (9,620) | 4,422 | (5,198) |
Capital decrease (by cancellation of shares) | (33) | (1,018) | (3) |
|
| (1,055) |
Other variations |
|
|
|
| (1) |
|
Accelerated depreciation |
|
|
|
| 1 | 1 |
Net income for 2024 |
|
|
| 9,560 |
| 9,560 |
Shareholders’ equity at 31 December 2024 | 2,262 | 16,547 | 250 | 9,560 | 58,431 | 87,050 |
The notional amounts of derivative financial instruments are merely an indication of the volume of BNP Paribas SA’s activities in financial instrument markets, and do not reflect the market risks associated with such instruments.
In millions of euros, at | 31 December 2024 | 31 December 2023 |
|---|---|---|
Currency derivatives | 11,229,730 | 9,387,120 |
Interest rate derivatives | 24,557,939 | 22,922,988 |
Equity derivatives | 1,819,508 | 1,396,282 |
Credit derivatives | 950,539 | 864,441 |
Other derivatives | 185,606 | 205,969 |
Forward financial instruments in the trading portfolio | 38,743,322 | 34,776,800 |
Financial instruments traded on organised markets or admitted to clearing houses accounted for 45% of the Bank’s derivatives transactions at 31 December 2024 (compared with 43% at 31 December 2023).
The total notional amount of derivative financial instruments used for hedging purposes stood at EUR 1,194,777 million at 31 December 2024, compared with EUR 1,057,833 million at 31 December 2023.
Derivatives used for hedging purposes are primarily contracted on over-the-counter markets.
The market value of the Bank’s positive net position on outright transactions was EUR 3,740 million at 31 December 2024, compared with a negative net position of EUR 263 million at 31 December 2023. The market value of the Bank’s net short position on conditional transactions was valued at EUR 9,037 million at 31 December 2024, compared with a net short position of EUR 8,301 million at 31 December 2023.
The following table gives a regional breakdown of BNP Paribas SA’s interbank transactions and customer transactions recognised on the balance sheet:
In millions of euros, at | Interbank transactions | Customer items | Total by region | |||
31 December 2024 | 31 December 2023 | 31 December 2024 | 31 December 2023 | 31 December 2024 | 31 December 2023 | |
France | 389,677 | 421,028 | 330,217 | 342,023 | 719,894 | 763,051 |
Other countries in the European Economic Area | 79,024 | 78,537 | 95,407 | 92,219 | 174,431 | 170,756 |
Countries in the Americas and Asia | 125,647 | 109,234 | 180,485 | 149,537 | 306,132 | 258,771 |
Other countries | 1,608 | 1,606 | 2,391 | 2,543 | 3,999 | 4,149 |
Total uses of funds | 595,956 | 610,405 | 608,500 | 586,322 | 1,204,456 | 1,196,727 |
France | 169,311 | 156,173 | 357,589 | 378,100 | 526,900 | 534,273 |
Other countries in the European Economic Area | 44,013 | 48,425 | 225,026 | 208,750 | 269,039 | 257,175 |
Countries in the Americas and Asia | 28,545 | 23,540 | 270,110 | 244,788 | 298,655 | 268,328 |
Other countries | 1,323 | 610 | 4,933 | 8,096 | 6,256 | 8,706 |
Total sources of funds | 243,192 | 228,748 | 857,658 | 839,734 | 1,100,850 | 1,068,482 |
76% of BNP Paribas SA’s revenues in 2024 came from counterparties in the European Economic Area (82% in 2023).
In millions of euros | Demand and overnight transactions | Term remaining | |||||
|---|---|---|---|---|---|---|---|
Up to 3 months | 3 months to | 1 to 5 years | More than 5 years | Of which provisions | Total | ||
Uses of funds |
|
|
|
|
|
|
|
Cash and amounts due from central banks and CCP | 142,200 | 655 | - | - | - | - | 142,855 |
Treasury bills and money-market instruments | 190 | 8,936 | 8,977 | 60,223 | 94,152 | (941) | 172,478 |
Due from credit institutions | 44,582 | 115,002 | 56,795 | 52,575 | 11,669 | (33) | 280,623 |
Customer and leasing transactions | 28,861 | 229,218 | 67,385 | 147,037 | 135,999 | (5,718) | 608,500 |
Bonds and other fixed-income securities | 2,956 | 11,362 | 11,052 | 65,545 | 85,300 | (722) | 176,215 |
Sources of funds |
|
|
|
|
|
|
|
Amounts due to credit institutions and central banks and CCP | 64,622 | 127,792 | 8,039 | 36,903 | 5,836 | - | 243,192 |
Customer items | 489,013 | 275,701 | 71,554 | 15,764 | 5,626 | - | 857,658 |
Debt securities | 1,005 | 45,943 | 20,592 | 67,157 | 68,404 | - | 203,101 |
Authorisation from the Group’s Compliance Department must be obtained through a special procedure before BNP Paribas SA or Group subsidiaries that report to BNP Paribas SA can open a location in a State considered “non-cooperative” as defined by article 238-O A of the French General Tax Code and the Order issued on 16 February 2024 amending the list of non-cooperative States. In accordance with BNP Paribas’ “best interests” ethics principle, and to ensure that the Group’s internal control mechanisms are applied consistently, these locations are subject to the Group’s regulations on Risk Management, anti-money laundering, corruption, financial embargoes, and terrorism financing.
Company name | Ownership interest (%) | Legal form | Business activity |
|---|---|---|---|
Russia |
|
|
|
BNPP Bank JSC | 100 | Joint-stock Company | Banking activity extremely reduced and limited |
Arval LLC | 99.94 | Limited Liability Company | Vehicle rental |
At the Annual General Meeting of 13 May 2025, the Board of directors will propose an appropriation of net income for the year ended 31 December 2024 and dividend distribution under the following terms:
In millions of euros | |
|---|---|
Net income | 9,560 |
Unappropriated retained earnings | 42,076 |
TOTAL TO BE APPROPRIATED | 51,636 |
Dividend | 5,417 |
Retained earnings | 46,219 |
TOTAL APPROPRIATED INCOME | 51,636 |
The total proposed dividend is EUR 5,417 million, which corresponds to EUR 4.79 per share (with a par value of EUR 2.00) based on the number of existing shares at 31 December 2024.
Name | Siren | Currency | Share capital | Reserves and retained earnings before income appropriation | Last published net income | NBI or Revenue excl. Tax(**) | Share capital | Reserves and retained earnings before income appropria -tion | Last published net income | NBI or Revenue excl. Tax(**) | Percent of share capital held | Ref. |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
In millions of foreign currency | In millions of euros(*) | in % | ||||||||||
BNP Paribas SA (Siren 662 042 449) is the parent company of all subsidiaries and associated companies | ||||||||||||
I – Detailed information about subsidiaries and associated companies whose book value exceeds 1% of BNP Paribas SA’s share capital | ||||||||||||
1. Subsidiaries (more than 50% owned) |
|
|
|
|
|
|
|
|
|
|
| |
Banca Nazionale Del Lavoro SPA Viale Altiero Spinelli 30 00157 Rome Italy |
| EUR | 2,077 | 4,082 | 434 | 2,605 | 2,077 | 4,082 | 434 | 2,605 | 100% | (1) |
Banco BNPP Brasil SA 510 Av. Presidente Juscelino Kubitschek, 10° to 13° Andares, Itaim Bibi 04543-906 São Paulo Brazil |
| BRL | 2,759 | 1,092 | (180) | 1,010 | 431 | 170 | (28) | 158 | 76% | (2) |
BNP Paribas Bank Polska SA 10/16 ul. Kasprzaka 01-211 Warsaw Poland |
| PLN | 798 | 11,850 | 2,244 | 7,569 | 187 | 2,771 | 525 | 1,770 | 63% | (2) |
Bank BNPP Indonesia PT 35th Floor Menara BCA Grand Indonesia Jl M H Thamrin no 1 10310 Jakarta Indonesia |
| IDR | 3,852,573 | 1,742,843 | 382,030 | 813,513 | 231 | 105 | 23 | 49 | 99% | (2) |
BNP PUK Holding Ltd 10 Harewood Avenue NW1 6AA London United Kingdom |
| GBP | 40 | 12 | 5 | 5 | 48 | 14 | 6 | 6 | 100% | (2) |
BNPP Asset Management Holding 1 boulevard Haussmann 75009 Paris France | 682 001 904 | EUR | 23 | 1,460 | 214 | 259 | 23 | 1,460 | 214 | 259 | 67% | (1) |
BNPP Bank JSC 5 Lesnaya Street, Bld. B Business Center White Square 125047 Moscow Russian Federation |
| RUB | 5,798 | 11,265 | 2,490 | 3,855 | 49 | 96 | 21 | 33 | 100% | (2) |
BNPP Canada Corp 1981 avenue McGill Collège H3A 2W8 Montreal Canada |
| CAD | 159 | 171 | 19 | 12 | 107 | 115 | 13 | 8 | 100% | (2) |
BNPP Cardif 1 boulevard Haussmann 75009 Paris France | 382 983 922 | EUR | 150 | 2,245 | 470 | 712 | 150 | 2,245 | 470 | 712 | 100% | (1) |
BNPP China Ltd 25/F Shanghai World Financial Center 100 Century Avenue Shanghai 200120, P.R.C China |
| CNY | 8,711 | 2,303 | 579 | 1,534 | 1,169 | 309 | 78 | 206 | 100% | (2) |
BNPP Colombia Corporacion Financiera SA Carrera 8A no 99-51 Edificio World Trade Center, Torre A, Piso 9 Bogota DC Colombia |
| COP | 133,721 | 11,111 | 22,492 | 134,723 | 29 | 2 | 5 | 30 | 94% | (2) |
BNPP Développement 20 rue Chauchat 75009 Paris France | 348 540 592 | EUR | 529 | 1,148 | 78 | 43 | 529 | 1,148 | 78 | 43 | 100% | (1) |
BNPP El Djazair 8 rue de Cirta Hydra 16035 Algiers Algeria |
| DZD | 20,000 | 10,794 | 5,153 | 16,166 | 142 | 77 | 37 | 115 | 84% | (2) |
BNPP Factor 46/52 rue Arago 92823 Puteaux France | 775 675 069 | EUR | 6 | 119 | 53 | 155 | 6 | 119 | 53 | 155 | 100% | (2) |
BNPP Fortis 3 Montagne du Parc / Warandeberg 3 1000 Brussels Belgium |
| EUR | 10,965 | 8,481 | 2,437 | 5,212 | 10,965 | 8,481 | 2,437 | 5,212 | 100% | (1) |
BNPP Home Loan SFH 1 boulevard Haussmann 75009 Paris France | 454 084 211 | EUR | 285 | 2 | 12 | 18 | 285 | 2 | 12 | 18 | 100% | (1) |
BNPP India Holding Private Ltd 1 North Avenue - BNP Paribas House Maker Maxity, Bandra - Kurla Complex Bandra (East) 400 051 Mumbai India |
| INR | 2,608 | 690 | 2,209 | 2,568 | 29 | 8 | 25 | 29 | 100% | (2) |
BNPP IRB Participations 1 boulevard Haussmann 75009 Paris France | 433 891 983 | EUR | 46 | 58 | 17 | 25 | 46 | 58 | 17 | 25 | 100% | (1) |
BNPP Ireland Unlimited Co 5 George’s Dock IFSC Dublin 1 Ireland |
| EUR | 263 | - | 32 | 34 | 263 | - | 32 | 34 | 100% | (2) |
BNPP Lease Group Leasing Solutions SPA 3 Piazza Lina Bo Bardi 20124 Milan Italy |
| EUR | 41 | 1 | (2) | 2 | 41 | 1 | (2) | 2 | 74% | (2) |
BNPP Malaysia Berhad Level 48, Vista Tower The Intermark 182 Jalan Tun Razak 50400 Kuala Lumpur Malaysia |
| MYR | 650 | 180 | 85 | 198 | 140 | 39 | 18 | 43 | 100% | (2) |
BNPP Mexico Avenida Paseo de las Palmas 11000 Ciudad de Mexico Mexico |
| MXN | 4,500 | - | - | - | 208 | - | - | - | 100% | (2) |
BNPP Personal Finance 1 boulevard Haussmann 75009 Paris France | 542 097 902 | EUR | 617 | 5,737 | (364) | 944 | 617 | 5,737 | (364) | 944 | 100% | (1) |
BNPP Prime Brokerage International Ltd c/o Marsh Management Services Limited 25/28 Adelaide Road Dublin 2 Ireland |
| USD | - | 514 | 279 | 480 | - | 496 | 269 | 463 | 100% | (2) |
BNPP Real Estate 167 quai de la Bataille de Stalingrad 92867 Issy-les-Moulineaux France | 692 012 180 | EUR | 514 | 587 | (215) | 498 | 514 | 587 | (215) | 498 | 100% | (2) |
BNPP Real Estate Investment Management Italy SPA Via Carlo Bo 11 20143 Milan Italy |
| EUR | 10 | - | 1 | 1 | 10 | - | 1 | 1 | 100% | (2) |
BNPP Réunion 1 boulevard Haussmann 75009 Paris France | 428 633 408 | EUR | 25 | 21 | 3 | 43 | 25 | 21 | 3 | 43 | 100% | (2) |
BNPP SB Re 16 rue Edward-Steichen L - 2540 Luxembourg Luxembourg |
| EUR | 250 | 175 | 38 | 50 | 250 | 175 | 38 | 50 | 100% | (2) |
BNPP Securities Asia Ltd 59-63 / F II International Finance Centre 8 Finance Street Central Hong Kong |
| HKD | 4,779 | (2,465) | (220) | 350 | 594 | (307) | (27) | 44 | 100% | (2) |
BNPP Securities Japan Ltd GranTokyo North Tower 1-9-1 Marunouchi, Chiyoda-ku 100-6740 Tokyo Japan |
| JPY | 156,050 | 60,396 | 26,883 | 66,910 | 958 | 371 | 165 | 411 | 100% | (2) |
BNPP Securities Korea Co Ltd 24, 25FL, State Tower Namsan, 100, Toegye-ro, Jung-gu Seoul 100-052 Republic of Korea |
| KRW | 250,000 | (8,024) | 3,156 | 33,398 | 164 | (5) | 2 | 22 | 100% | (2) |
BNPP Suisse SA 2 place de Hollande 1211 Geneva 11 Switzerland |
| CHF | 320 | 955 | (27) | 309 | 341 | 1,016 | (29) | 329 | 100% | (2) |
BNPP USA Inc 787 Seventh Avenue NY 10019 New York United States of America |
| USD | 3,674 | 2,113 | 174 | 252 | 3,548 | 2,041 | 168 | 243 | 100% | (2) |
BNPP Yatirimlar Holding AS Ankara caddesi, Büyük Kelkit Han nº 243, Kat 5 Sirkeci, Eminönü/Fatih Istanbul Türkiye |
| TRY | 1,032 | (41) | 378 | 398 | 28 | (1) | 10 | 11 | 100% | (2) |
BNPP Securities China Ltd Tower 479 Lujiazui RD Shanghai China |
| CNY | 1,100 | - | (116) | 3 | 148 | - | (16) | - | 100% | (2) |
Compagnie Financière Ottomane SA 44 Avenue J.F. Kennedy L - 1855 Luxembourg Luxembourg |
| EUR | 9 | 461 | - | - | 9 | 461 | - | - | 97% | (2) |
Expo Atlantico EAII Investimentos Imobiliarios SA Torre Ocidente, Rua Galileu Galilei, nº 2 1500-392 Lisbon Portugal |
| EUR | 1 | 35 | (1) | - | 1 | 35 | (1) | - | 74% | (2) |
Expo Indico EIII Investimentos Imobiliarios SA Torre Ocidente, Rua Galileu Galilei, nº 2 1500-392 Lisbon Portugal |
| EUR | 1 | 36 | (1) | - | 1 | 36 | (1) | - | 74% | (2) |
Financière des Paiements Électroniques 18 avenue Winston-Churchill 94220 Charenton-le-Pont France | 753 886 092 | EUR | 1 | 95 | 34 | 191 | 1 | 95 | 34 | 191 | 95% | (2) |
Financière du Marché Saint Honoré 37 place du Marché Saint-Honoré 75001 Paris France | 662 047 513 | EUR | 342 | (91) | (25) | - | 342 | (91) | (25) | - | 100% | (1) |
Floa Immeuble G7 71 rue Lucien Faure 33300 Bordeaux France | 434 130 423 | EUR | 72 | 109 | (64) | 309 | 72 | 109 | (64) | 309 | 100% | (2) |
Harewood Helena 1 Ltd 10 Harewood Avenue NW1 6AA London United Kingdom |
| USD | 39 | 11 | 10 | 11 | 37 | 11 | 9 | 11 | 100% | (2) |
International Factors Italia SPA 15 Via Vittor Pisani 20124 Milan Italy |
| EUR | 56 | 859 | 58 | 154 | 56 | 859 | 58 | 154 | 100% | (2) |
Jivago Holding 1 Boulevard Haussmann 75009 Paris France | 538 201 245 | EUR | 67 | (5) | 4 | 4 | 67 | (5) | 4 | 4 | 100% | (2) |
Kantox 8 Devonshire Square 5th Floor London EC2M 4PL United Kingdom |
| GBP | - | 4 | - | - | - | 5 | - | - | 100% | (2) |
Natiocredibail 12 rue du Port 92000 Nanterre France | 998 630 206 | EUR | 32 | 86 | 3 | 17 | 32 | 86 | 3 | 17 | 100% | (2) |
Parilease 41 avenue de l'Opéra 75002 Paris France | 339 320 392 | EUR | 129 | 259 | 11 | 15 | 129 | 259 | 11 | 15 | 100% | (2) |
Portzamparc 1 Boulevard Haussmann 75009 Paris France | 399 223 437 | EUR | 5 | 8 | 2 | 39 | 5 | 8 | 2 | 39 | 100% | (1) |
Sagip 3 rue Montagne du Parc 1000 Brussels Belgium |
| EUR | 657 | 2,251 | 98 | 132 | 657 | 2,251 | 98 | 132 | 100% | (2) |
SNC Taitbout Participation 3 1 boulevard Haussmann 75009 Paris France | 433 912 250 | EUR | 552 | 233 | 213 | - | 552 | 233 | 213 | - | 100% | (1) |
Société Orbaisienne de Participations 1 boulevard Haussmann 75009 Paris France | 428 753 479 | EUR | 311 | (100) | 1 | - | 311 | (100) | 1 | - | 100% | (1) |
UkrSibbank Public JSC 7 Andreevskaya Street 04070 Kyiv Ukraine |
| UAH | 5,069 | 12,132 | 4,141 | 14,374 | 118 | 284 | 97 | 336 | 60% | (2) |
Name | Siren | Currency | Share capital | Reserves and retained earnings before income appropriation | Last published net income | NBI or Revenue excl. Tax(**) | Share capital | Reserves and retained earnings before income appropria-tion | Last published net income | NBI or Revenue excl. Tax(**) | Percent of share capital held | Ref. |
|
| In millions of foreign currency | In millions of euros(*) | in % |
| |||||||
2. Equity investments (between 10 and 50% held) |
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| ||
Bank of Nanjing 50 Huaihai Road 210005 Nanjing China |
| CNY | 10,344 | 126,997 | 18,502 | 45,160 | 1,388 | 17,042 | 2,483 | 6,060 | 16% | (3) |
BGL BNPP 50 avenue J.F.-Kennedy 2951 Luxembourg Luxembourg |
| EUR | 713 | 7,066 | 500 | 1,037 | 713 | 7,066 | 500 | 1,037 | 16% | (2) |
BNPP Leasing Solutions 16 rue Edward-Steichen 2540 Luxembourg Luxembourg |
| EUR | 1,815 | 322 | 158 | 161 | 1,815 | 322 | 158 | 161 | 50% | (2) |
BON BNPP Consumer Finance Co Ltd (Formerly Sunning) 588 Changbai Street, Qinhuai District, Nanjing City, Jiangsu Province, China |
| CNY | 5,215 | 427 | 303 | 4,595 | 700 | 57 | 41 | 617 | 30% | (1) |
Crédit Logement 50 boulevard de Sébastopol 75003 Paris France | 302 493 275 | EUR | 1,260 | 171 | 104 | 196 | 1,260 | 171 | 104 | 196 | 17% | (3) |
Euro Protection Surveillance 30 rue du Doubs 67100 Strasbourg France | 338 780 513 | EUR | 1 | 110 | 24 | 269 | 1 | 110 | 24 | 269 | 11% | (3) |
Geojit BNP Paribas Financial Services Ltd (Group) 34/659-P Civil Line Road Padivattom Kochi 682024 Kerala India |
| INR | 239 | 5,208 | 1,339 | 5,996 | 3 | 59 | 15 | 68 | 29% | (5) |
Sicovam 18 rue Lafayette 75009 Paris France |
| EUR | 10 | 906 | 104 | 105 | 10 | 906 | 104 | 105 | 15% | (4) |
Unión de Créditos Inmobiliarios Calle Retama 3 28045 Madrid Spain |
| EUR | 227 | 296 | (58) | 61 | 227 | 296 | (58) | 61 | 10% | (2) |
| ||||||||||||
In millions of euros | Subsidiaries | Associated companies | ||
French | Foreign | French | Foreign | |
II – General information about all subsidiaries and associated companies | ||||
Carrying amount of shares held |
|
|
|
|
Gross value | 17,852 | 41,354 | 613 | 3,104 |
Carrying amount | 16,381 | 34,425 | 560 | 2,960 |
Loans and advances given by BNP Paribas SA | 99,699 | 51,089 | 672 | 231 |
Guarantees and endorsements given by BNP Paribas SA | 47,070 | 4,956 | - | 58 |
Dividends received | 1,096 | 4,180 | 46 | 307 |
| 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
Financial position at year-end |
|
|
|
|
|
a) Share capital | 2,499,597,122 | 2,468,663,292 | 2,468,663,292 | 2,294,954,818 | 2,261,621,342 |
b) Number of shares issued | 1,249,798,561 | 1,234,331,646 | 1,234,331,646 | 1,147,477,409 | 1,130,810,671 |
c) Number of convertible bonds in issue | None | None | None | None | None |
Results of operations for the year (in millions of euros) |
|
|
|
|
|
a) Total revenues excluding VAT | 32,108 | 31,884 | 50,446 | 94,079 | 97,501 |
b) Earnings before tax, amortisation and provisions | 7,159 | 7,769 | 11,129 | 11,207 | 11,498 |
c) Income tax expense | (653) | (716) | (943) | (683) | (639) |
d) Profit after tax, amortisation and provisions | 4,404 | 7,307 | 8,033 | 9,620 | 9,560 |
e) Total dividend payout(1) | 3,324 | 4,527 | 4,744 | 5,198 | 5,417 |
Earnings per share (in euros) |
|
|
|
|
|
a) Profit after tax, but before amortisation and provisions | 5.21 | 5.71 | 8.25 | 9.17 | 9.60 |
b) Profit after tax, amortisation and provisions | 3.52 | 5.92 | 6.51 | 8.38 | 8.45 |
c) Dividend per share(1) | 2.66 | 3.67 | 3.90 | 4.60 | 4.79 |
Employee data |
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a) Number of employees at 31 December | 52,590 | 52,444 | 63,084 | 64,847 | 65,460 |
b) Total payroll expense | 4,721 | 4,792 | 5,899 | 6,123 | 6,394 |
c) Amount paid in respect of social benefits (Social security, Social works, etc.) (in millions of euros) | 1,485 | 1,543 | 1,738 | 1,929 | 1,991 |
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Crossing threshold of more than 5% of the capital | ||
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Unlisted | Kryptown | SAS |
Crossing threshold of more than 10% of the capital | ||
Unlisted | Société Phocéen de Participations | SA |
Unlisted | Ecod Air H | SAS |
Unlisted | Senioralis | SAS |
Unlisted | Meet My Mama | SAS |
Crossing threshold of more than 20% of the capital | ||
Unlisted | B.Connect | SAS |
Crossing threshold of more than 33.33% of the capital | ||
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Crossing threshold of more than 50% of the capital | ||
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Crossing threshold of more than 66.66% of the capital | ||
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In accordance with the provisions of article 223 quater of the French General Tax Code, it is specified that the Company’s financial statements for the year ended 31 December 2024 include the expenses and charges referred to in article 39.4 of the French General Tax Code, the total amount of which amounted to EUR 2.9 million during the past year. The tax incurred in respect of these expenses and charges amounted to EUR 0.8 million.
Year ended December 31, 2024
This is a translation into English of the statutory auditors’ report on the financial statements of the Company issued in French and it is provided solely for the convenience of English-speaking users.
This statutory auditors’ report includes information required by European regulations and French law, such as information about the appointment of the statutory auditors or verification of the management report and other documents provided to the shareholders.
This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France.
To the Annual General Meeting of BNP Paribas,
In compliance with the engagement entrusted to us by your Annual General Meeting, we have audited the accompanying financial statements of BNP Paribas for the year ended 31 December 2024.
In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the financial position of the Company as at 31 December 2024 and of the results of its operations for the year then ended in accordance with French accounting principles.
The audit opinion expressed above is consistent with our report to the Financial Statements Committee.
We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Our responsibilities under these standards are further described in the Statutory Auditors’ Responsibilities for the audit of the financial statements section of our report.
We conducted our audit engagement in compliance with the independence requirements of the French Commercial Code (Code de commerce) and the French Code of Ethics for Statutory Auditors (Code de déontologie de la profession de commissaire aux comptes) for the period from January 1, 2024 to the date of our report, and specifically we did not provide any prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No. 537/2014.
In accordance with the requirements of articles L. 821-53 and R. 821-180 of the French Commercial Code (Code de commerce) relating to the justification of our assessments, we inform you of the key audit matters relating to risks of material misstatement that, in our professional judgement, were of most significance in our audit of the financial statements of the current period, as well as how we addressed those risks.
These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on specific items of the financial statements.
Identification and assessment of credit risk on ustomer loan portfolios (See Notes 1, 2.f, 3.b, and 3.k to the financial statements) | ||
Risk identified |
| Our response |
BNP Paribas records impairments to cover credit risks inherent to its activities. As of December 31, 2024, customer loans and receivables exposed to credit risk amount to 614.2 billion euros, and impairments and provisions amount to 5.7 billion euros and 0.4 billion euros, respectively. In an environment of persistent uncertainties marked by geopolitical and economic tensions, the assessment of expected credit losses on loan and receivable portfolios requires increased judgment and the use of assumptions from BNP Paribas Management, particularly to:
We consider that credit risk assessment and measurement of related impairment constitute a key audit matter, as these items involve management’s judgment and estimates in an environment marked by above-mentioned uncertainties. |
| We examined BNP Paribas’ internal control system and particularly its adaptation to the environment of uncertainties, and tested manual or automated controls related to the credit risk assessment and the measurement of expected losses. Our work particularly focused on the following processes:
We also reviewed credit risk disclosures in the notes to the financial statements. |
Valuation of complex financial instruments (See Notes 1, 2.d, 3.c, 3.h, 3.i, and 6.c to the financial statements) | ||
Risk identified |
| Our response |
As part of its market activities, BNP Paribas holds financial instruments measured at market value in the balance sheet. Market value is determined through different approaches, depending on the type of instrument and its complexity: (i) using directly observable quoted prices, (ii) using valuation models whose main inputs are observable, and (iii) using valuation models whose main inputs are unobservable. As of December 31, 2024, the market value of trading securities amounts to 123.4 billion euros, the net positive position of firm transactions is valued at 3.7 billion euros, and the market value of the net short position of conditional transactions is valued at 9.0 billion euros. Market values may include valuation adjustments to account for specific market, liquidity, or counterparty risks. For the most complex instruments, valuation techniques used by management may involve significant judgment and estimation regarding the choice of valuation models and parameters used, some of which are not observable in the market. This may lead to deferred recognition of margins on related operations, as specified in note 1 to the financial statements. Given the materiality of exposures, the complexity of modeling in determining market value, the multiplicity of models used, and the reliance on management’s judgments in determining market values, we consider the valuation of complex financial instruments to be a key audit matter. |
| We examined BNP Paribas’ internal control system related to the valuation of financial instruments and performed tests, on a sample basis, on a selection of financial instruments. With the support of our financial instrument valuation specialists, our work particularly consisted in:
On a sample basis, we also:
We also analyzed, on a sample basis, any differences between valuations and collateral calls with counterparties. We reviewed the information related to the valuation of financial instruments in the notes to the financial statements. |
Measurement of investments in subsidiaries and equity securities held for long-term investment and interests in affiliates (See Notes 1, 3.c, and 3.e to the financial statements) | ||
Risk identified |
| Our response |
Investments in subsidiaries and equity securities held for long-term investment and investments in affiliates are booked on the balance sheet at a net book value of 54.7 billion euros as of December 31, 2024. They are measured individually at the lower of acquisition value or value in use. Value in use is determined, for each investment, by reference to a valuation method based on available information such as discounted future cash flows, net asset value, or multiples commonly used to assess future profitability. When the value in use of investments is lower than their net book value, an impairment loss is recognised for the difference. Given their materiality and the sensitivity of the models used to assumptions on which estimates are based, we deemed the measurement of these investments to be a key audit matter. |
| Our audit approach is based on gaining an understanding of control procedures related to determining value in use of investments in subsidiaries and equity securities held for long-term investment and investments in affiliates. Our work mainly consisted in:
Lastly, we reviewed the disclosures on investments in subsidiaries and equity securities held for long-term investment and investments in affiliates in the notes to the financial statements. |
IT General Controls | ||
Risk identified |
| Our response |
The various activities carried out by BNP Paribas entail a high level of complexity due to the volume of transactions and the use of numerous interfaced information systems. The reliability of the information system management processes and their security are key elements for the financial information preparation process. The risk of a material misstatement occurring on the accounts due to an incident in the IT chains may result from:
The existence of a set of controls for managing access rights to IT systems involved in the financial information preparation process, as well as an appropriate incident identification and treatment process are key controls to mitigate this risk, the assessment of which is a key audit matter.
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| We identified the key systems, processes, and controls underpinning the preparation of financial information. With the support of our IT specialized teams, we tested the design and operating effectiveness of IT General Controls for applications we considered key for the preparation of financial information. For these key IT applications, our work particularly focused on the following aspects:
We also tested IT application controls related to automated interfaces between key systems to assess the completeness and integrity of information transfers, as well as certain sensitive or complex automated application configurations. |
We have also performed, in accordance with professional standards applicable in France, the specific verifications required by laws and regulations.
We have no matters to report as to the fair presentation and the consistency with the financial statements of the information given in the Board of Directors’ management report and in the other documents with respect to the financial position and the financial statements provided to the shareholders, except for the item described below.
The fair presentation and the consistency with the financial statements of the information relating to payment deadlines mentioned in Article D. 441-6 of the French Commercial Code (Code de commerce) prompt the following matters to report:
We attest that the section of the management report on corporate governance sets out the information required by Article L. 225-37-4, L. 22-10-10 and L. 22-10-9 of the French Commercial Code (Code de commerce).
Concerning the information given in accordance with the requirements of Article L. 22-10-9 of the French Commercial Code (Code de Commerce) relating to the remuneration and benefits received by, or allocated to directors and any other commitments made in their favor, we have verified its consistency with the financial statements, or with the underlying information used to prepare these financial statements and, where applicable, with the information obtained by your Company from companies controlled thereby, included in the consolidation scope. Based on these procedures, we attest the accuracy and fair presentation of this information.
With respect to the information relating to items that your Company considered likely to have an impact in the event of a takeover bid or exchange offer, provided pursuant to Article L. 22-10-11 of the French Commercial Code (Code de Commerce), we have agreed this information to the source documents communicated to us. Based on these procedures, we have no observations to make on this information.
In accordance with French law, we have verified that the required information concerning the purchase of investments and controlling interests and the identity of shareholders and holders of the voting rights has been properly disclosed in the management report.
We have also verified, in accordance with the professional standard applicable in France relating to the procedures performed by the statutory auditors regarding the annual and consolidated financial statements prepared in the European single electronic format, that the preparation of the financial statements included in the annual financial report mentioned in Article L. 451-1-2, I of the French Monetary and Financial Code (Code monétaire et financier), prepared under the Chief Executive Officer’s responsibility, complies with the single electronic format defined in Commission Delegated Regulation (EU) No. 2019/815 of 17 December 2018.
On the basis of our work, we conclude that the preparation of the financial statements included in the annual financial report complies, in all material respects, with the European single electronic format.
We were appointed as statutory auditors of BNP Paribas by the annual general meeting held on May 23, 2006 for Deloitte & Associés and on May 14, 2024 for ERNST & YOUNG et Autres.
As at December 31, 2024, Deloitte & Associés was in the nineteenth year of total uninterrupted engagement, and ERNST & YOUNG et Autres was in the first year, respectively.
Management is responsible for the preparation and fair presentation of the financial statements in accordance with French accounting principles and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless it is expected to liquidate the Company or to cease operations.
The Financial Statements Committee is responsible for monitoring the financial reporting process and the effectiveness of internal control and risk management systems and where applicable, its internal audit, regarding the accounting and financial reporting procedures.
The financial statements were approved by the Board of Directors.
Our role is to issue a report on the financial statements. Our objective is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with professional standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As specified in Article L. 821-55 of the French Commercial Code (Code de commerce), our statutory audit does not include assurance on the viability of the Company or the quality of management of the affairs of the Company.
As part of an audit conducted in accordance with professional standards applicable in France, the statutory auditor exercises professional judgement throughout the audit and furthermore:
We submit to the Financial Statements Committee a report which includes in particular a description of the scope of the audit and the audit program implemented, as well as the results of our audit. We also report significant deficiencies, if any, in internal control regarding the accounting and financial reporting procedures that we identified.
Our report to the Financial Statements Committee includes the risks of material misstatement that, in our professional judgement, were of most significance in the audit of the financial statements of the current period and which are therefore the key audit matters that we are required to describe in this report.
We also provide the Financial Statements Committee with the declaration provided for in Article 6 of Regulation (EU) No. 537/2014, confirming our independence within the meaning of the rules applicable in France as set out in particular in Articles L. 821-27 to L. 821-34 of the French Commercial Code (Code de commerce) and in the French Code of Ethics for Statutory Auditors (Code de Déontologie de la profession de commissaire aux comptes). Where appropriate, we discuss with the Financial Statements Committee the risks that may reasonably be thought to bear on our independence, and the related safeguard.
Paris-La Défense, March 20, 2025
The Statutory Auditors
French original signed by
Deloitte & Associés
Damien Leurent
Jean-Vincent Coustel
ERNST & YOUNG et Autres
Olivier Drion
The following chapter presents the BNP Paribas Group's sustainability reporting in accordance with the publication requirements of the European Directive 2022/2464 of 14 December 2022 amending Regulation (EU) No 537/2014 and Directives 2004/109/EC, 2006/43/EC and 2013/34/EU as regards corporate sustainability reporting (also known as the Corporate Sustainability Reporting Directive - CSRD), as transposed into French law. This directive aims to strengthen corporate transparency on sustainability by imposing stricter environmental, social and governance (ESG) reporting requirements.
In particular, the CSRD requires a description of material impacts, risks and opportunities for the Group relating to sustainability issues. The double materiality analysis identified the following material topics detailed in this report: climate change, the company's own workforce, consumers and end-users, business conduct including market integrity topics, financial security and cybersecurity.
These sustainability statements have been prepared in application of the CSRD (and its transposition into French law) and the European Sustainability Reporting Standards (ESRS) as applicable on the date of publication of these sustainability statements. In this respect, it is specified that only transversal and thematic standards have been adopted as of the date hereof. Despite the absence of sector-specific standards, the Group has endeavoured to take into account the specificities of its sector of activity in order to provide the most relevant and accurate information possible.
The present sustainability statements only include information that, according to the Group, is of relative importance both on the impacts of the Group's activities on people and the environment and/or on how sustainability issues affect the Group. The methodological choices that guided the double materiality analysis of the Group's environmental, social and governance issues are explained in this document. Some information collected by the Group has not been included in these sustainability statements due to its lesser materiality, although it may still be relevant.
In a context where certain information, mainly related to the Group's value chain, is still not widely available or sufficiently reliable, the preparation of these sustainability statements is partly based on reasonable assumptions and estimates as required by the CSRD. Some of these assumptions or estimates may present a high level of measurement uncertainty. These assumptions and estimates are presented as long as they provide useful and quality information. In this case, the associated narrative sets out the methods and definitions used, as well as any limitations and uncertainties surrounding them. In a constant effort to ensure the quality of the published information, the Group has referred, whenever possible, to European regulatory definitions and recognised standards to prepare and present the relevant information. Where this was not possible, the information was developed in good faith based on internal definitions and estimates
In accordance with the provisions of the CSRD, these sustainability statements contain forward-looking information that includes projections and estimates based on current opinions and assumptions about future events. No assurance can be given as to these projections and estimates, which are subject to inherent risks and uncertainties, some of which are beyond the Group's control, relating in particular to the Group, its subsidiaries and its investments, the development of the Group's and its subsidiaries' activities, industry trends, future investments and acquisitions, the evolution of the economic, social, ecological and environmental situation and the applicable regulations. In particular, due to these risks and uncertainties, forward-looking information should not be considered as a statement or guarantee by the Group or any other person that the Group will achieve its objectives, plans, targets, indicators within a given timeframe or that it will achieve them at all. Any forward-looking statements contained in these sustainability statements speak as of the date of these sustainability statements. The Group undertakes no obligation to publish changes or updates to this forward-looking information, except as required by applicable law.
The information, data, indicators and methodologies used in relation to climate change are constantly evolving. Climate indicators are complex and are based on many opinions and assumptions about climate policies, technologies and other uncertain or unknown factors. Any significant change in these variables could render the assumptions, and therefore the resulting climate indicators and data, incorrect. As a result, the climate information contained in these sustainability statements, whether historical or forward-looking, has inherent uncertainty, which may render it less relevant to decision-making than historical financial data. With regard to greenhouse gas (GHG) emissions, there is a lack of standardisation and comparability of estimation and calculation methods due to the diversity of available frameworks and methodologies. The methodological choices that led to the preparation of these sustainability statements are explained in this document. However, due to this lack of harmonisation, there is still a risk of over- or under-estimation of the indicators. Scope 3 emissions, especially those linked to clients financed by the Group, have high measurement uncertainty. By definition, these emissions result from the activities of the Group's customers and, unlike the Group's direct emissions, depend on external factors over which the Group has no control.
Some statistical information and other data contained in this document are obtained from third-party sources. The Group is not responsible for this information and makes no representations or warranties as to its accuracy, preciseness or completeness.
BNP Paribas prepares its sustainability statements on a consolidated basis. The scope of the reporting entities in the consolidated sustainability statements is the same as the Group’s consolidated financial statements prepared in accordance with international accounting standards: it includes BNP Paribas SA and the entities it controls exclusively. The scope and accounting consolidation principles are presented in the appendix of the financial statements (see chapter 4, notes 9k and 1b).
Sustainability statements cover the Group's value chain, i.e. its operational scope but also its upstream and downstream value chain. The Group’s value chain is described in this chapter section 2.a. Strategy, business model and value chain.
The sustainability strategy is integrated at the highest level within the governance bodies. These bodies address the impacts, risks and opportunities (IRO) related to environmental, social and governance topics of all the Group’s activities according to their mandates as described in the following paragraphs.
Executive Management is informed of BNP Paribas’ IRO monitoring via its Committees presented above, and ad hoc meetings with the functions and business lines and the Company Engagement Department. It informs the Board of directors if necessary.
The Board of directors determines the orientations of BNP Paribas’ activities and ensures their implementation by General Management (composed of its Chief Executive Officer and its two Chief Operating Officers), in accordance with its social interest, taking into consideration the social, environmental and governance issues of BNP Paribas’ activities.
The Board of directors approves the Group’s sustainability strategy. It validates the objectives and commitments related to sustainability, whether in the dimensions of impacts, risks or opportunities. It also examines the achievement of the corporate social responsibility (CSR) criteria by executive corporate officers on which part of their annual variable remuneration depends.
As of 31 December 2024, it was composed of 14 members and is chaired by Mr. Jean Lemierre. The composition and diversity of the Board of directors is described in chapter 2 Corporate governance and internal control, section 1.b The Board of directors: a collegial body with collective competence.
The Board of directors is regularly informed of the progress in the implementation of the Group’s sustainability strategy through presentations made by Executive Management members. It meets a minimum of four times a year and as many times as circumstances or the interest of BNP Paribas require.
In 2024, the Board raised environmental, social and governance (ESG) issues 34 times in order to take into consideration the impacts, risks and opportunities of BNP Paribas’ activities. This was reflected particularly in the analysis of the following topics:
In 2016, the Board of directors and the Executive Management set up a Code of conduct which defines the standards of conduct in line with the values and missions determined by the Group (for more details, refer to chapter 7.1.6. Business conduct). The Board of directors ensures the implementation of the Code by Executive Management in the Group’s business lines, countries and regions.
The Board of directors monitors sustainability topics with support of each of the four specialised Committees:
The CGEN is notably responsible for monitoring the Group’s CSR policy (including the management of IRO) and ensures the Group’s contribution to the transition towards a responsible and sustainable economy. In this respect, it regularly monitors the actions taken in terms of climate change, sustainable finance and the Group’s positive commitment to society.
Together with the Internal Control, Risk Management and Compliance Committee, the CGEN reviews progress on the operational integration of ESG risk factors, including climate-related risk factors, into the Bank’s risk management framework.
The CGEN also has the mission of identifying people likely to be appointed as directors, whose CSR skills are one of the criteria for appointment.
The CGEN identifies and recommends to the Board of directors suitable candidates for the office of director, with the view to proposing their candidature to the Annual General Meeting. In determining potential candidates, the CGEN assesses the balance of skills, experience, diversity, as well as the integrity and ability to understand the main challenges and risks, both on individual and collective basis, by the Board members. Mindful of the collective competence of the Board of directors, the CGEN is also interested in candidates capable of understanding the major issues, challenges and emerging risks facing the Group, including social and environmental ones.
The CGEN sets an objective to be achieved with regard to the balanced representation of women and men on the Board of directors. The objective and policy thus set are validated by the Board of directors.
In addition, the Committee contributes to the selection and appointment as well as the establishment of succession plans for the Chairman and members of the Executive Management in accordance with the Policy on the suitability of Members of the management body and Key function holders. Thus, it examines applications for the position of Chief Executive Officer and Chief Operating Officer(s), considering in particular the criteria related to the understanding of the issues and risks of the Bank’s decisive activities, including good business conduct, social and environmental issues as well as the risks of money laundering and terrorism financing.
Finally, the CGEN regularly monitors the updating of BNP Paribas’ Code of conduct, which defines the rules of conduct within the framework of the values and missions determined by the Bank.
In 2024, the CGEN addressed ESG topics seven times, considering the impacts, risks and opportunities of BNP Paribas’ activities. It examined the 2024 draft report on social and environmental responsibility for the year 2023, the publication of the estimates of the financed greenhouse gas emissions of counterparties, the preliminary results of the double materiality assessment as well as the draft plan and content of these sustainability statements. All these topics contribute to the CGEN’s proper consideration of ESG impacts, risks and opportunities.
CCIRC advises the Board of directors on the adequacy of the Bank’s overall strategy and risk appetite, both current and future.
It examines the Risk Appetite Statement (RAS), i.e. the Group’s risk tolerance, in particular those related to ESG. Moreover, additional indicators, resulting from the definition of credit portfolio alignment targets, are integrated into the Group’s RAS for monitoring purposes. For more details on the RAS, see chapter 5, paragraph Risk Appetite.
The CCIRC reviews the quarterly dashboard presented by RISK and reviews the evolution of the various risks, as well as ESG indicators, particularly those used to determine material risks. As part of requests for renewal of risk limits for specific sectors, CCIRC is required to examine their related transition issues.
In conjunction with the CGEN, the CCIRC reviews progress made on the operational integration of ESG risk factors, including climate-related risk factors, into the Group's risk management framework.
As part of its periodic reviews of the Group’s exposures, CCIRC is required to examine those for sectors facing more specific transition issues.
Finally, the CCIRC is also responsible for monitoring the principles of remuneration regarding risk, the examination of internal control and compliance issues as well as the examination of the prices of the products and services in relation with the risk strategy.
In 2024, the CCIRC addressed ESG topics five times, taking into account the impacts, risks and opportunities of BNP Paribas’ activities. In addition to updating the RAS, it also reviewed ESG risk factors (operational insertion and portfolio analysis).
In the area of sustainability, the Financial Statements Committee follows, among other things, the process of developing sustainability information and more specifically the process for determining information to be disclosed in accordance with the European Sustainability Reporting Standards (ESRS). In this context, it examines all issues relating to the annual sustainability statements: normative framework, choice of methodologies, materiality assessment, results of indicators and any issue likely to generate potential impacts or risks.
It makes recommendations, where appropriate, to ensure the integrity of these processes.
In addition, the Financial Statements Committee monitors the effectiveness of internal control and risk management systems regarding the procedures for preparing and processing sustainability information.
Finally, it examines the Statutory Auditors’ audit plan for the assurance of sustainability information, their recommendations and their monitoring of these recommendations.
At least once a year, the Financial Statements Committee devotes part of its session to an exchange with the Board of Statutory Auditors as part of the mission of certifying sustainability information, without the presence of the Executive Management.
The Statutory Auditors also present a note on the work related to their mission of certifying sustainability information once a year. On this basis, the Financial Statements Committee reports to the Board of directors on the results of this mission and how it has contributed to the integrity of sustainability reporting and the role it has played.
The Remuneration Committee is responsible for the annual review of the principles that underpin the Group’s remuneration policy. In particular, it reviews, without the presence of the Executive Management, the quantitative and qualitative performance criteria related to the annual variable compensation of the corporate officers, including those related to the Group’s CSR performance, a proportion of 15% of the annual target variable compensation being linked to the Group’s CSR performance (see section 1.b. Integration of sustainability-related performance in incentive schemes of this chapter).
It examines the remuneration of the Group’s regulated staff categories. It also controls the remuneration of the Chief Risk Officer and Head of Compliance.
The biographies of BNP Paribas Board members are included at the beginning of chapter 2 Corporate governance and internal control, section 2.1.1. Presentation of the directors and corporate officers and the non-voting director.
All the directors have a diversity of skills, including skills and experiences related to sustainability, acquired throughout their professional careers. These combined skills allow the coverage of all the impacts, risks and opportunities related to BNP Paribas’ economic activity. The specific areas of expertise of each of the directors are specified in chapter 2 Corporate governance and internal control, section 2.1.2 BNP Paribas Corporate governance, 1.b The Board of directors: a collegial body with collective competence.
The training received by directors to develop their skills is presented in section 1.d Directors' training and information in this chapter.
Similarly, the maintenance of knowledge of the members of the management body (directors, Chief Executive Officer and Chief Operating Officers) is presented in chapter 2 Corporate governance and internal control, section VII. Induction and training of Members of the management body.
The main administrative, management and supervisory bodies are thus composed of people with the knowledge and skills suited to monitor BNP Paribas’ material impacts, risks and opportunities.
The Executive Management defines the sustainability strategy and is accountable to the Board of directors for it. The Head of Company Engagement, member of the Executive Committee, oversees, with its teams, the operational implementation of BNP Paribas’ sustainable finance strategy alongside the operating entities.
Since 2021, the sustainable finance Committees involving members of the Executive Management have been working to strengthen the integration of these CSR and climate challenges into the Group’s strategy and within each entity.
The main Committees are as follows:
The objective of the Sustainable Finance Strategic Committee is to determine BNP Paribas’ strategy and major commitments in terms of sustainability, particularly on the topics of climate change, ESG risk and social inclusion. It decides on the major financial objectives relating to ESG topics and monitors their operational implementation. It validates the methods, data, analyses, risk management, application of standards and commitments made by the Group in publications relating to sustainable finance. It is chaired by the Chief Executive Officer and the permanent members include representatives of the three operating divisions. It met five times in 2024.
In 2024, the following topics were discussed, considering the impacts, risks and opportunities of BNP Paribas’ activities:
The Sustainable Finance Infrastructure Committee aims at industrialising ESG processes, data and reporting to measure and monitor the impacts, risks and opportunities regarding sustainable finance. Its mission is to meet the growing needs of customers, regulators, and investors. It brings together key contributors from different business lines and functions. It is chaired by the Deputy Chief Executive Officer, who is also Chief Operating Officer and met nine times in 2024.
In 2024, the following topics, considering the impacts, risks and opportunities of BNP Paribas’ business, were discussed:
The ESG Regulatory Committee at Executive Management level has the objective of assessing the operational consequences of the main new regulations. The representatives of Company Engagement of the three operating divisions participate in this Committee.
It met twice in 2024, and the following topics were discussed:
Several BNP Paribas bodies are dedicated to the control and monitoring of impacts, risks and opportunities.
BNP Paribas Group’s Executive Management relies on the control and supervisory bodies, and on the Group existing internal control framework to control, manage, monitor and propose objectives in terms of impacts, risks and opportunities. It reports to the Board of directors.
The Chief Executive Officer is responsible for the organisation and internal control procedures and for all the information required by law under the internal control report as described in the Group’s Articles of association (see chapter 8 General Information, 7. Founding documents and Articles of association).
The Executive Committee is the highest steering body of BNP Paribas, under the responsibility of the Chief Executive Officer. It meets to share relevant information and decide on the orientations with regard to the management of the Group’s activities.
The Head of Company Engagement presents quarterly and annually the progress of the CSR dashboard indicators, which are correlated with the Group’s impacts and opportunities (see section 2.a Strategy, business model and value chain in this chapter).
The GSCC brings together the Group’s various control functions around the Executive Management and oversees matters relating to operational risks and internal control. As such, it deals in a cross-cutting manner with all the dimensions of operational risk to which the Group may be exposed, including ESG risks. It is chaired by the Chief Executive Officer and is held twice a month.
The General Management Credit Committee (CCDG) is the highest body in the Group regarding credit and counterparty risk. This Committee mainly decides on credit requests whose amount exceeds the individual delegations allocated by operational division and business line or which relate to transactions of a particular nature that derogate from the principles of the General Credit Policy. A representative of Company Engagement may take part in the CCDG.
A 15% portion of the annual variable compensation of the Executive Officers (the Chief Executive Officer and the Chief Operating Officers) is linked to the Group’s CSR performance, considering in particular two indicators related to climate-related issues: the reduction of the carbon footprint on the Group’s own operations and the amount of the support enabling clients to transition to a low-carbon economy. For more details, see chapter 2. Corporate governance and internal control, section 2.1.3 Compensation and benefits awarded to the Group’s directors and corporate officers, paragraph Criteria linked to the Group’s CSR performance.
The remuneration of the corporate officers is subject to an ex-post vote of the Ordinary General Meeting.
The internal control framework for sustainability reporting is mainly based on:
Information on the main characteristics of the Group’s internal control is detailed in chapter 2 Corporate governance and internal control, 2.4 Internal Control. The risk management system related to the sustainability reporting process follows the same process as the Group’s risk management framework described in this chapter.
The Audit Committee oversees the process of preparing the sustainability information published under Directive (EU) 2022/2464 on corporate sustainability reporting. In this context, the Audit Committee examines issues relating to sustainability statements, including the double materiality assessment, the results of indicators and any issues that may generate potential risks.
BNP Paribas is subject to Law No. 2017-399 of 27 March 2017 on the duty of care. Each year, it publishes a vigilance plan in response to this legal obligation.
Essential elements of due diligence | Paragraphs in the sustainability statement |
|---|---|
a) Embed due diligence into governance, strategy and business model | Chapter 7.1.1 General Disclosures, 1.a Role of administrative, management and supervisory bodies in sustainability and 2.a Strategy, business model and value chain |
b) Engage with affected stakeholders in all key steps of the due diligence process | Chapter 7.1.1 General Disclosures, 2.b Interests and view of stakeholders |
c) Identify and assess adverse impacts | Chapter 7.1.1 General Disclosures, 3.a Description of the process to identify and assess material impacts, risks and opportunities |
d) Addressing these adverse impacts | All the “Actions” or “Impact, Risk and Opportunity Management (IRO)” parts of the following chapters 7.1.2 Climate change, 7.1.4 Own workforce, 7.1.5 Consumers and end-users, 7.1.6 Business conduct |
e) Tracking the effectiveness of these efforts and communicate | Chapter 7.1.1 General Disclosures, 1.a Role of administrative, management and supervisory bodies in sustainability and 2.a Strategy, business model and value chain |
BNP Paribas relies on its diversified and integrated model to respond in a coordinated manner to the needs of its clients and create value. This model, based on risk diversification, is based on three operating divisions, whose expertise is complementary:
The Group’s integrated model leads to strong cohesion between all businesses, strengthens its performance in all environments and gives it a real competitive advantage. This balanced and resilient model is focused on the clients that BNP Paribas supports daily and over the long term. The large diversification of this model by client segments, geographies, sectors and businesses gives the Group stability, performance and growth, thus meeting the demand of BNP Paribas’ investors.
In a complex and often uncertain context, the distinctive and powerful nature of this model makes it possible to continue to support clients over the long term in the achievment of their projects, including their transition to a more sustainable economy by providing them with advice and products dedicated to their transition.
BNP Paribas operates in a broad economic and financial environment, both in terms of financial activities and in terms of geographical scope, particularly in Europe, the Middle East and Africa (EMEA), Asia Pacific and the Americas.
| 2024 |
|---|---|
EMEA(*) | 153,892 |
Asia Pacific | 19,638 |
Americas | 8,088 |
Total Workforce | 181,618 |
(*)EMEA: Europe, Middle East, Africa. | |
With its various entities and their human, financial and technical resources, BNP Paribas covers several sectors of activity by creating and distributing products and services, as presented in the following table. The proposed breakdown takes up the Group’s three-division organisation (in line) and anticipates the implementation of the regulatory nomenclature of the business sectors(4) (in column).
ESRS sectors | Credit institution | Capital Markets | Insurance | Operational leasing of motor vehicles | Real estate activities |
|---|---|---|---|---|---|
CPBS Individual, professional and corporate customers. Physical networks and online banking | Deposit collection |
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| Vehicle long-term leasing (Arval) |
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Distribution of banking services (day-to-day banking, flow solutions) |
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Distribution of savings, investment (including life insurance) and pension solutions |
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Distribution of property and life insurance products |
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Distribution of financing solutions (loans, long-term leasing, lease with an option to buy, factoring) |
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CIB | Financing Services (Credit, bond issues, securitisation) | Primary and secondary activity on the interest rate, foreign exchange, credit and commodities markets |
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| Derivatives and Equity Services |
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Treasury Management for Corporations and Financial Institutions | M&A advisory |
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| Brokerage, clearing and custody |
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IPS | Credit, deposit collection and investment solutions for Private Banking clients | Third-party asset management for all types of clients | Production and distribution of insurance and savings products (including life insurance) of persons and goods |
| Production and distribution of real estate and management services on behalf of third parties |
These products and services are distributed through BNP Paribas’ downstream value chain by specialised businesses (Retail Banking, for example), thus constituting the commercial activity of the Group’s integrated model. The upstream part of the Group’s value chain and its internal operations constitutes the operational scope, which is essential for its commercial activities. For the purpose of this report, the Group has carried out a double materiality assessment on the value chain of its integrated model, for which BNP Paribas has, through its activities (operational scope and core business), a direct business relationship (customers and counterparties in particular).
This representation describes the Group’s value chain, without distinction by activity or business line, reflecting on the one hand the diversity of services offered to customers by the Group’s business lines, and the scope of application of sustainability policies on the other hand. This value chain therefore includes non-bank subsidiaries such as Arval (long-term vehicle rental) and Cardif (insurer).
The Group’s corporate social responsibility (CSR) strategy consists in supporting all clients, individuals, companies and institutions, in their transition to a carbon-neutral economy that makes reasonable use of the planet’s resources and allows the inclusion of the most vulnerable while having responsible business conduct. The Group relies on all its employees to achieve this.
The strategy is structured around four thematics described below, that reflect its CSR challenges. It is part of a process of continuous improvement and aims to participate in the construction of a more sustainable world while ensuring the Group’s stability and performance. This ambition is reflected in the GTS (Growth, Technology, Sustainability) strategic plan, of which sustainable development is one of the three major axes. Its deployment involves all of the Group’s businesses, functions, subsidiaries and geographies, under the aegis of governance organised at the highest level of the Group and described above.
The strategic plan defines quantified CSR objectives. These indicators reflect the ambition to cover broad fields: energy transition, social inclusion, employee training, etc. They are included in the CSR dashboard (see below) and allow BNP Paribas to monitor and evaluate the effectiveness of its strategy in relation to its sustainability objectives. These objectives are divided into four thematics: economic, social, civic and environmental:
Thematic | Indicator | 2023 Result | 2024 Result | 2025 Objectives | |
|---|---|---|---|---|---|
Economic | 1 | Amount of sustainable loans (in billion euros) | 117 | 133 | 150 |
2 | Amount of sustainable bonds (in billion euros) | 67 | 106 | 200 | |
3 | Amount of assets under management of open-ended funds distributed in Europe articles 8 & 9 according to SFDR (in billion euros) | 254 | 285 | 300 | |
Social | 4 | Share of women among the SMP population (Senior Manager Position) | 37% | 39% | 40% |
5 | Number of solidarity hours performed by employees over two rolling years (#1MillionHours2Help) | 1,268,515 | 1,338,394 | 1,000,000 | |
6 | Share of employees who completed at least four training courses during the year | 98% | 99% | 90% | |
Civic | 7 | Number of beneficiaries of products and services supporting financial inclusion (in millions) | 3.9 | 5.0 | 6.0 |
Environmental | 8 | Amount of support enabling our clients to transition to a low-carbon economy (in billion euros) | 104 | 179 | 200 |
9 | Amount of financing to companies contributing to protecting terrestrial and marine biodiversity (in billion euros) | 4.3 | 5.4 | 4.0 | |
10 | Greenhouse gas emissions (in tCO2e/FTE) | 1.56 | 1.48 | 1.85 | |
The definitions in the dashboard are presented below:
Amount of sustainable loans: amount of loans at the end of the year, drawn and undrawn, identified as sustainable by an internal classification system, granted by BNP Paribas to its clients. The Group’s transaction classification principles are based on external standards such as those of the Loan Market Association as well as on the substantial contribution criteria of the European taxonomy in Europe.
Amount of sustainable bonds: cumulative amount at the end of the year of all types of bonds identified as sustainable according to the guidelines of the International Capital Market Association (ICMA) issued by corporate clients, financial institutions and sovereign clients, and arranged by BNP Paribas (total amount divided by the number of bookrunners).
Amount of assets under management at year-end in open-ended funds distributed in Europe articles 8 and 9 according to SFDR: these are BNP Paribas Asset Management funds.
Percentage of women among the SMP (Senior Management Position) population: the Group’s Senior Management Position population is composed of employees holding approximately 3,000 positions considered to have the most significant impact from a strategic, commercial, functional and expertise point of view. The percentage is calculated on the basis of SMP positions occupied.
Number of solidarity hours performed by employees: as part of the #1MillionHours2Help programme, including long-term corporate volunteering set up under the Diversity and Inclusion Agreement in France.
Share of employees who completed at least four training courses in the year, including mandatory training such as compliance.
Number of beneficiaries of products and services supporting financial inclusion: number of Nickel accounts opened at the end of the year since its creation, and number of beneficiaries of microloans distributed by the Microfinance Institutions financed by the Group (in proportion to the financing) as of 30 September of the year.
Amount of support enabling our clients to transition to a low-carbon economy: cumulative amount at the end of the year of financial support identified as contributing to the transition to a low-carbon economy according to an internal classification system. This amount overlaps with part of the amounts in indicators 1 (sustainable loans) and 2 (sustainable bonds) as well as the financial support provided in some cases in the form of private issues, financial advisory and IPOs.
Amount of financing for companies contributing to the protection of terrestrial and marine biodiversity: cumulative amount at the end of the year of financial products and services (loans, bonds, etc.) contributing to the protection of terrestrial and marine biodiversity. The contribution to the protection of biodiversity is identified by an internal classification system(7). This amount overlaps with part of the amounts in indicators 1 (sustainable loans) and 2 (sustainable bonds).
Greenhouse gas emissions in tCO2e/FTE (kWh buildings and business travel): greenhouse gas emissions for one year for scope 1 (direct emissions due to the combustion of fossil fuels), scope 2(8) (indirect emissions due to the purchase of energy) and for part of scope 3 (emissions related to employee business travel), in terms of the number of Group employees (FTEs).
The year 2024 confirmed BNP Paribas’ position as a global leader in ESG credit and bonds for the consecutive year(9). Despite a slowdown in global economic activity at the end of the year, BNP Paribas is well positioned to achieve almost all its ambitious economic, social, civic and environmental objectives by 2025.
In a growing market for sustainable loans, BNP Paribas maintains its position as a world leader in sustainability-linked loans (SLL) and green loans, which contribute to the good level of sustainable loans granted by the Group (+14%, indicator 1).
In addition, BNP Paribas confirmed its growth (+11% compared to 2023 production) and its position as the world leader in sustainable bonds in 2024 for the second consecutive year according to Dealogic (indicator 2), and as the leader in green bonds.
Thanks to positive inflows and a favourable market effect, the amount of assets under management of the funds opened by BNP Paribas Asset Management distributed in Europe classified as articles 8 and 9 according to the SFDR regulation (indicator 3) rose by 12%, with 43 new funds launched 2024, including 16 funds reclassified as article 8 or 9.
Of the three social objectives, the Group is perfectly in line with its 2025 objectives. The number of women in management is increasing, reaching 39% of the SMP population (indicator 4). The million solidarity hours were exceeded again thanks to the commitment of employees (indicator 5). Finally, the number of training courses completed is well above the target (indicator 6).
The growth of the Nickel accounts and a strong increase in financing for Microfinance Institutions led to a significant increase (+1.1 million) in the number of beneficiaries of products and services promoting financial inclusion (indicator 7).
The indicator relating to customer support in the transition to a low-carbon economy (indicator 8) grew very strongly in 2024 (+25% compared to 2023 production), in particular as a result of the Low-Carbon Transition Group (250 specialised bankers) and the financing granted to individual customers in the area of mobility and housing.
The biodiversity indicator (indicator 9), which is non-material in the sense of the CSRD, continues to grow due to transactions (sustainability-linked loans, sustainability-linked bonds) containing one or more biodiversity-related indicators.
Finally, the level of greenhouse gas emissions per employee decreased again (indicator 10), well above the 2025 target and reflecting the Group’s ongoing efforts to reduce its energy consumption and the business travel of its employees
BNP Paribas’ sustainability strategy takes into accounts the Group’s material impacts, risks and opportunities, and is operationally rolled out in the strategic plan through its sustainability axis. It is itself built around three strategic pillars to accelerate the implementation of the Group’s commitments:
As part of its continuous approach to improving its operational processes, BNP Paribas is facing two particularly salient challenges regarding sustainability issues:
Dialogue with its stakeholders is an integral part of BNP Paribas’ social and environmental responsibility.
The Group’s commitment to maintain an open and constructive dialogue with its stakeholders aims primarily at better identifying and understanding the interests, points of view and expectations of its stakeholders, as well as the impacts of its activity.
The Group can thus take them into consideration in the development of its products and services’ offering, in line with the real needs of customers, the evolution of its activities and the definition of its strategy.
This interactive approach is also key to inform and explain to the stakeholders the Group’s decisions and actions, with the aim of ensuring transparency and clarity.
The Group identifies several stakeholders of different types and with different levels of interaction, including its customers (individuals, professionals, corporate clients and institutions), its employees and employee representative bodies , its shareholders (individual and institutional investors), its suppliers, financial and extra-financial rating agencies, regulatory bodies and public authorities, civil society and its organisations. Some of these stakeholders, with whom BNP Paribas has direct and regular communication, have been included in the double materiality analysis described below.
BNP Paribas has implemented a structured organisation to interact with its stakeholders and relies on several internal policies governing relationships with them to guide its approach. For example:
In addition, each type of stakeholder has identified contacts within BNP Paribas, at the level of a function or a business line. The Group thus adapts and deploys several channels of dialogue with its stakeholders, the main ones being listed below.
Targeted surveys, social dialogue, employee networks, and the whistleblowing platform are among the tools used by the Group to listen to employees.
To better understand employee engagement, their adherence to the Company’s strategy, their perception of management and to measure their level of satisfaction and well-being at work, BNP Paribas has been regularly conducting relationship surveys since 2020, which are delegated to entities around the world. These entities have the opportunity to highlight their own issues and to define specific action plans related to each working environment.
In 2024, 90% of employees were surveyed. The overall engagement score resulting from the consolidation of all local engagement scores reaches a high level of nearly 85%.
In addition, every two years, a global Group survey is conducted among all employees on the topics of Conduct & Inclusion.
Built in consultation with the medical coordinator of BNP Paribas SA in France, based on recognised scientific work, the Group conducts an annual survey to assess the quality of life at work, in order to provide an objective measure of the levels of stress and well-being at work as well as the factors likely to explain them. In 2024, it reached more than 45,000 employees. The survey is used to measure employees’ feelings about their working conditions and to set up action plans as close as possible to the teams.
Social dialogue is essential for the Group in order to integrate the interests and rights of employees into its overall strategy. This commitment is reflected at the European level through Committees promoting social dialogue and at a global level through global Group agreements.
Regarding the employee representative bodies in France, the Central Social and Economic Committee (CSEC) of BNP Paribas SA as well as the CSE of the Group’s subsidiaries in France are regularly informed of the Group’s policy regarding CSR strategy, commitments and achievements. The CSEC of BNP Paribas SA was notably informed in 2024 by the Company Engagement Department, of the Group long-term CSR strategy aiming at supporting its customers and the resulting concrete actions.
At the European level, a European Group Works Council exists since 1996. Indeed, the European Committee (EC)(10) created in 1996 is a structure for information, exchange of views and dialogue that covered 22 European countries and about 73% of total headcount at the end of 2024. Through this body, BNP Paribas has set up a consultation mechanism to ensure that the views of its employees are heard and considered. Thus, in 2024, progress on the implementation of the strategic plan and the associated People Strategy (Human Resources strategy) was shared with the European Committee. Presentations and discussions were held in particular on the Group’s mobility policy, the evolution of the learning experience of employees and the evolution of customer offers.
At the global level, social dialogue is guaranteed by the Global Agreement. Indeed, in line with the 2018 agreement entitled “Fundamental Rights and Global Social Framework” (Global Agreement), a new Global Agreement was signed for four years on 4 November 2024 between BNP Paribas and UNI Global Union, the global union representing the banking and insurance sectors, with the participation of Fecec(11), the Group’s European Works Council and the two representative trade unions at Group level in France. This new agreement reinforces the global social floor common to all Group employees in all the countries in which it operates: new ways of working, technological transformations, professional equality and the fight against discrimination, support for parenthood, health and well-being at work.
The agreement also includes concrete and measurable commitments on human rights and fundamental rights at work, in particular the right to freedom of association and collective bargaining(12), to support the continued sustainable growth of the Group’s activities and the development of satisfactory working conditions for employees. This new agreement will be implemented in all the Group’s locations, thus enriching the common social floor and improving the rights of employees in several countries about local regulations. It will be monitored annually within the framework of a dedicated joint Committee.
BNP Paribas’ internal employee resource groups promote diversity, inclusion and social well-being. They offer spaces for transversal and informal exchanges, constituting information relays and sources of innovation. In 2024, these resource groups organised numerous events in 25 countries on various themes such as professional equality, sexual orientation, intergenerational, parenting, ethno-cultural origins and disability.
BNP Paribas employees have the right to whistleblowing, allowing them to report in good faith serious breaches, threats to the public interest, or violations of standards and regulations, including the Group’s Code of conduct and internal procedures. The right to whistleblowing and the protection of whistleblowers is dealt with in chapter 7.1.4 Own workforce, 2.b Processes for engaging with own workers and workers’ representatives about impacts.
The interests and views expressed by internal stakeholders (employees, social partners) and external stakeholders (investors, NGOs) feed into the Group’s strategic thinking and decisions.
Committed to involving its employees in its strategy, the BNP Paribas Group implements tools in order to regularly listen to its employees and their expectations in order to enrich its strategy and action plan.
The “People Strategy” was developed in 2021 and 2022 by the Human Resources Department and based on listening to a wide variety of employees, in 40 countries, in order to consider their expectations, particularly in terms of strengthening ethics and inclusion, improving the employee experience, and developing skills.
The Company Engagement Department, including the teams in charge of CSR topics, is in regular contact with several external stakeholders (investors, NGOs). Their dialogue with stakeholders informed their work during the construction of the Sustainability pillar of the Group’s strategic plan.
In the context of the European CSRD regulation, the interests and views of several key stakeholders (employees, clients, investors, NGOs) were considered in the realisation of the Group’s double materiality analysis (see section 3.a. Description of the processes to identify and assess material impacts, risks and opportunities of this chapter).
The CSR policy is steered by the teams in charge of CSR within the Company Engagement Department, represented on the Group’s Executive Committee, which regularly decides on CSR issues.
The sustainable finance governance bodies, the Executive Committee and the Board of directors of BNP Paribas are informed of the interests and views of stakeholders on the Company’s impacts in terms of sustainability through the Company Engagement Department. The latter is also represented in the Sustainable Finance Strategic Committee, chaired by the Group’s Chief Executive Officer. This Committee decides on the overall sustainable finance strategy and the commitments made by the Group.
In addition, the major sustainability topics addressed by investors, the Group’s clients and NGOs, as well as the number of interactions with these stakeholders, are presented annually by the teams in charge to the Sustainability Committee, which brings together all the Group’s CSR teams and managers.
The presentations made by the Executive Management to employee representatives in the CSEC of BNP Paribas SA as well as in the CSE of the Group’s subsidiaries in France during the mandatory annual consultations are opportunities to discuss the Group’s strategy, and in particular the sustainability strategy (in its three ESG dimensions). These presentations allow the members of the CSEC to ask questions to the Executive Management, to obtain answers to all their questions and to express their points of view and those of the employees. At the end of these meetings, employee representatives share their observations and points of attention with Executive Management, as was the case in 2024, in particular on better consideration of the voice of employees, on improving communication for employees on the topics of the energy and environmental transition, the quality of life at work and the training and employability of employees, especially seniors. The Executive Management validates the answers to these observations and points of attention, which are then shared by Group Head of Human Resources to the Board of directors and then to the employee representatives.
In addition, with regard to the disclosure of employees’ interests and views relating to the Company’s impacts in terms of sustainability, the Board of directors of BNP Paribas:
The activities of BNP Paribas’ corporate clients are likely to be subject to negative impacts and ESG risks. In order to limit and monitor these potential impacts and risks, measure performance and support clients in the transition, the Group has adopted a comprehensive framework to identify them across all the Group’s activities, and across all environmental, social and governance dimensions. This framework makes it possible to combine both the knowledge and the assessment of each client’s ESG performance through the existing KYC onboarding processes, the ESG Assessment, and the identification of material impacts, risks and opportunities at the level of the Group’s consolidated portfolios, via the risk inventory processes (Risk ID detailed in chapter 5 Risks and Capital Adequacy – Pillar 3, Annex 5: Environmental, social and governance risks), stakeholder consultation and the deployment of the strategic plan.
This framework is operationally integrated through the General Credit Policy, sector-specific policies including ESG criteria, the Global Shareholding Policy, and policies related to the Group’s investment strategies. Thus, these frameworks in place in the various businesses allow for an in-depth analysis and review of ESG criteria during credit or investment Committees, and a client engagement based on an in-depth and documented study.
The complete framework is presented in the graphic below.
The complete framework is presented in the graph below.
The Group was able to capitalise on the framework previously presented in order to conduct its double materiality assessment and identify the material impacts, risks and opportunities (IRO) on the Group’s operational scope and commercial activities, by applying a number of criteria and thresholds detailed below.
The Group carried out the double materiality analysis by following four successive steps to cover ESG topics:
The methodology for double materiality analysis is the same for all ESG topics, without distinction.
The impact identification and assessment methodology is based on the number of requests from the BNP Paribas Group’s main stakeholders, whose requests are available, reliable and centralised within the Company Engagement Department and therefore operationally usable for impact analysis. These solicitations are categorised by ESG sub-topics and cover all the Group’s activities. The impact assessment is carried out in two steps:
BNP Paribas assesses the materiality of impacts for each ESG sub-topic, on a scale of 1-Minimal to 5-Critical, and considers an impact as material from grade 3-Material. The use of this scale makes it possible to identify the material impacts of the Group’s business model in response to stakeholders’ requests with the current tools and knowledge of internal experts.
Please note that:
The risk identification and assessment methodology is based on the result of the Group’s risk inventory process, Risk ID, designed to favour anticipation and promote a forward-looking approach to risk identification by BNP Paribas. Each year, Risk ID contributors have access to an overview of the world’s major risks and additional internal studies on ESG risks. This overview is based on studies by international players (World Bank, Organisation for Economic Co-operation and Development, International Monetary Fund, reinsurers, etc.) dealing, among other things, with ESG topics (climate change, nature, social and corruption, in particular). Based on this documentation and their expertise, Risk ID contributors, risk experts from the Group’s various businesses and entities, including the teams in charge of ESG risks and Compliance:
Based on these elements, the potential expected losses are grouped by ESG risk factors and then compared on a scale of 1-Minimal to 5-Critical. This scale is set to the annualised expected loss threshold, defined by BNP Paribas annually during internal capital adequacy exercises (ICAAP exercise). Thus, the risks related to the ESG sub-topics are defined:
Please note that:
BNP Paribas’ strategic plan identifies development opportunities for the Group. To be consistent with operational tools and processes, the methodology for identifying opportunities is based on this strategic plan and on existing commercial offers linked to ESG sub-topics.
The methodology for evaluating opportunities is based on:
BNP Paribas assesses the materiality of opportunities for each ESG sub-topic, on a scale of 1-Minimal to 5-Critical. The materiality threshold is determined from grade 3-Important and corresponds to an ESG sub-topic related to a strategic commitment followed by a performance indicator.
Please note that:
The Company Engagement, RISK and Finance Functions respectively carry out the analysis of impacts, risks and opportunities, and then a harmonisation is carried out before presentation for validation to the BNP Paribas governance. This overall review ensures the coherence of the three parts of the assessment and is based, where appropriate, on additional ad hoc analyses, for example sectoral heatmaps or available customer questionnaires.
The assessment of impacts, risks and opportunities is based on operational processes already in place, with their own and integrated governance:
BNP Paribas’ operational framework for managing impacts, risks and opportunities covers all ESG topics, but the double materiality assessment as defined above provides a filter for material topics for the Group. An ESG topic is material when:
This process and the results of the double materiality assessment will be reviewed annually and may therefore evolve in the next exercises conducted by the Group. ESG topics and their respective impacts, risks and opportunities assessed as material are presented in the following section.
The double materiality assessment covers all the Group’s entities, in line with the integrated business model. An analysis of the specificities of the Group’s non-bank entities is carried out in parallel to ensure that any specificities, notably in terms of impact are considered.
The consideration of the specificities of the Group’s non-banking entities did not result in the identification of material topics different from those identified at Group level, except for the Arval scope, as shown in the above illustration.
Within the scope of Arval, the impacts assessed as material in terms of pollution are described in the sustainability statements published by the subsidiary under the CSRD.
Topic | Sub-Topic | Value Chain | Category(1) | IRO title | IRO description |
|---|---|---|---|---|---|
Climate change | Climate change adaptation | Core business | Risks(2) | Credit risks arising from physical risks | Credit risks resulting from the intensification of acute and chronic extreme weather events (droughts, heat waves, floods, etc.). |
Climate Change Mitigation & Energy | Core business | Negative impacts | Greenhouse gas emissions by the Group’s customers | Indirect climate impacts, through the financing of greenhouse gas-emitting customers. | |
Risks | Credit risks arising from transition risks | Credit risks resulting from stranded assets and/or the decline in activity in certain sectors exposed to transition risks. | |||
Reputational risks | Reputational risks resulting from accusations of greenwashing and the financing of high-greenhouse gas-emitting sectors. | ||||
Opportunities | Financing the low-carbon transition | Opportunities related to the offer of sustainable products and services that support the transition of customers to a low-carbon economy in all sectors. | |||
Operational Scope | Opportunities | Reduction of the Group’s direct GHG emissions | The reduction of carbon emissions within the Group’s operational scope can lead to opportunities, and particularly a reduction in costs, an image gain and participate in employee awareness. | ||
Own workforce(3) | Operational Scope | Negative impacts | Discrimination, inequality and exclusion | Isolated cases of discrimination, inequality and exclusion among BNP Paribas employees. | |
Violence and harassment at work | Isolated cases of violence and harassment at work among BNP Paribas employees. | ||||
Partial social protection for employees | Employee social protection potentially insufficient in some countries. | ||||
Risks | Psychosocial risks | Psychosocial risks for employees related to the recent evolution of work methods and environment. | |||
HR Legal Risks | HR legal risks: disputes related to discrimination (which may include harassment), poor execution of employment contracts and unequal treatment. | ||||
Opportunities | Gender diversity | By fostering an inclusive, balanced and supportive work environment, BNP Paribas promotes the attractiveness of the Group and retention of high-level talents, thus reducing external recruitment costs. | |||
Work-life balance | Work-life balance, contributing, among other factors, to well-being at work, retention and efficiency at work for employees. | ||||
Skills development | Skills development, which promotes employee satisfaction, retention, skills development and employability of employees and thus reduces external recruitment costs. | ||||
Consumers and end-users(4) | Social inclusion | Core business | Negative impacts | Ineligibility for products or services | Impacts on certain individual customers who are not eligible, because of their profile, for financial products or services essential to their social inclusion. |
Opportunities | Financial inclusion | Offer of products and services promoting social inclusion through financial inclusion. | |||
Clear, transparent and non-misleading information | Core business | Negative impacts | Financial difficulties related to an information default | Impacts on individual clients facing financial hardship, particularly when the information provided on financial products or services is not clear and transparent and not misleading. | |
Risks | Legal and reputational risks related to an information default | Risks related to the protection of the interests of its individual clients, such as the risk of sanctions, fines from regulators, legal proceedings from clients; reputational risk related to the actions of third parties (customers, NGOs, etc.). | |||
Customer satisfaction | Core business | Negative impacts | Dissatisfaction | Dissatisfaction of individual customers related to an operational or commercial subject. | |
Data protection | Core business | Risks | Legal and reputational risks resulting from loss or theft of confidential data | Legal and reputational risks arising from a breach of data protection legislation and/or loss or theft of confidential information of individual customers. | |
Business | Business conduct (including whistleblower protection) | Core business | Risks | Legal and reputational risks related to corruption or influence peddling | Reputational, legal or financial risks for the Group in the event of involvement in acts of corruption or influence peddling, directly or indirectly, actively or passively. |
Political influence and lobbying activities | Core business | Risks | Legal and/or reputational risks related to controversial lobbying activities | Legal and/or reputational risks if the Group makes political contributions and/or controversial lobbying activities made public. | |
Specific to BNP Paribas | Market Integrity and Financial Security | Core business | Risks | Legal risks related to failure to identify suspicious customer activity | Regulatory risks if the Group fails to identify, monitor and report suspicious customer activity. The Group may face administrative and criminal penalties as well as significant remedial costs, if the bank fails to identify and report criminal activities such as money laundering. |
Cybersecurity | Operational Scope | Risks | Operational risks generated by cyberattacks | Operational risks linked to continuity and resilience: system disruption due to cyberattacks. | |
Reputational risks generated by cyberattacks | Reputational risks related to the Bank’s ability to overcome cyberattacks. | ||||
Legal risks generated by cyberattacks | Legal risks caused by the loss or theft of confidential data because of cyberattacks. | ||||
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ESG risks accentuate traditional banking risks, which can increase the pressure on the Group’s financial performance. The Group’s ESG risk management and stress testing framework is integrated into the overall risk management framework broadly described in the chapter 5.3. Risk management.
To limit its negative impacts and potential risks, and to develop its opportunities, BNP Paribas has put in place policies, broken down into specific actions, presented in the thematic chapters of the sustainability statements: chapter 7.1.2 Climate Change, chapter 7.1.4 Own workforce, chapter 7.1.5 Consumers and End-Users, chapter 7.1.6 Business conduct.
Finally, BNP Paribas’ strategic plan identifies climate and social opportunities. This plan is implemented by the operational divisions to manage opportunities through targeted indicators from the CSR dashboard, presented above. (See section 2. Strategy, business model and value chain of this chapter).
Specifically on climate change:
BNP Paribas presents below the Group’s strategy, performance and commitments in relation to climate change stakes.
It develops the following topics:
Strategy: the strategy of credit portfolios alignment with decarbonisation pathways compatible with the Paris Agreement is presented in section 1a. Transition plan for climate change mitigation.
Climate risks and stress testing analysis: BNP Paribas regularly assesses its business model's resilience to physical and transition risks related to climate change. This includes the exercises (stress test) requested by the ECB(17) and the EBA(18). These elements are presented in this chapter, section 1c. Description of the resilience of the Group’s strategy and business model to climate risks.
Policies related to climate change mitigation and adaptation: BNP Paribas describes the policies adopted to manage material impacts, risks and opportunities related to climate change in section 2a. Policies related to climate change mitigation and adaptation in this chapter.
Actions related to the Group’s decarbonisation trajectory: BNP Paribas’ actions in relation to its risks, impacts and opportunities aim to reduce climate change risks by improving its knowledge of its counterparties’ climate profile and trajectory, to minimise its impact by monitoring its credit portfolio alignment in the most emitting sectors, to reduce its carbon footprint on its operational scope and to support its clients in their transition to a low-carbon economy, thanks to suitable sustainable products and services.
Metrics and targets: BNP Paribas presents the Group’s metrics and objectives related to greenhouse gas emissions reduction by sectors. It discloses decarbonisation indicators for the most greenhouse gas-emitting sectors of its credit portfolio as well as the amount of its financed emissions. These elements are presented in section 3. Metrics and targets.
BNP Paribas’ transition plan key elements for climate change mitigation, described below, relate solely to the financial assets of the Group’s bank balance sheet. Climate-related commitments, actions, targets and results related to the Group’s investment activities are described in dedicated publications issued by BNP Paribas Cardif and BNP Paribas Asset Management in response to article 29 of the French Energy and Climate Law No. 2019-1147 of November 8th, 2019. While the strategy, the risks described, and the policies encompass all the Group’s activities, certain actions, targets and metrics are specific to financing activities. Particularly, intermediary alignment targets cover financing granted to non-financial corporates, in accordance with the scope of assets selected for the financed emissions’ inventory presented in section 3.d Gross greenhouse gas emissions of chapter 7.1.2 Climate change, on the most greenhouse gas-emitting sectors.
Due to the absence of sector-specific standards dedicated to the financial sector, and in a regulatory landscape undergoing stabilisation (with different standards referring to similar transition plan requirements), BNP Paribas activates the provision provided in the ESRS 1 standard - paragraph 133 (a) of chapter 10.2 Transitional provision related to chapter 5 Value chain. Its application is specified by the EFRAG on its Q&A platform (FAQ ID1033) published in December 2024(19), and the Group does not disclose any greenhouse gas emission reduction target in absolute value.
In addition, due to the dependence on client or third party data to calculate its emissions, the Group is not able to indicate whether, and if so, when, it would be able to produce reliable targets in absolute value. Indeed, it is necessary to highlight two major obstacles:
BNP Paribas is continuously working to improve data and clients' needs analysis. To date, the Group considers that its approach, which relies on medium-term objectives for steering its portfolio's decarbonisation by sector, is consistent with its past commitments and represents the best response to decarbonisation challenges.
The Group has set intermediary targets to reduce the emission intensity of its credit portfolios in the most greenhouse gas-emitting sectors by 2025 and 2030. The targets, calculation methods, scope and data sources are specified in section 3a. Group’s metrics and targets related to its impact on climate change.
BNP Paribas has also set targets for reducing greenhouse gas emissions within its operational scope, supported by actions to promote the improvement of its building’s energy efficiency and sustainable mobility. Finally, BNP Paribas purchases voluntary carbon credits each year equivalent to the volume of the residual greenhouse gas emissions from its operational scope.
BNP Paribas’ main action lever is to rely on its position as a financial institution to support the ecological transition of economic players. This continuous and holistic commitment enables the Group to be, in 2024 and for the second consecutive year, the world leader in green loans and bonds according to Dealogic(20).
As part of its strategic plan, BNP Paribas has reaffirmed the importance of climate in its strategy. It includes a Sustainability axis whose first strategic pillar is the alignment of credit portfolios with the decarbonisation commitment for the most greenhouse gas-emitting sectors. The second pillar is supporting clients towards a sustainable and low-carbon economy by mobilising internal resources, and the third pillar is strengthening the Group’s expertise, management tools, processes and systems. Each of these three pillars includes significant actions:
Since 2010, BNP Paribas has implemented financing and investment policies covering all of its activities in the economic sectors with the highest environmental or social impact. Some of these policies aim to reduce the Group's credit exposure to the most greenhouse gas-emitting activities, particularly fossil fuels. In this context, the Group has committed to reducing its credit exposure to coal-fired power generation and to the oil and gas upstream activities. Since 2021, BNP Paribas has also been committed to align the credit portfolio of the most greenhouse gas-emitting sectors with trajectories compatible with the objectives of the 2015 Paris Climate Agreement, which aims at “holding the global average temperature rise well below 2°C above pre-industrial levels and pursuing efforts to limit the temperature rise to 1.5°C above pre-industrial levels”. The Group has set targets related to reducing greenhouse gas emissions in nine sectors. This approach constitutes, as of today, the core of its transition plan. The resources deployed and the progress observed are presented below in sections 2e. Resources dedicated to the transition and 2c. Actions related to the management of climate impacts and risks in this chapter.
In addition to its exit from the coal sector, almost completed by the end of 2024, the Group ends since 2023 the financings purely dedicated to the development of new oil or gas fields, regardless of the financing methods. BNP Paribas decided to reduce its credit exposure to oil and gas upstream activities by 80% and 30% respectively by 2030, compared to September 2022.
Since 2023 also, BNP Paribas has further strengthened its ambition to decarbonise its credit portfolio by adopting an exit trajectory from fossil fuel upstream activities. By 2030, low-carbon energies, primarily renewables, must represent at least 90% of the Group’s financed energy mix.
This commitment is reflected in the fast-paced evolution of the credit portfolio, as illustrated in the chart below:
BNP Paribas continues to shift its financing towards low-carbon energies
The figure above illustrates the continued shift of the credit portfolio towards low-carbon energies, with a significant acceleration between September 2022 and September 2024 (+36% on renewable and -51% in fossil energies).
In terms of energy definitions, BNP Paribas makes the following distinction:
In accordance with the criteria set out in article 12(2) of the European Commission’s Delegated Regulation (EU) 2020/1818(21) (EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks), BNP Paribas is not excluded from benchmarks aligned with the Paris Agreement.
The transition plan was approved by BNP Paribas’ Board of directors on February 25th, 2025.
Through the double materiality exercise carried out by the Group and described in chapter 7.1.1. General Information section 3a. Description of the process to identify and assess material impacts, risks and opportunities, BNP Paribas has identified several material impacts, risks and opportunities (IROs) related to climate.
Category | Title of the material IRO | Policies | Actions | Metrics and targets |
|---|---|---|---|---|
Impacts | Greenhouse gas emissions by the Group’s customers |
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|
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Risks | Credit risks arising from physical risks | |||
Risks | Credit risks arising from transition risks | |||
Risks | Reputational risks |
| ||
Opportunities | Financing the low-carbon transition | Supporting its clients in the transition to a low-carbon economy (indicator 8 of the CSR dashboard) |
| |
Opportunities | Reduction of the Group’s direct GHG emissions |
| Initiatives on the operational scope to reduce energy costs, raise awareness and mobilise all employees with the Green Company For Employees programme |
|
| ||||
BNP Paribas regularly assesses the resilience of its strategy and business model to climate-related risks, particularly in the context of the stress tests requested by the ECB and the EBA, as well as annually, within the Internal Capital Adequacy Assessment Process (ICAAP), over a 30-year horizon, as recommended in the ECB’s ICAAP Guide.
Climate stress tests contribute to the analysis of the materiality of risk factors and the anticipation of their expected evolutions. They also help anticipate clients’ financing needs to address their adaptation challenges. The Group’s accounting provisioning and economic capital calculation are adjusted based on stress tests to include material climate risk factors' effects.
Climate stress tests also contribute to part of the Group’s risk appetite metrics and are used to set their alert thresholds.
Emission intensity targets are considered as a commitment to follow (risk appetite metrics) in balance sheet projections and are combined with risk concentration and profitability outlook metrics.
The strategy also feeds back into stress tests – sector policies applied or given business priorities that influence balance sheet dynamics.
An example of indicator is the monitoring of the exposure percentage subject to high flood risk
The Group takes into account the stress tests' results into its strategy by periodically presenting them to the Group’s General Management and to the Internal Control, Risk Management and Compliance Committee (CCIRC) of the Board of directors and by integrating climate risk into the calculation of internal capital.
Presentation of these results is on request if deemed necessary depending on the sector. This highlights the fact that the climate scenario analysis system is agile enough to respond to specific needs not included in ICAAP tests or requiring further investigation. For instance, this was the case for the residential real estate sector, where stress tests related to ESG and climate change issues were conducted and presented to the Risk and Development Policy Committee (RDPC(22)) which validates the development plan and underlying risk profile of a sector or an activity. In addition, climate transition indicators and associated performance indicators have already been integrated into the Group’s Risk Appetite Statement(23) (RAS).
Furthermore, improving BNP Paribas’ stress testing infrastructure for a more comprehensive consideration of ESG factors is an ongoing process and a clearly defined priority for the Group.
Besides the internal exercises and processes mentioned above, BNP Paribas participates in other stress tests, leveraging its climate scenario analysis infrastructure, particularly to serve local needs. In this context, during 2024, central teams supported the Hong Kong branch in conducting voluntary climate stress tests organised by the Hong Kong Monetary Authority.
This exercise notably allowed the Group to:
It should be noted that, to date, compared to climate physical risks(24), the risk factor related to climate transition could impact banks’ cost of risk, particularly in the event of a delayed transition. If the implementation of climate change mitigation policies were delayed, it would lead to a more abrupt and costly transition after 2030 to limit global warming, due to the need to reduce greenhouse gas emissions at a faster pace from a higher level.
The ICAAP includes the analysis of the consequences of climate scenarios on the Group’s credit, market and operational risks.
Since 2021, BNP Paribas has significantly enhanced its stress testing infrastructure for climate risk factors, particularly by leveraging the achievements delivered through the preparation of ECB’s 2022 climate stress test and the 2023 Internal Capital Adequacy Assessment Process (ICAAP), as well as by improving the risk identification process.
Building on the progress made, BNP Paribas was able to complete its 2024 ICAAP with:
The climate stress testing process is based on several internal and external inputs at different levels of granularity. Internal data are those related to BNP Paribas’ portfolios included in the stress test perimeter:
External data are related to macroeconomic information required for projections. They are collected at the geographical and sectoral level when available. Extension to the appropriate granularity for stress tests can be achieved, particularly for transition risk, via the general equilibrium model(26): certain financial statements indicators are estimated at the country and sector level conditionally to the climate scenarios analysed. For physical risk, estimated asset damage related to riverine and pluvial flood assumptions under the RCP 8.5 scenario(27) is collected from an external provider based on the geolocation of BNP Paribas’ assets.
Thus, the following sources of uncertainty are related to climate stress testing processes:
Transition risk stress tests are conducted at 2050 horizon. There is no distinction between short, medium and long term.
The methodology used for the dynamic projection of the Group’s balance sheet on the analysed perimeter (non-financial corporate portfolio) takes into account several structuring assumptions regarding economic growth under conditions of transition to a climate-neutral economy and the alignment of assets and economic activities with the transition, including:
As part of the ICAAP 2024, BNP Paribas tested its current real estate portfolio (Italy, Belgium, France, Luxembourg and Poland) against pluvial and riverine flood risk under RCP 8.5 conditions by 2085 assuming basic macroeconomic conditions. The Group took the assumption of a deterioration in collateral values due to damage impacts and a broad revaluation of properties, reflecting higher insurance costs. There is no time horizon for physical risk scenarios (immediate impact of a given event).
By 2050, under the conditions of the tested scenarios, the evolution in energy and carbon prices would significantly impact the economic sectors currently considered the most carbon emissive. BNP Paribas’ support to its clients in their energy transition could therefore result in increased exposure to these emitting sectors, hence a potential increase in the cost of risk, especially in the event of a disorderly transition.
The scenario’s impact is mainly observed through the shock in asset value driven by higher insurance cost and damages. Through various simulations conducted, the cost of risk would be particularly sensitive to assumptions of insurance premium level and the potential increase in default probabilities for stranded assets.
It should be noted that the impact in France is significantly reduced thanks to the guarantee provided by Crédit Logement on residential real estate. For commercial real estate, the natural disaster fund scheme is also a diversification factor, thus reducing risk.
Various climate supervision tests conducted on market activities have shown the adequacy of the existing analysis infrastructure.
In addition, BNP Paribas participates in the ISDA(29) Trading Book Climate Scenario Working Group, which aims at providing a common view on short-term climate scenarios for the trading book. In February 2024, this working group published a white paper(30) with three different scenarios:
Operational risk losses were calculated based on the selection of potential incidents identified as driven partially or fully by climate change: 23 potential incidents for physical risk were identified. The projections are made over a one-year horizon. Correlation effects with other potential incidents are considered in the measurement of climate change-related loss and are not considered independently of each other. Two types of approaches can be considered to measure the impact of these identified potential incidents:
The levels of operational risk loss from climate-related events obtained by these two approaches appear consistent with the analysed incidents.
It should be noted that for BNP Paribas, remote working agreements in place are a source of operational risk reduction.
Reputational risk is addressed by several BNP Paribas business lines, that have designed related scenarios in collaboration with the RISK and Product Strategy Marketing teams, including Asset Management, CPBS, CIB Global Markets and CIB Global Banking EMEA. Impacts are quantified based on expert judgment and the exercise is part of the Group Risk Identification process (Risk ID).
BNP Paribas has established a set of policies to frame its activities and business relationships.
The Group’s financing and investment activities are governed by eight sectoral policies, four of which are directly related to climate change:
These policies, by limiting the Group’s exposure to the most greenhouse gas-emitting sectors, also reduce its transition risks.
The aforementioned policies are continuously updated by the Group’s interaction with its stakeholders, including investors, NGOs, etc. (see section 7.1.1 General information, 2.b Interests and views of Stakeholders) and by best practices established by international or sectoral organisations.
BNP Paribas adopted a methodological approach of continuous improvement and recognises the following hierarchy of principles for action against climate change:
The Group has defined policies related to the energy management of buildings and business travel, for example, which contribute to reducing the carbon footprint of the Group’s operations.
In addition, to achieve its commitment to reduce the environmental footprint of its direct operations, the Group relies on Green Company For Employees, an internal programme, which accelerates the reduction of BNP Paribas’ direct environmental footprint by giving a central place to the participation of all employees.
Finally, the Group has adopted a Sustainable Sourcing Charter(31) provided to all its suppliers and subcontractors to ensure that its environmental requirements and principles are respected, particularly regarding greenhouse gas emissions. This initiative is joint with several French players in the Banking and Insurance sector who wish to involve their suppliers in implementing vigilance measures as part of their CSR approaches.
Policies | Description of the content of the policy | Description of the scope of the policy or its exclusions | Description of the most senior level of the organisation accountable for implementing the policy | Interaction with stakeholders |
|---|---|---|---|---|
Sectoral Policy – Oil and gas | The document presents the commitments made by the Group in its financial relationship with companies in the oil and gas sector. It provides a framework for financing arrangements, defines criteria for granting funding credit and specifies sector-related exclusions. | This policy applies to all BNP Paribas entities and covers all financial products and services provided by the Group. | Heads of CIB, CPBS and IPS divisions. | Publication on the BNP Paribas website. A copy of this policy is also systematically provided to existing and potential clients as part of the KYC process or for discussion about the offering of any financial service. |
Sectoral policy – Mining industry | The document presents the commitments made by the Group in its financial relationship with companies in the mining sector. It provides a framework for the terms and conditions for financing a project or granting credit, the criteria for entering a relationship, and exclusions (geographies, projects related to thermal or metallurgical coal extraction, etc.). | This policy applies to all BNP Paribas entities and covers all financial products and services provided by the Group. | Heads of CIB, CPBS and IPS divisions. | Publication on the BNP Paribas website. A copy of this policy is also systematically provided to existing and potential clients as part of the KYC process or for discussion about the offering of any financial services. |
Sectoral policy – Coal-fired power generation | The document presents the commitments made by the Group in connection with the financing of companies in the coal-fired power generation sector. Particularly, it includes the timetable for the complete exit from thermal coal financing. | This policy applies to all BNP Paribas entities and covers all financial products and services provided by the Group. | Heads of CIB, CPBS and IPS divisions. | Publication on the BNP Paribas website. A copy of this policy is also systematically provided to existing and potential clients as part of the KYC process or for discussion about the offering of any financial service. |
Sectoral policy – Nuclear energy | The document presents the commitments made by the Group in connection with the financing of companies in the nuclear energy sector. It specifies the rules and evaluation criteria relating to the financing of nuclear power plant projects and in connection with financial services for companies in the sector. | This policy applies to all BNP Paribas entities and covers all financial products and services provided by the Group. | Heads of CIB, CPBS and IPS divisions. | Publication on the BNP Paribas website. A copy of this policy is also systematically provided to existing and potential clients as part of the KYC process or for discussion about the offering of any financial services. |
Sustainable Sourcing charter | The document presents the reciprocal ESG commitments made by the Group and its suppliers. | The entire BNP Paribas Group. | Head of Procurement & Performance. | Distributed to the Group’s suppliers and buyers. Publication on the BNP Paribas website. |
IMEX Environmental and Energy Policy (internal document) | The document presents, in particular through the Green Building initiative, BNP Paribas’ approach to the environmental management of the Group’s premises (sustainable improvement of the environmental impact of operations, maintenance and management of premises works, etc.). | The entire BNP Paribas Group. | Head of Group Operating Real Estate (IMEX). | All real estate and CSR experts in France and abroad are involved in contributing to commitments through the deployment of action plans aimed at reducing the carbon impact of our buildings. Service providers, lessors of rental addresses, as well as internal and external occupants are made aware of and involved in the success of this policy. |
BNP Paribas Group Travel Policy (internal document) | This document describes the rules to be followed by employees in the management of their business travel, particularly by encouraging them to reduce their environmental footprint. | The entire BNP Paribas Group. | Head of Procurement & Performance (Purchasing Department). | Published and available online for all Group entities. |
These policies help reduce the physical or transition risks incurred by the Group while minimising its impact on the most greenhouse gas-emitting activities, projects and sectors. They guide its financing and investments towards opportunities arising from activities and projects compatible with the 2015 Paris Climate Agreement.
The implementation of BNP Paribas’ commitments is reflected through a combination of multiple and diverse actions across all its operational entities. The Group measures the effectiveness of its actions in terms of reducing the greenhouse gas emissions of its counterparts and its operational scope:
The implementation of sectoral policies is complemented by the establishment of monitoring and exclusion lists, depending on the level of deviation from the policy, particularly in the event of non-compliance with climate-related criteria. Companies under monitoring are subject to engagement measures by the Group to sustainably modify their practices and reduce their ESG risks, particularly those related to climate change. For companies under exclusion, the Group prohibits any financing or investment relationship.
The ESG Assessment is used by bankers within the Corporate & Institutional Banking (CIB) and Commercial, Personal Banking & Services (CPBS) divisions to have a holistic view of the client's ESG profile. It provides insights into how its clients approach ESG topics, including their performance on climate transition. It contributes to an analysis allowing the Group to direct its financing towards clients and projects that align on its decarbonisation trajectory.
After deploying the ESG Assessment for large corporate clients, the Group continued its deployment in 2024 to financial institutions and companies with revenues exceeding EUR 50 million selected according to risk criteria. For more details, see chapter 5 Risks and Capital Adequacy – Pillar 3, Annex 5: Environmental, social and governance risks.
BNP Paribas has taken significant measures to align its credit portfolio with a trajectory compatible with the 2015 Paris Climate Agreement, by implementing actions in the most greenhouse gas-emitting sectors. For each sector, BNP Paribas has based its approach on a reference scenario compatible with this commitment, having the best quality guarantees and recognised by experts, whether it is the IEA(33) or a sectoral scenario when it appears more relevant (aluminium or real estate, for example).
To operationally integrate its commitment to align its credit portfolios with the 2015 Paris Agreement’s objectives, the Group is gradually deploying during credit committees and to all concerned bankers and decision-makers, a set-up to ensure client trajectory analyses’ appropriation and systematic integration in regards to the Group’s portfolio trajectory. This set-up relies on making sectoral dashboards and client information sheets available, on sharing automatically this information in the distribution tools and on deploying trainings. By focusing its financing on projects or companies that contribute to the decarbonisation levers of sectors (new technology, electrification, etc.), the Group is steering the decarbonisation trajectory of its financing portfolio to achieve its targets.
The Group is implementing the following actions:
In 2024, the Group pursued its actions, which resulted in a EUR 0.9 billion decrease in its credit exposure to oil exploration and production (from EUR 3 billion as of 31 December 2023 to EUR 2.1 billion as of 31 December 2024) and a EUR 0.8 billion decrease for gas exploration and production (i.e. EUR 2.7 billion as of 31 December 2024).
As of 31 December 2024, the oil and gas sector's financed emissions, as monitored by the Group in its alignment targets, amounted to 9.5 MtCO2e, a decrease of 40% compared to 31 December 2023 and 65% compared to 30 September 2022.
The main decarbonisation lever identified for the Group is the reduction of its exposure to the upstream oil and gas sector.
The emission intensity of the power generation credit portfolio amounted to 129 gCO2/kWh(36) as of 31 December 2024, compared to 148 gCO2/kWh as of 31 December 2023, reflecting the decrease in the share of coal and oil in the electricity mix of the Group’s clients, these two energy sources being the most CO2 emitting, as well as the sharp increase in renewable energy financings.
In addition, the Group calculates and monitors the electricity mix in terms of installed capacity in its power generation portfolio. The electricity mix financed by BNP Paribas in 2024 contains significantly more renewable capacity (70% vs. 65%) and shows a continued reduction in the share of coal in the capacity mix (4% vs. 5%) compared to 2023.
The main decarbonisation levers that BNP Paribas takes into consideration in managing the sector’s credit portfolio are the financing towards low-carbon energies, mainly renewables, the withdrawal from the coal sector, and the reduction in the use of fossil fuels for power generation.
As of 31 December 2024, the share of electrified vehicles(37) in the powertrain technology mix of the BNP Paribas’ financed automotive manufacturing portfolio continued to increase, albeit at a slower pace, reaching 16% as of 31 December 2024 compared to 15% as of 31 December 2023.
The portfolio’s emission intensity decreased by 6 gCO2/km WLTP(38) compared to 2023, to reach 145 gCO2/km as of 31 December 2024.
This decrease is due to the combined effect of the share of electric vehicles in the portfolio and the reduction of combustion engines' average emissions.
The main client decarbonisation lever that BNP Paribas takes into consideration in managing the sector’s credit portfolio is the increase in the electrification of the vehicles produced.
The emission intensity of BNP Paribas’ steel portfolio remained stable on 31 December 2024 (1.5 tCO2/tonne of crude steel) compared to December 2023. This stability is linked to the fact that part of the clients’ new production capacity, at lower intensities (e.g. direct reduction - electric arc furnaces), is expected to become operational starting from 2027. BNP Paribas’ steel portfolio emission intensity remains below the global average emission intensity of 1.8 tCO2/tonne of crude steel.
The main client decarbonisation levers that BNP Paribas takes into consideration in managing the sector’s credit portfolio are electrification (replacement of blast furnaces with electric arc furnaces), the use of low-carbon hydrogen or the capture of residual emissions from emitting steel mills.
The emission intensity of BNP Paribas’ aluminium portfolio decreased by 9% as on 31 December 2024 (5.3 tCO2e/tonne of aluminium) compared to 31 December 2023 (5.8 tCO2e/tonne of aluminium). This is due to increased exposure to low-emission players (for example, using electric arc furnaces). This intensity remains below the global average (11.2 tCO2e/tonne of aluminium in 2023), as the Group’s financings are mainly granted to clients operating in Europe and the Middle East, where the energy mix presents limited exposure to coal.
The main client decarbonisation levers that BNP Paribas takes into consideration in managing the sector’s credit portfolio are recycled aluminium in the secondary production and, in primary production, the use of low-carbon electricity.
Based on the latest client data available, the emission intensity of the cement portfolio at the end of 2023 stood at 0.63 tCO2/tonne of cementitious product, leading to a 2% year-over-year reduction. The average carbon emission has decreased due notably to the Group’s clients’ actions.
The main levers of client decarbonisation that BNP Paribas takes into consideration in managing the sector’s credit portfolio are energy efficiency solutions (furnaces modernisation, waste heat recovery) and optimisation of the clinker to cement ratio(39), in the short and medium term. Carbon capture and storage solutions will be an important lever for residual emissions from this sector.
As of 31 December 2023, the sector’s emission intensity stood at 904 gCO2e/RTK(40), down by 5% compared to 31 December 2022. This result reflects better aircraft load factors and BNP Paribas’ financing of more efficient new generation aircraft.
The main levers of client decarbonisation that BNP Paribas takes into consideration in managing the sector’s credit portfolio are an enhanced operational efficiency (air traffic optimisation), fleet renewal and sustainable aviation fuels. In the longer term, projects for new propulsion systems (hydrogen, electric or hybrid) will play an important role.
As of 31 December 2023, the sector’s emission intensity stood at 8.2 gCO2e/dwt.nm(41), a decrease of 1% compared to 31 December 2022. This result reflects better climate performance of the new vessels financed by BNP Paribas.
The main client decarbonisation levers that BNP Paribas takes into consideration in managing the sector’s credit portfolio are fleet renewal and retrofitting(42), speed reduction and alternative fuels with lower emissions.
As of 31 December 2023, the emission intensity of the commercial real estate sector stood at 27.7 kgCO2e/m2, a 2% decrease compared to 31 December 2022. This result mainly reflects a reduction of real estate client’ emission intensity in the unsecured portfolio.
The main decarbonisation drivers of clients that BNP Paribas takes into consideration in managing the sector’s credit portfolio are the reduction of energy consumption in buildings (energy efficiency improvements) and a larger proportion of low-carbon energies used in the energy mix.
At the end of 2023, the average emission intensity of the residential real estate sector in the portfolios of the Group's three main markets (France, Belgium and Italy), i.e. nearly 94% of the Group’s credit exposure in the sector, amounted to 35.0 kgCO2e/m2/year, compared to 35.5 kgCO2e/m2/year at the end of 2022. Average intensities were decreasing in all three markets:
These decreases can be related to the first effects of My Sustainable Home initiative.
While each country’s energy mix remains the main factor in decarbonisation, BNP Paribas supports its clients by offering them products and services that contribute to the sector’s gradual transition (see section 2d. Group actions related to climate change opportunities).
Agriculture has the particularity of being at the heart of environmental (greenhouse gas emissions, water consumption, deforestation, etc.) and social challenges. It is both highly vulnerable to climate change and a major lever for solutions (renewable energy, sustainable agroecological practices, carbon capture in soils).
BNP Paribas is committed to developing its employees’ skills, as well as products and services to promote the transition to a more sustainable agriculture. The Group has set up a centre of expertise for the agri-food sector, the hub BNP Paribas International Food & Agri, hosted within the BNP Paribas Bank Polska entity. This centre has developed the “Agronomist.pl” platform, a toolkit to support the agroecological transition of producers and agri-food companies. It is enriched by experts and specialised analysts and allows the bankers to dialogue with agricultural producers and agri-food companies. This expertise is shared within the BNP Paribas Group through a dedicated Sustainable Agriculture community that brings together all the teams in charge of agriculture in the European markets.
The main decarbonisation levers are as follows:
According to the World Energy Outlook published by the International Energy Agency in 2024, global investments in the energy sector are expected to exceed USD 3 trillion for the first time in 2024. About USD 2 trillion is expected to be spent on clean energy technologies and infrastructure, almost twice the amount dedicated to new oil, gas and coal supply combined. In the NZE scenario, low-carbon energies will represent more than 95% of the energy investments by 2035, for a total of USD 5.2 trillion.
To meet these challenges and achieve these changes, massive investments are needed from companies, institutional investors and the public sector. By supporting its clients transition to a low-carbon economy, BNP Paribas is convinced that it can make a positive impact on a more sustainable economy, while ensuring a solid long-term performance.
These opportunities are reflected in BNP Paribas’ strategic objectives, particularly its commitment to supporting its clients in their transition to a low-carbon economy, notably through the action of the Low-Carbon Transition Group, described in the 2.e Resources dedicated to the transition section. The Group has set a target, included in the CSR dashboard (presented in chapter 7.1.1 General Information, 2.a Strategy, business model and value chain) of EUR 200 billion of products and services (credits, bonds, private placements, financial advisory, etc.) to support its clients’ low-carbon transition by 2025. At the end of 2024, this amount reached EUR 179 billion.
The Group offers a range of banking and non-banking solutions to support its clients in their energy and ecological transition. These offers cover a range of climate issues: reducing energy consumption, decarbonising or financing for greenhouse gas emissions reduction projects.
The Group relies on specialised bankers in advisory and sustainable finance, notably the Low-Carbon Transition Group and the Low-Carbon Transition for MidCaps and SMEs operating in all sectors and geographies. Particularly, the following sectors are major opportunities:
For real estate acquisition and energy renovation projects for individuals, the Group has developed services and solutions to support its clients in their projects. Thus, within the CPBS division, the My Sustainable Home initiative structures the approach of operational entities, around four main levers:
To support the decarbonisation of its clients’ mobility, the Group offers:
BNP Paribas takes action to reduce its direct environmental footprint, aiming for exemplary and raising employee’s awareness, thus contributing to the energy transition the Group is engaging with its clients.
BNP Paribas has measured its energy consumption and greenhouse gas emissions in its operational perimeter (scope 1, scope 2 and scope 3 for business travel) since 2012, and has gradually reduced them by cutting down energy consumption on its premises, using less energy-intensive IT equipment and regulating business travel, as well as increasing the use of low-carbon energies.
The results of the energy-saving plans and energy investment plans continue to bear fruit with a decrease in energy consumption in buildings.
In 2024, total energy consumption was 778 GWh, a 52 GWh(44) ,a 6.2% decrease, compared to 2023 (830 GWh), with 27.2% coming from nuclear sources and 42.7% coming from renewable sources. The renewable part comes either from the purchase of renewable electricity certificates called Power Purchase Agreements (PPAs), or from the direct consumption of renewable energy produced by the Group’s buildings. Renewable energy consumption thus accounted for 33.3% of total energy consumed. This share of renewable energy reflects the Group’s voluntary actions and could be increased by considering the share of renewable energy specific to each national energy mix (about 10% of the energy consumed).
These measures help to limit the CO2 emissions associated with the Group’s electricity consumption, with a reduction accounted for in the market-based(45) approach. These amounted to 192,431 tCO2e in 2024, a reduction of 71,243 tCO2e over the year compared to the location-based(46) calculation.
The Group real estate operating function (IMEX), through the Green Buildings programme, coordinates in France and internationally an approach to improve site operations to sustainably reduce the Group’s environmental footprint. Thus, the carbon footprint reduction plan for the real estate portfolio in France is based on three main levers:
The French Sustainable Digital programme has defined ten principles attached to the Group’s IT Charter that apply to the entire IT functions worldwide. Various levers are exploited:
Beyond the tools and the development of products and services that enable the Group to steer its climate trajectory and support its clients’ transition, BNP Paribas relies on a set of dedicated teams to lead the transition and accelerate the integration of climate considerations across all Group activities.
The Company Engagement Department, which includes the teams in charge of CSR, is responsible for implementing BNP Paribas’ CSR strategy. Leveraging its experts in sectors with significant climate impact (oil and gas, automotive, agriculture, etc.) and across the CSR network within the Group’s entities, it supports the business lines and contributes to manage ESG risks in connection with the RISK Function. It is also in charge of sharing CSR progress with the Communication Department, and liaising with certain key stakeholders (NGOs, investors).
The CSR Department operates within the entities, business lines, functions and subsidiaries to facilitate the deployment of policies and ESG Assessment throughout the Group, with over 300 employees dedicating all or most of their time to CSR topics.
The Low-Carbon Transition Group, created in 2021, is a global platform bringing together an ecosystem of nearly 250 bankers dedicated to supporting international clients, corporates and financial institutions, in accelerating their transition to a sustainable and low-carbon economy. A continuum of banking and non-banking solutions is therefore provided for the economy’s decarbonisation, particularly in the energy, mobility and industry sectors. It develops specific expertise to support the development of new value chains such as batteries, green hydrogen and low-carbon fuels, as well as CO2 sequestration. At the same time, the Low-Carbon Transition for MidCaps and SMEs (LCTM) is a team dedicated to this client segment and whose aim, together with CPBS’ sales teams, is to accelerate the support for clients’ sustainable transition and to contribute to the management of the Group’s credit portfolio in line with its climate commitments.
Finance, RISK and ALM Treasury functions have created a joint team, Stress Testing & Financial Simulations (STFS), in charge of the deployment of stress testing activities, including climate stress testing and Internal Capital Adequacy Assessment Process (ICAAP).
The Climate Analytics and Alignment team consists of employees from Group Company Engagement and CIB Global Banking EMEA. It develops and deploys sectorial portfolio alignment methodologies, in accordance with industry standards, and calculates the Group’s credit portfolio metrics which allow the portfolio monitoring in the most greenhouse gas-emitting sectors and external reporting.
Finally, the Sustainability Academy, launched at the end of 2022, is an evolving platform that trains the Group’s employees on ecological transition and climate change issues, enhancing their skills in this area. Close to 133,000 employees have completed at least one training course since its creation.
BNP Paribas has decided to gradually align its credit portfolio with the objectives of the Paris Agreement. In 2021, the Group committed to defining intermediate alignment targets for the most greenhouse gas-emitting sectors that are compatible with the net zero emission (NZE) scenarios in 2050, particularly those of the International Energy Agency (IEA).
For each sector, the Group has chosen a reference year that is no earlier than two years at the time of setting the targets, i.e. between 2020 and 2022.
Since 2022, the Group has progressively defined greenhouse gas emissions metrics, for ten sectors in its portfolio. Nine sectoral targets are presented in the following table.
| Methodology | Targets and Baseline | |||||
|---|---|---|---|---|---|---|---|
| Emission scope Value chain considered | GHG considered | Scenario | Units | Baseline [Year as of 31/12 unless otherwise stated] | N [Year as of 31/12] | Target [Year as of 31/12] |
Oil & Gas | - (upstream) | - | IEA NZE 2050 | Upstream credit exposure in billions of euros | Oil: 5.0 Gas: 5.3 [Q3 2022] | Oil: 2.1 Gas: 2.7 [2024] | Oil: ≤ 1 (-80%) Gas: [2030] |
1, 2 and 3 (upstream and Refining) | CO2 CH4 | MtCO2e | 27.3 [Q3 2022] | 9.5 [2024] | ≤ 8.2(-70%) [2030] | ||
Power generation | 1 (production) | CO2 | IEA NZE 2050 | gCO2/kWh | 208 [2020] | 129 [2024] | ≤ 146(-30%) [2025] |
Automotive | 3 (car manufacturer) | CO2 | IEA NZE 2050 | gCO2/km WLTP | 183 [2020] | 145 [2024] | ≤ 137(-25%) [2025] |
Steel | 1, 2 and partially 3 (iron and steel production) | CO2 | IEA NZE 2050 | tCO2/t | 1.6 [2022] | 1.5 [2024] | ≤ 1.2(-25%) [2030] |
Aluminium | 1 & 2 (foundry) | CO2 PFC | IAI(1) 1.5° | tCO2e/t of aluminium | 6.2 [2022] | 5.3 [2024] | ≤ 5.6 (-10%) [2030] |
Cement | 1 & 2 (limestone extraction + clinker and cement production) | CO2 | IEA NZE 2050 | tCO2/t of cementitious product | 0.67 [2021] | 0.63 [2023] | ≤ 0.51 (-24%) [2030] |
Aviation | 1 & 3 (cat. 3 for airlines or cat. 13 for leasers) | CO2 N2O CH4 | MPP(2) Prudent scenario | gCO2e/RTK | 956 [2022] | 904 [2023] | ≤785 (-18%) [2030] |
Shipping | 1 & 3, cat. 3 “Well-to-wake” (use of ships) | CO2 N2O CH4 | DNV(3) 1.6°C | AER(4) in gCO2e/dwt.nm | 8.3 [2022] | 8.2 [2023] | 5.6 – 6.4 [2030] |
Commercial Real Estate | 1, 2 and where applicable 3 cat. 13 (ownership and operation of buildings) | CO2 N2O CH4 fluorinated gases | CRREM(5) V2.02 | kgCO2e/m2 | 28.4 [2022] | 27.7 [2023] | 16.7 – 19.5 (-41 to -31%) [2030] |
Residential Real Estate | 1 & 2 (ownership and operation of buildings) | CO2 N2O CH4 fluorinated gases | CRREM V2.02 | kgCO2e/m2 | Group: 35.5 France: 20.2 Belgium: 59.7 Italy: 34.4 [2022] | Group: 35.0 France: 19.7 Belgium: 58.4 Italy: 33.1 [2023] | - |
| |||||||
The metrics presented above include estimates described in Appendix 2: Disclosure of information in relation to specific circumstances.
Since 2023, BNP Paribas has strengthened its ambition to reduce its activity in the oil and gas sector with three 2030 targets. BNP Paribas has committed to reducing:
The Group’s financed emissions metric is computed using the following data sources:
The Group has been monitoring the emission intensity of its power generation credit portfolio since 2020. It includes direct emissions (scope 1) from producers, and is measured in grammess of CO2 per kWh. It is calculated using the following data sources:
For this sector, BNP Paribas has set the target of a portfolio emission intensity of less than or equal to 146 gCO2/kWh by 2025, based on the IEA’s NZE scenario.
In addition, the Group monitors operational metrics and has chosen to set the following targets for 2025:
The emission intensity of clients in the sector is measured in grammes of CO2 per kilometre WLTP (tailpipe emissions). The measurement focuses on the scope 3 of car manufacturers.
Emission intensity is calculated using the following data sources:
For this sector, BNP Paribas has set an emission intensity target of less than or equal to 137 gCO2/km WLTP by the end of 2025, based on the IEA’s NZE scenario.
The operational metric tracked by the Group is the share of electrified vehicles in the technology mix of the BNP Paribas’ financed automotive manufacturing portfolio. The target should be greater than or equal to 25% by the end of 2025.
BNP Paribas annually calculates the emission intensity of its clients in the steel sector (crude steel) measured in tonnes of CO2 per tonne of crude steel (manufactured from iron ore) and secondary steel (manufactured from recycled steel). The measure includes direct emissions (scope 1), indirect emissions related to energy purchases (scope 2) and to purchases of partially processed raw materials (scope 3) for non-fully integrated players. The preparation of raw materials and the manufacture of cast iron and steel are considered in the value chain. Upstream (iron extraction) and downstream (e.g. finishing stage) activities are excluded.
The Group’s emission intensity is estimated using the following data sources:
For this sector, the Group has set a credit portfolio intensity target of less than or equal to 1.2 tCO2/t of crude steel by 2030, based on the IEA’s NZE scenario.
The emission intensity of clients in the aluminium sector is measured in tonnes of CO2 equivalent per tonne of primary aluminium (manufactured from bauxite). The measure includes direct CO2 and perfluorocarbon (PFC) emissions and (scope 1) and indirect energy purchase emissions (scope 2) from aluminium production (electrolysis). Upstream activities (bauxite mining), alumina manufacturing and downstream activities (e.g. extrusion) are excluded.
The Group’s emission intensity is estimated using the following data sources:
For this sector, the Group has set a credit portfolio intensity target of less than or equal to 5.6 tCO2e/t of primary aluminium by 2030, based on the International Aluminium Institute (IIA)’s 1.5°C scenario.
The emission intensity of clients in the cement sector is measured in tonnes of CO2 per tonne of cementitious product. The measure includes direct emissions (scope 1) and indirect emissions related to the purchase of energy (scope 2). Direct emissions include emissions from alternative fuels but exclude those from biomass. The value chain segment under consideration is limestone production, and clinker and cement production. Upstream activities (extraction of raw materials) and downstream activities (e.g. concrete production) are excluded.
The data provided for the reference year are from the end of 2022, with BNP Paribas relying on client data and public commitments arising from the Annual Reports published in 2023. For 2024, this same one-year lag exists (2023 data).
For this sector, the Group has set a credit portfolio intensity target of less than or equal to 0.51 tCO2/t of cementitious product by 2030, based on the IEA’s NZE scenario.
The emission scope of the sector includes scope 1 and scope 3’s category 3 for airlines (fuel and energy-related activities that are not included in scope 1 or scope 2) and scope 3’s category 13 for lessors (downstream leased assets). Emissions are measured on a well-to-wake basis, which includes the emissions released during combustion, as well as upstream fuel emissions (which are negative for Sustainable Aviation Fuels). All Kyoto Protocol GHGs (CO2, CH4 and N2O) are in scope.
BNP Paribas’ portfolio emission intensity measurement in this sector focuses on the operations of commercial aircraft, whether owned by airlines or lessors, which represents most of CO2 emissions along the value chain.
Emission intensity is defined in grammes of CO2 equivalent per Revenue Tonne Kilometre (RTK), with RTK being a unit of traffic measurement corresponding to one metric tonne of payload carried one kilometre.
By 2030, BNP Paribas targets a reduction of 18% of its Aviation portfolio emission intensity compared to 2022, representing 785 gCO2e/RTK, in line with the Mission Possible Partnership Prudent (MPP PRU) scenario projections.
The emission scope of the sector includes scope 1 and scope 3’s category 3 (fuel and energy-related activities that are not included in scope 1 or scope 2) of ship owners and operators. Emissions are measured on a well-to-wake basis which includes emissions released during combustion on board of a vessel, mainly for propulsion purposes, as well as upstream fuel emissions. CO2, CH4 and N2O are included. BNP Paribas’ portfolio emission intensity measurement focuses on cargo vessels once built, delivered and in operation, which represents the vast majority of the GHG emissions along the sector’s value chain.
BNP Paribas measures the Annual Efficiency Ratio (AER) of each of the vessels in-scope. The AER is the most widely used carbon intensity measure today in this industry as well as by financial institutions. The AER is reported in gCO2 equivalent per dwt.nm (deadweight tonne times nautical miles), reflecting the emissions generated in relation to the maximum cargo capacity of the vessel and the distance sailed.
By 2030, BNP Paribas aims to reduce the emission intensity of its portfolio by 23% to 32%, representing an intensity ranging from 5.6 and 6.4 gCO2e/dwt.nm. The lower end of this 2030 emission intensity target range is aligned with the Det Norske Veritas (DNV) 1.6°C trajectory.
Scopes 1, 2 and part of scope 3 are included (scope 3 is limited to category 13, downstream leased assets, which accounts for tenant’s scope 1 and 2 emissions). CO2, CH4, N2O and fluorinated gases (when data is available) are included.
BNP Paribas focuses on the emissions from building utilisation (ownership and exploitation), as this accounts for c.75% of the emissions across the sector’s value chain. Construction-related emissions are not included. However, a significant part of these is already included in the Group’s other alignment targets (e.g. cement and steel production).
The chosen metric is an emission intensity in kgCO2 equivalent per square metre. To obtain an aggregated measure, emission intensities are weighted by credit exposures.
BNP Paribas has set an intermediate target for 2030 of between 19.5 and 16.7 kgCO2e/m2, i.e. a reduction range of 31% to 41% compared to 2022. This reduction range remains lower than what the CRREMV2.02 trajectory prescribes for 2030 but reflects the existing projections by the individual countries. The Group’s ability to achieve this target is highly dependent on factors outside the control of BNP Paribas, such as the evolution of the energy mix within countries, the development of local EPC regulations, or the national net zero transition strategies for the Real Estate sector.
BNP Paribas focused on building ownership and exploitation (scopes 1 and 2), i.e. the energy used for housing, which represents 75% of CO2emissions for the entire life of the building. Regarding the rest of the value chain (scope 3), transport and distribution related losses are excluded, as recommended by CRREM. The French, Belgian and Italian markets account for 94% of the Group’s residential real estate loan portfolio.
The baseline calculation accounts for scope 1 and 2 emissions, in line with the CRREM methodology. CO2, CH4, N2O and fluorinated gases (where data are available) are included.
At country portfolio level, the intensity-based measure, expressed in kgCO2 equivalent per square metre, is weighted on the financed square metres, in line with the PCAF methodology. At the Group level, the intensity-based measure is weighted by the number of assets the Group finances in each country. BNP Paribas used energy performance certificates (EPC), when available, or public data repositories, to compute the emission intensities of the residential real estate portfolio.
For the time being, it was decided not to set quantitative targets for the residential real estate sector’s credit portfolio. This choice is motivated by several reasons, the main ones being:
In its approach to decarbonize its agriculture portfolio, BNP Paribas, like several other financial institutions and in line with the WBCSD(48) recommendations, focuses on the Farm segment, upstream of food processing activities. Emissions in this segment include the clients’ scopes 1 and 2.
The Group decided not to set quantitative targets for this sector, mainly for the following reasons:
As presented in section 2d. Group actions related to climate change opportunities in this chapter, the Group has defined a performance indicator included in its CSR dashboard. It corresponds to the cumulative amount between 1st January 2022 and 31st December 2025 of the financial support identified as contributing to the transition to a low-carbon economy. It includes loans, bonds, as well as the financial support in the form of private placements, financial advisory and IPOs. The Group has set the target of a total amount of EUR 200 billion by 2025.
In addition, the Group has also set itself the target of reaching EUR 40 billion financing to low-carbon, primarily renewable, energy production by 2030 (representing 90% of the financed energy mix), according to the definition of low-carbon energies in section 3.a Group’s Metrics and targets related to its impact on climate change in this chapter.
The data required to calculate the indicators related to the Group’s operational scope are collected annually from the main territories (20 in 2024) in terms of employee headcount (representing 90% of the Group’s total workforce). An extrapolation then covers the rest of BNP Paribas’ environmental data for countries not participating in the reporting. The period considered for the data collected covers 12 months from October (N-1) to September (N). The number of FTEs is the number officially set by HR Group as of 31 December of the year considered.
The measurement of the CO2 equivalent(49) emissions of the Group’s operational scope is based on the GHG Protocol’s reference methodology. It takes into account the energy consumed (electricity, gas, oil, district heating) in the buildings occupied by the Group, and the energy consumed during the use of transportation by employees for their business trips (excluding home-work travels) by car, train or plane.
Due to its activities, the Group is not a significant source of noise pollution or any other specific industrial pollution.
The target in terms of emissions for the Group’s operational scope is to be less than or equal to 1.85 tCO2e/FTE in 2025.
The Group presents below its energy consumption as well as the associated energy mix. In addition, the Group indicates the quantities of electricity produced through the photovoltaic installations deployed at several of its sites.
Energy consumption and energy mix | 2024 |
|---|---|
1. Fuel consumption from coal and coal-based products (in MWh) | NA |
2. Fuel consumption from crude oil and petroleum products (in MWh) | NA |
3. Fuel consumption from natural gas (in MWh) | NA |
4. Fuel consumption from other fossil sources (in MWh) | NA |
5. Consumption of electricity, heat, steam and cooling purchased or acquired from fossil sources (in MWh) | NA |
6. Total fossil energy consumption (in MWh) | 354,632 |
Share of fossil sources in total energy consumption (in %) | 45.6% |
7. Consumption from nuclear sources (in MWh) | 164,177 |
Share of consumption from nuclear sources in total energy consumption (in %) | 21.1% |
8. Fuel consumption from renewable sources, including biomass (also including industrial and municipal waste of biological origin, biogas, renewable hydrogen, etc.) (in MWh) | NA |
9. Consumption of electricity, heat, steam and cooling purchased or acquired from renewable sources (in MWh) | 257,035 |
10. Consumption of self-generated non-combustible renewable energy (in MWh) | 2,396 |
11. Total renewable energy consumption (in MWh) | 259,431 |
Share of renewable sources in total energy consumption (in %) | 33.3% |
Total energy consumption (in MWh) | 778,240 |
In 2024, the Group’s total emissions on its operational scope amounted to 263,673 tCO2e (expressed using the location-based approach), a 7.6% decrease compared to 2023 and a 42.8% decrease compared to 2019, the pre-Covid-19 reference year.
They represent 1.48 tCO2e per FTE, which is below the maximum target set for 2025 (1.85 tCO2e/FTE). Scope 1 amounts to 23,587 tCO2e, scope 2(50) amounts to 129,336 tCO2e, and scope 3 related to business travel to 110,751 tCO2e.
For scope 3, only emissions related to business travel are reported (category 6). The assessment of scope 3 remains partial given that the level of approximation is still too high (application of generic emission factors based on financial data). Greenhouse gas emissions related to business travel are calculated based on kilometres travelled and relate to:
As of 31 December 2024, the Group's financed emissions on scope 1 and 2 are 60,494,532 tCO2e and on scope 3 43,660,656 tCO2e, for a total (scopes 1, 2 and 3) of 104,155,188 tCO2e.
The Group refers to the GHG Protocol which considers emissions resulting from direct corporate financing sources in the form of equity, debt and project financing. The calculation on other types of activities is optional: this includes investment and asset management activities, as well as insurance contracts, financial advisory services and contracts on financial instruments such as derivatives, financial guarantees, securitised products, funds. Off-balance sheet items such as assets under management are not covered by the calculation.
The Group’s financed greenhouse gas emissions cover the operations recorded on the Group’s balance sheet in the banking book and attributable to non-financial corporates clients within the Group’s prudential perimeter, in accordance with the sectoral disclosure requirements defined by the European Banking Authority’s technical implementation standard and presented in chapter 5.11 Environmental risks, Social and Governance Framework, section Banking Portfolio – Indicators of Potential Transition Risk Related to Climate Change. The table below details the excluded assets and the assets covered by the calculation of the Group’s financed emissions.
Reference chapter |
| In millions of euros |
|---|---|---|
4.3 Group balance sheet | Total assets of the Group’s balance sheet as of 31 December 2024 | 2,704,908 |
5.2 Table 8 | Restatement of insurance companies | (286,849) |
5.2 Table 8 | Other restatements related to consolidation methods | 14,764 |
5.2 Table 8 | Total assets of the Prudential Group’s supervisory balance sheet | 2,432,823 |
Reintegration of provisions and revaluation | 17,530 | |
Total Gross assets of the Prudential Group’s supervisory balance sheet | 2,450,353 | |
5.2 Table 8 | Excluding non-financial assets(1) | (233,648) |
5.2 Table 8 | Excluding other assets(2) | (34,996) |
5.2 Table 8 | Exclusion of mark-to-market financial instruments by profit or loss | (802,995) |
5.4 Table 48 | Exclusion of credit risk exposures of central banks and central governments | (392,800) |
5.4 Table 48 | Exclusion of credit risk exposures of institutions | (186,804) |
Excludes securities, equity, institutions | (8,525) | |
5.4 Table 48 | Exclusion of retail credit risk exposures | (343,478) |
5.11 Table 107 | Total credit risk exposures of non-financial corporations | 447,107 |
| ||
The exclusions of financial assets presented in the table are justified as follows:
To calculate scope 3 greenhouse gas emissions, BNP Paribas uses the methods presented in the table below:
Scope 3 emissions category | Detailed Emissions Calculation Methodology |
|---|---|
1. Goods and Services Purchased | - |
2. Capital goods | - |
3. Activities in the fuel and energy sectors | - |
4. Upstream transmission and distribution | - |
5. Waste generated during operation | - |
6. Business travel | The emission factors needed to recover the kWh consumed in the 20 territories are taken from the 2023 publications of the International Energy Agency. For the valuation of km, the Group relies mainly on the DEFRA standard(1) |
7. Employee commuting | - |
8. Upstream leased assets | - |
9. Downstream Routing | - |
10. Processing of the products sold | - |
11. Use of Sold Products | - |
12. End-of-life treatment of products sold | - |
13. Downstream leased assets | - |
14. Franchises | - |
15. Investments | The reporting of greenhouse gas emissions attributable to the banking book of financial assets accounted for in the form of equity and debt follows the PCAF Financed Emission Part A (Partnership for Carbon Accounting Financials) methodology presented by the Group in chapter 5.11 Environmental, social and governance risks, section Banking book - Indicators of potential transition risk related to climate change |
| |
| 2024 |
|
|---|---|---|
Scope 1 GHG emissions |
| |
Scope 1 Gross GHG Emissions (tCO2e) | 23,587 |
|
Percentage of scope 1 GHG emissions from regulated emissions trading systems (%) | - |
|
Scope 2 GHG emissions |
| |
Gross Scope 2 Location-Based GHG Emissions (tCO2e) | 129,336 |
|
Market-based Scope 2 Gross GHG Emissions (tCO2e) | 58,093 |
|
Significant Scope 3 GHG Emissions |
|
|
Total gross indirect GHG emissions (scope 3) (tCO2e) | 104,265,939 |
|
1 Goods and Services Purchased | - |
|
(Optional sub-category: Cloud and data centre services) | - |
|
2 Capital goods | - |
|
3 Activities in the fuel and energy sectors (not included in scopes 1 and 2) | - |
|
4 Upstream transmission and distribution | - |
|
5 Waste generated during operation | - |
|
6 Business trips | 110,751 |
|
7 Employee commuting | - |
|
8 Upstream leased assets | - |
|
9 Downstream Routing | - |
|
10 Processing of products sold | - |
|
11 Use of Sold Products | - |
|
12 End-of-life treatment of products sold | - |
|
13 Downstream leased assets | - |
|
14 Franchises | - |
|
15 Investments | 104,155,188 |
|
Total GHG emissions |
| |
Total GHG emissions (location-based) (tCO2e) | 104,418,862 |
|
Total GHG emissions (market-based) (tCO2e) | 104,347,619 |
|
In addition, the greenhouse gas emissions related to the fleet of vehicles leased by Arval to its clients amounted to 23.3 MtCO2e for the year 2024. In accordance with the GHG Protocol, they cover the vehicle life cycle's main phases : manufacture, use of vehicles during the lease period, and use once the vehicles have been resold until their end of life. The Arval subsidiary publishes a detailed inventory of its greenhouse gas emissions in its management report in accordance with the CSRD.
In the absence of standards for the application of the income intensity indicator for financial institutions, the Group publishes the indicator used internally, i.e. the carbon footprint of the portfolio expressed as the greenhouse gas emission intensity per unit of assets financed, i.e. 0.23 MtCO2e per billion euros financed as of December 31st 2024 on the same scope as Table 11.
Since 2017, BNP Paribas has been purchasing voluntary carbon credits annually for an amount equivalent to the residual greenhouse gas emissions emitted the previous year on its operational scope (sum of the emissions related to its scopes 1 and 2 and part of its scope 3). In 2024, the Group purchased the equivalent of 214,860 tCO2, the emissions' amount for the year 2023 (expressed according to the market-based approach).
The voluntary carbon credits purchased in 2024 come from four projects outside the Group’s value chain:
The calculation of the projects' carbon credits has been certified by Verra (Verified Carbon Standard) with the exception of the Peruvian project which has been certified by Gold Standard.
The table below presents a summary of the main characteristics of the greenhouse gas emission reduction or absorption projects chosen by BNP Paribas and financed by the purchase of carbon credits.
Carbon credits purchased in the base year | 2024 |
|---|---|
Total (in tCO2e) | 214,860 |
Share of absorption projects | 51.0% |
Share of reduction projects | 49.0% |
Verified Carbon Standard | 91.4% |
Gold standard | 8.6% |
Share of projects carried out within the EU | 0% |
Share of carbon credits that can be considered as corresponding adjustments | 100% |
AER: Annual Efficiency Ratio.
IEA: International Energy Agency.
CH4: Chemical formula of methane gas. Methane is of particular concern because of its global warming potential, which is about 25 times higher than that of carbon dioxide (CO2) over a 100-year period. This means that even small amounts of methane in the atmosphere can have a significant impact on climate change.
CO2: The chemical formula of carbon dioxide. Carbon dioxide is of particular concern because of its role in global warming. It traps heat in the atmosphere, thus contributing to the greenhouse effect. CO2 emissions are often measured in tonnes of CO2 equivalent to assess their impact on the climate.
CRREM: Carbon Risk Real Estate Monitor.
DNV: Det Norske Veritas is a classification society and certification body that provides quality assurance and risk management services.
dwt.nm: deadweight tonne times nautical miles. “Deadweight Tonnage” is a measure of a ship’s total load capacity, including the weight of cargo, fuel, water, provisions, passengers, and crew. The term “nm” stands for “nautical miles”.
Fluorinated gases: greenhouse gases that include several types of chemical compounds. They are often used in a variety of industrial and commercial applications, such as refrigeration systems, air conditioners, aerosols, and foam insulation. The main fluorinated gases are hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulfur hexafluoride (SF6) and hydrofluoroolefins (HFOs). These gases are known for their high global warming potential, which means they can trap heat in the atmosphere much more efficiently than carbon dioxide (CO2).
IAI: International Aluminium Institute.
IMO: International Maritime Organization.
kWh: kilowatt-hour, unit of measurement of energy.
MJ: Mega Joule, unit of measurement of energy.
MPP: Mission Possible Partnership is a collaborative initiative to accelerate the decarbonisation of hard-to-reduce industrial sectors. The MPP brings together companies, governments and non-governmental organisations to develop and implement sectoral roadmaps to net-zero emissions.
N2O: The chemical formula of nitrous oxide. N2O is of particular concern because of its global warming potential, which is about 298 times higher than that of carbon dioxide (CO2) over a 100-year period. This means that even small amounts of N2O in the atmosphere can have a significant impact on climate change.
RTK: Revenue Tonne Kilometre. A unit of measurement of traffic corresponding to one metric tonne of payload carried over one kilometre.
WEO: World Energy Outlook.
WLTP: Worldwide Harmonised Light Vehicle Test Procedure.
The European Taxonomy (hereinafter referred to as the Taxonomy) is a system for classifying economic activities according to their contribution to the six environmental objectives(54) defined by the European Commission in the various Regulations and Delegated Acts published between June 2020 and November 2023(55).
The Taxonomy is based on two central concepts:
For a credit institution, the main alignment indicator is the Green Asset Ratio (GAR), which concerns financing instruments on the institution’s balance sheet. This disclosure of the GAR is accompanied by the green ratio of financial guarantees and the green ratio of assets under management.
The chosen approach, presented hereafter, notably leverages on most of the frequently asked questions (FAQs) published by European Commission on 8 November 2024(57) on the interpretation of certain provisions of Delegated Regulation (EU) 2021/2178. However, the Group has not considered the FAQs introducing a conglomerate indicator in reference to Annex XI of Delegated Regulation (UE) 2021/2178, not included in initial regulation.
Each indicator is calculated based on the prudential scope of consolidation as presented in chapter 5 Risks and capital adequacy – Pillar 3, in accordance with Commission Delegated Regulation (EU) 2021/2178 of 6 July 2021.
The measurement of financial assets covered by the Taxonomy regulation is based on the gross carrying amount, i.e. before taking into account any provisions.
The ratio numerator measures the amounts of financial assets corresponding to aligned activities within the meaning of the Taxonomy. Its scope of analysis covers the following financial assets (in the form of loans and advances, debt securities, equity instruments and repossessed real estate collateral):
The ratio denominator includes the following asset categories (in addition to the financial assets subject to alignment analysis for the calculation of the numerator): interbank current accounts, derivatives used for hedging purposes, outstandings to European companies not subject in 2024 to the NFRD and outstandings with non-European counterparties, outstandings on households that do not fall within the three loan categories covered by the GAR (which are housing loans, energy renovation loans and car loans), cash on hand, other assets (e.g. property, plant and equipment, intangible assets, deferred tax assets).
The inclusion of assets excluded from numerator alignment analysis in the asset denominator (30.2% of balance sheet assets, in gross carrying amount) causes a structural imbalance of the indicator. Consequently, this ratio cannot be a representative measurement indicator for alignment.
Exposures to central governments, central banks or supranational issuers are not covered by the regulation, and amount to 47.9% of balance sheet assets, in gross carrying amount.
The GAR, in stock measure, is completed by a flow GAR, which indicates the share of the evolution over the period of stock of aligned assets in the evolution of total assets covered by the GAR denominator. It is calculated by the difference of aligned assets (loans and advances, debt securities, equity instruments and repossessed real estate collaterals) between the end-of-year stock and the previous one. This methodology is applied for all flows indicators (GAR, green ratio of financial guarantees, green ratio of assets under management), for consistency purpose and in the absence of disclosed guidelines on flow off balance sheet indicators.
Concerning the green ratio of financial guarantees, the scope of analysis for aligning guarantees, used to calculate the ratio numerator, covers financial guarantees whose counterparties are European companies subject in 2024 to the NFRD. The denominator includes all financial guarantees granted to companies regardless of whether they are covered by the regulation. Yet again, a structural imbalance of the ratio must be considered, and consequently this ratio cannot be a representative measurement indicator for alignment.
Concerning the green ratio of assets under management, the scope of alignment covers instruments invested in European companies subject in 2024 to the NFRD as well as investments in real estate assets. This covers both the asset management activities carried out by the Group, and the discretionary management of client portfolios in respect of investment funds, equity instruments, debt securities and investments in real estate assets. The same structural imbalance is observed, as the denominator includes all instruments regardless of whether they are covered by the regulation. Consequently, this ratio cannot be a representative measurement indicator for alignment.
Exposures to central governments, central banks or supranational issuers are also excluded from the off-balance sheet indicators.
Flow ratios of green off-balance sheet assets have been calculated for the 2024 reporting year, based on a similar methodology as the one for the flow GAR.
The analysis of the eligibility and alignment of financial assets with the Taxonomy is based on differentiated approaches according to the categories of counterparties: companies subject in 2024 to the NFRD, local governments, European households and investment funds.
For counterparties subject to the NFRD, if the financial instrument funds are not allocated, the Group collects, via data providers, the share of alignment published by the companies, such as the aligned turnover ratio and the aligned capital expenditure ratio (CapEx). This treatment applies to the three ratios, the Green Asset Ratio, the green ratio of financial guarantees and the green ratio of assets under management.
With regard to Cardif assets, recognised in the prudential balance sheet using the equity method, a similar treatment has been performed, respectively taking into account Cardif’s investment indicators, turnover-based and CapEx based measured as of 30 June 2024. It should be noted that Arval assets, since 1 July 2024, have been fully consolidated in the prudential balance sheet, and no longer recognised using the equity method as at 31 December 2023. Since assets held by Arval are not eligible to the GAR numerator, the Arval shares of aligned turnover and aligned CapEx no longer reflect in the GAR of the Group.
With regard to financing granted to corporates and local administration, where the use of funds is known, the alignment measure should be based on information collected from the counterparty. The communication notice published by European Commission on 8 November 2024(59) on the interpretation of certain provisions of Delegated Regulation (EU) 2021/2178 specifies that as such banking institutions must collect supporting documents proving the alignment for each of the technical criteria, in order to ensure that they are met. The level of collection and verification of the requirements set by the Commission’s communication of 8 November 2024 is not fully achievable. This is why no financial instrument for which use of funds is known has been reported in the GAR numerator, with respect to companies or local governments.
With regard to households, a similar approach should be conducted to assess the alignment of housing loans, energy renovation loans and car loans, with the collection of evidence justifying each of the criteria for both key energy or low-carbon performance criteria, as well as for other criteria justifying the absence of negative impacts on the other five environmental objectives. The Group is able to carry out this full assessment approach(60) only for housing loans, by leveraging on its internal assessment framework of climate physical risks, on the basis of the RCP 8.5 2085 scenario as regards to riverine and pluvial flooding risk. For renovation loans and car loans, the Group indeed collects evidence from households for key energy or low-carbon performance criteria, but is not able to assess the absence of negative impacts on the other five environmental objectives. Therefore, the GAR numerator only includes, with regard to household loans, housing loans.
With regard to the investment funds covered by the green ratio of assets under management, and in particular those included in the portfolios under management mandate, the Group has been able to integrate the first alignment shares published by investment funds subject to EU Sustainable Finance Disclosure Regulation (SFDR) 2019/2088.
in millions of euros | 31 December 2024 | |||||||
Total environmentally sustainable assets (turnover) | Total environmentally sustainable assets (CapEx) | KPI (turnover) | KPI (CapEx) | % coverage (over total assets) | % of assets excluded from the numerator of the GAR (Article 7 (2) and (3) and Section 1.1.2. of Annex V) | % of assets excluded from the denominator of the GAR (Article 7 (1)) and Section 1.2.4 of Annex V) | ||
Main KPI | Green asset ratio (GAR) stock | 23,495 | 27,055 | 1.84% | 2.12% | 21.91% | 30.19% | 47.90% |
in millions of euros | 31 December 2023 | |||||||
Total environmentally sustainable assets (turnover) | Total environmentally sustainable assets (CapEx) | KPI (turnover) | KPI (CapEx) | % coverage (over total assets) | % of assets excluded from the numerator of the GAR (Article 7 (2) and (3) and Section 1.1.2. of Annex V) | % of assets excluded from the denominator of the GAR (Article 7 (1)) and Section 1.2.4 of Annex V) | ||
Main KPI | Green asset ratio (GAR) stock | 9,254 | 19,793 | 0.78% | 1.66% | 28.06% | 22.57% | 49.36% |
in millions of euros | 31 December 2024 | ||||
Total environmentally | Total environmentally | KPI (turnover) | KPI (CapEx) | ||
Additional KPIs | GAR (flow) | 14,241 | 7,262 | (11.56)% | (5.90)% |
Financial guarantees | 3,553 | 4,746 | 4.32% | 5.77% | |
Assets under management | 12,174 | 14,025 | 2.32% | 2.67% | |
in millions of euros | 31 December 2023 | ||||
Total environmentally | Total environmentally | KPI (turnover) | KPI (CapEx) | ||
Additional KPIs | GAR (flow) |
|
|
|
|
Financial guarantees | 5,751 | 9,492 | 4.65% | 7.68% | |
Assets under management | 8,659 | 14,456 | 1.98% | 3.31% | |
The Group’s green asset ratio, measured from counterparty revenue indicators, amounts to 1.8% of covered assets at the end of December 2024. The ratio increased due to the integration of aligned housing loans, identified thanks to the methodology described here-above and applied since 2024. Arval alignment indicators are no more taken into account in the calculation of Group GAR, due to its full prudential consolidation since 1 July 2024. This Arval consolidation scope effect impacted the Group’s GAR by approximately -30 basis points. The share of Arval’s aligned turnover, in relation with revenues from leasing and sales of vehicles, amounted to 13.8% in 2024, for an eligible share of 97.2%, whereas the share of its aligned CapEx (acquisition costs of vehicles) was 24.7%, for an eligible share of 99.3%.
With regard to the Group’s green asset ratio, eligible and non-aligned assets represent 19.8% of covered assets. These assets are mostly eligible for the two climate objectives (19.7% of covered assets), a negligible share (0.2%) being eligible to the other environmental objectives(61).
Other tables are presented in appendix 4 and are also available on the Group’s investor relations website(62).
In addition to the 13 generic tables, the Group publishes 9 tables complementary to the GAR stock indicator (measured on a turnover basis and on a Capex basis), covering the financing of activities related to fossil fuel and nuclear energy. It has been considered that the disclosure of tables complementary to other alignment indicators, of a more secondary order, would bring only a marginally useful information.
The green asset ratio and the other indicators of taxonomy alignment applicable to banks, due to their methodological imbalances and their operational complexity, cannot reflect all of the Group’s financing of the transition to a low-carbon economy.
Firstly, the analysis of the alignment with the European taxonomy only concerns companies subject in 2024 to the NFRD, European households and specialised financing granted to European local governments. The regulation excludes the financing of SMEs and non-European companies. Specifically, they exclude from the analysis the financing of projects housed in dedicated vehicles, not subject in 2024 to the NFRD regulation, even if they concern the financing of low-carbon infrastructure in Europe. Finally, the scope of the ratio limited to large companies subject in 2024 to the NFRD regulation is very restrictive, given the Group’s diversified business model.
Consequently, the imbalance between the assets falling within the scope of analysis of alignment under the numerator and the total assets covered by the denominator sets a structural ceiling for each of the Group’s ratios, out of which for the GAR of 42.1% in 2024. This cap is lower the more the business model is diversified in terms of clients, products and geographies.
The taxonomy alignment criteria are ambitious by definition, since they correspond to thresholds scientifically compatible with the European Union’s carbon neutrality objective by 2050. However, by proposing only aligned or non-aligned results, the transition trajectory is not taken into account, even though it is the subject of a long-term effort already undertaken by the Group and its clients.
Finally, the climate performance criteria are accompanied by multiple additional conditions, aimed at ensuring that the activity does not cause significant harm to one of the five other Taxonomy objectives. The assessment of these conditions is complex, including issues of both interpretation of legislation and access to information. The need to take into account these criteria significantly reduces the share of activities aligned by companies, especially since banks’ collection of information for each of the criteria is currently not feasible.
This last finding has even more impact on renovation and car loans granted to households, for which asset alignment would require the collection of data not related to climate performance, which individual customers are unable to collect. Also, by default, their efforts to contribute to a low-carbon economy, through home energy renovation and clean transportation, are made invisible in the green asset ratios.
These regulatory alignment indicators do not reflect the share of the Group’s assets contributing to alignment with the European climate change mitigation and adaptation objectives, nor the efforts made by the Group to steer its business model towards a low-carbon economy, in particular through the alignment commitments of its loan portfolio. This observation is widely shared with numerous actors (banks, industries, etc.). A first draft amendment to this metric is currently under consultation as part of the project of the European Commission Omnibus Directive, ahead of the full revision of the delegated act planned in 2025 by the European Commission.
In addition, the sustainability strategy of the Group, and its climate component (see chapters 7.1.1 General Disclosures, section 2. Strategy, business model and stakeholders, and 7.1.2 Climate Change) cannot be limited to taxonomy alignment, part of the criteria being complex to operationalise for the time being, and hardly enabling to cover activities out of European Union. As such, as presented in the chapter 7.1.1 General Disclosures, section 2. Strategy, business model and stakeholders, the Group uses internal sustainable classification principles, partly inspired by the criteria of the European taxonomy.
The Group’s internal proposed ratio of the share of assets aligned with key climate performance criteria in all assets eligible to climate objectives enables to show the evolution of the financing granted to assets contributing to Europe's carbon neutrality objectives..
At 31 December 2024, outstandings aligned with the Taxonomy’s key climate performance criteria represented 11.9% of the Group’s outstandings eligible for climate objectives.
This ratio covers the financing of European Union companies subject in 2024 to NFRD, whether or not the use of the funds is allocated, specialised financing granted to European local governments, and loans to European households which are covered by the Taxonomy, namely home loans, energy renovation loans and car loans.
The alignment measurement uses a simplified approach, based solely on compliance with the technical climate performance criteria, for the following categories:
For financing to companies whose use of funds is not allocated, the measurement of the alignment is based on the key performance indicators disclosed by the counterparties, according to the methodology described previously in the section on methodology for alignment qualification under the European Taxonomy.
In comparison to the GAR, this ratio better reflects the Group’s strategy in favour of low-carbon energy financing, and the policy of supporting households with low-carbon housing, renovation and mobility solutions on the European market. The strategy for aligning its loan portfolio, applied to all its markets, is detailed in chapter 7.1.2 Climate change.
in millions of euros | 31 December 2024 | ||
Total assets eligible | Total assets potentially | Share of assets aligned* | |
Exposures towards NFRD counterparties | 42,777 | 6,958 | 16.3% |
Exposures towards Households | 231,857 | 25,778 | 11.1% |
TOTAL EXPOSURES | 274,634 | 32,737 | 11.9% |
(*) On the basis of key climate performance criteria of the Taxonomy (for financing whose use of funds is allocated), and on the basis of aligned turnover indicators disclosed by counterparties (for other financing). | |||
in millions of euros | 31 December 2023 | ||
Total assets eligible | Total assets potentially | Share of assets aligned* | |
Exposures towards NFRD counterparties | 49,513 | 10,836 | 21.9% |
Exposures towards Households | 227,656 | 21,266 | 9.3% |
TOTAL EXPOSURES | 277,169 | 32,101 | 11.6% |
(*) On the basis of key climate performance criteria of the Taxonomy (for financing whose use of funds is allocated), and on the basis of aligned turnover indicators disclosed by counterparties (for other financing). | |||
The Group’s own workforce refers to the nearly 180,000 Group employees as of 31/12/2024, mainly in permanent contracts (98%). It also includes some non-employee workers who are on assignment with a temporary employment agency and working in the company. BNP Paribas presents hereafter an analysis of the strategy, policies and actions implemented by the Group regarding its own workforce:
Strategy: the Group places people at the heart of its strategy. The Human Resources (HR) function plays a key role in the deployment of the Group’s ambitions in favour of people carried out by the People Strategy around 3 pillars: ethics and inclusion, employee experience and human capital. According to the double materiality assessment performed by the Group, material impacts, risks and opportunities have been identified relating to the Group’s own workforce and are described hereafter.
Policies: the Group details all the Group and HR policies put in place for the Group’s own workforce to deal with these material impacts, risks and opportunities.
Actions: the Group describes remediation actions to mitigate material impacts and risks and pursue material opportunities related to the Group’s own workforce, including the promotion of an inclusive culture, the prevention of discrimination, harassment and violence at work, social protection, the prevention of psychosocial risks, actions in favour of professional equality, civil society and skills development.
Targets and Metrics: the Group includes the objectives that were taken as commitments in the Global Agreement as well as the social responsibility objectives of the CSR dashboard. The metrics detailed hereafter correspond to data on the Group’s own workforce, its characteristics, movements as well as all data relating to the working conditions of the Group’s employees (employment conditions, working hours, adequate wages, social dialogue, social protection, work-life balance, health and safety) and the equal treatment of employees (professional equality, training and skills development, persons with disabilities, diversity, measures against violence and harassment).
As a responsible employer, the Group ensures that the labour rights of its workers, including employees and non-employee workers, are respected. It is committed to ensuring that workers benefit from a healthy and fair working environment. The diversity of the Group’s economic model means that its employees are subject to various levels of risk depending on the local geographical context and the business line in which they operate. The Group conducted a global assessment of impacts to identify the material negative impacts that could affect its workers, as well as the material financial risks and opportunities for the Group.
This assessment has taken into account feedback from internal and external stakeholders, including in particular employees, NGOs, customers and investors. The risk assessment is based on the internal analysis of worker-related risks as reported by the Group’s various business lines and geographies, combining risk events and risk drivers. The material negative impacts and risks identified are not directly linked to the Group’s strategy. The Group nevertheless remains vigilant to the interests and views of stakeholders who could be affected.
The assessment thus highlighted negative impacts related to isolated cases of:
The assessment also highlighted potential negative impacts:
The Group has identified two risks likely to have a negative financial impact:
The Group has identified several material opportunities driven by its People Strategy, and corresponding to the social responsibility indicators of the Group CSR dashboard(64):
The promotion of gender diversity and the establishment of solidarity hours promote employee retention and efficiency, thus reducing external recruitment costs.
Category | Title of the material IRO | Policies | Actions | Metrics | Targets (or monitoring indicators) |
|---|---|---|---|---|---|
Impacts | Discrimination, inequality and exclusion |
| Inclusion initiatives |
| Share of women in the Senior Management Position (SMP) population: 40% |
Violence and Harassment at work |
|
|
| Monitoring indicator on the number of alerts related to Respect for Persons and number of sanctions | |
Social protection for employees |
|
|
| 100% of employees covered by listening and psychological support systems | |
Risks | Psychosocial risks |
|
|
| 100% of employees covered by listening and psychological support systems |
HR Legal Risks |
|
|
| Monitoring indicator on the number of Respect for Persons alerts and the number of sanctions | |
Opportunities | Gender diversity |
|
|
| Share of women in the SMP population: 40% in 2025 Share of women in IT line: 31% in 2026 and 35% in 2030 |
Work-life balance | Global Agreement | #1MillionHours2Help programme |
| Number of solidarity hours: 1 million hours over 2 rolling years | |
Skills development | Professional path policy |
|
| Share of employees who have completed at least 4 training courses: 90% |
With more than 4,500 employees worldwide, the Human Resources (HR) line relies on an organisation with an HR function at Group level and local HR at the level of the various business lines and territories. In particular, the Group HR function defines policies, and the employees of the HR line are responsible for leading and implementing these HR policies at the local level.
Through the Group’s policies, BNP Paribas places particular emphasis on human rights, occupational health and safety, and diversity, equality and inclusion. Respect for the human rights of employees is a central pillar of the CSR strategy, supported by various international commitments and standards. By promoting an inclusive and safe work environment, the Group aims to improve the well-being of its employees and prevent discrimination and health and safety risks.
The table below provides a summary of the key policies related to own workforce. The Group’s policies cover all of the Group’s employees, bearing in mind that, given the activities, no so-called “vulnerable” populations within the meaning of the regulations have been identified that could benefit from specific policies.
Policies | Description of the content of the policy | Description of the scope of the policy or its exclusions | Description of the most senior level of the organisation accountable for implementing the policy | Interaction with stakeholders |
|---|---|---|---|---|
Code of conduct | The Code of conduct sets out the rules of conduct that apply to all activities and employees of the Group. | BNP Paribas Group | BNP Paribas Group General Management | The Code of conduct is available on the Group’s intranet and on the BNP Paribas website(1). It is available in 20 languages. |
People and Property Security Policy | Establishes the general framework for the safety, security, business continuity and crisis management activities for BNP Paribas. | BNP Paribas Group (including for BNP Paribas partners and service providers). | General Management, People and Property Security Department | The policy is only shared internally. |
Deployment of Global Agreement on fundamental rights and global social framework. | Contains the commitments made by the Group to its employees and its deployment throughout the Group on the following 7 themes:
| BNP Paribas Group (applied locally as such) | Heads of HR for the Group’s entities | The policy is shared internally and accessible on the Group’s website. The Group agreement is published on the BNP Paribas website(2). |
Group Policy on Respect for Persons | Describes the BNP Paribas Group’s system for preventing and detecting actions that do not comply with the Code of conduct concerning “Respect for Persons”, as well as for collecting and processing alerts on this subject. Describes in particular the single alert system, as well as the role of the employee representative bodies in the HR pillar of the Vigilance Plan. | BNP Paribas Group | Group Head of HR and Heads of HR for the Group’s entities | The policy is only shared internally. |
Penalties for misconduct | Defines the general principles applicable to the management of the disciplinary sanction process imposed on an employee. The policy covers breaches such as fraud but also other punishable breaches such as inappropriate behaviour such as denigration, harassment or discrimination. | BNP Paribas Group (applied locally by the entities according to the legislative context in terms of labour law applicable in each country) | Group Head of HR and Heads of HR for the Group’s entities | The policy is only shared internally. |
Diversity and Inclusion Governance Procedure at BNP Paribas | Contains a presentation of BNP Paribas’ Diversity & Inclusion Governance’s organisation, around 5 pillars. Constitutes the vector by which Diversity and Inclusion is structured within the Group and identifies the formalisation of recruitment and career management decisions as the main tool for preventing the risk of discrimination. | BNP Paribas Group | Group Head of HR and Heads of HR for the Group’s entities | The policy is only shared internally. Diversity & Inclusion Policy for the Group detailed on a dedicated page on the Group’s Corporate website(3) and internally |
External recruitment policy of Group employees | The objective is to present the organisation and guiding principles for the external recruitment of BNP Paribas Group employees. | BNP Paribas Group | Group Head of HR and Heads of HR for the Group’s entities | The policy is only shared internally. |
Professional path policy for BNP Paribas Group employees | Aims to establish the framework for managing the career paths of employees within the Group, defining the standards for the associated processes, activities and key moments. It guarantees:
| BNP Paribas Group | Group Head of HR and Heads of HR for the Group’s entities | The policy is only shared internally. |
Compensation policy | Defines the general principles of compensation of the BNP Paribas Group and the compensation policy applicable to employees subject to specific regulatory provisions: in particular employees identified within the Group as significant risk takers. | BNP Paribas Group | General Management, Group Head of HR and Heads of HR for the Group’s entities after validation of the policy by the BNP Paribas Board of directors’ Remuneration Committee | The policy is shared internally and communicated externally in a report published annually on the Group’s Corporate website(4). |
Sustainable Sourcing Charter | Sets out the reciprocal commitments between BNP Paribas and its suppliers, in particular respect for human rights and labour rights. | BNP Paribas Group | Commitments monitored as part of the governance of BNP Paribas Engagement Direction | The charter is available on the BNP Paribas website(5). |
| ||||
The Group:
As the Group’s employees are, for most of them, highly qualified professionals and work in the tertiary sector, the risks of modern slavery and human trafficking have been considered very low. However, BNP Paribas is committed in its Code of conduct to ensuring a motivating working environment in which all employees are treated fairly and respectfully and particularly emphasises on:
The policies put in place by the Group in this area include an annual review of countries at risk in terms of respect for human rights, as well as monitoring of employees under the age of 18 (1 single employee aged 17 in 2024 in the United Kingdom).
Moreover, regarding temporary workers integrated into the Group’s own workforce, BNP Paribas ensures, in particular through the Sustainable Sourcing Charter, that the Group’s suppliers, employers of these temporary workers, comply with the principles of the Universal Declaration of Human Rights (adopted by the UN in 1948) and the Fundamental Conventions of the International Labour Organization (ILO). To ensure the implementation of the charter, suppliers undertake to provide the necessary supporting documents and to welcome the auditors, internal or external, mandated by BNP Paribas to verify compliance with the Charter.
Finally, the Group provides its employees with a remediation system including reporting channels and a whistleblowing mechanism accessible to the Group’s employees as well as to all workers in the value chain(68).
In accordance with the Group’s Code of conduct, safety in the workplace (including during business travel) implies the commitment of everyone to contribute to the safety and security of the workplace as part of daily activities and to comply with the Group’s internal policy; for managers, to seek to improve the working conditions of the teams and to report any activity that may involve a threat to the physical safety of an employee or an external person on the premises of the Group.
All Group employees as well as people present on a Group site (interns, work-study students, temporary workers, subcontractors, customers, visitors, etc.) benefit from a reference corpus in terms of personal and property safety, which was the subject of an external audit in 2021.
It establishes the fundamental principles of:
This framework, approved by the Group’s General Management, is deployed country by country by local management. The functions in charge of safety and security form the basis of measures designed to preserve, through a constant risk analysis approach, the integrity of its activities, resources and interests against security and safety events affecting the Group. The health and safety conditions of each site comply with the regulations applicable in the different countries.
Given the nature of the Group’s activities and the measures implemented, the real risks related to the health and safety of the Group’s employees are relatively low, with a very limited number of work-related accidents(69). The main risks to employees’ health that may be linked to possible accidents relate to psychosocial and sedentary risks. The Group has therefore selected mental health and health issues related to sedentary lifestyles as health priorities, as part of the new Global Agreement and the We Care Group health programme.
At the heart of the “Ethics and Inclusion” pillar of the People Strategy, the Group has made commitments to promote ethics and inclusion, and to encourage respectful, non-discriminatory and exemplary behaviour.
These commitments are notably reflected in the Group’s Code of conduct, the Global Agreement, and the Sanctions Policy for Misconduct. These anti-discrimination and diversity policies implemented by BNP Paribas focus on:
These are major challenges for the Group. Diversity in all dimensions, and in particular gender, while respecting the differences of everyone, contributes to the enrichment, creativity and commitment of all and therefore to the overall performance of the Group. By reflecting the diversity of society, the Group better understands the needs of its customers. Maintaining and promoting a respectful and inclusive work environment is essential to attracting, developing, and retaining all talents. The Group’s collective performance and long-term economic development are based on the commitment of its employees.
Specifically, the Group has made the following commitments to prevent, mitigate and remedy the risks of discrimination (including harassment) and promote an inclusive culture:
More broadly, all of the Group’s entities(70) offer training and awareness-raising actions in the fight against discrimination and the promotion of diversity and inclusion. The General Management regularly monitors and actively supports the deployment of diversity, equality and inclusion actions. The personal commitment of the Group’s Chief Executive Officer is notably illustrated by its participation to several initiatives (Club 21e Siècle, OneInThreeWomen charter, #JamaisSansElles charter, OUTstanding role model).
These commitments are embodied on a daily basis, particularly during the main stages marking the career path of employees, such as recruitment, training, mobility, compensation review and career development.
The Group’s employees are therefore required:
Regarding fair treatment during performance reviews, the Group’s Professional Path Policy establishes the framework to ensure that all employees have the same opportunities for professional development, based solely on skills, experience, performance and professional qualifications.
In addition, in accordance with the Group’s Compensation policy, the compensation review process is guided by the general principle of equal treatment, and the need not to introduce any discriminatory criteria, notably gender, according to the applicable regulation.
To implement these policies, the Group has established specific procedures to prevent, mitigate and correct discrimination, while promoting diversity and inclusion.
The Group has set up a confidential reporting system for incidents of discrimination and harassment(71). Each report is rigorously investigated with appropriate corrective measures, including incidents and complaints related to respect for persons. In the event of proven harassment, appropriate measures are immediately put in place to put an end to the situation. Medical, psychological, social, managerial and HR support is offered to victims, as well as referrals from third parties to support them legally if necessary.
As part of its due diligence process, BNP Paribas engages directly with its employees and their representatives on the material impacts that affect them or could affect them. This dialogue with workers is based on a number of tools, the description and quality assessment of which can be found in chapter 7.1.1 General Disclosures, 2.b Interests and views of stakeholders.
This dialogue is overseen by the Group’s governance bodies as detailed in chapter 7.1.1 General Disclosures, section 1.a Role of the administrative, management and supervisory bodies in sustainability.
As an extension of the commitments made in 2018 by the Group with UNI Global Union in the Global Agreement(72), the Group has renegotiated a new agreement which was signed in November 2024 for a period of 4 years. This agreement is concluded with the contribution of the European Federation of Executives of Credit and Financial Institutions (Fecec); members of the European Group Works Council Bureau; representative trade unions at the BNP Paribas Group level in France. This agreement covers seven themes relating to fundamental rights at work and the establishment of a global social pillar, applicable to all Group employees. In its chapter 1, it deals in particular with Social Dialogue within the Group and, in chapter 2, with the whistleblowing process.
The Group has set up a whistleblowing system governed by the Group Whistleblowing System procedure, in accordance with the provisions of the Sapin II and Waserman laws(73). This system allows employees to report in good faith crimes, offences, threats, serious harm to the public interest, serious violations of international standards, and violations of the Group’s Code of conduct. When a material negative impact on employees is identified, BNP Paribas undertakes to provide or contribute to the appropriate remediation and evaluates the effectiveness of the measures taken in this regard.
The Group is very attentive to the concerns of customers, employees, shareholders, suppliers and society as a whole. The Group is committed to listening, understanding and seeking to address the concerns raised by its stakeholders in a fair and effective manner. Thus, employees are required to report any actual or suspected breach of the Code of conduct, the Group’s policies and procedures or regulations. They can send their report via a single secure platform on all subjects, including those relating to respect for persons. Any suspicion by an employee of the Group of serious or potentially serious violations of human rights and fundamental freedoms, the health and safety of persons, and the environment may be reported through this whistleblowing system, except in the case of regulations that would prohibit it at the local level. The whistleblowing system is also accessible to external third parties on the BNP Paribas Group’s institutional website.
The Group proposes a system for processing reports made by whistleblowers regarding professional behaviour contrary to the provisions relating to respect for persons, including cases of discrimination and moral or sexual harassment. Reports are treated confidentially and follow a structured investigation process by independent experts(74).
Finally, the Group undertakes to take, as soon as facts are proven and after objective investigations, disciplinary and/or corrective measures, individual or collective, adapted in their content and form to local regulations. Support and follow-up are provided for victims and can also be offered to perpetrators of inappropriate behaviour.
The whistleblowing system is subject to control plans. First-level checks are carried out by Compliance to verify access to whistleblowing channels and compliance with confidentiality and with the alert handling procedure. Second-level checks are carried out by an independent team to assess the effectiveness of the implementation of the whistleblowing system. In addition, the control system of the HR function makes it possible to follow up on historical incidents that have occurred and may have an impact on employees. Depending on the incidents reported, action plans are implemented, which may include strengthening controls when necessary.
A detailed report on alerts is produced semi-annually by the Group Referent. This report covers all alerts received, with quantitative and qualitative analysis of the data. It is presented annually to the Compliance Committees, the Group’s Executive Committee and the Board of directors and the number of alerts and sanctions is published in this report.
Finally, the Group regularly conducts employee surveys to assess employees’ level of knowledge and trust in the mechanisms for reporting their concerns and, if necessary, remedying them. For example, the results of the 2023 Conduct & Inclusion(75) survey showed a high level of employee adherence to the values and behaviours set out in the Code of conduct on the Conduct side. In addition, 93% of respondents say they have “a good knowledge” of the channels that allow them to report alerts.
To respond to material impacts, the Group is implementing various actions:
To respond to material risks, the Group is implementing actions including in particular:
In addition, in order to support material opportunities, the Group is implementing numerous actions in regard to:
The actions implemented are most often part of a short-term approach, as they are an integral part of the processes and cycles deployed annually by the HR function (listening to employees, training actions, performance review, compensation review process, internal mobility, preventive health and well-being actions at work, etc.).
Awareness campaigns around inclusive culture have intensified in 2024, with a wide range of formats, face-to-face or online: interactive conferences, round tables, podcasts, screenings and replays.
Throughout the month of October 2024, the HR Diversity, Volunteering, BNP Paribas Foundation, Engagement teams and employee resource groups highlighted professional equality, prejudices and stereotypes, role models, intergenerational, volunteering, disability, financial and digital inclusion, mentoring, health and well-being at work. This 2024 edition reached more than 22,000 participations in some forty countries, including France, confirming its great success with nearly 200 events and solidarity actions organised.
Listening to employees with the second edition of the Conduct & Inclusion survey showed in 2023 a broad support of the Group’s Diversity & Inclusion policy.
With stable results and an overall positive opinion rate of 83% on the Inclusion component of the survey, 87% of respondents said they “can be themselves at work without worrying about how they are accepted”. Two topics are more behind: equal opportunities in professional development and a more critical perception of the 50+ on the fair treatment of employees regardless of age in France and Italy. Action plans have been implemented in 2024 in these two countries with projects on intergenerational topics.
As part of the “Respect for Persons” policy aimed at preventing discrimination, harassment and violence in the workplace, the Group has implemented several actions including measures to inform and raise awareness among employees and managers as well as to professionalise the Human Resources line.
Prevention actions include:
Remediation actions involve several steps:
Remediation actions include:
The Group is implementing various initiatives and actions, notably through the Global Agreement, to continuously improve the well-being and social protection of its employees:
An overall review of the implementation of the 2018 Global Agreement is carried out annually and it highlighted the strengthening of the global social floor since its signing: 100% of employees can benefit from paid maternity leave of a minimum of 14 weeks and almost all employees can benefit from incapacity, disability, death and healthcare coverage. In addition, in accordance with the recommendations of the 2018 Global Agreement, 85%(79) of employees can now benefit from a minimum of 6 days of paid paternity leave.
Since 2022, the Group has launched a global programme in terms of health and well-being at work, called We Care, under the aegis of the Group Head of Human Resources.
This programme offers, in addition to the elements of the global social floor of the Global Agreement resulting in insurance schemes: death, incapacity, disability, healthcare, and minimum maternity and paternity leaves, a harmonisation of health through:
This programme focused in 2024 on three parts:
Managers play a crucial role in the prevention of psychosocial risks by detecting their manifestations and organising appropriate actions. They are on the front line to observe certain unusual signs and changes in attitude in employees, such as changes in individual behaviour, intense emotional reactions, isolation within the work group, a lack of concentration, or overinvestment in work. Managers should also pay attention to comments in professional reviews that indicate dysfunctions or relationship difficulties.
Manifestations can also concern the work group and be detected indirectly, via information from a social or medical actor, a colleague or a member of the team, or following interventions by the labour inspectorate or regulatory authorities. Collective signs include an atypical frequency of individual reports of psychosocial risks and/or alerts, a high frequency of visits to prevention and occupational health services, a high or increasing rate of absenteeism, an increased turnover, or an increase in complaints and litigation at the initiative of the employees.
Remedial actions focus on the analysis of the manifestations of psychosocial risks and on the implementation of appropriate actions to solve the problems identified. This includes the follow-up of reports from employees and the organisation of corrective actions by managers in collaboration with occupational health services. Thus, a psychological assistance system allows in this case to benefit from permanent listening and psychological support in the event of professional or personal difficulties.
The effectiveness of BNP Paribas’ actions and initiatives is monitored through several key indicators such as absenteeism rates, turnover rate, and the results of employee satisfaction surveys. Employee feedback is considered via internal barometers (Pulse or Quality of Life at Work surveys), direct feedback or HR alerts.
The Group measures the level of stress and well-being of its employees through an annual survey in France. The rates measured in 2024 show an increase in satisfaction with the quality of life at work, demonstrating the positive impact of the action plans put in place (training, transparent sharing of organisational changes, development prospects, etc.). The overall stress rate at BNP Paribas SA has decreased and the well-being rate has increased.
To prevent psychosocial risks related to mental health and sedentary lifestyle risks specific to the banking and insurance sector, appropriate advice and measures are offered. Employees have access to procedures and/or awareness-raising programmes on the assessment and prevention of psychosocial risks for all employees and related to a sedentary lifestyle (musculoskeletal disorders) for more than 90% of employees(84). In addition, entities covering 85% of the Group headcount offer public health awareness campaigns, including information and prevention actions(85). In France, themes such as sleep, physical activity, nutrition, stress and addictions, disabling diseases, cancers, musculoskeletal disorders, women’s and men’s health are addressed during the awareness campaigns deployed(86).
Finally, the Group is continuing to adapt its working methods with a remote working system in a hybrid working mode, combining on-site presence and remote working, the principles of which are outlined in the new Global Agreement and can be specified locally (for example in France via a Group agreement), with particular attention to the preservation of social ties and work collectives. At the end of December 2024, around three-quarters of employees(87) in Europe were working remotely. The Group supports its employees, in particular with prevention actions (in the form of guides, booklets and training offers) towards managers and employees, intended to help maintain social ties, to fight against sedentary lifestyles or digital fatigue, and to promote work-life balance.
The Group has set itself ambitious gender diversity objectives, particularly in senior management(88), set for 1 or 2 years, and intermediate milestones measured annually.
The year 2024 already shows significant progress. For example, among the 90 members of the G100(89), the Group has 37 women in management positions in strategic business lines or functions, 8 of whom are also members of the Group ExCo(90).
With 174 nationalities present within the Group, including 13 within the G100, BNP Paribas has been working for several years to promote diversity of origins and professional equity.
At the end of 2024, the Group has reached 39% women in the Senior Management Position(91) population, 37% in the Leaders for Change(92) population. In addition, 40% of the Group’s managers are women and around a third of managers of managers (middle management) are women(93).
In line with the strategic plan and in line with the Group’s desire to develop and promote women’s career paths, the Group is committed to gender diversity within business lines that are structurally unbalanced in terms of gender, particularly in regard to recruitment and retention.
Regarding market activities within Corporate and Investment Banking, an action plan is underway: it is based on “early careers” actions (interns, work-study contracts, VIE(94) and Graduate Programme) and, more broadly, on recruitment, with specific attention paid to Talents(95), Senior Managers and their successors, as well as individual or collective development programmes around these issues.
Regarding the IT professions, the Group aims to be one of the champions in recruitment and the share of women in this line. Since 2020, the Group has continued to develop its global gender diversity programme in the IT professions, entitled Women in IT, for which a new ambition was set in 2024: 35% of women in the IT line(96) across the Group by 2030, with a milestone of 31% by the end of 2026. As of 31/12/2024, 30% of the IT line are women.
In addition, as part of its policy on professional gender equality, the Group has been committed to the fight against gender-based violence since 2018. Because it mainly affects women and inevitably impacts professional life, gender-based violence is both a factor of inequality at work and an obstacle to professional gender equality.
Since 2018, BNP Paribas has been a member of OneInThreeWomen, the first European network of companies committed to combating violence against women and joined its Executive Committee on 1 January 2021. The OneInThreeWomen network aims to equip employers to raise awareness and better support female employees who have been victims.
In line with the Group’s commitment to the fight against domestic economic abuse, it offers employees who are victims of this violence HR support, as a social support actor and the listening system. This theme has been the subject of a specific innovative commitment by the Group by including the fight against domestic and intra-family violence in the new Global Agreement signed in 2024.
A pioneer among CAC 40 companies and the financial sector by signing the #JamaisSansElles Charter in 2019, BNP Paribas continues its mobilisation and has nearly 700 signatories (70% of whom are men), from management bodies in more than twenty countries, committed to no longer participating in round tables with at least three speakers and which do not include the presence of at least one woman. After 5 years of the Group’s commitment, BNP Paribas remains the CAC 40 company with the largest number of #JamaisSansElles signatories in France and worldwide.
The Group intends to act for more sustainable and better shared growth by enabling its employees to commit to civil society by contributing during their working hours to the efforts of associations for a more inclusive and ecological world. Thus, the global solidarity programme #1MillionHours2Help structures the Group’s ambition to act in favour of civil society (NGOs, associations) by highlighting the skills of its employees.
The programme includes end-of-career corporate volunteering, which is part of the BNP Paribas SA Diversity and Inclusion Agreement in France, which has been extended until March 2025. In 2024, a total of 686,422 hours of work or recovered hours were carried out for solidarity actions in favour of civil society under the #1MillionHours2Help programme, i.e. a total of more than 1.34 million hours over two rolling years, constantly increasing, and exceeding the target set by the Group of one million hours.
Finally, in July 2023, BNP Paribas signed an agreement with the Ministry of the Armed Forces for the Group in France reaffirming its commitment to employees who are part of the operational reserve. In October 2024, the Group also signed an agreement with the Ministry of the Interior to promote the availability of its employees serving as volunteer firefighters. In addition to the legal provisions, BNP Paribas authorises its reservist employees and volunteer firefighters to be absent from their working hours for up to 15 working days per calendar year, so that they can fully commit to their civic mission, while maintaining their full salary.
The Group supports employees in a context of profound transformation in the banking sector. This support takes the form of anticipating skills needs, setting up training and development programmes adapted to the businesses and jobs of tomorrow and implementing an active internal mobility policy.
To support the Group’s transformation and the development of employees on the various pillars of the strategic plan:
At the heart of career path management and at the service of employees, managers and HR, the About Me platform aims:
The performance review process, which is systematic for all employees(98), is digitalised and simplified in the About Me tool: it starts at the beginning of the year with the definition of individual, collective and/or cross-functional objectives. These objectives must be clear, achievable, defined over time, measurable and adapted to the nature of the activity and the responsibility of the position. The practice of continuous feedback helps to identify needs in terms of skills development throughout the year and to enrich the Personal Development Plan.
The annual performance review is a privileged moment of exchange between the employee and their manager: it allows them to review the past year in relation to the objectives set, to define development opportunities and to project themselves into the year to come.
Internal mobility within the Group is anchored in the Group’s culture. It is an essential vector for the development of skills “on the job”. Thus, in 2024, the Group recorded 20,693 internal mobilities, 25% of which were transversal(99).
To support the professional development of employees, in 2024, the Group offered the second edition of the Career Days in 2024 deployed in 46 countries, which allowed employees to gain a better understanding of the Group, assess their skills and training needs, and work on their professional project. With a strong acceleration in participation in 2024, more than 27,800 participants took part in more than 800 events around artificial intelligence, tech, agile, sustainable finance with sessions also focused on skills, open positions and HR tools.
Strengthening the learning culture and improving the learning experience remain the 2 major pillars of the Group’s continuous learning strategy. This strategy is also based on the Strategic Workforce Planning exercises carried out in the entities and with the lines. This approach makes it possible to support and anticipate the development of skills in line with the needs of employees while supporting the strategic plan and the People Strategy. The strategic plan has positioned Technology and Sustainability as development priorities.
Regarding the Technology axis, several cross-functional training actions, at the initiative of the Group but also of the entities, have made it possible to support the development of all employees as well as experts, with a more focused angle this year on AI and generative AI in addition to Data.
To measure its development in skills in the Technological field, the Group monitors the following indicator: the number of Group employees who have completed at least 7 hours of training in the technological field was 15,014 in 2024 (9,948 in 2023).
Regarding the Sustainability axis(100), the Sustainability Academy, launched at the end of 2022, continues to develop. In 2024, a strong emphasis was placed on training employees on an “S-Basics” module allowing a solid appropriation of Sustainable Finance, as well as a continued deployment of the Climate Fresk internationally.
In 2024, 77,270 employees completed at least one training course from the Sustainability Academy, with an average of 1.7 hours of training per person. Since its launch at the end of 2022, more than 130,000 Group employees were trained through the Sustainability Academy.
In addition, as part of the Sustainability Academy, the teams are mobilised by participating in fresks(101), in the form of collaborative workshops facilitating the transition to action. They have thus made it possible to raise awareness of climate and biodiversity issues among employees in 53 countries, among entity and country Executive Committees, as well as among shareholders. More than 12,000 employees (15,770 in 2023) participated in these workshops in 2024.
Finally, as the Group’s leaders (Top Executives (LfC), Senior Management Position (SMP), Talents (LfT)) are key to contributing to the success of the strategic plan, a global training offer is offered to them, in particular on sustainability issues. These issues are all the more important for them as the achievement of the objectives set by the Group in its CSR dashboard(102) is a condition for the payment of 20% of the amount allocated to them under the Group’s loyalty plan(103).
Thus, more than 4,500 out of the 7,000 Talents have benefited from dedicated development schemes, notably on the understanding of strategic sustainability issues. In addition, nearly 60% of Top Executives have benefited in 2024 from certifying programmes on sustainable finance.
Since the launch of the Talents programme, the share of women in this population has increased from 32% in 2015 to 53% in 2024, creating a pool that is essential for gender diversity in management bodies(104). In 2024, 70% of LfC were sourced from the Talents population.
The 4,500 employees of the HR line are organised around an HR function at Group level and local HR at the level of the various business lines and territories and governance with an Executive Committee bringing together the Group managers of the function and the HR managers of the main business lines and territories twice a month.
The roles and responsibilities of each person between the Group function and the local line are defined in a charter. The Group HR function is responsible for defining the People Strategy as well as all HR policies (recruitment, career path, training, evaluation, compensation, diversity, respect for persons) in compliance with laws and regulations and is responsible for supporting the HR line within the business lines and territories in their deployment and implementation. Local HR is responsible for their deployment and implementation, while listening to employees and partnering alongside the business lines to ensure the implementation of their own strategy.
Employees in the HR line are also responsible for leading and implementing policies on the promotion of diversity, implementing policies on health and quality of life at work, on the prevention of psychosocial risks and on the treatment of behaviour that does not comply with the Group’s policy on Respect for Persons. They are also responsible for managing the impacts of the HR policies put in place, in particular by deploying the generic control plan of the function and managing HR risks at the local level as well as by implementing all the actions to control them locally.
To reduce the negative effects of psychosocial risks, the Group aims to ensure that all Group employees are covered by listening and psychological support systems.
In addition, all Group employees, wherever they are, benefit from the commitments and guarantees made by the Group under the new Global Agreement.
Regarding gender diversity at all levels of the organisation, the Group has set ambitious targets of 40% women by 2025 on the Group’s Executive Committee (ExCo), the G100, Leaders for Change and Senior Management Position (SMP) populations, as well as 50% women among the Leaders for Tomorrow (“Talents”).
In addition, as part of the strategic plan, developed considering the feedback of a wide variety of employees(105), BNP Paribas has set objectives for the end of 2025 corresponding to the three social indicators of the Group’s CSR dashboard. They respond to diversity and inclusion issues and support the Group’s ambitions to attract and retain a highly qualified and employable workforce.
The three indicators related to the Group’s social responsibility and the progress made by the Group are presented in the table below. Objectives have been set for 2025 on these commitments and intermediate measures to achieve these objectives are monitored and communicated annually. These objectives, their definition and the methodology for determining them have remained stable over time.
Pillar | Indicators | Policies | Target 2025 | 2024 |
|---|---|---|---|---|
Social responsibility | Share of women among the SMP population (Senior Management Position) | Diversity Governance | 40% | 39% |
Number of solidarity hours performed by employees over two rolling years (#1MillionHours2Help) | Global Agreement | 1,000,000 | 1,338,394 | |
Share of employees who completed at least four training courses during the year | Professional Path Policy Global Agreement | 90% | 99% |
These objectives have been defined considering the major CSR issues identified in 2021 by employees in the materiality matrix and considering:
These themes and some of these indicators are monitored as part of the implementation of the new Global Agreement.
The achievement of these targets in relation to social responsibility is monitored by the second line of defence within the RISK function, and is shared and presented annually to the Corporate Governance, Ethics, Nominations and CSR Committee (CGEN) of the Board of directors, which includes two employee representatives and one employee shareholder representative.
The employees detailed below concern all Group employees with a fixed-term employment contract (FTC) or a permanent-term contract (PTC) with one of the companies for which the Group has exclusive control, significant influence and/or for which the Group holds a Human Resources management mandate over its employees.
However, they do not include interns or work-study students. In 2024, there were 1,674 interns in the Group (1,759 in 2023), including 490 in France (489 in 2023 in France) and 3,752 work-study students, mainly in France (96%) (3,841 at the end of 2023, mainly in France (96%)). The latter benefit from the same working conditions as employees on fixed-term contracts.
The employees (FTC and PTC) are accounted for where they carry out their activities and where their cost is incurred. They are monitored quarterly by the HR teams and presented to the Group’s General Management based on the data tracked in a Group tool and at the end of a data validation process by each of the Group’s business lines and functions. They are recorded at the end of the period (tables 1 to 4 below).
| 2024 | 2023 |
|
|
|---|---|---|---|---|
EMEA(1) | 153,892 | 155,685 |
|
|
Asia Pacific | 19,638 | 21,363 |
|
|
Americas | 8,088 | 9,114 |
|
|
TOTAL | 181,618 | 186,162 |
|
|
|
| |||
| 2024 | 2023 |
|---|---|---|
France | 55,936 | 56,830 |
TOTAL | 181,618 | 186,162 |
France is the only country that accounts for more than 10% of the Group’s headcount.
At the end of 2024, the Group is present in 64 countries (63 countries in 2023). The 2.4% decrease in headcount compared to 2023 is mainly due to the sale of Sharekhan in India and the BNP Paribas Personal Finance business line in Mexico and Hungary. On a like-for-like basis, the number of employees remains stable (-0.5% compared to 2023).
| 2024 | 2023 | ||||||
EMEA | Asia Pacific | Americas | TOTAL | EMEA | Asia Pacific | Americas | TOTAL | |
Number of employees |
|
|
|
|
|
|
|
|
Headcount | 153,892 | 19,638 | 8,088 | 181,618 | 155,685 | 21,363 | 9,114 | 186,162 |
FTE(1) | 150,240 | 19,627 | 8,085 | 177,952(2) | 152,199 | 21,348 | 9,108 | 182,656 |
Permanent employees (PTC) |
|
|
|
|
|
|
|
|
Headcount | 150,151 | 19,501 | 8,055 | 177,707 | 151,485 | 21,221 | 9,093 | 181,799 |
FTE | 146,547 | 19,493 | 8,052 | 174,093 | 148,063 | 21,210 | 9,087 | 178,360 |
Temporary employees (FTC) |
|
|
|
|
|
|
|
|
Headcount | 3,741 | 137 | 33 | 3,911 | 4,200 | 142 | 21 | 4,363 |
FTE | 3,693 | 133 | 33 | 3,859 | 4,136 | 139 | 21 | 4,296 |
Number of non-guaranteed hours employees |
|
|
|
|
|
|
|
|
| ||||||||
More than 80% of the Group’s employees are in the EMEA region. Within this EMEA region, nearly 96% of employees operate in Europe.
The vast majority of the Group’s employees are on permanent-term contracts (nearly 98%). The Group does not have any employees with non-guaranteed hours.
| 2024 | 2023 | ||||||
EMEA | Asia Pacific | Americas | TOTAL | EMEA | Asia Pacific | Americas | TOTAL | |
Number of employees(1) | 153,892 | 19,638 | 8,088 | 181,618 | 155,685 | 21,363 | 9,114 | 186,162 |
Full-time employees | 138,768 | 19,597 | 8,078 | 166,443 | 138,807 | 21,318 | 9,094 | 169,219 |
Part-time employees | 13,368 | 41 | 10 | 13,419 | 13,049 | 45 | 20 | 13,114 |
| ||||||||
Gender | 2024 | 2023 | ||
Headcounts | FTE | Headcounts | FTE | |
Men | 88,095 | 87,365 | 90,873 | 90,241 |
Women | 93,515 | 90,579 | 95,289 | 92,415 |
Not reported | 8 | 8 |
|
|
TOTAL | 181,618 | 177,952 | 186,162 | 182,656 |
At the end of 2024, 51% of the Group’s employees were women and 49% were men.
| 2024 | 2023 | ||||||
Men | Women | Not reported | Total | Men | Women | Not reported | Total | |
Number of employees |
|
|
|
|
|
|
|
|
Headcount | 88,095 | 93,515 | 8 | 181,618 | 90,873 | 95,289 |
| 186,162 |
FTE | 87,365 | 90,579 | 8 | 177,952 | 90,241 | 92,415 |
| 182,656 |
Permanent employees (PTC) |
|
|
|
|
|
|
|
|
Headcount | 86,510 | 91,190 | 7 | 177,707 | 89,146 | 92,653 |
| 181,799 |
FTE | 85,800 | 88,287 | 7 | 174,093 | 88,541 | 89,820 |
| 178,360 |
Temporary employees (FTC) |
|
|
|
|
|
|
|
|
Headcount | 1,585 | 2,325 | 1 | 3,911 | 1,727 | 2,636 |
| 4,363 |
FTE | 1,566 | 2,292 | 1 | 3,859 | 1,700 | 2,596 |
| 4,296 |
Number of non-guaranteed hours employees |
|
|
|
|
|
|
|
|
| 2024 | 2023 |
|
|
|
|
|
|
|
| ||||||
Men | Women | Not reported | Total | Men | Women | Not reported | Total |
|
|
|
|
|
|
|
| |
Number of employees(1) | 88,095 | 93,515 | 8 | 181,618 | 90,873 | 95,289 |
| 186,162 |
|
|
|
|
|
|
|
|
Full-time employees | 85,244 | 81,191 | 8 | 166,443 | 87,414 | 81,805 |
| 169,219 |
|
|
|
|
|
|
|
|
Part-time employees | 1,990 | 11,429 |
| 13,419 | 1,748 | 11,366 |
| 13,114 |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
In 2024, 13,419 employees worked part-time, representing 7% of the Group’s headcount (7% in 2023). 69% of them work part-time at 80% or more (69% in 2023). In total, 2% of men and 12% of women work part-time.
The Group recruited 16,887 employees on permanent contracts worldwide in 2024 (-19% compared to 2023), including 2,962 in France. With 70% of recruitments in Europe (70% in 2023), BNP Paribas confirms its status as a leading European bank. For the 7th consecutive year, France is the leading recruiting country with 17.5% of the total, followed by India (17.1%), Türkiye (9.8%), Portugal (8.8%) and Poland (5.9%).
Two-thirds of the offers open for permanent contracts are accessible to young people entering the labour market. In 2024, more than 17,200 employees under the age of 30 under all contract types were recruited worldwide by the Group, including 9,791 under the age of 25 (PTC, FTC, work-study students, interns).
| 2024 | 2023 |
|
|
|
|
|
|
|
| ||||||
Men | Women | Not reported | Total | Men | Women | Not reported | Total |
|
|
|
|
|
|
|
| |
Total number of leavers | 8,766 | 8,371 |
| 17,137 | 9,910 | 9,621 | 41 | 19,572 |
|
|
|
|
|
|
|
|
Voluntary leavers(1) | 5,482 | 5,024 |
| 10,506 | 6,088 | 5,914 |
| 12,002 |
|
|
|
|
|
|
|
|
Retirement | 1,070 | 1,058 |
| 2,128 | 1,114 | 1,182 |
| 2,296 |
|
|
|
|
|
|
|
|
Dismissal | 610 | 568 |
| 1,178 | 715 | 627 |
| 1,342 |
|
|
|
|
|
|
|
|
Other leavers(2) | 1,604 | 1,721 |
| 3,325 | 1,993 | 1,898 | 41 | 3,932 |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
The decrease in leavers in 2024 (-12.4%) is mainly due to a general decrease in resignations, particularly in France, India and Poland. Of the 17,137 departures in 2024, more than 12,500 were in Europe, including more than 3,700 in France (nearly 3,800 in 2023), and more than 4,500 in the rest of the world (nearly 5,600 in 2023).
| 2024 | 2023 |
|
|
|
|
|
|
|
| ||||||
Men | Women | Not reported | Total | Men | Women | Not reported | Total |
|
|
|
|
|
|
|
| |
Turnover rate (headcount)(1) | 10.1% | 9.2% |
| 9.6% | 11.3% | 10.4% |
| 10.9% |
|
|
|
|
|
|
|
|
Turnover rate (FTE) | 10.1% | 9.2% |
| 9.6% | 11.3% | 10.6% |
| 10.9% |
|
|
|
|
|
|
|
|
Voluntary turnover rate (FTE)(2) | 6.3% | 5.6% |
| 6.0% | 7.0% | 6.5% |
| 6.7% |
|
|
|
|
|
|
|
|
Voluntary turnover incl. retirements | 7.6% | 6.7% |
| 7.1% | 8.3% | 7.8% |
| 8.0% |
|
|
|
|
|
|
|
|
|
| |||||||||||||||
The decrease in the turnover rate, also known as the departure rate, calculated on a like-for-like basis (excluding Sharekhan), is mainly due to the decrease in voluntary departures, particularly in France, India and Poland.
Within the Group, employment management is carried out responsibly, by anticipating the adaptations necessary to maintain its economic performance, its capacity for development and therefore employment in the long term. It relies on dynamic internal mobility, a source of skills enhancement, and supported by significant investments in training.
Employment management is carried out within the framework of collective agreements concluded at different levels: Global, European and French. In France, in 2022, the new Agreement concluded on the management of employment and career paths renewed and strengthened the commitments made by the Group until 2026. Thus, the Group in France does not carry out any forced redundancies, favouring internal mobility and voluntary solutions for its projects impacting employment. In other countries around the world, economic redundancies are exceptional, in line with the 2012 European Agreement on Employment Management (renewed by tacit agreement for a three-year period) and with the new 2024 Global Agreement on the part relating to “Employment and Skills Management”.
Non-employee workers, i.e. workers who do not have the status of employees within the company, are those who have either concluded a contract with the company to provide labour (“self-employed workers”) or persons supplied by companies mainly engaged in “employment activities” (NACE code N78). For the Group, they correspond to workers on assignment with a temporary employment agency and working in the Company and present on the last day of the month.
The Group reserves the possibility of using temporary work for the execution of a specific and temporary task. It is only used occasionally to replace employees who are temporarily absent (due to illness, maternity or other) or to cope with a temporary increase in the company’s activity.
| 2024 |
|---|---|
Number of non-employee workers | 2,294 |
They represented 2,294 people in FTE(107) at the end of 2024, including 658 in France.
Following on from the 2018 Global Agreement, a new Global Agreement was signed on 4 November 2024 between representatives of the BNP Paribas Group Management and UNI Global Union with the participation of representatives of FECEC(108), the European Group Works Council and the two representative trade unions at BNP Paribas Group level in France. This agreement is based on a strong practice of respect for trade union rights, collective bargaining and social dialogue, in particular at European level, through the European Group Works Council and the negotiations conducted at this level.
It covers all Group employees, so 100% of the Group’s employees are covered by collective agreements.
In addition, the Group has a European Works Council bringing together employee representatives from entities located in all countries of the European Economic Area(109), excluding entities that are not majority-owned.
| 2024 | 2023 |
|---|---|---|
% of employees covered by collective bargaining agreements | 100% | 100% |
| 2024 |
|
|
| ||
Collective bargaining coverage | Social dialogue(1) |
|
|
| ||
Employees – EEA(2) (3) | Employees – non-EEA(4) | Workplace representation |
|
|
| |
Coverage rate |
|
|
|
|
|
|
0-19% |
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20-39% |
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40-59% |
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60-79% |
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80-100% | France | EMEA (excluding EEA), Asia Pacific | France (100%) |
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France is the only country that accounts for more than 10% of the Group’s employees. EMEA (excluding EEA countries) and Asia Pacific are the two regions that account for more than 10% of the Group’s employees.
In 2024, 1,768 official meetings (1,758 in 2023) were held with employee representatives, including 1,033 in France, illustrating the richness of social dialogue. These meetings led to the signing, in 2024, of 350 collective bargaining agreements within the Group (306 in 2023), including 142 in France, 194 in the rest of Europe and 14 in the rest of the world, reflecting the quality of collective bargaining.
The Group has set itself ambitious targets of 40% gender diversity at all levels of the company’s top management, whether at the level of the Board of directors of BNP Paribas SA, the Group’s Executive Committee, G100 senior executives, LfC or the Senior Management Position (SMP) population. The SMP population is made up of Group employees holding approximately 3,000 positions considered to have the most significant impact from a strategic, commercial, functional and expertise perspective. Gender diversity within this population is one of the social indicators monitored in the Group’s CSR dashboard.
| 2024 | 2023 | 2025 target (% women) |
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Men | Women | Total | Men | Women | Total |
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Board members(1) | 6 | 8 | 14 | 7 | 6 | 13 | 40% |
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% of Board | 43% | 57% | 100% | 54% | 46% | 100% |
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ExCo members | 11 | 8 | 19 | 12 | 6 | 18 |
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% of ExCo | 58% | 42% | 100% | 67% | 33% | 100% |
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G100 members | 53 | 37 | 90 | 57 | 35 | 92 |
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% of G100 | 59% | 41% | 100% | 62% | 38% | 100% |
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Number of LfC | 317 | 187 | 504 | 389 | 198 | 587 |
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% of LfC | 63% | 37% | 100% | 66% | 34% | 100% |
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Number of SMP | 1,826 | 1,151 | 2,977 | 1,877 | 1,109 | 2,986 |
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% of SMP | 61% | 39% | 100% | 63% | 37% | 100% |
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In 2024, the Group has 26,573 employees under 30 years old, 108,196 between 30 and 49 years old and 45,060 employees aged 50 and over.
The overall average age was 42.1 years in 2024 (41.8 in 2023), 42.3 years for men and 41.9 years for women. The average seniority in the Group was 12.2 years in 2024 (12.1 in 2023), 11.6 years for men and 12.8 years for women.
The Group complies with the minimum wage applicable in all the countries in which it operates.
Regarding the adequate wage, the Group defined it as the level of salary(110) that is adequate to cover the basic needs of an employee and their family, particularly in terms of housing, food, health, education, transport, means of communication, and precautionary savings.
In order to determine the adequate wage in all the countries in which the Group operates, the Group relies on a recognised player in this field, Fair Wage Network, which provides adequate wage data calculated according to the local context in relation to the country (or within countries, the major cities in which employees work), and various criteria such as the average household size per country (assumption of a household of 2 people with a number of children based on the fertility rate per country), and the average number of people receiving income in the household (statistic defined per country). These adequate wage data are updated annually by Fair Wage Network, they are compared to employees’ fixed remuneration.
In accordance with the new commitment made in the November 2024 Global Agreement, 100% of the Group’s employees receive an adequate wage according to the definition above(111).
In addition to the salary, employees can benefit, depending on the business, from a variable remuneration that remunerates quantitative and qualitative achievements measured on the basis of observed performance and performance reviews, in line with the objectives set. It is determined in particular according to the results achieved by the business. The salary is also supplemented by a global social floor to which all Group employees have access in accordance with the Global Agreement (see the paragraph Strong and advantageous social protection framework in section 2.c Processes to remediate negative impacts and channels for own workers to raise concerns under this chapter).
Among these benefits, the Group has set up retirement and employee savings schemes, in accordance with local legislation and local practices. These schemes complement the mandatory and statutory schemes to which entities contribute for their employees (defined benefit plans or defined contribution plans).
In France, employees are involved in the Group’s performance through profit-sharing and incentive agreements schemes. For the 2024 financial year, an amount of EUR 225 million will be distributed to the 63,280 beneficiaries of the entities that are members of the Group profit-sharing agreement in France (compared to EUR 212.6 million to 63,668 beneficiaries in 2023). This amount, based on the Group’s results, in application of a derogatory formula, is 6 times higher than the amount that would result from the legal formula.
With regard to incentive agreement schemes, almost all of the Group’s employees in France are covered by an incentive agreement at the end of 2024. The joint incentive agreement between BNP Paribas SA and BNP Paribas Financial Markets associates employees with the financial objectives defined in the framework of the strategic plan. The amount distributed is based on gross operating income, dividends and share buybacks and a CSR component, allowing employees to be associated with the results in the same way as the shareholders.
Under this agreement, an amount of around EUR 182 million will be distributed among 46,067 beneficiaries for the 2024 financial year (in 2023, EUR 164 million were distributed to 46,606 beneficiaries).
Elsewhere in the world, comparable measures are being deployed, notably at BNP Paribas Fortis in Belgium (in 2024, EUR 24 million were paid to all employees as part of the so-called “collective” variable remuneration) or in Luxembourg (an incentive scheme bonus of nearly EUR 3.3 million was paid for 2023).
In terms of collective savings, in France, the diversified management offer provided to employees in the Group’s savings schemes (PEE, PERECO and PERO) – including investment vehicles integrating ESG criteria, some of which are labelled Socially Responsible Investment (SRI) – makes it possible to cover the different profiles of savers, of investment horizons, as well as of different levels of risk and geographical areas of investment. In addition, most of the Group’s companies in France support their employees’ voluntary savings efforts through savings plans (PEE and PERECO) with a cumulative contribution of more than EUR 70 million paid in 2024.
Under the Global Agreement, all employees benefit from a generally favourable framework in terms of social protection, in particular with regard to events related to illness and parental leave. For other events such as unemployment and retirement, coverage depends mainly on the existence of state schemes in the countries in which the Group operates.
At least 88% of the Group’s employees are covered, within the framework of public programmes or benefits offered by the company, by social protection against loss of income due to all events such as illness, unemployment, accidents at work/disability, parental leave, retirement(112).
Only a few Group entities in only 3 of the 64 countries in which the Group operates do not cover their employees against loss of income due to unemployment. In these 3 countries, the 4 other events that can lead to the loss of income are covered for all employees.
Country | Type of events | Types of employees not covered |
|---|---|---|
Hong Kong | Unemployment | PTC and FTC |
India | Unemployment | PTC and FTC |
Singapore | Unemployment | PTC and FTC |
In France, the Group also offers comprehensive supplementary social protection coverage through mandatory health reimbursement schemes to employees and flexible incapacity, disability and death insurance in the form of a single contract offering each employee the possibility of adapting their coverage to their personal situation.
In addition, flexible benefits systems allow employees to define, to a certain extent, their level of coverage on a range of benefits offered focused on long-term employability and offering sustainable choices. These systems are deployed notably at BNL in Italy, BNP Paribas Fortis in Belgium and BNP Paribas in the United Kingdom.
The Group ensures that employees have access to information on the benefits, offers and other schemes provided to them in the Group’s various entities.
| 2024 | ||
Men | Women | Total | |
EMEA | 2.7% | 4.6% | 3.7% |
Asia Pacific | 0.3% | 0.1% | 0.2% |
Americas | 1.2% | 1.7% | 1.4% |
Total | 2.3% | 4.1% | 3.2% |
As of 31 December 2024, the Group had 5,587 employees with disabilities in 28 countries, including 3,460 in France, representing an overall Group employment rate of employees with disabilities in relation to the Group’s overall headcounts of 3.2%, up compared to the previous year (2.7% in 2023). 248 employees with disabilities were recruited in 2024 compared to 235 in 2023.
In France, as part of the renewal of the Disability Agreement for three years (2023-2025), BNP Paribas SA has recruited 57 candidates with disabilities. 2,120 job retention actions were carried out in 2024. The employment rate of employees with disabilities remained at 5.3% in 2023 (due to a change in scope).
| 2024 | 2023 | ||||
Men | Women | Total | Men | Women | Total | |
% of employees who participated in regular performance and career development reviews | 96% | 96% | 96% | 96% | 96% | 96% |
The percentage of employees who participated in a performance review was calculated on the basis of the population eligible for a review(114).
| 2024 | 2023 | ||||
Men | Women | Total | Men | Women | Total | |
Average number of training hours per employee | 26 | 28 | 27 | 23 | 25 | 24 |
Out of which average number of training hours per employee (excluding mandatory training) | 22 | 24 | 23 | 19 | 21 | 20 |
The average number of hours of training was up (+12% in 2024) due to the improvement in development offers and the employee experience in terms of training courses. Due to the nature of the Group’s activities, employees must complete mandatory training courses each year, in particular for regulatory reasons, notably relating to the Code of conduct.
At the end of 2024, 96% of the Group’s employees were covered by a health and safety management system.
| 2024 | 2023 |
|---|---|---|
Number of fatalities as a result of work-related injuries and work-related ill health | 0 | 2(1) |
Number of recordable work-related accidents | 655(2) | 564 |
Rate of recordable work-related accidents (frequency rate: number of accidents per 1 million total worked hours) | 1.27 | 1.07 |
Number of days lost due to work-related injuries and fatalities from work-related accidents, from work-related ill health & fatalities from ill-health (severity rate: number of days lost per 1,000 total calendar hours) | 0.07 | 0.05 |
| ||
In accordance with the law of 2 August 2021, the Group’s autonomous Occupational Health and Prevention Service (OHPS) in France, which provides medical follow-up to 40,000 employees, is subject to an approval procedure issued by the DRIEETS(116), the supervisory body that assesses the compliance and quality of the service.
The Group absenteeism rate(117) for employees related to illness, accidents at work (excluding commuting) and occupational ill health was 3.5% for the Group in 2024, a slight increase compared to 2023. It was 4.6% in France, stable compared to 2023.
Under the Global Agreement, all Group employees are entitled to take at least one of the following family leaves: maternity leave, paternity leave, parental leave, or caregiver leave.
| 2024 |
|
|
| ||
Men | Women | Total |
|
|
| |
% of employees entitled to take family-related leave | 100% | 100% | 100% |
|
|
|
% of employees who have taken such leave(1) | 8% | 18% | 13% |
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| |||||
The Group is also implementing numerous actions to promote 360° parenthood.
In France for its 12th edition, the “Parenthood Meetings”, attended by more than 2,400 employees, was organised around meetings and thematic resources addressing adolescence, early childhood, family and intergenerational solidarity, and neurodivergence(118).
Regarding the provisions required at Group level, particularly in favour of caregivers, the Global Agreement provides for the possibility for employees to take up to five flexibility days per year for personal convenience. Nearly two-thirds of Group employees(119) benefits from a specific policy in favour of caregivers. In addition, there are other highly innovative initiatives, such as the Tilia mobile application (developed in intrapreneurship), offered by some of the Group’s entities in France, which offers personal support, functionalities and a useful information space for caregivers and those being cared for.
In France, BNP Paribas SA and a number of its subsidiaries have concluded agreements on the donation of rest days to employees who are carers of a seriously ill child or spouse. In addition, the Group has put in place a set of measures to support employee caregivers, including a dedicated support offer from the company’s social service that intervenes in the workplace, in various forms: individual support for employees, in complete confidentiality, communication and awareness-raising actions (regular group events, practical guides, support groups with a psychologist, art therapy workshops), as well as partnerships with internal and external specialists and experts.
The Group’s compensation policy is based on the principles of fairness, particularly in terms of gender, and transparency, reflected in particular in a single annual compensation review process for all employees.
Regarding the overall gender pay gap, it corresponds to the difference between the average level of pay between male and female employees, expressed as a percentage of the average pay level of male employees. It is calculated on all Group employees, regardless of their activity, seniority and geographical location.
| 2024 |
|---|---|
Gender pay gap (total remuneration) | 35% |
Gender pay gap (fixed remuneration) | 28% |
The 35% gap for the Group calculated on total remuneration is explained in particular by a significant gap in corporate and Investment Banking businesses where men are more represented than women in front office activities and in more senior technical roles where remuneration levels are the highest, while women are more numerous in functional and commercial activities. As these front-office market businesses are more revenue-generating with higher levels of variable remuneration, this explains the larger gap in total remuneration (35%) compared to fixed remuneration (28%).
It is important to note that the Group continues to maintain its strong commitment in this area by renewing specific measures dedicated to rebalancing unjustified pay gaps.
For several years, measures have been taken locally to reduce the possible pay gap between women and men. Thus, as part of the 2022 Mandatory Annual Negotiations of BNP Paribas SA in France, a budget of EUR 10 million to be distributed equally over 2023 and 2024 has been devoted to the company’s actions in favour of gender diversity in career paths and the promotion of women, and to the correction of any gaps in annual remuneration. This scheme was renewed at the 2024 Mandatory Annual Negotiations of BNP Paribas SA in France with a new envelope of EUR 10 million to be distributed equally over 2025 and 2026. The other entities of the Group also have the opportunity each year to request dedicated envelopes as part of the budget discussions on the annual compensation review process.
Analyses are presented annually to the General Management at the end of the annual compensation review process to ensure an adequate distribution between women and men of the various envelopes in terms of fixed salary increases, variable remuneration or long-term loyalty plans.
For example, in 2024, 5.37% of women were promoted (4.01% of men promoted) and women accounted for 59% of employees promoted and 53.2% of employees who received an individual raise(121).
However, ensuring equal treatment from a gender perspective does not fully reduce the overall pay gap between women and men within the Group (across all business lines and countries). For several years, the Group has been carrying out numerous actions aimed at structurally improving the representation of women in certain management positions or in certain activities where they are under-represented, such as in the market activities of corporate and Investment Banking and in the IT line.
Regarding the ratio between the highest remuneration and the median of the remuneration of all Group employees, the diversity of the Group’s headcount structure in terms of geographical locations (more than 60 countries) and jobs held makes this indicator more relevant when calculated within a country. This indicator is presented on the 10 main countries in which the Group is present (representing 80% of the Group’s employees).
Ratio by country | 2024 |
|
|---|---|---|
France | 91 |
|
BNP Paribas SA(1) in France | 79 |
|
Italy | 44 |
|
Belgium | 19 |
|
India | 52 |
|
Poland | 40 |
|
Portugal | 21 |
|
Turkey | 76 |
|
United Kingdom | 84 |
|
Germany | 28 |
|
Spain | 44 |
|
|
| |
Differences in remuneration can be particularly high from one country to another due to market practices, the local cost of living and the nature of the Group’s activities in the different countries. The high levels of remuneration concern certain activities that are very income-generating.
| 2024 |
|---|---|
Number of incidents of discrimination, including harassment reported during the period | 613 |
Number of complaints filed through channels for the own workforce to raise concerns about social issues related to working conditions and fair treatment (excluding discrimination and harassment) | |
Total amount of fines, penalties and compensation for damages resulting from incidents and complaints (discrimination and harassment) | €43,416 |
The number reported above for incidents of discrimination (including harassment) as well as other complaints concerning social issues corresponds to the number of alerts relating to “Respect for Persons(123)” reported via the Group whistleblowing channel. Thus, in 2024, 613 alerts relating to “Respect for Persons” were recorded (587 alerts in 2023). Following the analysis of the alerts and the investigations carried out, appropriate measures were taken, including disciplinary and support measures. In 2024, 101 sanctions were applied (including 24 dismissals) and 415 accompanying measures were taken and in 2023, 101 sanctions were applied (including 22 dismissals) and 332 accompanying measures were taken. No alert has been raised for the year 2024 via the OECD’s national contact points.
The amount of fines, penalties and compensation for damages reported above corresponds to the amounts (excluding transactions) of damages and compensation for damages paid during the year to employees or former employees, following a court decision without any possible appeals relating to incidents of discrimination or harassment and as reported by the Group’s main countries and regions (France, United Kingdom, United States, Asia Pacific, Belgium, Italy, Luxembourg(124)). This amount of EUR 43,416 only concerns France for five cases recorded in 2024. These fine amounts are included in a global “Litigation” category within the salary and employee benefit expense.
Given the nature of the Group’s activities and commitments with regard to human rights, the topic of serious human rights incidents covering forced labour, human trafficking or child labour is not considered material at the Group level.
This section develops four themes related to consumers and end-users of the products and services offered by BNP Paribas: transparent, clear and non-misleading information, data privacy protection(125), customer satisfaction and social inclusion.
BNP Paribas presents hereafter an analysis of the strategy, policies and actions implemented by the Group regarding its consumers and end-users defined as:
Strategy: this section introduces the material impacts, risks and opportunities (IRO) that have been identified in relation to consumers and end-users, as part of the double materiality assessment conducted by the Group. These IRO are put in perspective with the Group’s strategy and business model.
Policies: this section presents the Group’s policies deployed in relation to consumers and end-users to manage these material impacts, risks and opportunities. These policies are the Code of conduct, the Group policy on the protection of personal data and the Group policy on the protection of the interests of clients.
Actions: on the four themes above-mentioned in this section, the Group describes dialogue channels implemented with its consumers and end-users, as well as those allowing them to raise their concerns. It then details the actions aimed at mitigating the impacts and risks and seizing the opportunities relating to consumers and end-users.
These actions include the deployment of clear, transparent and non-misleading information, the rules for informing the customer in the context of complaints management, the risk management procedure and governance dedicated to the protection of personal data, the Net Promoter System in favour of customer satisfaction, specific financial inclusion offers supporting social inclusion and transversal training actions for the Group’s workforce.
Metrics and Targets: this section presents the target related to the material opportunities identified on the social inclusion topic. BNP Paribas has set itself the goal of serving six million beneficiaries of products and services supporting financial inclusion by 2025. This indicator is included in the Group’s CSR dashboard.
Through the double materiality assessment carried out by the Group and described in section 7.1.1 General Disclosures, 3.a Description of the process to identify and assess material impacts, risks and opportunities, BNP Paribas has identified several material impacts, risks and opportunities (IRO) in relation with individual consumers and end-users.
Category | Title of the material IRO | Policies | Actions | Metrics and Targets |
|---|---|---|---|---|
Impacts | Financial difficulties related to an information default |
|
| N/A |
Impacts | Dissatisfaction |
|
| N/A |
Impacts | Ineligibility for products or services |
|
| N/A |
Risks | Legal and reputational risks resulting from loss or theft of confidential data |
|
| N/A |
Risks | Legal risks related to an information default |
|
| N/A |
Opportunities | Financial inclusion |
|
| Number of beneficiaries of products and services supporting financial inclusion |
The material negative impacts identified by BNP Paribas in relation to its individual clients (financial difficulties related to an information default, dissatisfaction or ineligibility for certain products or services) are not the result of the Group’s strategy. They relate to unintentional defects in the production of its products or services and involuntary negative consequences of its activity.
The material risks identified by BNP Paribas in relation to its individual clients relate in particular to situations of failure to comply with a legislation or regulation, loss or theft of data, or an information default in the offered products and services. They are not related to the Group’s strategy and business model.
The material opportunities identified by BNP Paribas in relation to its individual clients, relating to financial inclusion and contributing to social inclusion, are derived from the Group’s strategy. Thus, the Group’s CSR dashboard (presented in section 7.1.1. General Disclosures, 2.a. Strategy, business model and value chain) includes an indicator dedicated to the number of beneficiaries of products and services supporting financial inclusion.
To manage the material impacts of its products and services on consumers and end-users, as well as the material risks and opportunities associated with them, BNP Paribas has several policies in place which are presented and summarised in the table below. These policies apply to all consumers and end-users as defined in the introduction of this section.
Policies | Description of the content of the policy | Description of the scope of the policy or its exclusions | Description of the most senior level of the organisation accountable for implementing the policy | Interaction with stakeholders |
|---|---|---|---|---|
Code of conduct | The Code of conduct sets out the rules of conduct that apply to all activities and employees of the Group. | BNP Paribas Group | BNP Paribas Group General Management | The Code of conduct is available on the Group’s intranet and on the BNP Paribas website(1). It is available in 20 languages. |
Group policy on the protection of personal data | It governs the Group’s strategy in this area, defining the rules for all categories of data subjects (customers, employees, service providers, etc.) and any personal data processing activity, in all BNP Paribas’ distribution models. | BNP Paribas Group | Group Data Office and RISK functions | This policy is only distributed internally. BNP Paribas publishes on its website for its clients a “Data Protection Notice(2)”. It is available in 17 languages and has several contact details to enable dialogue. Its purpose is to explain to the clients how the Group processes their personal data and how to exercise their rights. |
Group policy on the protection of the interests of clients | This policy defines the rules of organisation and conduct that must be applied throughout the relationship with the customer and at all stages of the life cycle of products and services. | BNP Paribas Group | Compliance function | This policy is only distributed internally. A summary including information on the protection of the interests of clients is available on the BNP Paribas website(3). |
Regarding the oversight processes, the policies presented in this table are all subject to ongoing and periodic internal controls. The Group policy on the protection of personal data is also monitored at the level of the Group Data Office and RISK functions.
All of the policies mentioned in the table above are aligned with internationally recognised frameworks applicable to consumers and end-users, including the United Nations Guiding Principles on Business and Human Rights. Regarding its individual customers, the right to privacy is recognised and integrated into the Group’s policy on the protection of personal data and its internal procedures, established in line with European regulations in this area, such as the GDPR. BNP Paribas is not aware of any cases of non-compliance with the international principles mentioned above in connection with its individual clients. In addition, BNP Paribas, as a financial institution, does not identify any serious violations of fundamental human rights of individual clients related to its activities.
A Group-level whistleblowing system, placed under the responsibility of dedicated referents within the Compliance and Human Resources functions, depending on the subject, can be activated by BNP Paribas’ external stakeholders, through the “BNP Paribas Whistleblowing Platform(126)”, accessible on the Group's website.
The protection of whistleblowers against the risk of retaliation has been strengthened by the French law No. 2022-401 of 21 March 2022. Any person that needs to know of an alert during its processing is formally committed to respecting the confidentiality of the information relating to the whistleblowers and any person involved. In addition, the Group guarantees the protection of whistleblowers against the risk of retaliation, and any person considering themselves the victim of retaliation may issue an alert that will be dealt with according to the standards defined by the Human Resources Department. This protection applies regardless of the channel used by the whistleblower.
The policy for the protection of the interests of clients defines the following general principles, for which each business line or entity of the Group is responsible for the operational implementation:
Each entity of the Group must:
Each head of entity, depending on its organisation, is responsible for implementing this process.
The protection of the interests of clients is the subject of training for the employees concerned, in particular the teams in charge of customer relations and management (see 2.d Taking action on material impacts on consumers and end-users).
As part of the Advocacy programme implemented since 2017, the BNP Paribas Group deploys a system for listening to the voice of customers on a broad and continuous basis, in all Domestic Markets, the Europe-Mediterranean perimeter and the specialised businesses, within the CPBS and IPS divisions mentioned above.
This programme is based on:
The results of the annual benchmarks are presented to each entity and a consolidated view is shared with the Executive Committee of CPBS and the Board of directors of BNP Paribas.
In addition, in each entity, the results of these annual benchmarks complement those of the global customer listening system of the entity. The lessons learned and the management of the topics to be addressed are communicated to the highest operational level of each entity (branch director, territory director, region director) to prioritise corrective actions and monitor their implementation.
The Group has set itself the objective of improving, each year, the positioning of its entities in comparison with their competitors in the countries where they operate.
In 2024, in the four Domestic Markets (France, Belgium, Italy and Luxembourg), 7.3 million surveys were sent by email to individual customers with a return rate of 7%. In addition, nearly 850,000 returns were collected via direct surveys on digital channels (pop-in, pop-up).
Regarding the Group’s positioning in the market:
The handling of complaints is a key element of the Group’s policy for the protection of the interests of clients and is subject to precise operational procedures. The policy for the protection of the interests of clients defines the rules for handling complaints, for which each business line or entity of the Group is responsible for the operational implementation:
Each entity must also:
Many of the Group’s entities offer the services of independent mediators, who can be used by customers. In France, in Italy and in Belgium, customers can contact the national ombudsman services organised by the relevant regulatory bodies. BNP Paribas Personal Finance uses external ombudsmen in most countries. In France, an independent ombudsman studies the requests and provides proposed responses. Since 2022, BNP Paribas Cardif in France has strengthened its relationship with the Insurance Ombudsman in order to take into account the mediator’s perspective on the cases that customers submit to it.
An individual remediation approach is implemented with customers who have responded to a survey. Each customer must be called back by an advisor upon receipt of their response (within a maximum of five days), with priority given to dissatisfied customers. This reminder provides a better understanding of customers’ perceptions and the reasons for their opinion.
When possible, an immediate solution is provided to the customer. When the solution cannot be immediate, the agency or customer relationship centre must implement corrective actions if the irritant is at the local level (“Innerloop”) or forward it to the central teams if it is a structural irritant whose resolution is not directly within the control of the local level (“Outerloop”).
These customer events are recorded and processed through management and steering tools. The Net Promoter System is mainly operated via the Customer Feedback Management tool which allows management of surveys, consultation of customer feedback in real time, sharing of results throughout the entity and monitoring of them via dashboards.
The Group learns from these remediations, enabling it to nurture a continuous learning process. In each of the Group’s entities, the Advocacy team regularly presents, with its General Management and team managers, the customers’ main irritants and organises their prioritisation and resolution along with the responsible operational teams.
To address the impact of ineligibility of certain individual clients for some Group’s products and services due to the clients’ profile, BNP Paribas develops specific offers, described in the following section 2.d. Actions in favour of social inclusion.
BNP Paribas also relies on the same remediation processes as for other individual clients, see previous sections on customer satisfaction and transparent, clear and non-misleading information for complaint management.
BNP Paribas implements various actions to prevent, mitigate and correct the impacts on its individual clients, manage material risks and seize related material opportunities.
The Group deploys several training courses related to the protection of the interests of clients, primarily training courses on the Code of conduct (Conduct Journey) assigned to all employees. In its third edition, it has been enriched with information on ethics alert channels and with a new module on diversity, equity and inclusion.
All BNP Paribas employees must undergo a mandatory training on the protection of personal data. Regular campaigns also favour increased awareness of cyber risks and personal data breaches.
The “Sustainability Academy”, a training platform launched in 2022 by the Group, offers employees training on sustainable finance topics, including social and financial inclusion. For more information, see section 7.1.4 Own workforce, 2.d Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of these actions.
BNP Paribas’ policy on the protection of personal data includes a process for identifying, qualifying and assessing the risks related to personal data processing activities impacting data subjects, including individual clients.
The Group deploys a series of organisational and technical measures to prevent and mitigate the risks associated with the processing of personal data, including the risks related to the loss of confidential personal data, their integrity and availability. In coherence with article 32 of the GDPR regulation, these measures include:
Governance, based on a network of Chief Data Officers (from the Group Data Office function, as the first line of defence) and Data Protection Officers (from the RISK Function, as the second line of defence), ensures the application of the personal data protection framework for which they are responsible. This network is supported by dedicated experts within the LEGAL function (second line of defence). The functions of permanent and periodic control (third line of defence) oversee the proper application of the data protection framework and its effectiveness.
Firstly, the Group’s rules, in line with the GDPR regulation, prescribe direct notification to data subjects concerned in the case of a data breach. The affected persons are informed as soon as possible of their rights and freedoms and can take the necessary measures to protect themselves.
Individual clients may contact BNP Paribas at any time, directly or through the data protection authorities, for any inquiries or complaints regarding the processing of their personal data, including through customer service. In addition, subcontractors of the Group’s products and services must inform BNP Paribas of any request and help to respond to it.
Channels that facilitate this interaction are described in the Data protection notice(127) published on the Group’s website. This notice also provides guidance on submitting complaints to data protection authorities. Complaints are treated confidentially and securely, to ensure access based solely on a need-to-know basis(128). The process of dialogue with individual customers for the protection of personal data is organised around the Chief Data Officers and Data Protection Officers (DPO), who operate under the authority of the Chief Data Officer and the Group Data Protection Officer, and act as protectors of the personal data of data subjects. As members of the autonomous control function RISK, the DPOs provide independent supervision of the processing of requests.
Periodic reporting is carried out by the Privacy and Personal Data Protection Committees, chaired by the Chief Data Officer and the Group Data Protection Officer. These Committees ensure that this dialogue with individual customers for the protection of personal data takes place and that these results support the company’s approach.
Ad hoc reports can be done at the level of the Board of directors.
In 2024, BNP Paribas consolidated its network of data protection specialists, integrated into all territories and activities, and has pursued its missions of applying data privacy principles and increasing continuously the degree of maturity in terms of personal data protection.
The effectiveness of the processes for remediating complaints from data subjects is monitored through both permanent (via the control functions) and periodic (via audits) controls. Also, as far as there is a remediation legal obligation related to personal data, these processes are also monitored by the data protection and judicial authorities. The processing of requests from data subjects, including individual clients, is regulated by the data protection authorities and contact information is made available in the event that the concerned data subjects believe that there are grounds to make a complaint.
Lessons are learned from both data breach cases and interactions with data subjects to improve channels of dialogue and prevent and mitigate future impacts. If necessary, additional exchanges with the concerned persons are undertaken in order to better meet their requests or to gather additional information, thus ensuring the most relevant and appropriate response.
These actions are described earlier in the section 2.b. Processes for engaging with consumers and end-users about impacts. In addition, specific actions are carried out according to the needs identified by individual customers, such as the formalisation of guidelines on the drafting of commercial documents or on best practices to avoid greenwashing.
These actions are described earlier in section 2.c Processes to remediate negative impacts and channels for consumers and end-users to raise concerns. Individual clients are informed of the existing complaints process and mediation protocol, both in public reception sites and on the internet.
A customer who has made a complaint must obtain an acknowledgement of receipt from BNP Paribas within ten working days. Customers are regularly informed of the progress of their request and a response must be provided within two months, unless more restrictive local regulations are required.
Complaints management teams are operational teams of the business lines. The Compliance Function ensures that the complaint management system is in place and complies with the Group’s standards and local regulations.
A process of analysis of the causes of the complaints received and the solutions provided feeds the Group’s continuous improvement effort. Quantitative and qualitative information concerning complaints is regularly transmitted to the General Management.
To better understand and meet the expectations of its customers, the Group has developed a specific organisation based on several tools and aimed at remediating the material impact identified on this theme of customer satisfaction.
In each operating entity of the Group, an Advocacy team is in charge of the Net Promoter System and ensures its proper functioning and the corresponding follow-up. As such, the Advocacy team:
The team must also lead the “Outerloop” stage (described in the customer satisfaction paragraph of the section 2.c. Processes to remediate negative impacts and channels for consumers and end-users to raise concerns) in close collaboration with the Customer Journeys and Design teams, consisting of:
Social inclusion is one of the five priority areas of the Sustainability pillar of the BNP Paribas strategic plan. The Group contributes to social inclusion through offers supporting financial inclusion, which is a step towards social inclusion. These offers allow certain categories of the population that are distant from banking offers to access means of payment and financial or insurance services. BNP Paribas thus provides them with the means to participate more actively in economic and social life.
These financial inclusion actions are carried out for two types of beneficiaries:
Nickel, a subsidiary of the Group present in five European countries (France, Spain, Belgium, Portugal, Germany), offers payment solutions accessible to all, without means testing, directly online or through physical distribution channels such as tobacconists. With the opening of an account with an IBAN and an unconditional payment card, Nickel allows everyone, including people who have been banned from banking, to pay, to be paid and to have home insurance accessible online.
By simplifying the conditions for access to a current account, Nickel contributes to the socio-professional inclusion of as many people as possible – having access to a bank account is now an essential condition for accessing everyday goods and services, as well as a paid job. According to the impact report published in 2023 by Nickel(129), 77% of customers have an income of less than EUR 1,500 per month, 30% are unemployed, without regular income or living on benefits and 30% have no home address. For 28% of them, Nickel is the first current account they open in their lives. At the end of 2024, Nickel had reached more than 4.3 million accounts opened since its creation, an increase of more than 706,000 accounts in one year.
For 35 years, BNP Paribas has been committed to inclusive finance by directly and indirectly financing microfinance institutions through various levers: direct financing, investment in financial inclusion funds and distribution of savings products dedicated to microfinance. At the end of 2024, BNP Paribas’ direct support for microfinance reached EUR 468.8 million in loans and investments to 22 MFIs in 13 countries. At the end of September 2024, this represented almost 700,000 active beneficiaries (from the partner MFIs) indirectly supported by BNP Paribas.
New credit commitments were made to these institutions in 2024, particularly in countries where the Group has a significant presence such as Morocco, India, Indonesia and Brazil.
Since 2021, the use of the MESIS (Social Impact Measurement and Monitoring) methodology allows measurement of the social performance of partner MFIs. This analysis is published in the form of an annual report and tracks key data on the impact of the MFIs’ activities.
The actions described above, by theme (transparent, clear and non-misleading information, customer satisfaction and social inclusion), and transversal ones (training actions), make it possible to prevent, mitigate and correct the identified impacts of BNP Paribas on its individual clients.
Through the monitoring of complaints, NPS and the deployment of offers aimed at financial inclusion, the Group follows and evaluates the ability of these actions to produce the expected results for individual customers.
The Group also ensures that processes are in place to remediate any material negative impacts as well as the effectiveness of their implementation and results, as described above, for example, with regard to the rules on response times to customers who are dissatisfied or have made a complaint.
Regarding the protection of personal data, negative impacts on data subjects, including marketing practices or data use, are avoided through the internal risk management system put in place by BNP Paribas, in line with personal data protection regulations (GDPR and ePrivacy Regulation and national regulations in the countries where BNP Paribas operates). This risk management process related to the protection of personal data is the cornerstone of the Group’s system for evaluating each process and each data processing in the light of compliance with the GDPR and the Group’s policy on the protection of personal data, considering current or planned protection measures. This system also allows the implementation of the measures previously mentioned in section 2.d Actions in favour of data privacy protection, such as pseudonymisation and encryption of personal data.
As previously described, the Group’s Code of conduct promotes the highest ethical standards in terms of personal data protection.
BNP Paribas commits to never selling its customers’ personal data to its business relationships.
As part of its strategic plan, the Group has set itself a quantified target in terms of social inclusion: to serve 6 million beneficiaries of products and services supporting financial inclusion by 2025. This indicator is included in BNP Paribas’ CSR dashboard (see 7.1.1 General Disclosures, 2.a Strategy, business model and value chain).
This target echoes the objectives of the Code of conduct policy, its theme no. 7 (“Involvement with Society”, sub-theme “Contributing to a more inclusive society”) being defined as follows: “the Group also strives to pay particular attention to customers in vulnerable situations and to facilitate their access through the development of adapted and accessible financial products and services. BNP Paribas Group employees must ensure that they take into account the social impact of their activities.”
The indicator consists of the number of Nickel accounts opened since the creation and number of beneficiaries of microloans distributed by microfinance institutions financed by the Group (pro rata to the financing) between 1 October of the previous year and 30 September of the current year.
The methodology for calculating the indicator has been stable since its first appearance in the Group’s CSR dashboard in 2022.
Nickel’s development plan, as well as internal projection’s work on the number of beneficiaries of the MFIs supported, have enabled this target to be set.
Thanks to the strong development of this inclusive offer, the Group reached five million beneficiaries of products and services supporting financial inclusion at the end of 2024, thus contributing to social inclusion.
BNP Paribas presents below the Group’s business conduct frameworks, including anticorruption and interest representation, as well as the other non-compliance risks covered in this chapter (financial security, market integrity and cybersecurity).
Strategy: On these various subjects, the Group’s strategy is determined by the impacts, risks and opportunities (IRO) identified by the double materiality assessment. IRO related to business conduct and other topics related to non-compliance risks are presented in section 1. Management of impacts, risks, opportunities.
Policies: BNP Paribas describes the policies in place to manage material impacts, risks and opportunities in connection with business conduct and other matters related to non-compliance risks in section 1.a Corporate culture and business conduct policies.
Actions: The Group describes the actions aimed at mitigating impacts and risks related to business conduct and other matters related to non-compliance risks.
Metrics and Targets: BNP Paribas presents the following metrics related to business conduct and other matters related to non-compliance risks:
With the exception of cybersecurity, for which the Group’s Cyber Programme has defined targets, the other topics presented in this chapter are not suitable for the definition of targets or annual action plans. Indeed, the management of these risks is part of the overall operational risk management framework involving, in all Group entities, a periodic risk assessment and a portfolio of improvements and corrective actions that is constantly evolving and adapted to each entity.
Through the double materiality assessment carried out by the Group and described in chapter 7.1.1 General Disclosures, 3.a Description of the processes to identify and assess material impacts, risks and opportunities, BNP Paribas has identified several material impacts, risks and opportunities (IRO) related to business conduct:
Category | Title of the material IRO | Policies | Actions | Metrics | Targets |
|---|---|---|---|---|---|
Risks | Legal and reputational risks related to corruption or influence peddling |
|
|
| N/A |
Risks | Legal and/or reputational risks related to controversial lobbying activities |
|
| N/A | N/A |
Risks | Legal risks related to failure to identify suspicious customer activity |
|
| N/A | N/A |
Risks | Operational risks generated by cyberattacks |
|
|
|
|
Risks | Reputational risks generated by | ||||
Risks | Legal risks |
The table below summarises the main policies applicable to the entire BNP Paribas Group to manage the impacts, risks and opportunities related to business conduct.
Politics | Description of the content of the policy | Description of the scope of the policy or its exclusions | Description of the most senior level of the organisation accountable for implementing the policy | Interaction with stakeholders |
|---|---|---|---|---|
Code of conduct | The Code of conduct sets out the rules of conduct that apply to all activities and employees of the Group. | BNP Paribas Group | BNP Paribas Group General Management | The Code of conduct is available on the Group’s intranet and on the BNP Paribas website. It is available in 20 languages. |
BNP Paribas whistleblowing framework group procedure | This procedure presents the framework put in place within the Group to enable Employees and certain External Third Parties to report safely, and under the conditions laid down by the regulations, actual or suspected violations of laws or rules of the Group Code of conduct. | BNP Paribas Group | Two Chief Operating Officers of the BNP Paribas Group | This policy is circulated internally, and a summary is available on the Group’s website. |
Gifts & Invitations Procedure | This procedure establishes the rules that Group Employees must comply with as regards Gifts and Invitations | BNP Paribas Group | Two Chief Operating Officers of the BNP Paribas Group | This policy is circulated internally. |
Group Conflicts of Interest Policy | This policy aims at:
| BNP Paribas Group | Two Chief Operating Officers of the BNP Paribas Group | This policy is circulated internally. |
Global Anticorruption Policy | This policy states BNP Paribas Senior Management’s expectations regarding all employees’ roles in actively fighting corruption and influence peddling and in their prevention and detection. | BNP Paribas Group | Two Chief Operating Officers of the BNP Paribas Group | This policy is circulated internally. |
Global Anti-Money Laundering and Counter-Terrorist Financing (AML-CTF) Policy | This policy is the foundation of the Bank’s Anti Money Laundering- Counter-Terrorist Financing framework. | BNP Paribas Group | Two Chief Operating Officers of the BNP Paribas Group | This policy is circulated internally. |
Global Sanctions Policy | This policy establishes minimum principles, standards, internal processes, and controls designed to limit BNPP’s exposure to risks associated with violations of Sanctions laws and regulatory requirements and the risk of conducting business with sanctioned parties. | BNP Paribas Group | Two Chief Operating Officers of the BNP Paribas Group | This policy is circulated internally. |
Know Your Client - Global Policy | This policy defines the due diligence standards of the BNP Paribas Group (BNPP) regarding client’s knowledge, risk assessment and decision-making. | BNP Paribas Group | Two Chief Operating Officers of the BNP Paribas Group | This policy is circulated internally. |
Global Policy on Protecting Market Integrity | This policy is the reference for the Market Integrity Domain. The Policy addresses different regulatory issues, in particular:
| BNP Paribas Group | Two Chief Operating Officers of the BNP Paribas Group | This policy is circulated internally. |
Responsible Representation Charter | Adopted in 2012 by the Executive Committee, this charter frames the relations of BNP Paribas employees with the public authorities and the Group’s representation practices. It includes a series of core commitments including integrity, transparency, governance and social responsibility | BNP Paribas Group | BNP Paribas Group General Management | The charter is available on the BNP Paribas website(1). It is available in French and English. |
Representation of interests Sapin II Procedure | In line with the Charter for Responsible Representation, the procedure provides a framework for the relations of BNP Paribas employees with the French public authorities, within the framework defined by Title II of the Sapin II law relating to the transparency of relations between interest representatives and public authorities. | BNP Paribas Group | Institutional Affairs Department | This policy is circulated internally. |
Cybersecurity Framework | More broadly integrated into the Group’s ICT(2) and cyber risk management reference framework. It consists of a set of documents (policies, norms, and standards) that define the basic requirements for cybersecurity. | BNP Paribas Group | Group CISO(3) | This set of policies, norms and standards is circulated internally |
Cyber Trust 25 | Cybersecurity strategy defined to support BNP Paribas’ digital transformation. It is based on 5 pillars:
| Cybersecurity teams of the Group Entities (“Cyber Filière”) | Group CISO | The ambitions identified in each of the strategic pillars are circulated to the entire Cyber Filière |
| ||||
The policies described are subject to a monitoring process as specified in chapter 2 Corporate governance and internal control, 2.4 Internal control.
Compliance with the highest ethical standards is a prerequisite for BNP Paribas. All Group employees are required to strictly comply with the laws, directives and regulations in force in all areas as well as the professional standards and internal policies that apply to their activities. In the event of a potential conflict between a country’s legislation and BNP Paribas’ ethical rules, employees are required to comply with applicable local laws if they are more restrictive, while seeking ways to apply and comply with internal ethical rules.
Compliance with these rules, as detailed in the Code of conduct, is essential to the preservation of the Group’s reputation and the trust placed in it by its customers and partners.
The Code of conduct, which is binding on all employees and in all the Group’s business lines, governs the actions of each employee and guides decisions at all levels of the organisation. Published in 2016 and expanded in 2022 and 2024, it has been translated into 20 languages and is published on(130) the Group’s website.
It presents the rules of conduct to be shared and applied in different areas:
The Group Conduct Committee (GCC) ensures and supervises the execution and improvement of the conduct framework within the Group and facilitates the sharing of best practices on conduct matters.
A survey launched at the end of 2023 among the Group’s employees confirmed their high level of adherence to the values and behaviours defined in the Code of conduct as well as a good knowledge of the channels enabling them to raise alerts (see The whistleblowing framework below).
All topics covered in the Code of conduct are subject to policies and procedures that set out rules and processes specific to each type of risk.
These rules and processes are part of the Group’s general internal control framework, which defines in particular the principles of risk assessment, controls, the detection and treatment of incidents, the monitoring of corrective actions and the information of Management (see chapter 2 Corporate governance, 2.4 Internal control and chapter 5 Risks and capital adequacy – pillar 3, 5.9 Operational Risk).
BNP Paribas maintains frameworks for detecting money laundering and terrorist financing operations in all its entities, which are based on standards and controls, on the employee vigilance, maintained through mandatory training programmes, and constantly evolving digital tools.
A strengthened framework for the prevention and detection of corruption and influence peddling is also implemented (see section 1.b. The prevention and detection of corruption and bribery below).
BNP Paribas’ market activities, on behalf of its clients or on its own account, are strictly governed by frameworks dedicated to the prevention and detection of market abuse and the management of sensitive information and conflicts of interest.
Comprehensive compliance with tax obligations is part of the Group’s commitments to corporate and social responsibility. The tax compliance of the Group’s and its clients’ operations is therefore a major objective of its governance. To this end, principles and procedures have been defined applicable to all operations in which the Group is a stakeholder. These elements are included in the BNP Paribas Tax Code of conduct(131), of which the latest version was published in June 2023.
The protection of clients’ interests is a major concern for the Group. For this reason, the Group has decided to place this topic at the core of the Code of conduct and is a specific Expertise Domain within the Compliance Function (see chapter 7.1.5 Consumers and end-users).
The BNP Paribas Whistleblowing framework is governed by a Group-level procedure in accordance with the French Sapin II law on “transparency, the fight against corruption and the modernisation of the economy” and applies to all Group entities in compliance with local regulations.
Every Group employee has the right to alert in the event of a crime or offence, or threat or harm to the public interest, or a violation or an attempt to conceal a violation of an international norm ratified by France, of a unilateral act of an international organisation adopted on the basis of such norm, or of European Union law or any law or regulation, a breach of the Group Code of conduct or of Group policies and procedures. This right must be exercised in good faith and without direct financial consideration.
The Group’s Whistleblowing framework, in accordance with the Waserman law, is also open to external third parties, in particular to former Group employees, and to suppliers and subcontractors, for reporting information obtained in the context of work-related activities in the Group.
The Group Whistleblowing procedural framework presents the different Whistleblowing Channels available to employees and external third parties, the conditions to be met when raising an alert, the rules for processing an alert and the protection granted to Whistleblowers against any retaliation.
The Group Whistleblowing framework relies on the following pillars:
Compliance and Group Human Resources share responsibility for the BNPP Whistleblowing framework according to the nature of the alert. Human Resources receive and process alerts relating to respect for people, Compliance receives and processes other types of alerts.
Employees and External third parties can raise an alert securely via an external system available (BNP Paribas Whistleblowing Platform)(132) and operated by an external provider through an online form or a dedicated hotline (available depending on the country due to local specificities/regulations).
Employees wishing to report an alert can also approach their management, Human Resources or Compliance.
In addition, there is a specific communication channel for alerts on breaches of financial sanctions and embargoes.
Each Whistleblowing channel is under the responsibility of specifically appointed employees, the HR Conduct Referent “Respect des Personnes” or Compliance Whistleblowing Referents according to the topics. These Referents are committed to respecting the confidentiality rules and ensuring an impartial and independent handling of each alert.
The methods for raising and handling an alert comply with local rules.
An alert may be expressed in all the languages used by the Group.
Whistleblowing reports are systematically processed with confidentiality. Anonymous reports are processed unless this is not authorised by local regulations.
No employee who raised an alert in good faith may be disciplined, dismissed or discriminated against, directly or indirectly, with regard notably to recruitment, remuneration, promotion, training, assignment or redeployment. The same protection applies to employees having borne witness to the case and having provided information for the investigation.
The Whistleblowing framework guarantees the confidentiality of the identity of the Whistleblowers and any persons mentioned, including the targeted person(s), and of the information collected in the report and during the investigation.
The Referents are responsible for implementing these rules and for complying with applicable laws and regulations regarding the processing, storage and retention of personal data collected in a Whistleblowing report.
The processing of Whistleblowing reports is governed by procedures or collective agreements that define each step for handling reports and specify special rules on protection and confidentiality.
As soon as an alert is deemed admissible, it is analysed and, if necessary, an investigation is carried out independently with the required expertise. A specific timeframe has to be applied for processing Whistleblowing cases and informing the Whistleblower at each step of the process (acknowledgement of receipt, confirmation of admissibility and closure after investigation), unless there is a legitimate impediment linked to the anonymity of the alert.
All Group employees are made aware of the Code of conduct and of the Whistleblowing framework in the mandatory Conduct Journey training.
This framework and the methods for using it are also communicated at central, regional and local levels of the Group’s organisation, in particular on intranet sites.
The Whistleblowing framework is subject to generic control plans designed to check the access to Whistleblowing channels and to ensure that the rules for processing whistleblowing alerts are respected.
A comprehensive and detailed reporting on the quantitative and qualitative analysis of alerts (i.e. number of alerts and remedial measures, etc.) is produced and presented at least annually to the Group Executive Committee and to the Board of directors of BNP Paribas SA.
The topics covered by the Code of conduct are integrated into a training programme called Conduct Journey., The Conduct Journey develops on the fundamental rules of the Code of conduct, highlights the behaviours expected of employees in terms of conduct, as well as in the detection and handling of situations of misconduct.
The programme’s content (13 modules) is delivered in a two-year cycle to ensure continuous pedagogical progress. X Employees complete a different set of modules each year (except for the “Financial Security” course, which is annual). The modules are reviewed and adapted annually to ensure content is up-to-date and aligned to the Group’s priorities.
New employees must complete all 13 modules of the Conduct Journey when they join the Group.
Target | All Group employees |
|---|---|
Content | Topics covered in the Code of conduct:
|
Type of training | E-learning |
Duration | 3 hours (13 modules spread over a two-year period) |
Completion rate in 2024 (as of 13/01/2025) | 98.1% |
The BNP Paribas Group has implemented a global framework to prevent and detect corruption and influence peddling (“corruption”). Designed in compliance with the French Sapin II law and in light of the best international practices - such as the French Anticorruption Agency guidelines, the UK Bribery Act and the U.S Foreign Corrupt Practices Act – the Anti-Bribery and Corruption (ABC) programme is described in a Global Anticorruption Policy and updated in view of corruption risk assessment results.
The ABC programme applies to all BNP Paribas entities, and consists of the following measures and policies:
The Anti-Bribery and Corruption training consists of 4 modules:
Board members benefit from a dedicated training session on anticorruption and financial security every other year (the last one took place in September 2023).
Training | Anti-Bribery and Corruption – Most Exposed Employees | Certificate “Anticorruption - Advanced” | Financial Security – Formation of the Board of directors of BNPP |
|---|---|---|---|
Target | 2023: All the Group’s most exposed employees 2024: Newcomers | Identified population required to be certified | Directors of BNPP SA |
Subject | Presentation of the BNP Paribas Group’s global anticorruption framework. Illustrations aimed at detecting cases of corruption during daily activities with the various stakeholders. | Presentation of: (i) different typologies of corruption (ii) warning signals and measures aimed | Presentation of regulatory evolutions and the Group’s governance in terms of Financial Security and the fight against corruption. |
Type of training | E-learning | E-learning | Face-to-face |
Duration | 40 minutes | 11 Hours | 1.5 hour |
Frequency | Every other year: the whole target/newcomers | One-off | Every two years |
Completion rate in 2024 (as of 13/01/2025) | 2023: 97.7% 2024: 96.9% | 99.3% | 92.9% |
BNP Paribas S.A has not been the subject of any convictions or fines for violating anticorruption law in the last five years.
All corruption incidents are considered in a general analysis to determine corrective actions at the framework level (see the Anticorruption controls paragraph in section 1.b Prevention and detection of corruption and bribery in this chapter).
BNP Paribas engages with the public authorities in the greatest respect of the principles of ethics and transparency. In 2012, its Executive Committee adopted a “Charter for Responsible Representation with respect to the Public Authorities”, which includes a series of fundamental commitments in terms of integrity, transparency, social responsibility and respect for the universal democratic values. In particular, it states that “BNP Paribas carries out its representation activities in line with its global approach and its public commitments relating to the environment and climate change, in particular its support for the objectives of the Paris Agreement”.
Created at the end of 2012, the Institutional Affairs Department is responsible for ensuring, on behalf of the General Management, the coherence of the positions defended on Group-level issues. It brings together Prudential Affairs, Recovery and Resolution, Relations with the ECB and European and French Public Affairs.
BNP Paribas conducts its interest representation with particular attention to measures relating to prudential requirements and issues affecting its competitiveness in this area, compared to its international competitors.
On these topics, the objective is to ensure that the regulations applicable to its activities strike the right balance between the imperatives of financial stability and the development of a competitive European banking sector, at the service of the economy. Operational feasibility and implementation cost control are also at the core of concerns. It is under these conditions that BNP Paribas can fully contribute to the financing of the economy and the strategic autonomy of the EU, while meeting the client’s needs in the best possible way.
In order to ensure that representation activities are consistent with public communication on impacts, risks and opportunities, the Group’s positions are validated within a dedicated governance.
BNP Paribas has memberships with federations and professional associations. However, pursuant to the rules defined by the Group, these are not allowed to make any political donations in the name of BNP Paribas. These third-party associations have numerous subscribers, and BNP Paribas does not control them. They have a legal capacity to act independently and may perform actions in which BNP Paribas is not concerned.
Finally, BNP Paribas is registered in the register of interest representatives managed by the High Authority for Transparency in Public Life (HATVP) (Registration number: N/A), in the EU Transparency Register (registration number: 78787381113-69), in the Lobby Register of the Bundestag in Germany (registration number: R001771), and in the register of the Belgian Parliament (registration number: N/A).
Open and transparent markets are essential for economic development. The BNP Paribas Group is committed to helping maintain and preserve market integrity.
The market integrity programme is designed in strict compliance with regulations and is based on the following pillars:
It consists of two main activities:
The BNP Paribas Group has put in place policies relating to the management of inside and sensitive information, market sounding activities, benchmarks contribution, protection of confidential data, in compliance with national and international regulations, as well as with best practices and recommendations from the competent authorities.
The Group has set up an internal framework to ensure the treatment process and appropriate circulation of inside information.
Inside information and its holders within the Group are subject to a permanent census. In order to guarantee their confidentiality and to prevent insider trading, information barriers and strict segregation of activities (Investment Banking, own account transactions, asset management) are systematically put in place and monitored.
Conflicts of interest are also subject to a process of detection, identification of the involved internal and external players and prevention of risks related to situations of conflicts of interest in market activities (e.g. the maintenance and management of lists of issuers or clients).
In order to protect the integrity of the markets, a framework against market abuse situation has been implemented to prevent, detect and report it when applicable. This framework covers the dissemination or abusive use of inside information in order to prevent insider trading, price manipulation and the disclosure of false information. It covers both the brokerage activities and the Group’s own-account activities acting as counterparty or market maker.
Transactions potentially suspicious and constituting market abuse are subject of a report to the authority concerned.
This framework is associated with the monitoring of orders and transactions in all the businesses concerned, as well as compliance with pre- and post-trade transparency obligations and post-trade declarations.
In addition, monitoring of oral and electronic communications is in place, according to procedures specific to each business lines. The scheme also includes reporting obligations regarding long and short positions.
BNP Paribas and its branches and subsidiaries in France and abroad are firmly committed to complying with international economic sanctions as well as to the fight against money laundering and terrorist financing, and with the relevant laws and regulations in all countries where the Group operates.
In this context, the BNP Paribas Group has adopted and maintains a comprehensive financial security programme designed with a risk-based approach and applicable in all its entities. Significant human and technical resources are devoted to it, both by the business lines and by the Compliance Function.
This programme relies on the following pillars:
It consists of three main activities:
Know Your Customers (KYC) is an essential component of financial security risk management that supports both the prevention of money laundering and terrorist financing and the compliance with international sanctions.
It also contributes to the fight against corruption (see section 2.d Prevention and detection of corruption and bribery, this chapter), compliance with tax laws and regulations, protection of clients’ interests, social and corporate responsibility, and market integrity.
It requires the implementation of a set of due diligence measures aimed at identifying the customers, their beneficial owners and their agents, analysing the nature and location of their activity, and taking into account the purpose of their business relationship with BNP Paribas.
These due diligence measures are strengthened for high-risk clients, politically exposed persons, as well as in other types of high-risk situations.
Similar measures are applied to suppliers and other types of partners of the Group.
Compliance with international sanctions and embargoes issued by the European Union, France, the United States and any other national authority when applicable is based on a twofold framework:
These frameworks, implemented in all the Group’s entities, consist of framed processes, in particular:
They are also complemented by a training programme for employees and independent controls.
Specific frameworks based on both automated transaction monitoring tools and employee vigilance aim to detect and report to the competent authorities:
The investigation of alerts and the timely reporting of suspicions to the authorities, as well as subsequent measures, are subject to dedicated procedures.
In addition to the measures described above, BNP Paribas Group maintains an assessment of the financial security risks related to countries or regions, which complements the analysis of prospective or existing business relationships, and which may lead to the refusal or termination of a business relationship, or to the rejection of a transaction or the provision of a financial service.
In the ever-changing landscape of the global financial industry, BNP Paribas recognises the central role of Information and Communication Technologies (ICT) in maintaining operational resilience. Present in different regions of the world, BNP Paribas faces a multitude of challenges in ensuring the security, robustness and resilience of ICT systems. The interconnected nature of operations, coupled with the rapid pace of technological advancement and the need to rely increasingly on third parties to deliver critical services, requires a strategic and adaptive approach to risk management.
BNP Paribas Group is subject to cybersecurity risk, or risk caused by a malicious and/or fraudulent act, committed virtually, with the intention of manipulating information (confidential data, bank/insurance, technical or strategic), processes and users, in order to cause material losses to the BNP Paribas Group’s subsidiaries, employees, partners and clients and/or for the purpose of extortion (ransomware).
An increasing number of companies (including financial institutions) have in recent years experienced intrusion attempts or even breaches of their information technology security, some of which have involved sophisticated and highly targeted attacks on their computer networks. Because the techniques used to obtain unauthorised access, disable or degrade service, steal confidential data or sabotage information systems have become more sophisticated, change frequently and often are not recognised until launched against a target, the BNP Paribas Group and its third-party service providers may be unable to anticipate these techniques or to implement in a timely manner effective and efficient countermeasures. Any failures of or interruptions in the BNP Paribas Group’s information systems or those of its providers and any subsequent disclosure of confidential information related to any client, counterpart or employee of the BNP Paribas Group (or any other person) or any intrusion or attack against its communication system could cause significant losses and have an adverse effect on the BNP Paribas Group’s reputation, financial condition and results of operations.
Regulatory authorities now consider cybercriminality to be a growing systemic risk for the financial sector. They have stressed the need for financial institutions to improve their resilience to cyber-attacks by strengthening internal IT monitoring and control procedures. A successful cyber-attack could therefore expose the Group to a regulatory fine, especially should any personal customer data be lost
The Group’s General Management oversees cybersecurity through dedicated governance that provides an overview of the Group’s situation. Among the Committees of the Board of directors of BNP Paribas is the Internal Control, Risk Management and Compliance Committee (CCIRC) for the oversight of risk management. The CCIRC monitors the deployment plan of the Group’s cybersecurity programme, its action plan, the priority themes and the related budget on a semi-annual basis. In addition, the Group’s Executive Committee, with all the business directors, is involved in the Cybersecurity programme, which allows for decision-making at the right level if necessary.
At the same time, the Group IT Risk Committee (GITRC) is an ad hoc decision-making body at the level of senior management to deal with cyber risks, risks related to the implementation of the IT strategy and operational resilience.
Cybersecurity governance is based on the “three lines of defence” model, an integrated model covering all Group entities described in chapter 2 Corporate governance and internal control, 2.4 Internal control.
To address cybersecurity risks, the Group has set up a global system based mainly on a cybersecurity reference framework and a cybersecurity strategy entitled “Cyber Trust 25”.
Within the Group’s ICT and cyber risk management reference framework, there is a specific reference framework for cybersecurity. This is composed of a set of documents (policies, norms and standards) that define the basic requirements for cybersecurity, offering a standardised approach to mitigating risks. Aligned with industry best practices, this ensures consistent implementation of processes and associated controls within BNP Paribas, strengthening the overall cybersecurity posture. The Cybersecurity Reference Framework is composed of several cybersecurity themes. Each theme may contain procedures (i.e. types of policies to be applied), requirements files or guidelines. These cybersecurity topics are defined to address the specific cybersecurity risks that the Group faces, such as disruption of services or data leakage for example, and the associated impacts, such as reputational damage or legal proceedings by regulatory authorities.
These requirements and procedures of the framework are mandatory for all Group Entities worldwide. In addition to these requirements, the Entities may define additional local requirements to address specific risks at the entity level that are not addressed by the Group.
The Group has also defined a cybersecurity strategy to support BNP Paribas’ digital transformation. Entitled Cyber Trust 25, this strategy is based on 5 pillars:
The deployment of the Cyber Trust 25 strategy applies to all the cybersecurity teams of the Group’s Entities, grouped under the term “Filière Cyber”.
The definition of a global cybersecurity vision and strategy is the responsibility of the Group’s Chief Information Security Officer (CISO). It ensures that cybersecurity and information and communication technology (ICT) risk management are integrated into the project delivery process by providing appropriate policies, practices and guidelines. He is also responsible for defining the cybersecurity programme and remediation projects to address the Group’s cybersecurity risks, while ensuring their implementation within the Group’s entities.
The Group and its direct Entities apply the requirements set out in the Cybersecurity Reference Framework. They take proactive steps to ensure compliance with published rules, requirements, and deadlines while effectively allocating resources. The published requirements are transposed into concrete measures and initiatives aimed at improving the Group’s cybersecurity posture.
The Entities review the requirements published in the Cybersecurity Reference Framework. They carefully assess the scope, applicability and timelines associated with each requirement, ensuring that they understand their obligations.
Based on this assessment, the Entities develop detailed action plans outlining tasks, milestones and timelines for implementation. These action plans prioritise activities based on risk level, regulatory mandates and operational objectives. The focus is on establishing clear accountabilities for each task to ensure effective execution.
The Entities shall allocate the necessary resources, including human, technological and budgetary resources, to support the implementation of the action plans. Budgets are carefully reviewed and adjusted as necessary to account for costs associated with compliance efforts.
In addition, each pillar of the Cyber Trust 25 strategy is made up of several ambitions, which are themselves broken down into initiatives that should lead to deliverables or concrete actions. In order to take into account the constant evolution of the cyber threat, the ambitions of the Cyber Trust 25 strategy can be adapted and define complementary action plans.
Within the ICT and cyber risk management reference framework, each requirement related to cybersecurity topics is associated with a due date.
The progress of the Group’s Entities in each of the cybersecurity themes is monitored as part of the BNP Paribas Cybersecurity Programme. This programme takes a risk-based approach to assess Entities and calculate the level of cyber maturity they need to achieve, based on the goals set out in a cybersecurity matrix.
Finally, the initiatives associated with the Cyber Trust 25 cybersecurity strategy are the subject of targeted and quantified action plans and objectives.
Several metrics have been set up to measure the level and progress of the Group’s Entities in terms of cybersecurity.
Each year, several campaigns are carried out by the Cybersecurity departments of the Group Entities integrated into the Cybersecurity Programme to assess compliance with the implementation of the objectives set. The results are communicated to management during the Cybersecurity Panoramas.
The progress of Cyber Trust 25’s ambitions is regularly monitored during dedicated steering committees, whose objective is to present the progress on each of the initiatives integrated into the strategy. Tables of indicators are presented and commented on.
In addition, the Entities rely on the ICT Generic Control Libraries to conduct self-assessments regarding the implementation of IT governance, IT risk, and cybersecurity requirements. These libraries provide a structured framework for the Entities to assess their compliance with established controls, identify areas of non-compliance, and develop remediation plans as required.
Although meeting the size criteria required by the CSRD for the preparation of sustainability statements, some of the Group’s subsidiaries benefit from the exemption regime provided for in articles 19 bis (9) and 29 bis (8) of Accounting Directive 2013/34.
These entities domiciled in the European Union meet the size criteria to be subject to the publication of sustainability statements on a sub-consolidated basis, but they do not issue securities listed on the EU regulated markets, and belong to a parent entity which is itself subject to publication on a consolidated basis.
BNP Paribas prepares its sustainability statements on a consolidated basis in accordance with the scope of consolidation presented in the notes to the financial statements (see chapter 4, notes 9k and 1b).
The entities in the table below are the European entities that benefit from the exemption regime provided for by articles 19a (9) and 29a (8) of Accounting Directive 2013/34. These entities would have been subject to the publication of sustainability statements from 1 January 2025 if they had not themselves been subsidiaries of the BNP Paribas Group.
Name | Country |
|---|---|
BNPP Cardif | France |
BNPP Financial Markets | France |
BNPP Lease Group | France |
BNPP Personal Finance | France |
Financière des Paiements Électroniques | France |
Banca Nazionale Del Lavoro SPA | Italy |
BNPP Cardif Vita Compagnia di Assicurazione E Riassicurazione SPA | Italy |
Findomestic Banca SPA | Italy |
BGL BNPP | Luxembourg |
The existence of specific circumstances may change the content of the sustainability information. This can include deviations from the time horizons initially defined by the standard, but also the use of estimated data in the value chain, or sources of estimation and outcome uncertainty. The table below refers to the parts of the sustainability statement which help to understand these specific circumstances.
| Description of the disclosure requirements | Corresponding Information | CSRD sections |
|---|---|---|---|
Time Horizon | 9.a. Disclosure of the definitions of
9.b. Disclosure of the reasons for applying | Climate stress tests | Chapter 7.1.2 Climate Change 1.b Material impacts, risks and opportunities and their interaction with strategy and business model |
Value chain | 10.a. Disclosure of the metrics included
10.b. Description of the basis for
10.c. Description of the resulting level of accuracy on these metrics that include value chain data estimated using indirect sources
10.d. Where applicable, description | Climate stress tests
Scope 3 Category 15 (financed emissions)
Scope 3 Category 6 (business travel)
Targets and baselines on the most greenhouse gas-emitting sectors | Chapter 7.1.2 Climate Change 3.d Gross greenshouse gas emissions
Chapter 7.1.2 Climate Change 3.a Group's metrics and targets related to its impact on climate change
Chapter 7.1.2 Climate Change 3.b Group’s metrics and targets related to its climate change opportunities |
Sources of estimation and outcome uncertainty | 11.a. Disclosure of quantitative metrics
11.b.i. Disclosure of information about
11.b.ii. Disclosure of the assumptions, approximations and judgements the | Climate stress tests
Scope 3 Category 15 (financed emissions)
Scope 3 Category 6 (business travel) | Chapter 7.1.2 Climate Change 1.b Material impacts, risks and opportunities and their interaction with strategy and business model
Chapter 7.1.2 Climate Change 3.d Gross greenhouse gas emissions |
More specifically, regarding metrics on the most greenhouse gas-emitting sectors:
10.a. Several metrics include upstream or downstream (scope 3) data. These are respectively:
It should be noted that the emissions associated to the use of energy by building tenants for the Commercial Real Estate (CRE) sector (scope 3 downstream emissions) rely on the measurement methodologies implemented by REITs when feeding their sustainability reports which is considered as a direct measurement source. Hence, CRE is excluded from the analysis below.
10.b.Basis for preparation used for these metrics include:
10.c. The resulting level of uncertainty of using indirect sources to estimate upstream and/or downstream value chain data such as sector-average data or other proxies:
10.d. The computations are currently done using the best available data. It is planned to continue using the most up-to-date data and more granular emission factors and conversion factors or as soon as they are available.
All targets defined by the Group relate to material impacts, risks and opportunities from the stakeholders’ point of view.
Where metrics presented in the report have been validated by an external body other than the assurance provider, the body has been mentioned.
The Group’s sustainability statement includes information stemming from other legislation which requires the undertaking to disclose sustainability information or from generally accepted sustainability reporting standards and frameworks, in addition to the information prescribed by the CSRD disclosure standards. These disclosures are listed here-below.
Legislation or generally accepted sustainability reporting pronouncements | Datapoint description | References |
|---|---|---|
Article L.22-10-35 of the French Commercial Code | Impact of activities on the fight against tax evasion | Chapter 7.1.6 Business conduct / section 1.a Corporate culture and business conduct policies / Page 777 |
Article L.22-10-35 of the French Commercial Code | Actions to promote the link between the Nation and its armed forces and to support the commitment to the reserves of the National Guard | Chapiter 7.1.4 Own workforce / section 2.d Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions / Page 750 |
Some specific data, prescribed by a publication requirement, have been incorporated by cross-references and are listed below.
Disclosure Requirement | Datapoint description | Chapter/section/page where cross-reference is used (in) | Chapter/section/page that the cross-reference mentions (out) |
|---|---|---|---|
ESRS 2 GOV-1 – The role of the administrative, management and supervisory bodies | §21a - Composition and diversity of the members of the undertaking’s administrative, management and supervisory bodies | Chapter 7.1.1 General Disclosures / section 1.a Role of administrative, management and supervisory bodies in sustainabilty / Pages 685-686 | Chapter 2 Corporate governance and internal control / 2.1.2 BNP Paribas Corporate governance / section1.b - The Board of directors: a collegial body with collective competence / Page 56 |
§21b - Representation of employees and other workers | |||
§21c - Experience relevant to the sectors, products and geographic locations of the undertaking | |||
§21d - Percentage by gender and other aspects of diversity that the undertaking considers. The Board’s gender diversity shall be calculated as an average ratio of female to male Board members | |||
§21e - the percentage of independent Board members | |||
ESRS 2 GOV-1 – The role of the administrative, management and supervisory bodies | §23a - The sustainability-related expertise that the bodies, as a whole, either directly possess or can leverage, for example through access to experts or training | Chapter 7.1.1. General Disclosures / section 1.a Role of administrative, management and supervisory bodies in sustainability / Page 686 | Chapter 2 Corporate governance and internal control / 2.1.2 BNP Paribas Corporate governance / section 1.d Directors’ training and information / Page 60 |
ESRS G1 Disclosure requirement related | §5b - The expertise of the administrative, management and supervisory bodies on business conduct matters | Chapter 7.1.1 General Disclosures / section 1.a Role of administrative, management and supervisory bodies in sustainability / Page 686 | Chapter 2. Corporate governance and internal control / 2.1.2 BNP Paribas Corporate governance / section 1.b - The Board of directors: a collegial body with collective competence / Page 56 |
ESRS 2 GOV-3 – Integration of sustainability-related performance in incentive schemes | §29 - The undertaking shall disclose the following information about the incentive schemes and remuneration policies linked to sustainability matters for members of the undertaking’s administrative, management and supervisory bodies, where they exist: a) a description of the key characteristics of the incentive schemes; b) whether performance is being assessed against specific sustainability-related targets and/or impacts, and if so, which ones; c) whether and how sustainability-related performance metrics are considered as performance benchmarks or included in remuneration policies; d) the proportion of variable remuneration dependent on sustainability-related targets and/or impacts | Chapter 7.1.1 General Disclosures / section 1.b Integration of sustainability-related performance in incentive schemes / Page 688 | Chapter 2 Corporate governance and internal control / 2.1.3 Compensation and benefits awarded to the Group’s directors and corporate officers / paragraph Criteria linked to the Group’s CSR performance / Page 89 |
ESRS 2 GOV-5 - | 36.The undertaking shall disclose the following information: a) the scope, main features and components of the risk management and internal control processes and systems in relation to sustainability reporting; b) the risk assessment approach followed, including the risk prioritisation methodology; c) the main risks identified and their mitigation strategies including related controls | Chapter 7.1.1 General Disclosures / section 1.c Risk management and internal controls over sustainability reporting / Page 688 | Chapter 2 Corporate governance and internal control / 2.4 Internal control / Page 123 |
ESRS E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions | AR 46 h) for each significant scope 3 GHG category, disclose the reporting boundaries considered, the calculation methods for estimating the GHG emissions as well as if and which calculation tools were applied. The scope 3 categories should be consistent with the GHGP and include: i.indirect scope 3 GHG emissions from the consolidated accounting group (the parent and its subsidiaries), ii.indirect scope 3 GHG emissions from associates, joint ventures, and unconsolidated subsidiaries for which the undertaking has the ability to control the operational activities and relationships (i.e., operational control), iii. Scope 1, 2 and 3 GHG emissions from associates, joint ventures, unconsolidated subsidiaries (investment entities) and joint arrangements for which the undertaking does not have operational control and when these entities are part of the undertaking’s upstream and downstream value chain. | Chapter 7.1.2 Climate Change / section 3.d Gross greenhouse gas emissions / Page 727 | Chapter 5 Risks and capital adequacy – Pillar 3 / 5.11 Environmental, social and governance risk / section Banking book – Indicators of potential climate change transition risk / Page 582 |
After conducting the double materiality assessment on the topics, BNP Paribas performs a materiality assessment of the information to be disclosed. This assessment is carried out qualitatively, based on the adequacy of the information required by the European CSRD regulation with BNP Paribas’ activities.
Indeed, some information is not relevant due to the nature of the Group’s financial activities or strategy, accordingly it is considered non-material for BNP Paribas and not published.
Some CSRD data points are required by other EU legislation, as listed below.
Disclosure Requirement and related datapoint | SFDR reference(135) | Pillar 3 reference(136) | Benchmark regulation reference(137) | EU Climate Law reference(138) | References in the Sustainability Statement |
|---|---|---|---|---|---|
ESRS 2 GOV-1 | Indicator number 13 of Table #1 of Annex 1 |
| Commission Delegated Regulation (EU) 2020/1816(139), Annex II |
| 7.1.1 General Disclosures / section 1. Governance |
Board’s gender diversity paragraph 21 (d) | |||||
ESRS 2 GOV-1 |
|
| Delegated Regulation (EU) 2020/1816, Annex II |
| 7.1.1 General Disclosures / section 1. Governance |
Percentage of Board members who are independent paragraph 21 (e) | |||||
ESRS 2 GOV-4 | Indicator number 10 Table #3 of Annex 1 |
|
|
| 7.1.1 General Disclosures / section 1. Governance |
Statement on due diligence paragraph 30 | |||||
ESRS 2 SBM-1 | Indicators number 4 Table #1 of Annex 1 | Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453(140) Table 1: Qualitative information on Environmental risk and Table 2: Qualitative information on Social risk | Delegated Regulation (EU) 2020/1816, Annex II |
| Not applicable |
Involvement in activities related to fossil fuel activities paragraph 40 (d) i) | |||||
ESRS 2 SBM-1 | Indicator number 9 Table #2 of Annex 1 |
| Delegated Regulation (EU) 2020/1816, Annex II |
| Not applicable |
Involvement in activities related to chemical production paragraph 40 (d) ii) | |||||
ESRS 2 SBM-1 | Indicator number 14 Table #1 of Annex 1 |
| Delegated Regulation (EU) 2020/1818(141), Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II |
| Not applicable |
Involvement in activities related to controversial weapons paragraph 40 (d) iii) | |||||
ESRS 2 SBM-1 |
|
| Delegated Regulation (EU) 2020/1818, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II |
| Not applicable |
Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv) | |||||
ESRS E1-1 |
|
|
| Regulation (EU) 2021/1119, Article 2(1) | 7.1.2 Climate Change / section 1. Strategy |
Transition plan to reach climate neutrality by 2050 paragraph 14 | |||||
ESRS E1-1 |
| Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book-Climate Change transition risk: Credit quality of exposures by sector, emissions and residual maturity | Delegated Regulation (EU) 2020/1818, Article 12.1 d) to g), and Article 12.2 |
| 7.1.2 Climate Change / section 1. Strategy |
Undertakings excluded from Paris-aligned Benchmarks paragraph 16 (g) | |||||
ESRS E1-4 GHG | Indicator number 4 Table #2 of Annex 1 | Article 449a | Delegated Regulation (EU) 2020/1818, Article 6 |
| 7.1.2 Climate Change / section 3. Metrics and targets |
Emission reduction targets paragraph 34 | Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics | ||||
ESRS E1-5 | Indicator number 5 Table #1 and Indicator number 5 Table #2 of Annex 1 |
|
|
| Not material information |
Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38 | |||||
ESRS E1-5 | Indicator number 5 Table #1 of Annex 1 |
|
|
| 7.1.2 Climate Change / section 3. Metrics and targets |
Energy consumption and mix paragraph 37 | |||||
ESRS E1-5 | Indicator number 6 Table #1 of Annex 1 |
|
|
| Not material information |
Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43 | |||||
ESRS E1-6 | Indicators number 1 and 2 Table #1 of Annex 1 | Article 449a; Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book – Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturity | Delegated Regulation (EU) 2020/1818, article 5(1), 6 and 8(1) |
| 7.1.2 Climate Change / section 3. Metrics and targets |
Gross Scope 1, 2, 3, and Total GHG emissions paragraph 44 | |||||
ESRS E1-6 | Indicators number 3 Table #1 of Annex 1 | Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics | Delegated Regulation (EU) 2020/1818, article 8(1) |
| 7.1.2 Climate Change / section 3. Metrics and targets |
Gross GHG emissions intensity paragraphs 53 to 55 | |||||
ESRS E1-7 |
|
|
| Regulation (EU) 2021/1119, article 2(1) | 7.1.2 Climate Change / section 3. Metrics and targets |
GHG removals and carbon credits paragraph 56 | |||||
ESRS E1-9 |
|
| Delegated Regulation (EU) 2020/1818, Annex II Delegated Regulation (EU) 2020/1816, Annex II |
| Phase-in application |
Exposure of the benchmark portfolio to climate-related physical risks paragraph 66 | |||||
ESRS E1-9 |
| Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraphs 46 and 47; Template 5: Banking book – Climate change physical risk: Exposures subject to physical risk. |
|
| Phase-in application |
Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a)
| |||||
ESRS E1-9 |
|
|
| Phase-in application | |
Breakdown of the carrying value of its real estate assets by energy-efficiency classes paragraph 67 (c) | |||||
ESRS E1-9 Location of significant assets at material physical risk paragraph 66 (c) |
| Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraphs 34; Template 2: Banking book -Climate change transition risk: Loans collateralised by immovable property - Energy efficiency of the collateral |
|
| Phase-in application |
ESRS E1-9 |
|
| Delegated Regulation (EU) 2020/1818, Annex II |
| Phase-in application |
Degree of exposure of the portfolio to climate-related opportunities paragraph 69 | |||||
ESRS E2-4 | Indicator number 8 Table #1 of Annex 1 Indicator number 2 Table #2 of Annex 1 Indicator number 1 Table #2 of Annex 1 Indicator number 3 Table #2 of Annex 1 |
|
|
| Not material information |
Amount of each pollutant listed in Annex II of the E- PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil, paragraph 28 | |||||
ESRS E3-1 | Indicator number 7 Table #2 of Annex 1 |
|
|
| Not material information |
Water and marine resources paragraph 9 | |||||
ESRS E3-1 | Indicator number 8 Table 2 of Annex 1 |
|
|
| Not material information |
Dedicated policy paragraph 13 | |||||
ESRS E3-1 | Indicator number 12 Table #2 of Annex 1 |
|
|
| Not material information |
Sustainable oceans and seas paragraph 14 | |||||
ESRS E3-4 | Indicator number 6.2 Table #2 of Annex 1 |
|
|
| Not material information |
Total water recycled and reused paragraph 28 (c) | |||||
ESRS E3-4 | Indicator number 6.1 Table #2 of Annex 1 |
|
|
| Not material information |
Total water consumption in m3 per net revenue on own operations paragraph 29 | |||||
ESRS 2- IRO 1 - E4 paragraph 16 (a) i) | Indicator number 7 Table #1 of Annex 1 |
|
|
| Not material information |
ESRS 2- IRO 1 - E4 paragraph 16 (b) | Indicator number 10 Table #2 of Annex 1 |
|
|
| Not material information |
ESRS 2- IRO 1 - E4 paragraph 16 (c) | Indicator number 14 Table #2 of Annex 1 |
|
|
| Not material information |
ESRS E4-2 | Indicator number 11 Table #2 of Annex 1 |
|
|
| Not material information |
Sustainable land / agriculture practices or policies paragraph 24 (b) | |||||
ESRS E4-2 | Indicator number 12 Table #2 of Annex 1 |
|
|
| Not material information |
Sustainable oceans / seas practices or policies paragraph 24 (c) | |||||
ESRS E4-2 | Indicator number 15Table #2 of Annex 1 |
|
|
| Not material information |
Policies to address deforestation paragraph 24 (d) | |||||
ESRS E5-5 | Indicator number 13 Table #2 of Annex 1 |
|
|
| Not material information |
Non-recycled waste paragraph 37 (d) | |||||
ESRS E5-5 | Indicator number 9 Table #1 of Annex 1 |
|
|
| Not material information |
Hazardous waste and radioactive waste paragraph 39 | |||||
ESRS 2- SBM3 - S1 | Indicator number 13 Table #3 of Annex I |
|
|
| 7.1.4 Own workforce / section 2. Impacts, risks and opportunities management |
Risk of incidents of forced labor paragraph 14 (f) | |||||
ESRS 2- SBM3 - S1 | Indicator number 12 Table #3 of Annex I |
|
|
| 7.1.4 Own workforce / section 2. Impacts, risks and opportunities management |
Risk of incidents of child labor paragraph 14 (g) | |||||
ESRS S1-1 | Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex I |
|
|
| 7.1.4 Own workforce / section 2. Impacts, risks and opportunities management |
Human rights policy commitments paragraph 20 | |||||
ESRS S1-1 |
|
| Delegated Regulation (EU) 2020/1816, Annex II |
| 7.1.4 Own workforce / section 2. Impacts, risks and opportunities management |
Due diligence policies on issues addressed by the fundamental International Labour Organization Conventions 1 to 8, paragraph 21 | |||||
ESRS S1-1 | Indicator number 1 Table #3 of Annex I |
|
|
| 7.1.4 Own workforce / section 2. Impacts, risks and opportunities management |
Processes and measures for preventing trafficking in human beings paragraph 22 | |||||
ESRS S1-1 | Indicator number 1 Table #3 of Annex I |
|
|
| 7.1.4 Own workforce / section 2. Impacts, risks and opportunities management |
Workplace accident prevention policy or management system paragraph 23 | |||||
ESRS S1-3 | Indicator number 5 Table #3 of Annex I |
|
|
| 7.1.4 Own workforce / section 2. Impacts, risks and opportunities management |
Grievance/complaints handling mechanisms paragraph 32 (c) | |||||
ESRS S1-14 | Indicator number 2 Table #3 of Annex I |
| Delegated Regulation (EU) 2020/1816, Annex II |
| 7.1.4 Own workforce / section 3. Metrics and targets |
Number of fatalities and number and rate of work-related accidents paragraph 88 (b) and (c) | |||||
ESRS S1-14 | Indicator number 3 Table #3 of Annex I |
|
|
| 7.1.4 Own workforce / section 3. Metrics and targets |
Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e) | |||||
ESRS S1-16 | Indicator number 12 Table #1 of Annex I |
| Delegated Regulation (EU) 2020/1816, Annex II |
| 7.1.4 Own workforce / section 3. Metrics and targets |
Unadjusted gender pay gap paragraph 97 (a) | |||||
ESRS S1-16 | Indicator number 8 Table #3 of Annex I |
|
|
| 7.1.4 Own workforce / section 3. Metrics and targets |
Excessive Chief Executive Officer pay ratio paragraph 97 (b) | |||||
ESRS S1-17 | Indicator number 7 Table #3 of Annex I |
|
|
| 7.1.4 Own workforce / section 3. Metrics and targets |
Incidents of discrimination paragraph 103 (a) | |||||
ESRS S1-17 | Indicator number 10 Table #1 and Indicator number 14 Table #3 of Annex I |
| Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818 Art. 12 (1) |
| 7.1.4 Own workforce / section 3. Metrics and targets |
Non-respect of UNGPs on Business and Human Rights and OECD paragraph 104 (a) | |||||
ESRS 2- SBM3 – S2 | Indicators number 12 and n. 13 Table #3 of Annex I |
|
|
| Not material information |
Significant risk of child labour or forced labour in the value chain paragraph 11 (b) | |||||
ESRS S2-1 | Indicator number 9 Table #3 and Indicator n. 11 Table #1 of Annex 1 |
|
|
| Not material information |
Human rights policy commitments paragraph 17 | |||||
ESRS S2-1 | Indicator number 11 and n. 4 Table #3 of Annex 1 |
|
|
| Not material information |
Policies related to value chain workers paragraph 18 | |||||
ESRS S2-1 | Indicator number 10 Table #1 of Annex 1 |
| Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art. 12 (1) |
| Not material information |
Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 19 | |||||
ESRS S2-1 |
|
| Delegated Regulation (EU) 2020/1816, Annex II |
| Not material information |
Due diligence policies on issues addressed by the fundamental International Labour Organization Conventions 1 to 8, paragraph 19 | |||||
ESRS S2-4 | Indicator number 14 Table #3 of Annex 1 |
|
|
| Not material information |
Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36 | |||||
ESRS S3-1 | Indicator number 9 Table #3 of Annex 1 and Indicator number 11 Table #1 of Annex 1 |
|
|
| Not material information |
Human rights policy commitments paragraph 16 | |||||
ESRS S3-1 | Indicator number 10 Table #1 Annex 1 |
| Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art. 12 (1) |
| Not material information |
Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines paragraph 17 | |||||
ESRS S3-4 | Indicator number 14 Table #3 of Annex 1 |
|
|
| Not material information |
Human rights issues and incidents paragraph 36 | |||||
ESRS S4-1 | Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex 1 |
|
|
| 7.1.5 Consumers and end-users / section 2. Impact, risk and opportunities management |
Policies related to consumers and end-users paragraph 16 | |||||
ESRS S4-1 | Indicator number 10 Table #1 of Annex 1 |
| Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art. 12 (1) |
| 7.1.5 Consumers and end-users / section 2. Impact, risk and opportunities management |
Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17 | |||||
ESRS S4-4 | Indicator number 14 Table #3 of Annex 1 |
|
|
| 7.1.1 General Disclosures |
Human rights issues and incidents paragraph 35 | |||||
ESRS G1-1 | Indicator number 15 Table #3 of Annex 1 |
|
|
| 7.1.6 Business conduct / section 1. Impact, risk and opportunities management |
United Nations Convention against Corruption paragraph 10 (b) | |||||
ESRS G1-1 | Indicator number 6 Table #3 of Annex 1 |
|
|
| 7.1.6 Business conduct / section 1. Impact, risk and opportunities management |
Protection of whistle-blowers paragraph 10 (d) | |||||
ESRS G1-4 | Indicator number 17 Table #3 of Annex 1 |
| Delegated Regulation (EU) 2020/1816, Annex II) |
| 7.1.6 Business conduct / section 1. Impact, risk and opportunities management |
Fines for violation of anti-corruption and anti-bribery laws paragraph 24 (a) | |||||
ESRS G1-4 | Indicator number 16 Table #3 of Annex 1 |
|
|
| 7.1.6 Business conduct / section 1. Impact, risk and opportunities management |
Standards of anti-corruption and anti-bribery paragraph 24 (b) | |||||
| |||||
The Group complied with the disclosure requirements listed below in preparing the sustainability statement, following the outcome of the materiality assessment.
Disclosure Requirement (DR) | CSRD Section |
|---|---|
ESRS 2 General Disclosures |
|
BP-1 General basis for preparation of sustainability statements | 7.1.1 General Disclosures and Appendices |
BP-2 Disclosures in relation to specific circumstances | Appendices |
GOV-1 The role of the administrative, management and supervisory bodies | 7.1.1 General Disclosures 1. Governance |
GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies | |
GOV-3 - Integration of sustainability-related performance in incentive schemes | |
GOV-4 Statement on due diligence | |
GOV-5 Risk management and internal controls over sustainability reporting | |
SBM-1 Strategy, business model and value chain | 7.1.1 General Disclosures 2. Strategy, business model and stakeholders |
SBM-2 Interests and views of stakeholders | |
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model | 7.1.1 General Disclosures 3. Material impacts, risks and opportunities |
IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities | |
IRO-2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement | Appendices |
ESRS E1 Climate Change |
|
ESRS 2 GOV-3 Integration of sustainability-related performance in incentive schemes | 7.1.1 General Disclosures 1. Governance |
E1-1 Transition plan for climate change mitigation | 7.1.2 Climate change 1. Strategy |
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model | |
ESRS 2 IRO-1 Description of the processes to identify and assess material climate-related impacts, risks and opportunities | 7.1.1 General Disclosures 3. Material impacts, risks and opportunities |
E1-2 Policies related to climate change mitigation and adaptation | 7.1.2 Climate change 2. Impacts, risks and opportunities management |
E1-3 Actions and resources in relation to climate change policies | 7.1.2 Climate change 3. Metrics and Targets |
E1-4 Targets related to climate change mitigation and adaptation | |
E1-5 Energy consumption and mix | |
E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions | |
E1-7 GHG removals and GHG mitigation projects financed through carbon credits | |
ESRS S1 Own Workforce |
|
ESRS 2 SBM-2 Interests and views of stakeholders |
|
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model | 7.1.4 Own workforce 1. Strategy |
S1-1 Policies related to own workforce | 7.1.4 Own workforce 2. Impacts, risks and opportunities management |
S1-2 Processes for engaging with own workers and workers’ representatives about impacts | |
S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns | |
S1-4 Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions | |
S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities | 7.1.4 Own workforce 3. Metrics and Targets |
S1-6 Characteristics of the undertaking’s employees | |
S1-7 Characteristics of non-employee workers in the undertaking’s own workforce | |
S1-8 Collective bargaining coverage and social dialogue | |
S1-9 Diversity metrics | |
S1-10 Adequate wages | |
S1-11 Social protection | |
S1-12 Persons with disabilities | |
S1-13 Training and skills development metrics | |
S1-14 Health and safety metrics | |
S1-15 Work-life balance metrics | |
S1-16 Compensation metrics (pay gap and total compensation) | |
S1-17 Incidents, complaints and severe human rights impacts | |
ESRS S4 Consumers and end-users | |
ESRS 2 SBM-2 Interests and views of stakeholders | 7.1.1 General Disclosures 2. Strategy, business model and stakeholders |
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business mode | 7.1.5 Consumers and end-users 1. Strategy |
S4-1 Policies related to consumers and end-users | 7.1.5 Consumers and end-users 2. Impacts, risks and opportunities management |
S4-2 Processes for engaging with consumers and end-users about impacts | |
S4-3 Processes to remediate negative impacts and channels for consumers and end-users to raise concerns | |
S4-4 Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions | |
S4-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities | 7.1.5 Consumers and end-users 3. Metrics and Targets |
ESRS G1 Business Conduct | |
ESRS 2 GOV-1 The role of the administrative, supervisory and management bodies | 7.1.1 General Disclosures 1. Governance |
ESRS 2 IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities | 7.1.1 General Disclosures 3. Material impacts, risks and opportunities |
G1-1 Corporate culture and business conduct policies | 7.1.6 Business conduct 1. Impacts, risks and opportunities management |
G1-3 Prevention and detection of corruption and bribery | |
G1-4 Confirmed incidents of corruption or bribery | 7.1.6 Business conduct 1. Impacts, risks and opportunities management |
G1-5 Political influence and lobbying activities | |
Cybersecurity | 7.1.6 Business conduct 2. Additional entity-specific |
Market Integrity and Financial Security |
The following tables relate to detailed tables of GAR and off-balance sheet assets ratio. The following tables are also available at https://invest.bnpparibas/en/document/aligned-activities-under-the-meaning-of-the-european-taxonomy-2024.
in millions of euros |
|
|
|
|
|
| 31 December 2024 | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total [gross] carrying amount | Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WTR) | Circular economy (CE) | Pollution (PPC) | Biodiversity and Ecosystems (BIO) | TOTAL (CCM + CCA + WTR + CE + PPC + BIO) | |||||||||||||||||||||||||
of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors (Taxonomy-eligible) | of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors | of which towards taxonomy relevant sector | of which towards taxonomy relevant sectors | ||||||||||||||||||||||||||
| of which environmentally sustainable (Taxonomy-aligned) |
| of which environmentally sustainable (Taxonomy-aligned) |
| of which environmentally sustainable (Taxonomy-aligned) |
| of which environmentally sustainable (Taxonomy-aligned) |
| of which environmentally sustainable (Taxonomy-aligned) |
| of which environmentally sustainable (Taxonomy-aligned) |
| of which environmentally sustainable (Taxonomy-aligned) | |||||||||||||||||||
| of which Use of Proceeds | of which transitional | of which enabling |
| of which Use of Proceeds | of which enabling |
| of which Use of Proceeds | of which enabling |
| of which Use of Proceeds | of which enabling |
| of which Use of Proceeds | of which enabling |
| of which Use of Proceeds | of which enabling |
| of which Use of Proceeds | of which transitional | of which enabling | ||||||||||
| GAR - Covered assets in both numerator and denominator | 536,881 | 271,118 | 23,296 |
| 8,576 | 2,800 | 3,535 | 199 |
|
| 97 |
|
|
| 1,632 |
|
|
| 409 |
|
|
| 73 | 0 |
| 0 | 275,863 | 23,495 |
| 8,576 | 2,800 |
1 | Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation | 536,690 | 271,118 | 23,296 |
| 8,576 | 2,800 | 3,535 | 199 |
|
| 97 |
|
|
| 1,632 |
|
|
| 409 |
|
|
| 73 |
|
|
| 275,863 | 23,495 |
| 8,576 | 2,800 |
2 | Financial undertakings | 46,999 | 9,936 | 632 |
| 6 | 383 | 132 | 0 |
|
| 0 |
|
|
| 208 |
|
|
| 24 |
|
|
| 6 |
|
|
| 10,223 | 632 |
| 6 | 383 |
3 | Credit institutions | 18,347 | 3,256 | 1 |
| 0 | 1 | 1 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 3,257 | 1 |
| 0 | 1 |
4 | Loans and advances | 5,493 | 1,745 | 1 |
| 0 | 1 | 1 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 1,746 | 1 |
| 0 | 1 |
5 | Debt securities | 7,678 | 1,378 | 0 |
| 0 | 0 | 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 1,378 | 0 |
| 0 | 0 |
6 | Equity instruments | 5,176 | 133 | 0 |
| 0 | 0 | 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 133 | 0 |
| 0 | 0 |
7 | Other financial corporations | 28,653 | 6,680 | 631 |
| 6 | 382 | 131 | 0 |
|
| 0 |
|
|
| 208 |
|
|
| 24 |
|
|
| 6 |
|
|
| 6,966 | 631 |
| 6 | 382 |
8 | of which investment firms | 8,212 | 2,415 | 184 |
| 4 | 167 | 4 | 0 |
|
| 0 |
|
|
| 179 |
|
|
| 24 |
|
|
| 6 |
|
|
| 2,635 | 184 |
| 4 | 167 |
9 | Loans and advances | 2,895 | 629 | 67 |
| 4 | 51 | 2 | 0 |
|
| 0 |
|
|
| 4 |
|
|
| 24 |
|
|
| 6 |
|
|
| 673 | 67 |
| 4 | 51 |
10 | Debt securities | 4,708 | 1,779 | 116 |
| 0 | 116 | 2 | 0 |
|
| 0 |
|
|
| 175 |
|
|
| 0 |
|
|
| 0 |
|
|
| 1,956 | 116 |
| 0 | 116 |
11 | Equity instruments | 609 | 7 | 0 |
| 0 | 0 | 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 7 | 0 |
| 0 | 0 |
12 | of which management companies | 5,517 | 2,436 | 223 |
| 2 | 214 | 127 | 0 |
|
| 0 |
|
|
| 29 |
|
|
| 0 |
|
|
| 0 |
|
|
| 2,502 | 223 |
| 2 | 214 |
13 | Loans and advances | 3,545 | 1,836 | 189 |
| 1 | 181 | 112 | 0 |
|
| 0 |
|
|
| 25 |
|
|
| 0 |
|
|
| 0 |
|
|
| 1,897 | 189 |
| 1 | 181 |
14 | Debt securities | 882 | 490 | 34 |
| 1 | 33 | 15 | 0 |
|
| 0 |
|
|
| 3 |
|
|
| 0 |
|
|
| 0 |
|
|
| 492 | 34 |
| 1 | 33 |
15 | Equity instruments | 1,090 | 111 | 0 |
| 0 | 0 | 0 | 0 |
|
| 0 |
|
|
| 1 |
|
|
| 0 |
|
|
| 0 |
|
|
| 112 | 0 |
| 0 | 0 |
16 | of which insurance undertakings | 14,923 | 1,829 | 225 |
| 0 | 1 | 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 1,829 | 225 |
| 0 | 1 |
17 | Loans and advances | 7,420 | 890 | 117 |
| 0 | 1 | 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 890 | 117 |
| 0 | 1 |
18 | Debt securities | 4,038 | 420 | 81 |
| 0 | 0 | 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 420 | 81 |
| 0 | 0 |
19 | Equity instruments | 3,465 | 519 | 27 |
| 0 | 0 | 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 519 | 27 |
| 0 | 0 |
20 | Non-financial undertakings | 166,761 | 29,306 | 5,220 |
| 648 | 2,417 | 3,403 | 199 |
|
| 97 |
|
|
| 1,423 |
|
|
| 385 |
|
|
| 67 |
|
|
| 33,764 | 5,418 |
| 648 | 2,417 |
21 | Loans and advances | 160,350 | 27,336 | 4,838 |
| 648 | 2,252 | 3,373 | 195 |
|
| 92 |
|
|
| 1,395 |
|
|
| 382 |
|
|
| 67 |
|
|
| 31,738 | 5,034 |
| 648 | 2,252 |
22 | Debt securities | 1,962 | 1,190 | 314 |
| 0 | 162 | 5 | 3 |
|
| 5 |
|
|
| 22 |
|
|
| 1 |
|
|
| 0 |
|
|
| 1,217 | 317 |
| 0 | 162 |
23 | Equity instruments | 4,449 | 780 | 67 |
| 0 | 3 | 25 | 0 |
|
| 0 |
|
|
| 6 |
|
|
| 1 |
|
|
| 0 |
|
|
| 809 | 68 |
| 0 | 3 |
24 | Households | 311,173 | 231,857 | 17,444 |
| 7,922 | 0 | 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 231,857 | 17,444 |
| 7,922 | 0 |
25 | of which loans collateralised by residential immovable property | 207,123 | 207,123 | 17,444 |
| 7,922 | 0 | 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 207,123 | 17,444 |
| 7,922 | 0 |
26 | of which building renovation loans | 4,942 | 4,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4,942 | 0 |
| 0 | 0 |
27 | of which motor vehicle loans | 19,792 | 19,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 19,792 | 0 |
| 0 | 0 |
28 | Local government financing | 11,756 | 19 |
|
|
|
|
|
|
|
|
|
|
|
| 1 |
|
|
|
|
|
|
|
|
|
|
| 20 | 0 |
| 0 | 0 |
29 | Housing financing | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0 | 0 |
| 0 |
|
30 | Other local government financing | 11,756 | 19 |
|
|
|
|
|
|
|
|
|
|
|
| 1 |
|
|
|
|
|
|
|
|
|
|
| 20 | 0 |
| 0 | 0 |
31 | Collateral obtained by taking possession: residential and commercial immovable properties | 191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32 | Assets excluded from the numerator for GAR calculation (covered in the denominator) | 739,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33 | Financial and Non-financial undertakings | 281,298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34 | SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations | 135,458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35 | Loans and advances | 133,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36 | of which loans collateralised by commercial immovable property | 46,009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37 | of which building renovation loans | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38 | Debt securities | 420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39 | Equity instruments | 1,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40 | Non-EU country counterparties not subject to NFRD disclosure obligations | 145,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41 | Loans and advances | 140,851 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42 | Debt securities | 4,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43 | Equity instruments | 452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44 | Derivatives | 20,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45 | On demand interbank loans | 8,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46 | Cash and cash-related assets | 2,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47 | Other categories of assets (e.g. Goodwill, commodities etc.) | 426,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48 | Total GAR assets | 1,276,702 | 271,118 | 23,296 |
| 8,576 | 2,800 | 3,535 | 199 |
|
| 97 |
|
|
| 1,632 |
|
|
| 409 |
|
|
| 73 |
|
|
| 275,863 | 23,495 |
| 8,576 | 2,800 |
49 | Assets not covered for GAR calculation | 1,173,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50 | Central governments and Supranational issuers | 173,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51 | Central banks exposures | 196,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52 | Assets Held for Trading | 802,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53 | Total assets | 2,450,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations |
|
|
|
|
| ||||||||||||||||||||||||||
54 | Financial guarantees | 40,931 | 9,378 | 3,466 |
| 286 | 2,442 | 1,633 | 87 |
|
| 124 |
|
|
| 938 |
|
|
| 308 |
|
|
| 26 |
|
|
| 11,366 | 3,553 |
| 286 | 2,442 |
55 | Assets under management | 302,872 | 33,203 | 10,588 |
| 715 | 4,596 | 2,733 | 91 |
|
| 242 |
|
|
| 4,321 |
|
|
| 1,403 |
|
|
| 447 |
|
|
| 43,843 | 12,174 |
| 715 | 4,596 |
56 | of which debt securities | 114,326 | 22,234 | 5,195 |
| 550 | 2,005 | 1,938 | 59 |
|
| 164 |
|
|
| 725 |
|
|
| 260 |
|
|
| 91 |
|
|
| 25,411 | 5,255 |
| 550 | 2,005 |
57 | of which equity instruments | 80,724 | 7,857 | 2,874 |
| 76 | 1,807 | 759 | 26 |
|
| 78 |
|
|
| 3,596 |
|
|
| 1,143 |
|
|
| 356 |
|
|
| 13,789 | 2,864 |
| 76 | 1,807 |
in millions of euros |
|
|
|
| 31 December 2023 | |||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total [gross] carrying amount | Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WTR) | Circular economy (CE) | Pollution (PPC) | Biodiversity and Ecosystems (BIO) | TOTAL (CCM + CCA + WTR + CE + PPC + BIO) | |||||||||||||||||||||||||
of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors | ||||||||||||||||||||||||||
| of which environmentally sustainable |
| of which environmentally sustainable (Taxonomy-aligned) |
| of which environmentally sustainable (Taxonomy-aligned) |
| of which environmentally sustainable (Taxonomy-aligned) |
| of which environmentally sustainable (Taxonomy-aligned) |
| of which environmentally sustainable (Taxonomy-aligned) |
| of which environmentally sustainable | |||||||||||||||||||
| of which Use of Proceeds | of which transitional | of which enabling |
| of which Use of Proceeds | of which enabling |
| of which Use of Proceeds | of which enabling |
| of which Use of Proceeds | of which enabling |
| of which Use of Proceeds | of which enabling |
| of which Use of Proceeds | of which enabling |
| of which Use of Proceeds | of which transitional | of which enabling | ||||||||||
| GAR - Covered assets in both numerator and denominator | 660,050 | 276,571 | 9,137 |
| 5,808 | 2,631 | 598 | 117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 277,169 | 9,254 |
| 5,808 | 2,631 |
1 | Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation | 659,823 | 276,571 | 9,137 |
| 5,808 | 2,631 | 598 | 117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 277,169 | 9,254 |
| 5,808 | 2,631 |
2 | Financial undertakings | 82,051 | 6,803 | 546 |
| 495 | 403 | 34 | 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6,837 | 550 |
| 495 | 403 |
3 | Credit institutions | 12,674 | 978 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 978 |
|
|
|
|
4 | Loans and advances | 1,356 | 253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 253 |
|
|
|
|
5 | Debt securities | 6,137 | 725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 725 |
|
|
|
|
6 | Equity instruments | 5,181 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 | Other financial corporations | 69,377 | 5,825 | 546 |
| 495 | 403 | 34 | 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 5,859 | 550 |
| 495 | 403 |
8 | of which investment firms | 47,567 | 3,108 | 323 |
| 323 | 231 | 21 | 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3,128 | 326 |
| 323 | 231 |
9 | Loans and advances | 31,470 | 1,799 | 221 |
| 221 | 130 | 21 | 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,820 | 224 |
| 221 | 130 |
10 | Debt securities | 11,305 | 1,309 | 102 |
| 102 | 102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,309 | 102 |
| 102 | 102 |
11 | Equity instruments | 4,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 | of which management companies | 8,039 | 2,231 | 172 |
| 172 | 171 | 13 | 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2,244 | 173 |
| 172 | 171 |
13 | Loans and advances | 6,424 | 2,219 | 172 |
| 172 | 171 | 13 | 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2,233 | 173 |
| 172 | 171 |
14 | Debt securities | 752 | 12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12 |
|
|
|
|
15 | Equity instruments | 863 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0 |
|
|
|
|
16 | of which insurance undertakings | 13,771 | 487 | 51 |
| 0 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 487 | 51 |
| 0 | 0 |
17 | Loans and advances | 5,727 | 48 | 0 |
| 0 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 48 | 0 |
| 0 | 0 |
18 | Debt securities | 3,445 | 8 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 8 |
|
|
|
|
19 | Equity instruments | 4,599 | 431 | 51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 431 | 51 |
|
|
|
20 | Non-financial undertakings | 258,850 | 42,107 | 8,590 |
| 5,313 | 2,228 | 564 | 113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 42,672 | 8,704 |
| 5,313 | 2,228 |
21 | Loans and advances | 250,750 | 37,862 | 7,585 |
| 4,769 | 1,935 | 564 | 113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 38,427 | 7,698 |
| 4,769 | 1,935 |
22 | Debt securities | 2,045 | 1,137 | 534 |
| 534 | 290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,137 | 534 |
| 534 | 290 |
23 | Equity instruments | 6,055 | 3,108 | 471 |
| 9 | 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3,108 | 471 |
| 9 | 3 |
24 | Households | 307,637 | 227,656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 227,656 |
|
|
|
|
25 | of which loans collateralised by residential immovable property | 208,499 | 208,499 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 208,499 |
|
|
|
|
26 | of which building renovation loans | 4,617 | 4,617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4,617 |
|
|
|
|
27 | of which motor vehicle loans | 14,540 | 14,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 14,540 |
|
|
|
|
28 | Local government financing | 11,286 | 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4 |
|
|
|
|
29 | Housing financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 | Other local government financing | 11,286 | 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4 |
|
|
|
|
31 | Collateral obtained by taking possession: residential and commercial immovable properties | 227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32 | Assets excluded from the numerator for GAR calculation (covered in the denominator) | 530,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33 | Financial and Non-financial undertakings | 190,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34 | SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations | 60,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35 | Loans and advances | 59,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36 | of which loans collateralised by commercial immovable property | 24,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37 | of which building renovation loans | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38 | Debt securities | 177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39 | Equity instruments | 1,058 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40 | Non-EU country counterparties not subject to NFRD disclosure obligations | 129,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41 | Loans and advances | 125,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42 | Debt securities | 4,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43 | Equity instruments | 305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44 | Derivatives | 21,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45 | On demand interbank loans | 7,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46 | Cash and cash-related assets | 2,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47 | Other categories of assets (e.g. Goodwill, commodities etc.) | 308,610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48 | Total GAR assets | 1,191,002 | 276,571 | 9,137 | 0 | 5,808 | 2,631 | 598 | 117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 277,169 | 9,254 |
| 5,808 | 2,631 |
49 | Assets not covered for GAR calculation | 1,161,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50 | Central governments and Supranational issuers | 141,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51 | Central banks exposures | 300,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52 | Assets Held for Trading | 719,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53 | Total assets | 2,352,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations |
|
|
|
|
|
| |||||||||||||||||||||||||
54 | Financial guarantees | 126,240 | 13,654 | 5,691 |
| 5,735 | 3,545 | 144 | 60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 13,798 | 5,751 |
| 5,735 | 3,545 |
55 | Assets under management | 294,086 | 72,010 | 8,512 |
| 626 | 3,897 | 1,246 | 147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 73,256 | 8,659 |
| 626 | 3,897 |
56 | of which debt securities | 153,372 | 31,553 | 4,949 |
| 487 | 2,152 | 328 | 51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 31,881 | 5,001 |
| 487 | 2,152 |
57 | of which equity instruments | 65,146 | 11,781 | 2,891 |
| 139 | 1,756 | 388 | 95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12,169 | 2,987 |
| 139 | 1,756 |
Breakdown by sector In millions of euros |
|
|
|
|
| 31 December 2024 | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WTR) | Circular economy (CE) | Pollution (PPC) | Biodiversity and Ecosystems (BIO) | TOTAL (CCM + CCA + WMR + CE + P + BE) | |||||||||||||||||||||||
Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD)) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | ||||||||||||||||
[Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | |||||||||||||||||||||
Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) | ||
1 | A – Agriculture, forestry and fishing | 139 | 0 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 139 | 0 |
|
|
2 | B – Mining and quarrying | 114 | 7 |
|
| 1 | 0 |
|
| 0 |
|
|
| 1 |
|
|
| 0 |
|
|
| 0 |
|
|
| 209 | 7 |
|
|
3 | B.05 – Mining of coal and lignite | 0 | 0 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 | 0 |
|
|
4 | B.06 – Extraction of crude petroleum and natural gas | 96 | 4 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 190 | 4 |
|
|
5 | B.07 – Mining of metal ores | 0 | 0 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 | 0 |
|
|
6 | B.08 – Other mining and quarrying | 14 | 3 |
|
| 1 | 0 |
|
| 0 |
|
|
| 1 |
|
|
| 0 |
|
|
| 0 |
|
|
| 16 | 3 |
|
|
7 | B.09 – Mining support service activities | 3 | 1 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 3 | 1 |
|
|
8 | C – Manufacturing | 8,257 | 1,235 |
|
| 1,158 | 10 |
|
| 3 |
|
|
| 434 |
|
|
| 159 |
|
|
| 0 |
|
|
| 9,201 | 1,245 |
|
|
9 | C.10 – Manufacture of food products | 661 | 2 |
|
| 2 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 661 | 2 |
|
|
10 | C.11 – Manufacture of beverages | 138 | 0 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 138 | 0 |
|
|
11 | C.12 – Manufacture of tobacco products | 0 | 0 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 | 0 |
|
|
12 | C.13 – Manufacture of textiles | 3 | 0 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 3 | 0 |
|
|
13 | C.14 – Manufacture of wearing apparel | 112 | 0 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 112 | 0 |
|
|
14 | C.15 – Manufacture of leather and related products | 22 | 0 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 22 | 0 |
|
|
15 | C.16 – Manufacture of wood and of products of wood and cork | 50 | 2 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 50 | 2 |
|
|
16 | C.17 – Manufacture of paper and paper products | 139 | 2 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 143 | 2 |
|
|
17 | C.18 – Printing and reproduction of recorded media | 42 | 0 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 42 | 0 |
|
|
18 | C.19 – Manufacture of coke and refined petroleum products | 54 | 19 |
|
| 0 | 0 |
|
| 0 |
|
|
| 1 |
|
|
| 0 |
|
|
| 0 |
|
|
| 55 | 19 |
|
|
19 | C.20 – Manufacture of chemicals and chemical products | 381 | 7 |
|
| 92 | 3 |
|
| 0 |
|
|
| 2 |
|
|
| 2 |
|
|
| 0 |
|
|
| 387 | 10 |
|
|
20 | C.21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations | 913 | 0 |
|
| 0 | 0 |
|
| 0 |
|
|
| 2 |
|
|
| 156 |
|
|
| 0 |
|
|
| 1,071 | 0 |
|
|
21 | C.22 – Manufacture of rubber products | 206 | 27 |
|
| 51 | 0 |
|
| 0 |
|
|
| 2 |
|
|
| 0 |
|
|
| 0 |
|
|
| 223 | 28 |
|
|
22 | C.23 – Manufacture of other non-metallic mineral products | 211 | 20 |
|
| 1 | 1 |
|
| 0 |
|
|
| 1 |
|
|
| 0 |
|
|
| 0 |
|
|
| 240 | 21 |
|
|
23 | C.24 – Manufacture of basic metals | 652 | 148 |
|
| 446 | 0 |
|
| 0 |
|
|
| 7 |
|
|
| 0 |
|
|
| 0 |
|
|
| 662 | 148 |
|
|
24 | C.25 – Manufacture of fabricated metal products, except machinery and equipment | 177 | 39 |
|
| 10 | 0 |
|
| 0 |
|
|
| 2 |
|
|
| 0 |
|
|
| 0 |
|
|
| 194 | 39 |
|
|
25 | C.26 – Manufacture of computer, electronic and optical products | 220 | 39 |
|
| 1 | 0 |
|
| 0 |
|
|
| 147 |
|
|
| 1 |
|
|
| 0 |
|
|
| 376 | 39 |
|
|
26 | C.27 – Manufacture of electrical equipment | 777 | 241 |
|
| 131 | 5 |
|
| 3 |
|
|
| 156 |
|
|
| 0 |
|
|
| 0 |
|
|
| 987 | 246 |
|
|
27 | C.28 – Manufacture of machinery and equipment n.e.c. | 303 | 77 |
|
| 19 | 0 |
|
| 0 |
|
|
| 43 |
|
|
| 0 |
|
|
| 0 |
|
|
| 347 | 77 |
|
|
28 | C.29 – Manufacture of motor vehicles, trailers and semi-trailers | 1,934 | 242 |
|
| 105 | 0 |
|
| 0 |
|
|
| 20 |
|
|
| 0 |
|
|
| 0 |
|
|
| 1,996 | 242 |
|
|
29 | C.30 – Manufacture of other transport equipment | 881 | 332 |
|
| 222 | 0 |
|
| 0 |
|
|
| 45 |
|
|
| 0 |
|
|
| 0 |
|
|
| 998 | 332 |
|
|
30 | C.31 – Manufacture of furniture | 5 | 1 |
|
| 2 | 0 |
|
| 0 |
|
|
| 2 |
|
|
| 0 |
|
|
| 0 |
|
|
| 8 | 1 |
|
|
31 | C.32 – Other manufacturing | 8 | 4 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 8 | 4 |
|
|
32 | C.33 – Repair and installation of machinery and equipment | 366 | 33 |
|
| 76 | 0 |
|
| 0 |
|
|
| 4 |
|
|
| 0 |
|
|
| 0 |
|
|
| 477 | 33 |
|
|
33 | D – Electricity, gas, steam and air conditioning supply | 3,919 | 1,559 |
|
| 672 | 19 |
|
| 32 |
|
|
| 10 |
|
|
| 4 |
|
|
| 0 |
|
|
| 4,645 | 1,578 |
|
|
34 | D35.1 – Electric power generation, transmission and distribution | 3,588 | 1,463 |
|
| 672 | 19 |
|
| 21 |
|
|
| 7 |
|
|
| 1 |
|
|
| 0 |
|
|
| 4,278 | 1,482 |
|
|
35 | D35.11 – Production of electricity | 2,625 | 1,065 |
|
| 600 | 1 |
|
| 1 |
|
|
| 5 |
|
|
| 1 |
|
|
| 0 |
|
|
| 3,235 | 1,066 |
|
|
36 | D35.2 – Manufacture of gas; distribution of gaseous fuels through mains | 162 | 71 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 194 | 71 |
|
|
37 | D35.3 – Steam and air conditioning supply | 169 | 25 |
|
| 0 | 0 |
|
| 11 |
|
|
| 3 |
|
|
| 2 |
|
|
| 0 |
|
|
| 173 | 25 |
|
|
38 | E – Water supply; sewerage, waste management and remediation activities | 601 | 193 |
|
| 16 | 16 |
|
| 44 |
|
|
| 34 |
|
|
| 98 |
|
|
| 1 |
|
|
| 774 | 209 |
|
|
39 | F – Construction | 1,485 | 260 |
|
| 133 | 1 |
|
| 2 |
|
|
| 55 |
|
|
| 0 |
|
|
| 0 |
|
|
| 1,529 | 261 |
|
|
40 | F.41 – Construction of buildings | 841 | 134 |
|
| 124 | 0 |
|
| 1 |
|
|
| 37 |
|
|
| 0 |
|
|
| 0 |
|
|
| 853 | 135 |
|
|
41 | F.42 – Civil engineering | 327 | 75 |
|
| 7 | 0 |
|
| 0 |
|
|
| 15 |
|
|
| 0 |
|
|
| 0 |
|
|
| 354 | 75 |
|
|
42 | F.43 – Specialised construction activities | 318 | 50 |
|
| 1 | 0 |
|
| 1 |
|
|
| 3 |
|
|
| 0 |
|
|
| 0 |
|
|
| 322 | 51 |
|
|
43 | G – Wholesale and retail trade; repair of motor vehicles and motorcycles | 2,197 | 95 |
|
| 398 | 11 |
|
| 5 |
|
|
| 141 |
|
|
| 101 |
|
|
| 3 |
|
|
| 2,522 | 106 |
|
|
44 | H – Transportation and storage | 2,132 | 423 |
|
| 91 | 1 |
|
| 9 |
|
|
| 83 |
|
|
| 1 |
|
|
| 0 |
|
|
| 2,378 | 425 |
|
|
45 | H.49 – Land transport and transport via pipelines | 694 | 186 |
|
| 1 | 1 |
|
| 3 |
|
|
| 4 |
|
|
| 1 |
|
|
| 0 |
|
|
| 699 | 186 |
|
|
46 | H.50 – Water transport | 167 | 11 |
|
| 16 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 201 | 11 |
|
|
47 | H.51 – Air transport | 349 |
|
|
| 0 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0 |
|
|
| 349 | 0 |
|
|
48 | H.52 – Warehousing and support activities for transportation | 916 | 225 |
|
| 73 | 1 |
|
| 7 |
|
|
| 79 |
|
|
| 0 |
|
|
| 0 |
|
|
| 1,123 | 225 |
|
|
49 | H.53 – Postal and courier activities | 6 | 2 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 6 | 2 |
|
|
50 | I – Accommodation and food service activities | 141 | 19 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 19 |
|
|
| 160 | 19 |
|
|
51 | L – Real estate activities | 2,369 | 387 |
|
| 118 | 9 |
|
| 0 |
|
|
| 32 |
|
|
| 0 |
|
|
| 37 |
|
|
| 2,559 | 395 |
|
|
52 | K – Financial and insurance activities | 1,799 | 104 |
|
| 31 | 1 |
|
| 0 |
|
|
| 74 |
|
|
| 12 |
|
|
| 0 |
|
|
| 1,990 | 105 |
|
|
53 | Exposures to other sectors | 6,152 | 938 |
|
| 786 | 131 |
|
| 2 |
|
|
| 559 |
|
|
| 8 |
|
|
| 6 |
|
|
| 7,657 | 1,069 |
|
|
Breakdown by sector In millions of euros |
|
|
|
|
| 31 December 2023 | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WTR) | Circular economy (CE) | Pollution (PPC) | Biodiversity and Ecosystems (BIO) | TOTAL (CCM + CCA + WMR + CE + P + BE) | |||||||||||||||||||||||
Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD)) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC not subject to NFRD | ||||||||||||||||
[Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | |||||||||||||||||||||
Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which environmentally sustainable (CCM + CCA + WTR + CE + PPC + BIO) | ||
1 | A – Agriculture, forestry and fishing | 25 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 25 | 0 |
|
|
2 | B – Mining and quarrying | 120 | 22 |
|
| 1 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 121 | 22 |
|
|
3 | B.05 – Mining of coal and lignite |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 | B.06 – Extraction of crude petroleum and natural gas | 89 | 11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 89 | 11 |
|
|
5 | B.07 – Mining of metal ores | 2 | 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2 | 1 |
|
|
6 | B.08 – Other mining and quarrying | 15 | 3 |
|
| 0 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 15 | 4 |
|
|
7 | B.09 – Mining support service activities | 15 | 7 |
|
| 0 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 15 | 7 |
|
|
8 | C – Manufacturing | 5,081 | 1,115 |
|
| 303 | 62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 5,383 | 1,177 |
|
|
9 | C.10 – Manufacture of food products | 106 | 1 |
|
| 2 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 108 | 1 |
|
|
10 | C.11 – Manufacture of beverages | 12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12 |
|
|
|
11 | C.12 – Manufacture of tobacco products | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0 |
|
|
|
12 | C.13 – Manufacture of textiles | 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3 |
|
|
|
13 | C.14 – Manufacture of wearing apparel | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0 |
|
|
|
14 | C.15 – Manufacture of leather and related products | 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1 |
|
|
|
15 | C.16 – Manufacture of wood and of products of wood and cork | 13 | 5 |
|
| 1 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 15 | 5 |
|
|
16 | C.17 – Manufacture of paper and paper products | 2 | 0 |
|
| 87 | 19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 89 | 19 |
|
|
17 | C.18 – Printing and reproduction of recorded media | 4 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4 | 0 |
|
|
18 | C.19 – Manufacture of coke and refined petroleum products | 47 | 17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 47 | 17 |
|
|
19 | C.20 – Manufacture of chemicals and chemical products | 386 | 25 |
|
| 12 | 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 398 | 26 |
|
|
20 | C.21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations | 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3 |
|
|
|
21 | C.22 – Manufacture of rubber products | 69 | 1 |
|
| 61 | 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 130 | 2 |
|
|
22 | C.23 – Manufacture of other non-metallic mineral products | 101 | 29 |
|
| 36 | 11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 137 | 40 |
|
|
23 | C.24 – Manufacture of basic metals | 572 | 164 |
|
| 16 | 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 587 | 168 |
|
|
24 | C.25 – Manufacture of fabricated metal products, except machinery and equipment | 125 | 17 |
|
| 4 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 129 | 18 |
|
|
25 | C.26 – Manufacture of computer, electronic and optical products | 114 | 15 |
|
| 1 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 115 | 15 |
|
|
26 | C.27 – Manufacture of electrical equipment | 599 | 245 |
|
| 0 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 599 | 245 |
|
|
27 | C.28 – Manufacture of machinery and equipment n.e.c. | 309 | 67 |
|
| 1 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 310 | 67 |
|
|
28 | C.29 – Manufacture of motor vehicles, trailers and semi-trailers | 1,294 | 60 |
|
| 81 | 25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,374 | 85 |
|
|
29 | C.30 – Manufacture of other transport equipment | 966 | 372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 966 | 372 |
|
|
30 | C.31 – Manufacture of furniture | 6 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6 | 0 |
|
|
31 | C.32 – Other manufacturing | 6 | 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6 | 3 |
|
|
32 | C.33 – Repair and installation of machinery and equipment | 343 | 94 |
|
| 1 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 344 | 94 |
|
|
33 | D – Electricity, gas, steam and air conditioning supply | 4,635 | 1,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4,635 | 1,339 |
|
|
34 | D35.1 – Electric power generation, transmission and distribution | 4,452 | 1,323 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4,452 | 1,323 |
|
|
35 | D35.11 – Production of electricity | 3,695 | 824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3,695 | 824 |
|
|
36 | D35.2 – Manufacture of gas; distribution of gaseous fuels through mains | 80 | 13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 80 | 13 |
|
|
37 | D35.3 – Steam and air conditioning supply | 104 | 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 104 | 3 |
|
|
38 | E – Water supply; sewerage, waste management and remediation activities | 209 | 89 |
|
| 3 | 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 213 | 91 |
|
|
39 | F – Construction | 1,768 | 374 |
|
| 16 | 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,785 | 377 |
|
|
40 | F.41 – Construction of buildings | 1,214 | 134 |
|
| 13 | 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,227 | 135 |
|
|
41 | F.42 – Civil engineering | 297 | 70 |
|
| 3 | 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 301 | 70 |
|
|
42 | F.43 – Specialised construction activities | 257 | 171 |
|
| 0 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 257 | 171 |
|
|
43 | G – Wholesale and retail trade; repair of motor vehicles and motorcycles | 1,927 | 654 |
|
| 67 | 23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,994 | 677 |
|
|
44 | H – Transportation and storage | 1,303 | 311 |
|
| 11 | 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,314 | 314 |
|
|
45 | H.49 – Land transport and transport via pipelines | 428 | 93 |
|
| 3 | 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 430 | 93 |
|
|
46 | H.50 – Water transport | 162 | 6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 162 | 6 |
|
|
47 | H.51 – Air transport |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48 | H.52 – Warehousing and support activities for transportation | 712 | 212 |
|
| 9 | 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 720 | 214 |
|
|
49 | H.53 – Postal and courier activities | 2 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2 | 0 |
|
|
50 | I – Accommodation and food service activities | 25 | 1 |
|
| 0 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 25 | 1 |
|
|
51 | L – Real estate activities | 2,410 | 212 |
|
| 51 | 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2,461 | 217 |
|
|
52 | K – Financial and insurance activities | 3,892 | 454 |
|
| 67 | 9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3,959 | 462 |
|
|
53 | Exposures to other sectors | 20,712 | 4,019 |
|
| 45 | 8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 20,757 | 4,027 |
|
|
% (of covered assets) |
|
|
|
|
| 31 December 2024 | ||||||||||||||||||||||||||
Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WTR) | Circular economy (CE) | Pollution (PRP) | Biodiversity and Ecosystems (BIO) | TOTAL (CCM + CCA + WTR + CE + PPC + BIO) |
Proportion of total assets covered | |||||||||||||||||||||||||
Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | ||||||||||||||||||||||||||
| Proportion of total covered assets funding |
| Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |
| Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |
| Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |
| Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |
| Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |
| Proportion of total covered assets funding | |||||||||||||||||||
| Of which Use of Proceeds | Of which transitional | Of which |
| Of which Use of Proceeds | Of which |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which transitional | Of which enabling | ||||||||||
GAR – Covered assets in both numerator |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
1 | Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation | 50.52% | 4.34% |
| 1.60% | 0.52% | 0.66% | 0.04% |
|
| 0.02% |
|
|
| 0.30% |
|
|
| 0.08% |
|
|
| 0.01% |
|
|
| 51.40% | 4.38% |
| 1.60% | 0.52% | 21.90% |
2 | Financial undertakings | 21.14% | 1.35% |
| 0.01% | 0.82% | 0.28% | 0.00% |
|
| 0.00% |
|
|
| 0.44% |
|
|
| 0.05% |
|
|
| 0.01% |
|
|
| 21.75% | 1.35% |
| 0.01% | 0.82% | 1.92% |
3 | Credit institutions | 17.75% | 0.01% |
| 0.00% | 0.01% | 0.01% | 0.00% |
|
| 0.00% |
|
|
|
|
|
|
| 0.00% |
|
|
| 0.01% |
|
|
| 17.75% | 0.01% |
| 0.00% | 0.01% | 0.75% |
4 | Loans and advances | 31.77% | 0.02% |
| 0.00% | 0.02% | 0.02% | 0.00% |
|
| 0.00% |
|
|
|
|
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 31.78% | 0.02% |
| 0.00% | 0.02% | 0.22% |
5 | Debt securities | 17.95% | 0.00% |
| 0.00% | 0.00% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 17.95% | 0.00% |
| 0.00% | 0.00% | 0.31% |
6 | Equity instruments | 2.57% | 0.00% |
| 0.00% | 0.00% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 2.57% | 0.00% |
| 0.00% | 0.00% | 0.21% |
7 | Other financial corporations | 23.31% | 2.20% |
| 0.02% | 1.33% | 0.46% | 0.00% |
|
| 0.00% |
|
|
| 0.73% |
|
|
| 0.09% |
|
|
| 0.00% |
|
|
| 24.31% | 2.20% |
| 0.02% | 1.33% | 1.17% |
8 | of which investment firms | 29.41% | 2.23% |
| 0.05% | 2.04% | 0.05% | 0.00% |
|
| 0.00% |
|
|
| 2.18% |
|
|
| 0.30% |
|
|
| 0.02% |
|
|
| 32.09% | 2.24% |
| 0.05% | 2.04% | 0.34% |
9 | Loans and advances | 21.71% | 2.32% |
| 0.15% | 1.78% | 0.07% | 0.00% |
|
| 0.00% |
|
|
| 0.15% |
|
|
| 0.84% |
|
|
| 0.07% |
|
|
| 23.24% | 2.33% |
| 0.15% | 1.78% | 0.12% |
10 | Debt securities | 37.80% | 2.47% |
| 0.01% | 2.46% | 0.04% | 0.00% |
|
| 0.00% |
|
|
| 3.71% |
|
|
| 0.00% |
|
|
| 0.21% |
|
|
| 41.54% | 2.47% |
| 0.01% | 2.46% | 0.19% |
11 | Equity instruments | 1.14% | 0.00% |
| 0.00% | 0.00% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 1.14% | 0.00% |
| 0.00% | 0.00% | 0.02% |
12 | of which management companies | 44.16% | 4.04% |
| 0.03% | 3.88% | 2.30% | 0.00% |
|
| 0.00% |
|
|
| 0.53% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 45.35% | 4.04% |
| 0.03% | 3.88% | 0.23% |
13 | Loans and advances | 51.79% | 5.32% |
| 0.02% | 5.11% | 3.17% | 0.00% |
|
| 0.01% |
|
|
| 0.71% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 53.53% | 5.32% |
| 0.02% | 5.11% | 0.14% |
14 | Debt securities | 55.48% | 3.87% |
| 0.11% | 3.78% | 1.67% | 0.00% |
|
| 0.00% |
|
|
| 0.33% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 55.81% | 3.87% |
| 0.11% | 3.78% | 0.04% |
15 | Equity instruments | 10.16% | 0.00% |
| 0.00% | 0.00% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.10% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 10.26% | 0.00% |
| 0.00% | 0.00% | 0.04% |
16 | of which insurance undertakings | 12.25% | 1.51% |
| 0.00% | 0.01% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 12.25% | 1.51% |
| 0.00% | 0.01% | 0.61% |
17 | Loans and advances | 11.99% | 1.58% |
| 0.00% | 0.01% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 11.99% | 1.58% |
| 0.00% | 0.01% | 0.30% |
18 | Debt securities | 10.40% | 2.00% |
| 0.00% | 0.00% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 10.40% | 2.00% |
| 0.00% | 0.00% | 0.16% |
19 | Equity instruments | 14.99% | 0.77% |
| 0.00% | 0.00% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 14.99% | 0.77% |
| 0.00% | 0.00% | 0.14% |
20 | Non-financial undertakings | 17.57% | 3.13% |
| 0.39% | 1.45% | 2.04% | 0.12% |
|
| 0.06% |
|
|
| 0.85% |
|
|
| 0.23% |
|
|
| 0.00% |
|
|
| 20.25% | 3.25% |
| 0.39% | 1.45% | 6.81% |
21 | Loans and advances | 17.05% | 3.02% |
| 0.40% | 1.40% | 2.10% | 0.12% |
|
| 0.06% |
|
|
| 0.87% |
|
|
| 0.24% |
|
|
| 0.04% |
|
|
| 19.79% | 3.14% |
| 0.40% | 1.40% | 6.54% |
22 | Debt securities | 60.68% | 16.00% |
| 0.02% | 8.24% | 0.24% | 0.16% |
|
| 0.26% |
|
|
| 1.11% |
|
|
| 0.05% |
|
|
| 0.04% |
|
|
| 62.04% | 16.15% |
| 0.02% | 8.24% | 0.08% |
23 | Equity instruments | 17.54% | 1.52% |
| 0.00% | 0.06% | 0.56% | 0.01% |
|
| 0.00% |
|
|
| 0.14% |
|
|
| 0.02% |
|
|
|
|
|
|
| 18.18% | 1.53% |
| 0.00% | 0.06% | 0.18% |
24 | Households | 74.51% | 5.61% |
| 2.55% | 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 74.51% | 5.61% |
| 2.55% |
| 12.70% |
25 | of which loans collateralised by residential immovable property | 100.00% | 8.42% |
| 3.82% | 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 100.00% | 8.42% |
| 3.82% |
| 8.45% |
26 | of which building renovation loans | 100.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 100.00% |
|
|
|
| 0.20% |
27 | of which motor vehicle loans | 100.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 100.00% |
|
|
|
| 0.81% |
28 | Local government financing | 0.16% |
|
|
|
|
|
|
|
|
|
|
|
| 0.01% |
|
|
|
|
|
|
|
|
|
|
| 0.17% |
|
|
|
| 0.48% |
29 | Housing financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 | Other local government financing | 0.16% |
|
|
|
|
|
|
|
|
|
|
|
| 0.01% |
|
|
|
|
|
|
|
|
|
|
| 0.17% |
|
|
|
| 0.48% |
31 | Collateral obtained by taking possession: residential and commercial immovable properties | 0.16% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0.01% |
32 | Total GAR assets | 21.24% | 1.82% |
| 0.67% | 0.22% | 0.28% | 0.02% |
|
| 0.01% |
|
|
| 0.13% |
|
|
| 0.03% |
|
|
| 0.01% |
|
|
| 21.61% | 1.84% |
| 0.67% | 0.22% | 21.91% |
% (of covered assets) |
|
|
|
|
| 31 December 2023 | ||||||||||||||||||||||||||
Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WTR) | Circular economy (CE) | Pollution (PRP) | Biodiversity and Ecosystems (BIO) | TOTAL (CCM + CCA + WTR + CE + PPC + BIO) |
Proportion of total assets covered | |||||||||||||||||||||||||
Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | ||||||||||||||||||||||||||
| Proportion of total covered assets funding |
| Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |
| Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |
| Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |
| Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |
| Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-aligned) |
| Proportion of total covered assets funding | |||||||||||||||||||
| Of which Use of Proceeds | Of which transitional | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which transitional | Of which enabling | ||||||||||
GAR – Covered assets in both numerator |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
1 | Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation | 41.92% | 1.38% |
| 0.88% | 0.40% | 0.09% | 0.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 42.01% | 1.40% |
| 0.88% | 0.40% | 28.05% |
2 | Financial undertakings | 8.29% | 0.67% |
| 0.60% | 0.49% | 0.04% | 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 8.33% | 0.67% |
| 0.60% | 0.49% | 3.49% |
3 | Credit institutions | 7.71% | 0.00% |
| 0.00% | 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 7.72% |
|
|
|
| 0.54% |
4 | Loans and advances | 18.66% | 0.00% |
| 0.00% | 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 18.66% |
|
|
|
| 0.06% |
5 | Debt securities | 11.81% | 0.00% |
| 0.00% | 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11.81% |
|
|
|
| 0.26% |
6 | Equity instruments | 0.00% | 0.00% |
| 0.00% | 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0.22% |
7 | Other financial corporations | 8.40% | 0.79% |
| 0.71% | 0.58% | 0.05% | 0.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 8.45% | 0.79% |
| 0.71% | 0.58% | 2.95% |
8 | of which investment firms | 6.53% | 0.68% |
| 0.68% | 0.49% | 0.04% | 0.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6.58% | 0.69% |
| 0.68% | 0.49% | 2.02% |
9 | Loans and advances | 5.72% | 0.70% |
| 0.70% | 0.41% | 0.07% | 0.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 5.78% | 0.71% |
| 0.70% | 0.41% | 1.34% |
10 | Debt securities | 11.57% | 0.90% |
| 0.90% | 0.90% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11.58% | 0.90% |
| 0.90% | 0.90% | 0.48% |
11 | Equity instruments | 0.00% | 0.00% |
| 0.00% | 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0.20% |
12 | of which management companies | 27.75% | 2.14% |
| 2.14% | 2.13% | 0.17% | 0.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 27.91% | 2.15% |
| 2.14% | 2.13% | 0.34% |
13 | Loans and advances | 34.54% | 2.67% |
| 2.67% | 2.67% | 0.21% | 0.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 34.76% | 2.69% |
| 2.68% | 2.66% | 0.27% |
14 | Debt securities | 1.60% | 0.00% |
| 0.00% | 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1.60% |
|
|
|
| 0.03% |
15 | Equity instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0.04% |
16 | of which insurance undertakings | 3.54% | 0.37% |
| 0.00% | 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3.54% | 0.37% |
|
|
| 0.59% |
17 | Loans and advances | 0.84% | 0.00% |
| 0.00% | 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0.84% | 0.00% |
|
|
| 0.24% |
18 | Debt securities | 0.23% | 0.00% |
| 0.00% | 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0.23% |
|
|
|
| 0.15% |
19 | Equity instruments | 9.37% | 1.11% |
| 0.00% | 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 9.37% | 1.11% |
|
|
| 0.20% |
20 | Non-financial undertakings | 16.27% | 3.32% |
| 2.05% | 0.86% | 0.22% | 0.04% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 16.49% | 3.36% |
| 2.05% | 0.86% | 11.01% |
21 | Loans and advances | 15.10% | 3.03% |
| 1.90% | 0.77% | 0.23% | 0.05% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 15.32% | 3.07% |
| 1.90% | 0.77% | 10.66% |
22 | Debt securities | 55.60% | 26.13% |
| 26.11% | 14.18% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 55.60% | 26.13% |
| 26.13% | 14.18% | 0.09% |
23 | Equity instruments | 51.33% | 7.78% |
| 0.15% | 0.05% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 51.33% | 7.78% |
| 0.15% | 0.05% | 0.26% |
24 | Households | 74.00% | 0.00% |
| 0.00% | 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 74.00% |
|
|
|
| 13.08% |
25 | of which loans collateralised by residential immovable property | 100.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 100.00% |
|
|
|
| 8.86% |
26 | of which building renovation loans | 100.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 100.00% |
|
|
|
| 0.20% |
27 | of which motor vehicle loans | 100.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 100.00% |
|
|
|
| 0.62% |
28 | Local government financing | 0.04% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0.04% |
|
|
|
| 0.48% |
29 | Housing financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 | Other local government financing | 0.04% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0.04% |
|
|
|
| 0.48% |
31 | Collateral obtained by taking possession: residential and commercial immovable properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32 | Total GAR assets | 23.22% | 0.77% |
| 0.49% | 0.22% | 0.05% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 23.27% | 0.78% |
| 0.49% | 0.22% | 28.06% |
% (compared to flow of total eligible assets) |
|
|
|
|
| 31 December 2024 | ||||||||||||||||||||||||||
Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WTR) | Circular economy (CE) | Pollution (PPC) | Biodiversity and Ecosystems (BIO) | TOTAL (CCM + CCA + WTR + CE + PPC + BIO) |
Proportion of total new assets covered | |||||||||||||||||||||||||
Proportion of total covered assets funding taxonomy | Proportion of total covered assets funding taxonomy | Proportion of total covered assets funding taxonomy | Proportion of total covered assets funding taxonomy | Proportion of total covered assets funding taxonomy | Proportion of total covered assets funding taxonomy | Proportion of total covered assets funding taxonomy | ||||||||||||||||||||||||||
| Proportion of total covered assets funding |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Part du total des actifs couverts consacrée au financement de secteurs pertinents pour la taxonomie (alignés sur la taxonomie) | |||||||||||||||||||
| Of which Use of Proceeds | Of which transitional | Of which enabling |
| Of which Use of Proceeds | Of which |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which transitional | Of which enabling | ||||||||||
| GAR - Covered assets in both numerator |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 | Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation | 4.43% | (11.50)% |
| (2.25)% | (0.14)% | (2.38)% | (0.07)% |
|
| (0.08)% |
|
|
| (1.33)% |
|
|
| (0.33)% |
|
|
| (0.06)% |
|
|
| 1.06% | (11.57)% |
| (2.25)% | (0.14)% | (125.33)% |
2 | Financial undertakings | (8.94)% | (0.25)% |
| 1.39% | 0.06% | (0.28)% | 0.01% |
|
| 0.00% |
|
|
| (0.59)% |
|
|
| (0.07)% |
|
|
| (0.02)% |
|
|
| (9.66)% | (0.24)% |
| 1.39% | 0.06% | (35.68)% |
3 | Credit institutions | 40.17% | 0.02% |
| 0.00% | 0.02% | 0.02% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 40.17% | 0.02% |
| 0.00% | 0.02% | 5.77% |
4 | Loans and advances | 36.08% | 0.03% |
| 0.00% | 0.03% | 0.03% | 0.00% |
|
| 0.00% |
|
|
| 0.01% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 36.08% | 0.03% |
| 0.00% | 0.03% | 4.21% |
5 | Debt securities, including UoP | 42.40% | 0.00% |
| 0.00% | 0.00% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 42.40% | 0.00% |
| 0.00% | 0.00% | 1.57% |
6 | Equity instruments | (2,728.16)% | (1.06)% |
| 0.00% | 0.00% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| (2,728.51)% | (1.06)% |
| 0.00% | 0.00% | (0.01)% |
7 | Other financial corporations | (2.10)% | (0.21)% |
| 1.20% | 0.05% | (0.24)% | 0.01% |
|
| 0.00% |
|
|
| (0.51)% |
|
|
| (0.06)% |
|
|
| (0.01)% |
|
|
| (2.72)% | (0.20)% |
| 1.20% | 0.05% | (41.45)% |
8 | of which investment firms | 1.76% | 0.36% |
| 0.81% | 0.16% | 0.04% | 0.01% |
|
| 0.00% |
|
|
| (0.46)% |
|
|
| (0.06)% |
|
|
| (0.02)% |
|
|
| 1.25% | 0.36% |
| 0.81% | 0.16% | (40.06)% |
9 | Loans and advances | 4.10% | 0.54% |
| 0.76% | 0.27% | 0.07% | 0.01% |
|
| 0.00% |
|
|
| (0.02)% |
|
|
| (0.09)% |
|
|
| (0.02)% |
|
|
| 4.01% | 0.55% |
| 0.76% | 0.27% | (29.08)% |
10 | Debt securities, including UoP | (7.14)% | (0.22)% |
| 1.54% | (0.21)% | (0.03)% | 0.00% |
|
| 0.00% |
|
|
| (2.65)% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| (9.81)% | (0.22)% |
| 1.54% | (0.21)% | (6.71)% |
11 | Equity instruments | (0.17)% | 0.00% |
| 0.00% | 0.00% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| (0.17)% | 0.00% |
| 0.00% | 0.00% | (4.26)% |
12 | of which management companies | (8.15)% | (2.02)% |
| 6.74% | (1.70)% | (4.51)% | 0.04% |
|
| (0.01)% |
|
|
| (1.15)% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| (10.22)% | (1.98)% |
| 6.74% | (1.70)% | (2.57)% |
13 | Loans and advances | 13.31% | (0.58)% |
| 5.94% | (0.33)% | (3.44)% | 0.04% |
|
| (0.01)% |
|
|
| (0.87)% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 11.64% | (0.55)% |
| 5.94% | (0.33)% | (2.93)% |
14 | Debt securities, including UoP | 366.17% | 26.18% |
| 0.75% | 25.53% | 11.29% | 0.00% |
|
| 0.00% |
|
|
| 2.26% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 368.43% | 26.18% |
| 0.75% | 25.53% | 0.13% |
15 | Equity instruments | 48.85% | 0.01% |
| 0.00% | 0.00% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.48% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 49.34% | 0.01% |
| 0.00% | 0.00% | 0.23% |
16 | of which insurance undertakings | 116.37% | 15.04% |
| (0.02)% | 0.05% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 116.37% | 15.04% |
| (0.02)% | 0.05% | 1.17% |
17 | Loans and advances | 49.68% | 6.92% |
| (0.01)% | 0.04% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 49.68% | 6.92% |
| (0.01)% | 0.04% | 1.72% |
18 | Debt securities, including UoP | 69.38% | 13.60% |
| 0.00% | 0.00% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 69.38% | 13.60% |
| 0.00% | 0.00% | 0.60% |
19 | Equity instruments | (7.80)% | 2.16% |
| 0.00% | 0.00% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| (7.80)% | 2.16% |
| 0.00% | 0.00% | (1.15)% |
20 | Non-financial undertakings | 13.90% | 3.66% |
| 5.07% | (0.20)% | (3.08)% | (0.09)% |
|
| (0.11)% |
|
|
| (1.54)% |
|
|
| (0.42)% |
|
|
| (0.07)% |
|
|
| 9.67% | 3.57% |
| 5.07% | (0.20)% | (93.73)% |
21 | Loans and advances | 11.64% | 3.04% |
| 4.56% | (0.35)% | (3.11)% | (0.09)% |
|
| (0.10)% |
|
|
| (1.54)% |
|
|
| (0.42)% |
|
|
| (0.07)% |
|
|
| 7.40% | 2.95% |
| 4.56% | (0.35)% | (92.01)% |
22 | Debt securities, including UoP | (64.31)% | 264.21% |
| 639.58% | 153.77% | (5.75)% | (3.67)% |
|
| (6.21)% |
|
|
| (26.07)% |
|
|
| (1.29)% |
|
|
| 0.00% |
|
|
| (96.28)% | 260.55% |
| 639.58% | 153.77% | (0.09)% |
23 | Equity instruments | 144.92% | 25.12% |
| 0.57% | 0.04% | (1.55)% | (0.03)% |
|
| 0.00% |
|
|
| (0.38)% |
|
|
| (0.07)% |
|
|
| 0.00% |
|
|
| 143.15% | 25.09% |
| 0.57% | 0.04% | (1.64)% |
24 | Households | 118.76% | 493.21% |
| 223.97% |
|
|
|
|
|
|
|
|
| 0.00% |
|
|
|
|
|
|
|
|
|
|
| 118.76% | 493.21% |
| 223.97% |
| 3.60% |
25 | of which loans collateralised by residential immovable property | 100.00% | (1,267.19)% |
| (575.44)% |
|
|
|
|
|
|
|
|
| 0.00% |
|
|
|
|
|
|
|
|
|
|
| 100.00% | (1,267.19)% |
| (575.44)% |
| (1.40)% |
26 | of which building renovation loans | 100.00% |
|
|
|
|
|
|
|
|
|
|
|
| 0.00% |
|
|
|
|
|
|
|
|
|
|
| 100.00% |
|
|
|
| 0.33% |
27 | of which motor vehicle loans | 100.00% |
|
|
|
|
|
|
|
|
|
|
|
| 0.00% |
|
|
|
|
|
|
|
|
|
|
| 100.00% |
|
|
|
| 5.35% |
28 | Local government financing | 3.08% |
|
|
|
|
|
|
|
|
|
|
|
| 0.29% |
|
|
|
|
|
|
|
|
|
|
| 3.37% |
|
|
|
| 0.48% |
29 | Housing financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 | Other local government financing | 3.08% |
|
|
|
|
|
|
|
|
|
|
|
| 0.29% |
|
|
|
|
|
|
|
|
|
|
| 3.37% |
|
|
|
| 0.48% |
31 | Collateral obtained by taking possession: residential and commercial immovable properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.04)% |
32 | Total GAR assets | 4.43% | (11.50)% |
| (2.25)% | (0.14)% | (2.38)% | (0.07)% |
|
| (0.08)% |
|
|
| (1.33)% |
|
|
| (0.33)% |
|
|
| (0.06)% |
|
|
| 1.06% | (11.56)% |
| (2.25)% | (0.14)% | (125.36)% |
% (compared to total eligible off-balance sheet assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 31 December 2024 | |||
Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WTR) | Circular economy (CE) | Pollution (PPC) | Biodiversity and Ecosystems (BIO) | TOTAL (CCM + CCA + WTR + CE + PPC + BIO) | |||||||||||||||||||||||||
Proportion of total covered assets funding taxonomy | Proportion of total covered assets funding taxonomy | Proportion of total covered assets funding taxonomy relevant sectors (Taxonomy-eligible) | Proportion of total covered assets funding taxonomy | Proportion of total covered assets funding taxonomy | Proportion of total covered assets funding taxonomy | Proportion of total covered assets funding taxonomy | |||||||||||||||||||||||||
| Proportion of total covered assets funding |
| Proportion of total covered assets funding |
| Proportion of total covered assets funding |
| Proportion of total covered assets funding |
| Proportion of total covered assets funding |
| Proportion of total covered assets funding |
| Proportion of total covered assets funding | ||||||||||||||||||
| Of which Use of Proceeds | Of which transitional | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which transitional | Of which enabling | |||||||||
1 | Financial guarantees (FinGuar KPI) | 11.41% | 4.22% |
| 0.35% | 2.97% | 1.99% | 0.11% |
|
| 0.15% |
|
|
| 1.14% |
|
|
| 0.37% |
|
|
| 0.03% |
|
|
| 13.83% | 4.32% |
| 0.35% | 2.97% |
2 | Assets under management (AuM KPI) | 6.31% | 2.01% |
| 0.14% | 0.87% | 0.52% | 0.02% |
|
| 0.05% |
|
|
| 0.82% |
|
|
| 0.27% |
|
|
| 0.08% |
|
|
| 8.34% | 2.32% |
| 0.14% | 0.87% |
% (compared to total eligible off-balance sheet assets) |
|
|
|
|
| 31 December 2023 | |||||||||||||||||||||||||
Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WTR) | Circular economy (CE) | Pollution (PPC) | Biodiversity and Ecosystems (BIO) | TOTAL (CCM + CCA + WTR + CE + PPC + BIO) | |||||||||||||||||||||||||
Proportion of total covered assets funding taxonomy | Proportion of total covered assets funding taxonomy | Proportion of total covered assets funding taxonomy | Proportion of total covered assets funding taxonomy | Proportion of total covered assets funding taxonomy | Proportion of total covered assets funding taxonomy | Proportion of total covered assets funding taxonomy | |||||||||||||||||||||||||
| Proportion of total covered assets funding |
| Proportion of total covered assets funding |
| Proportion of total covered assets funding |
| Proportion of total covered assets funding |
| Proportion of total covered assets funding |
| Proportion of total covered assets funding |
| Proportion of total covered assets funding | ||||||||||||||||||
| Of which Use of Proceeds | Of which transitional | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which transitional | Of which enabling | |||||||||
1 | Financial guarantees (FinGuar KPI) | 11.04% | 4.60% |
| 4.64% | 2.87% | 0.12% | 0.05% | 0.00% | 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11.16% | 4.65% | 0.00% | 4.64% | 2.87% |
2 | Assets under management (AuM KPI) | 16.49% | 1.95% |
| 0.14% | 0.89% | 0.29% | 0.03% | 0.00% | 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 16.77% | 1.98% | 0.00% | 0.14% | 0.89% |
% (compared to total eligible off-balance sheet assets) |
|
|
|
|
|
|
|
|
|
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|
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|
| 31 December 2024 | |||
Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WTR) | Circular economy (CE) | Pollution (PPC) | Biodiversity and Ecosystems (BIO) | TOTAL (CCM + CCA + WTR + CE + PPC + BIO) | |||||||||||||||||||||||||
Proportion of total covered assets funding taxonomy | Proportion of total covered assets funding taxonomy | Proportion of total covered assets funding taxonomy | Proportion of total covered assets funding taxonomy | Proportion of total covered assets funding taxonomy | Proportion of total covered assets funding taxonomy | Proportion of total covered assets funding taxonomy | |||||||||||||||||||||||||
| Proportion of total covered assets funding |
| Proportion of total covered assets funding |
| Proportion of total covered assets funding |
| Proportion of total covered assets funding |
| Proportion of total covered assets funding |
| Proportion of total covered assets funding |
| Proportion of total covered assets funding | ||||||||||||||||||
| Of which Use of Proceeds | Of which transitional | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which transitional | Of which enabling | |||||||||
1 | Financial guarantees (FinGuar KPI) | 5.01% | 2.61% |
| 6.39% | 1.29% | (1.75)% | (0.03)% |
|
| (0.15)% |
|
|
| (1.10)% |
|
|
| (0.36)% |
|
|
| (0.03)% |
|
|
| 2.85% | 2.58% |
| 6.39% | 1.29% |
2 | Assets under management (AuM KPI) | (441.72)% | 23.63% |
| 1.01% | 7.95% | 16.93% | (0.64)% |
|
| 2.75% |
|
|
| 49.18% |
|
|
| 15.97% |
|
|
| 5.08% |
|
|
| (334.80)% | 40.01% |
| 1.01% | 7.95% |
in millions of euros |
|
|
|
|
|
|
|
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|
|
|
|
|
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|
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|
|
|
|
|
| 31 December 2024 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total [gross] carrying amount | Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WTR) | Circular economy (CE) | Pollution (PPC) | Biodiversity and Ecosystems (BIO) | TOTAL (CCM + CCA + WTR + CE + PPC + BIO) | |||||||||||||||||||||||||
Proportion of total covered assets funding taxonomy | Proportion of total covered assets funding taxonomy | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | ||||||||||||||||||||||||||
| of which environmentally sustainable |
| of which environmentally sustainable |
| of which environmentally sustainable |
| of which environmentally sustainable |
| of which environmentally sustainable |
| of which environmentally sustainable |
| of which environmentally sustainable | |||||||||||||||||||
| Of which Use of Proceeds | Of which transitional | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which transitional | Of which enabling | ||||||||||
| GAR – Covered assets in both numerator and denominator | 536,881 | 277,367 | 26,864 |
| 8,758 | 4,437 | 5,442 | 191 |
|
| 133 |
|
|
| 1,454 |
|
|
| 232 |
|
|
| 5 |
|
|
| 281,206 | 27,055 |
| 8,758 | 4,437 |
1 | Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation | 536,690 | 277,367 | 26,864 |
| 8,758 | 4,437 | 5,442 | 191 |
|
| 133 |
|
|
| 1,454 |
|
|
| 232 |
|
|
| 5 |
|
|
| 281,206 | 27,055 |
| 8,758 | 4,437 |
2 | Financial undertakings | 46,999 | 10,545 | 1,367 |
| 30 | 934 | 721 | 0 |
|
| 0 |
|
|
| 208 |
|
|
| 3 |
|
|
| 0 |
|
|
| 10,813 | 1,367 |
| 30 | 934 |
3 | Credit institutions | 18,347 | 3,348 | 12 |
| 0 | 9 | 9 | 0 |
|
| 0 |
|
|
| 1 |
|
|
| 0 |
|
|
| 0 |
|
|
| 3,349 | 12 |
| 0 | 9 |
4 | Loans and advances | 5,493 | 1,742 | 3 |
| 0 | 3 | 2 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 1,742 | 3 |
| 0 | 3 |
5 | Debt securities | 7,678 | 1,378 | 0 |
| 0 | 0 | 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 1,378 | 0 |
| 0 | 0 |
6 | Equity instruments | 5,176 | 227 | 9 |
| 0 | 6 | 7 | 0 |
|
| 0 |
|
|
| 1 |
|
|
| 0 |
|
|
| 0 |
|
|
| 228 | 9 |
| 0 | 6 |
7 | Other financial corporations | 28,653 | 7,198 | 1,355 |
| 30 | 925 | 712 | 0 |
|
| 0 |
|
|
| 208 |
|
|
| 3 |
|
|
| 0 |
|
|
| 7,464 | 1,355 |
| 30 | 925 |
8 | of which investment firms | 8,212 | 2,495 | 515 |
| 24 | 447 | 110 | 0 |
|
| 0 |
|
|
| 190 |
|
|
| 3 |
|
|
| 0 |
|
|
| 2,738 | 515 |
| 24 | 447 |
9 | Loans and advances | 2,895 | 748 | 127 |
| 6 | 82 | 14 | 0 |
|
| 0 |
|
|
| 13 |
|
|
| 3 |
|
|
| 0 |
|
|
| 813 | 127 |
| 6 | 82 |
10 | Debt securities | 4,708 | 1,716 | 385 |
| 18 | 365 | 95 | 0 |
|
| 0 |
|
|
| 177 |
|
|
| 0 |
|
|
| 0 |
|
|
| 1,894 | 385 |
| 18 | 365 |
11 | Equity instruments | 609 | 31 | 3 |
| 0 | 0 | 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 31 | 3 |
| 0 | 0 |
12 | of which management companies | 5,517 | 2,977 | 520 |
| 6 | 477 | 602 | 0 |
|
| 0 |
|
|
| 18 |
|
|
| 0 |
|
|
| 0 |
|
|
| 3,001 | 520 |
| 6 | 477 |
13 | Loans and advances | 3,545 | 2,309 | 405 |
| 5 | 365 | 566 | 0 |
|
| 0 |
|
|
| 16 |
|
|
| 0 |
|
|
| 0 |
|
|
| 2,331 | 405 |
| 5 | 365 |
14 | Debt securities | 882 | 493 | 109 |
| 1 | 108 | 32 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 493 | 109 |
| 1 | 108 |
15 | Equity instruments | 1,090 | 175 | 7 |
| 0 | 5 | 4 | 0 |
|
| 0 |
|
|
| 1 |
|
|
| 0 |
|
|
| 0 |
|
|
| 176 | 7 |
| 0 | 5 |
16 | of which insurance undertakings | 14,923 | 1,725 | 320 |
| 0 | 1 | 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 1,725 | 320 |
| 0 | 1 |
17 | Loans and advances | 7,420 | 803 | 170 |
| 0 | 1 | 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 803 | 170 |
| 0 | 1 |
18 | Debt securities | 4,038 | 440 | 117 |
| 0 | 0 | 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 440 | 117 |
| 0 | 0 |
19 | Equity instruments | 3,465 | 482 | 33 |
| 0 | 0 | 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 482 | 33 |
| 0 | 0 |
20 | Non-financial undertakings | 166,761 | 34,945 | 8,053 |
| 807 | 3,502 | 4,721 | 191 |
|
| 133 |
|
|
| 1,245 |
|
|
| 229 |
|
|
| 5 |
|
|
| 38,517 | 8,244 |
| 807 | 3,502 |
21 | Loans and advances | 160,350 | 32,781 | 7,376 |
| 806 | 3,167 | 4,613 | 188 |
|
| 126 |
|
|
| 1,226 |
|
|
| 227 |
|
|
| 5 |
|
|
| 36,333 | 7,564 |
| 806 | 3,167 |
22 | Debt securities | 1,962 | 1,387 | 569 |
| 1 | 320 | 95 | 3 |
|
| 7 |
|
|
| 12 |
|
|
| 2 |
|
|
| 0 |
|
|
| 1,401 | 572 |
| 1 | 320 |
23 | Equity instruments | 4,449 | 777 | 108 |
| 0 | 16 | 14 | 0 |
|
| 0 |
|
|
| 8 |
|
|
| 0 |
|
|
| 0 |
|
|
| 783 | 108 |
| 0 | 16 |
24 | Households | 311,173 | 231,857 | 17,444 |
| 7,922 | 0 | 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 231,857 | 17,444 |
| 7,922 | 0 |
25 | of which loans collateralised by residential immovable property | 207,123 | 207,123 | 17,444 |
| 7,922 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 207,123 | 17,444 |
| 7,922 | 0 |
26 | of which building renovation loans | 4,942 | 4,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4,942 |
|
|
|
|
27 | of which motor vehicle loans | 19,792 | 19,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 19,792 |
|
|
|
|
28 | Local government financing | 11,756 | 19 | 0 |
| 0 | 0 | 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 19 | 0 |
| 0 | 0 |
29 | Housing financing | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 | Other local government financing | 11,756 | 19 | 0 |
| 0 | 0 | 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 19 | 0 |
| 0 | 0 |
31 | Collateral obtained by taking possession: residential and commercial immovable properties | 191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32 | Assets excluded from the numerator for GAR calculation (covered in the denominator) | 739,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33 | Financial and Non-financial undertakings | 281,298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34 | SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations | 135,458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35 | Loans and advances | 133,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36 | of which loans collateralised by commercial immovable property | 46,009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37 | of which building renovation loans | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38 | Debt securities | 420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39 | Equity instruments | 1,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40 | Non-EU country counterparties not subject to NFRD disclosure obligations | 145,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41 | Loans and advances | 140,851 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42 | Debt securities | 4,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43 | Equity instruments | 452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44 | Derivatives | 20,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45 | On demand interbank loans | 8,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46 | Cash and cash-related assets | 2,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47 | Other categories of assets | 426,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48 | Total GAR assets | 1,276,702 | 277,367 | 26,864 |
| 8,758 | 4,437 | 5,442 | 191 |
|
| 133 |
|
|
| 1,454 |
|
|
| 232 |
|
|
| 5 |
|
|
| 281,206 | 27,055 |
| 8,758 | 4,437 |
49 | Assets not covered for GAR calculation | 1,173,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50 | Central governments and Supranational issuers | 173,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51 | Central banks exposures | 196,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52 | Trading book | 802,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53 | Total assets | 2,450,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations |
|
|
|
| |||||||||||||||||||||||||||
54 | Financial guarantees | 40,931 | 11,721 | 4,569 |
| 439 | 2,612 | 2,112 | 178 |
|
| 213 |
|
|
| 442 |
|
|
| 278 |
|
|
| 10 |
|
|
| 13,166 | 4,746 |
| 439 | 2,612 |
55 | Assets under management | 302,872 | 37,976 | 13,312 |
| 882 | 5,456 | 4,896 | 500 |
|
| 326 |
|
|
| 21 |
|
|
| 1,321 |
|
|
| 27 |
|
|
| 44,816 | 14,025 |
| 882 | 5,456 |
56 | of which debt securities | 114,326 | 25,767 | 8,337 |
| 659 | 2,947 | 3,191 | 371 |
|
| 223 |
|
|
| 13 |
|
|
| 256 |
|
|
| 18 |
|
|
| 29,468 | 8,708 |
| 659 | 2,947 |
57 | of which equity instruments | 80,724 | 12,246 | 4,975 |
| 223 | 2,509 | 1,705 | 130 |
|
| 103 |
|
|
| 11 |
|
|
| 1,065 |
|
|
| 9 |
|
|
| 15,135 | 5,105 |
| 223 | 2,509 |
in millions of euros |
|
|
|
|
| 31 December 2023 | ||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total [gross] carrying amount | Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WTR) | Circular economy (CE) | Pollution (PPC) | Biodiversity and Ecosystems (BIO) | TOTAL (CCM + CCA + WTR + CE + PPC + BIO) | |||||||||||||||||||||||||
of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors | ||||||||||||||||||||||||||
| of which environmentally sustainable |
| of which environmentally sustainable |
| of which environmentally sustainable |
| of which environmentally sustainable |
| of which environmentally sustainable |
| of which environmentally sustainable |
| of which environmentally sustainable | |||||||||||||||||||
| Of which Use of Proceeds | Of which transitional | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which transitional | Of which enabling | ||||||||||
| GAR – Covered assets in both numerator and denominator | 660,050 | 290,828 | 19,383 |
| 10,111 | 4,561 | 1,332 | 410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 292,159 | 19,793 |
| 10,111 | 4,561 |
1 | Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation | 659,823 | 290,828 | 19,383 |
| 10,111 | 4,561 | 1,332 | 410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 292,159 | 19,793 |
| 10,111 | 4,561 |
2 | Financial undertakings | 82,051 | 7,248 | 1,207 |
| 1,116 | 928 | 48 | 8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 7,296 | 1,215 |
| 1,116 | 928 |
3 | Credit institutions | 12,674 | 978 | 0 |
| 0 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 978 | 0 |
| 0 | 0 |
4 | Loans and advances | 1,356 | 253 | 0 |
| 0 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 253 | 0 |
| 0 | 0 |
5 | Debt securities | 6,137 | 725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 725 |
|
|
|
|
6 | Equity instruments | 5,181 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 | Other financial corporations | 69,377 | 6,270 | 1,207 |
| 1,116 | 928 | 48 | 8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6,318 | 1,215 |
| 1,116 | 928 |
8 | of which investment firms | 47,567 | 3,550 | 613 |
| 613 | 457 | 34 | 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3,584 | 618 |
| 613 | 457 |
9 | Loans and advances | 31,470 | 2,181 | 283 |
| 283 | 135 | 34 | 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2,215 | 287 |
| 283 | 135 |
10 | Debt securities | 11,305 | 1,368 | 330 |
| 330 | 322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,368 | 330 |
| 330 | 322 |
11 | Equity instruments | 4,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 | of which management companies | 8,039 | 2,239 | 503 |
| 503 | 470 | 14 | 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2,254 | 506 |
| 503 | 470 |
13 | Loans and advances | 6,424 | 2,226 | 503 |
| 503 | 470 | 14 | 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2,240 | 506 |
| 503 | 470 |
14 | Debt securities | 752 | 14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 14 |
|
|
|
|
15 | Equity instruments | 863 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0 |
|
|
|
|
16 | of which insurance undertakings | 13,771 | 480 | 92 |
| 0 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 480 | 92 |
| 0 | 0 |
17 | Loans and advances | 5,727 | 3 | 0 |
| 0 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3 | 0 |
| 0 | 0 |
18 | Debt securities | 3,445 | 0 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0 |
|
|
|
|
19 | Equity instruments | 4,599 | 477 | 92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 477 | 92 |
|
|
|
20 | Non-financial undertakings | 258,850 | 55,919 | 18,176 |
| 8,995 | 3,634 | 1,283 | 402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 57,202 | 18,578 |
| 8,995 | 3,634 |
21 | Loans and advances | 250,750 | 50,224 | 15,741 |
| 7,856 | 3,104 | 1,263 | 396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 51,487 | 16,137 |
| 7,856 | 3,104 |
22 | Debt securities | 2,045 | 1,442 | 1,121 |
| 1,121 | 521 | 0 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,442 | 1,121 |
| 1,121 | 521 |
23 | Equity instruments | 6,055 | 4,253 | 1,314 |
| 18 | 10 | 20 | 6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4,273 | 1,320 |
| 18 | 10 |
24 | Households | 307,637 | 227,656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 227,656 |
|
| 0 |
|
25 | of which loans collateralised by residential immovable property | 208,499 | 208,499 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 208,499 |
|
|
|
|
26 | of which building renovation loans | 4,617 | 4,617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4,617 |
|
|
|
|
27 | of which motor vehicle loans | 14,540 | 14,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 14,540 |
|
|
|
|
28 | Local government financing | 11,286 | 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4 |
|
|
|
|
29 | Housing financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 | Other local government financing | 11,286 | 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4 |
|
|
|
|
31 | Collateral obtained by taking possession: residential and commercial immovable properties | 227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32 | Assets excluded from the numerator for GAR calculation (covered in the denominator) | 530,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33 | Financial and Non-financial undertakings | 190,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34 | SMEs and NFCs (other than SMEs) not subject to NFRD disclosure obligations | 60,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35 | Loans and advances | 59,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36 | of which loans collateralised by commercial immovable property | 24,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37 | of which building renovation loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38 | Debt securities | 177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39 | Equity instruments | 1,058 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40 | Non-EU country counterparties not subject to NFRD disclosure obligations | 129,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41 | Loans and advances | 125,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42 | Debt securities | 4,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43 | Equity instruments | 305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44 | Derivatives | 21,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45 | On demand interbank loans | 7,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46 | Cash and cash-related assets | 2,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47 | Other categories of assets | 308,610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48 | Total GAR assets | 1,191,002 | 290,828 | 19,383 | 0 | 10,111 | 4,561 | 1,332 | 410 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 292,159 | 19,793 | 0 | 10,111 | 4,561 |
49 | Assets not covered for GAR calculation | 1,161,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50 | Central governments and Supranational issuers | 141,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51 | Central banks exposures | 300,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52 | Trading book | 719,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53 | Total assets | 2,352,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations |
|
|
|
| |||||||||||||||||||||||||||
54 | Financial guarantees | 126,240 | 18,184 | 9,368 |
| 5,735 | 3,545 | 241 | 124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 18,425 | 9,492 |
| 5,735 | 3,545 |
55 | Assets under management | 294,086 | 82,902 | 14,130 |
| 1,029 | 6,260 | 1,237 | 326 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 84,139 | 14,456 |
| 1,029 | 6,260 |
56 | of which debt securities | 153,372 | 37,045 | 8,764 |
| 823 | 4,029 | 495 | 117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 37,540 | 8,881 |
| 823 | 4,029 |
57 | of which equity instruments | 65,146 | 16,640 | 4,685 |
| 205 | 2,228 | 742 | 209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 17,382 | 4,894 |
| 205 | 2,228 |
Breakdown by sector in millions of euros |
|
|
|
|
| 31 December 2024 | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WTR) | Circular economy (CE) | Pollution (PPC) | Biodiversity and Ecosystems (BIO) | TOTAL (CCM + CCA + WMR + CE + P + BE) | |||||||||||||||||||||||
Non-Financial corporates (Subject to NFRD) | SMEs and other NFC | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC | ||||||||||||||||
[Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | |||||||||||||||||||||
Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | ||
1 | A – Agriculture, forestry and fishing | 135 | 0 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 139 | 0 |
|
|
2 | B – Mining and quarrying | 166 | 58 |
|
| 2 | 0 |
|
| 0 |
|
|
| 1 |
|
|
| 0 |
|
|
| 0 |
|
|
| 252 | 59 |
|
|
3 | B.05 – Mining of coal and lignite | 0 | 0 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 | 0 |
|
|
4 | B.06 – Extraction of crude petroleum and natural gas | 142 | 47 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 225 | 47 |
|
|
5 | B.07 – Mining of metal ores | 0 | 0 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 | 0 |
|
|
6 | B.08 – Other mining and quarrying | 12 | 2 |
|
| 2 | 0 |
|
| 0 |
|
|
| 1 |
|
|
| 0 |
|
|
| 0 |
|
|
| 15 | 2 |
|
|
7 | B.09 – Mining support service activities | 12 | 10 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 12 | 10 |
|
|
8 | C – Manufacturing | 8,965 | 1,983 |
|
| 1,251 | 10 |
|
| 5 |
|
|
| 287 |
|
|
| 82 |
|
|
| 1 |
|
|
| 9,829 | 1,993 |
|
|
9 | C.10 – Manufacture of food products | 727 | 10 |
|
| 35 | 0 |
|
| 1 |
|
|
| 14 |
|
|
| 0 |
|
|
| 0 |
|
|
| 738 | 10 |
|
|
10 | C.11 – Manufacture of beverages | 284 | 33 |
|
| 40 | 0 |
|
| 0 |
|
|
| 15 |
|
|
| 0 |
|
|
| 0 |
|
|
| 325 | 33 |
|
|
11 | C.12 – Manufacture of tobacco products | 0 | 0 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 | 0 |
|
|
12 | C.13 – Manufacture of textiles | 4 | 1 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 4 | 1 |
|
|
13 | C.14 – Manufacture of wearing apparel | 152 | 0 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 152 | 0 |
|
|
14 | C.15 – Manufacture of leather and related products | 25 | 1 |
|
| 0 | 0 |
|
| 0 |
|
|
| 1 |
|
|
| 0 |
|
|
| 0 |
|
|
| 25 | 1 |
|
|
15 | C.16 – Manufacture of wood and of products of wood and cork | 52 | 3 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 52 | 3 |
|
|
16 | C.17 – Manufacture of paper and paper products | 141 | 3 |
|
| 0 | 0 |
|
| 0 |
|
|
| 1 |
|
|
| 0 |
|
|
| 0 |
|
|
| 145 | 3 |
|
|
17 | C.18 – Printing and reproduction of recorded media | 42 | 0 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 43 | 0 |
|
|
18 | C.19 – Manufacture of coke and refined petroleum products | 221 | 190 |
|
| 0 | 0 |
|
| 0 |
|
|
| 3 |
|
|
| 0 |
|
|
| 0 |
|
|
| 223 | 190 |
|
|
19 | C.20 – Manufacture of chemicals and chemical products | 440 | 49 |
|
| 119 | 0 |
|
| 1 |
|
|
| 2 |
|
|
| 1 |
|
|
| 0 |
|
|
| 491 | 50 |
|
|
20 | C.21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations | 554 | 1 |
|
| 7 | 0 |
|
| 0 |
|
|
| 4 |
|
|
| 80 |
|
|
| 0 |
|
|
| 782 | 1 |
|
|
21 | C.22 – Manufacture of rubber products | 221 | 38 |
|
| 42 | 0 |
|
| 0 |
|
|
| 4 |
|
|
| 0 |
|
|
| 0 |
|
|
| 239 | 38 |
|
|
22 | C.23 – Manufacture of other non-metallic mineral products | 251 | 53 |
|
| 15 | 4 |
|
| 0 |
|
|
| 8 |
|
|
| 0 |
|
|
| 0 |
|
|
| 285 | 57 |
|
|
23 | C.24 – Manufacture of basic metals | 601 | 160 |
|
| 367 | 0 |
|
| 0 |
|
|
| 2 |
|
|
| 0 |
|
|
| 0 |
|
|
| 621 | 160 |
|
|
24 | C.25 – Manufacture of fabricated metal products, except machinery and equipment | 169 | 34 |
|
| 8 | 0 |
|
| 0 |
|
|
| 1 |
|
|
| 0 |
|
|
| 0 |
|
|
| 184 | 34 |
|
|
25 | C.26 – Manufacture of computer, electronic and optical products | 266 | 33 |
|
| 5 | 0 |
|
| 0 |
|
|
| 120 |
|
|
| 1 |
|
|
| 0 |
|
|
| 408 | 33 |
|
|
26 | C.27 – Manufacture of electrical equipment | 974 | 329 |
|
| 272 | 2 |
|
| 2 |
|
|
| 57 |
|
|
| 0 |
|
|
| 0 |
|
|
| 1,064 | 331 |
|
|
27 | C.28 – Manufacture of machinery and equipment n.e.c. | 318 | 68 |
|
| 9 | 0 |
|
| 0 |
|
|
| 41 |
|
|
| 0 |
|
|
| 0 |
|
|
| 360 | 68 |
|
|
28 | C.29 – Manufacture of motor vehicles, trailers and semi-trailers | 2,150 | 615 |
|
| 188 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 2,179 | 615 |
|
|
29 | C.30 – Manufacture of other transport equipment | 808 | 294 |
|
| 5 | 0 |
|
| 1 |
|
|
| 13 |
|
|
| 1 |
|
|
| 1 |
|
|
| 917 | 294 |
|
|
30 | C.31 – Manufacture of furniture | 4 | 0 |
|
| 0 | 0 |
|
| 0 |
|
|
| 2 |
|
|
| 0 |
|
|
| 0 |
|
|
| 6 | 0 |
|
|
31 | C.32 – Other manufacturing | 65 | 4 |
|
| 44 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 65 | 4 |
|
|
32 | C.33 – Repair and installation of machinery and equipment | 496 | 63 |
|
| 92 | 3 |
|
| 0 |
|
|
| 1 |
|
|
| 0 |
|
|
| 0 |
|
|
| 521 | 67 |
|
|
33 | D – Electricity, gas, steam and air conditioning supply | 5,201 | 2,589 |
|
| 1,024 | 37 |
|
| 66 |
|
|
| 21 |
|
|
| 10 |
|
|
| 0 |
|
|
| 5,591 | 2,626 |
|
|
34 | D35.1 – Electric power generation, transmission and distribution | 4,781 | 2,412 |
|
| 1,024 | 37 |
|
| 51 |
|
|
| 16 |
|
|
| 3 |
|
|
| 0 |
|
|
| 5,116 | 2,449 |
|
|
35 | D35.11 – Production of electricity | 3,301 | 1,394 |
|
| 952 | 0 |
|
| 12 |
|
|
| 14 |
|
|
| 2 |
|
|
| 0 |
|
|
| 3,579 | 1,394 |
|
|
36 | D35.2 – Manufacture of gas; distribution of gaseous fuels through mains | 214 | 145 |
|
| 0 | 0 |
|
| 1 |
|
|
| 0 |
|
|
| 2 |
|
|
| 0 |
|
|
| 263 | 145 |
|
|
37 | D35.3 – Steam and air conditioning supply | 206 | 33 |
|
| 0 | 0 |
|
| 15 |
|
|
| 4 |
|
|
| 4 |
|
|
| 0 |
|
|
| 212 | 33 |
|
|
38 | E – Water supply; sewerage, waste management and remediation activities | 649 | 197 |
|
| 13 | 13 |
|
| 43 |
|
|
| 38 |
|
|
| 67 |
|
|
| 0 |
|
|
| 754 | 210 |
|
|
39 | F – Construction | 1,327 | 272 |
|
| 110 | 1 |
|
| 1 |
|
|
| 41 |
|
|
| 0 |
|
|
| 0 |
|
|
| 1,389 | 273 |
|
|
40 | F.41 – Construction of buildings | 745 | 184 |
|
| 94 | 0 |
|
| 0 |
|
|
| 13 |
|
|
| 0 |
|
|
| 0 |
|
|
| 764 | 184 |
|
|
41 | F.42 – Civil engineering | 266 | 48 |
|
| 14 | 1 |
|
| 0 |
|
|
| 24 |
|
|
| 0 |
|
|
| 0 |
|
|
| 304 | 48 |
|
|
42 | F.43 – Specialised construction activities | 315 | 40 |
|
| 3 | 1 |
|
| 1 |
|
|
| 3 |
|
|
| 0 |
|
|
| 0 |
|
|
| 321 | 41 |
|
|
43 | G – Wholesale and retail trade; repair of motor vehicles and motorcycles | 3,696 | 402 |
|
| 489 | 5 |
|
| 7 |
|
|
| 125 |
|
|
| 51 |
|
|
| 0 |
|
|
| 3,949 | 407 |
|
|
44 | H – Transportation and storage | 2,091 | 462 |
|
| 354 | 7 |
|
| 7 |
|
|
| 50 |
|
|
| 1 |
|
|
| 0 |
|
|
| 2,551 | 469 |
|
|
45 | H.49 – Land transport and transport via pipelines | 711 | 163 |
|
| 194 | 2 |
|
| 4 |
|
|
| 4 |
|
|
| 1 |
|
|
| 0 |
|
|
| 756 | 164 |
|
|
46 | H.50 – Water transport | 221 | 15 |
|
| 19 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 252 | 15 |
|
|
47 | H.51 – Air transport | 337 | 5 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 337 | 5 |
|
|
48 | H.52 – Warehousing and support activities for transportation | 818 | 276 |
|
| 142 | 5 |
|
| 4 |
|
|
| 46 |
|
|
| 0 |
|
|
| 0 |
|
|
| 1,201 | 281 |
|
|
49 | H.53 – Postal and courier activities | 5 | 3 |
|
| 0 | 0 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 5 | 3 |
|
|
50 | I – Accommodation and food service activities | 218 | 55 |
|
| 75 | 4 |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 1 |
|
|
| 219 | 59 |
|
|
51 | L – Real estate activities | 2,560 | 592 |
|
| 285 | 23 |
|
| 0 |
|
|
| 28 |
|
|
| 0 |
|
|
| 0 |
|
|
| 2,636 | 614 |
|
|
52 | K – Financial and insurance activities | 2,891 | 258 |
|
| 64 | 0 |
|
| 1 |
|
|
| 201 |
|
|
| 9 |
|
|
| 0 |
|
|
| 3,065 | 259 |
|
|
53 | Exposures to other sectors | 7,045 | 1,184 |
|
| 1,053 | 92 |
|
| 2 |
|
|
| 455 |
|
|
| 8 |
|
|
| 1 |
|
|
| 8,143 | 1,275 |
|
|
Breakdown by sector in millions of euros |
|
|
|
|
| 31 December 2023 | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WTR) | Circular economy (CE) | Pollution (PPC) | Biodiversity and Ecosystems (BIO) | TOTAL (CCM + CCA + WMR + CE + P + BE) | |||||||||||||||||||||||
Non-Financial corporates (Subject to NFRD) | SMEs and other NFC | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC | Non-Financial corporates (Subject to NFRD) | SMEs and other NFC | ||||||||||||||||
[Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | [Gross] carrying amount | |||||||||||||||||||||
Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | Exposures eligible for the taxonomy | Of which | ||
1 | A – Agriculture, forestry and fishing | 24 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 24 | 0 |
|
|
2 | B – Mining and quarrying | 231 | 152 |
|
| 2 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 232 | 152 |
|
|
3 | B.05 – Mining of coal and lignite | 0 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0 | 0 |
|
|
4 | B.06 – Extraction of crude petroleum and natural gas | 192 | 144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 192 | 144 |
|
|
5 | B.07 – Mining of metal ores | 6 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6 | 0 |
|
|
6 | B.08 – Other mining and quarrying | 13 | 2 |
|
| 1 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 13 | 2 |
|
|
7 | B.09 – Mining support service activities | 20 | 6 |
|
| 1 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 21 | 6 |
|
|
8 | C – Manufacturing | 6,174 | 1,511 |
|
| 201 | 140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6,375 | 1,651 |
|
|
9 | C.10 – Manufacture of food products | 143 | 4 |
|
| 1 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 143 | 4 |
|
|
10 | C.11 – Manufacture of beverages | 117 | 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 117 | 31 |
|
|
11 | C.12 – Manufacture of tobacco products | 0 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0 | 0 |
|
|
12 | C.13 – Manufacture of textiles | 1 | 0 |
|
| 4 | 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4 | 1 |
|
|
13 | C.14 – Manufacture of wearing apparel | 7 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 7 | 0 |
|
|
14 | C.15 – Manufacture of leather and related products | 7 | 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 7 | 2 |
|
|
15 | C.16 – Manufacture of wood and of products of wood and cork | 18 | 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 18 | 4 |
|
|
16 | C.17 – Manufacture of paper and paper products | 63 | 1 |
|
| 31 | 23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 95 | 24 |
|
|
17 | C.18 – Printing and reproduction of recorded media | 19 | 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 19 | 2 |
|
|
18 | C.19 – Manufacture of coke and refined petroleum products | 139 | 67 |
|
| 1 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 140 | 68 |
|
|
19 | C.20 – Manufacture of chemicals and chemical products | 502 | 98 |
|
| 9 | 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 511 | 99 |
|
|
20 | C.21 – Manufacture of basic pharmaceutical products and pharmaceutical preparations | 130 | 8 |
|
| 0 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 131 | 8 |
|
|
21 | C.22 – Manufacture of rubber products | 156 | 4 |
|
| 16 | 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 172 | 5 |
|
|
22 | C.23 – Manufacture of other non-metallic mineral products | 154 | 48 |
|
| 26 | 22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 180 | 70 |
|
|
23 | C.24 – Manufacture of basic metals | 523 | 129 |
|
| 16 | 9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 539 | 138 |
|
|
24 | C.25 – Manufacture of fabricated metal products, except machinery and equipment | 124 | 20 |
|
| 3 | 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 127 | 21 |
|
|
25 | C.26 – Manufacture of computer, electronic and optical products | 126 | 19 |
|
| 1 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 127 | 19 |
|
|
26 | C.27 – Manufacture of electrical equipment | 724 | 263 |
|
| 0 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 724 | 263 |
|
|
27 | C.28 – Manufacture of machinery and equipment n.e.c. | 317 | 73 |
|
| 5 | 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 322 | 74 |
|
|
28 | C.29 – Manufacture of motor vehicles, trailers and semi-trailers | 1,417 | 263 |
|
| 87 | 79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,503 | 342 |
|
|
29 | C.30 – Manufacture of other transport equipment | 1,022 | 357 |
|
| 0 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,022 | 357 |
|
|
30 | C.31 – Manufacture of furniture | 6 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6 | 0 |
|
|
31 | C.32 – Other manufacturing | 58 | 3 |
|
| 1 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 59 | 3 |
|
|
32 | C.33 – Repair and installation of machinery and equipment | 400 | 114 |
|
| 1 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 400 | 114 |
|
|
33 | D – Electricity, gas, steam and air conditioning supply | 5,556 | 2,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 5,556 | 2,520 |
|
|
34 | D35.1 – Electric power generation, transmission and distribution | 5,284 | 2,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 5,284 | 2,443 |
|
|
35 | D35.11 – Production of electricity | 4,296 | 1,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4,296 | 1,572 |
|
|
36 | D35.2 – Manufacture of gas; distribution of gaseous fuels through mains | 144 | 72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 144 | 72 |
|
|
37 | D35.3 – Steam and air conditioning supply | 128 | 5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 128 | 5 |
|
|
38 | E – Water supply; sewerage, waste management and remediation activities | 234 | 117 |
|
| 2 | 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 236 | 118 |
|
|
39 | F – Construction | 1,364 | 437 |
|
| 2 | 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,366 | 438 |
|
|
40 | F.41 – Construction of buildings | 824 | 225 |
|
| 1 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 825 | 225 |
|
|
41 | F.42 – Civil engineering | 270 | 50 |
|
| 3 | 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 273 | 51 |
|
|
42 | F.43 – Specialised construction activities | 268 | 162 |
|
| 0 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 268 | 162 |
|
|
43 | G – Wholesale and retail trade; repair of motor vehicles and motorcycles | 3,507 | 1,228 |
|
| 169 | 59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3,677 | 1,287 |
|
|
44 | H – Transportation and storage | 1,457 | 432 |
|
| 10 | 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,467 | 435 |
|
|
45 | H.49 – Land transport and transport via pipelines | 465 | 97 |
|
| 3 | 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 468 | 98 |
|
|
46 | H.50 – Water transport | 208 | 36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 208 | 36 |
|
|
47 | H.51 – Air transport | 16 | 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 16 | 3 |
|
|
48 | H.52 – Warehousing and support activities for transportation | 765 | 294 |
|
| 7 | 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 772 | 297 |
|
|
49 | H.53 – Postal and courier activities | 3 | 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3 | 1 |
|
|
50 | I – Accommodation and food service activities | 58 | 1 |
|
| 6 | 0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 63 | 1 |
|
|
51 | L – Real estate activities | 1,647 | 338 |
|
| 770 | 158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2,417 | 496 |
|
|
52 | K – Financial and insurance activities | 6,113 | 2,226 |
|
| 25 | 9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6,138 | 2,235 |
|
|
53 | Exposures to other sectors | 29,555 | 9,215 |
|
| 96 | 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 29,651 | 9,245 |
|
|
% (of covered assets) |
|
|
|
|
| 31 December 2024 | ||||||||||||||||||||||||||
Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WTR) | Circular economy (CE) | Pollution (PPC) | Biodiversity and Ecosystems (BIO) | TOTAL (CCM + CCA + WTR + CE + PPC + BIO) | Proportion of total assets covered | |||||||||||||||||||||||||
of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors | ||||||||||||||||||||||||||
| Proportion of total covered assets funding |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets | |||||||||||||||||||
| Of which Use of Proceeds | Of which transitional | Of which enabling |
| Of which Use of Proceeds | Of which |
| Of which Use of Proceeds | Of which |
| Of which Use of Proceeds | Of which |
| Of which Use of Proceeds | Of which |
| Of which Use of Proceeds | Of which |
| Of which Use of Proceeds | Of which transitional | Of which | ||||||||||
| GAR – Covered assets in both numerator |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 | Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation | 51.68% | 5.01% |
| 1.63% | 0.83% | 1.01% | 0.04% |
|
| 0.02% |
|
|
| 0.27% |
|
|
| 0.04% |
|
|
| 0.00% |
|
|
| 52.40% | 5.04% |
| 1.63% | 0.83% | 21.90% |
2 | Financial undertakings | 22.44% | 2.91% |
| 0.06% | 1.99% | 1.53% | 0.00% |
|
| 0.00% |
|
|
| 0.44% |
|
|
| 0.01% |
|
|
| 0.00% |
|
|
| 23.01% | 2.91% |
| 0.06% | 1.99% | 1.92% |
3 | Credit institutions | 18.25% | 0.07% |
| 0.00% | 0.05% | 0.05% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 18.25% | 0.07% |
| 0.00% | 0.05% | 0.75% |
4 | Loans and advances | 31.72% | 0.05% |
| 0.00% | 0.05% | 0.04% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 31.72% | 0.05% |
| 0.00% | 0.05% | 0.22% |
5 | Debt securities | 17.95% | 0.00% |
| 0.00% | 0.00% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 17.95% | 0.00% |
| 0.00% | 0.00% | 0.31% |
6 | Equity instruments | 4.39% | 0.18% |
| 0.00% | 0.12% | 0.13% | 0.00% |
|
| 0.00% |
|
|
| 0.01% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 4.41% | 0.18% |
| 0.00% | 0.12% | 0.21% |
7 | Other financial corporations | 25.12% | 4.73% |
| 0.10% | 3.23% | 2.48% | 0.00% |
|
| 0.00% |
|
|
| 0.72% |
|
|
| 0.01% |
|
|
| 0.00% |
|
|
| 26.05% | 4.73% |
| 0.10% | 3.23% | 1.17% |
8 | of which investment firms | 30.38% | 6.27% |
| 0.29% | 5.45% | 1.34% | 0.00% |
|
| 0.00% |
|
|
| 2.31% |
|
|
| 0.04% |
|
|
| 0.00% |
|
|
| 33.34% | 6.27% |
| 0.29% | 5.45% | 0.34% |
9 | Loans and advances | 25.84% | 4.38% |
| 0.20% | 2.85% | 0.50% | 0.00% |
|
| 0.00% |
|
|
| 0.43% |
|
|
| 0.11% |
|
|
| 0.00% |
|
|
| 28.09% | 4.38% |
| 0.20% | 2.85% | 0.12% |
10 | Debt securities | 36.46% | 8.18% |
| 0.38% | 7.75% | 2.03% | 0.00% |
|
| 0.00% |
|
|
| 3.76% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 40.23% | 8.18% |
| 0.38% | 7.75% | 0.19% |
11 | Equity instruments | 5.04% | 0.55% |
| 0.00% | 0.00% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 5.04% | 0.55% |
| 0.00% | 0.00% | 0.02% |
12 | of which management companies | 53.96% | 9.43% |
| 0.11% | 8.65% | 10.91% | 0.00% |
|
| 0.00% |
|
|
| 0.33% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 54.39% | 9.43% |
| 0.11% | 8.65% | 0.23% |
13 | Loans and advances | 65.14% | 11.43% |
| 0.14% | 10.30% | 15.98% | 0.00% |
|
| 0.00% |
|
|
| 0.46% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 65.77% | 11.43% |
| 0.14% | 10.30% | 0.14% |
14 | Debt securities | 55.90% | 12.31% |
| 0.13% | 12.19% | 3.58% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 55.90% | 12.31% |
| 0.13% | 12.19% | 0.04% |
15 | Equity instruments | 16.03% | 0.60% |
| 0.00% | 0.42% | 0.38% | 0.00% |
|
| 0.00% |
|
|
| 0.14% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 16.17% | 0.60% |
| 0.00% | 0.42% | 0.04% |
16 | of which insurance undertakings | 11.56% | 2.14% |
| 0.00% | 0.01% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 11.56% | 2.14% |
| 0.00% | 0.01% | 0.61% |
17 | Loans and advances | 10.83% | 2.29% |
| 0.00% | 0.01% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 10.83% | 2.29% |
| 0.00% | 0.01% | 0.30% |
18 | Debt securities | 10.90% | 2.90% |
| 0.00% | 0.00% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 10.90% | 2.90% |
| 0.00% | 0.00% | 0.16% |
19 | Equity instruments | 13.91% | 0.95% |
| 0.00% | 0.00% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 13.91% | 0.95% |
| 0.00% | 0.00% | 0.14% |
20 | Non-financial undertakings | 20.96% | 4.83% |
| 0.48% | 2.10% | 2.83% | 0.11% |
|
| 0.08% |
|
|
| 0.75% |
|
|
| 0.14% |
|
|
| 0.00% |
|
|
| 23.10% | 4.94% |
| 0.48% | 2.10% | 6.81% |
21 | Loans and advances | 20.44% | 4.60% |
| 0.50% | 1.97% | 2.88% | 0.12% |
|
| 0.08% |
|
|
| 0.76% |
|
|
| 0.14% |
|
|
| 0.00% |
|
|
| 22.66% | 4.72% |
| 0.50% | 1.97% | 6.54% |
22 | Debt securities | 70.73% | 28.99% |
| 0.04% | 16.31% | 4.84% | 0.14% |
|
| 0.36% |
|
|
| 0.61% |
|
|
| 0.10% |
|
|
| 0.00% |
|
|
| 71.41% | 29.14% |
| 0.04% | 16.31% | 0.08% |
23 | Equity instruments | 17.46% | 2.42% |
| 0.00% | 0.36% | 0.31% | 0.00% |
|
| 0.00% |
|
|
| 0.17% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 17.61% | 2.42% |
| 0.00% | 0.36% | 0.18% |
24 | Households | 74.51% | 5.61% |
| 2.55% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 74.51% | 5.61% |
| 2.55% |
| 12.70% |
25 | of which loans collateralised by residential immovable property | 100.00% | 8.42% |
| 3.82% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 100.00% | 8.42% |
| 3.82% |
| 8.45% |
26 | of which building renovation loans | 100.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 100.00% |
|
|
|
| 0.20% |
27 | of which motor vehicle loans | 100.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 100.00% |
|
|
|
| 0.81% |
28 | Local government financing | 0.16% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0.16% |
|
|
|
| 0.48% |
29 | Housing financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 | Other local government financing | 0.16% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0.16% |
|
|
|
| 0.48% |
31 | Collateral obtained by taking possession: residential and commercial immovable properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0.01% |
32 | Total GAR assets | 21.73% | 2.10% |
| 0.69% | 0.35% | 0.43% | 0.02% |
|
| 0.01% |
|
|
| 0.11% |
|
|
| 0.02% |
|
|
| 0.00% |
|
|
| 22.03% | 2.12% |
| 0.69% | 0.35% | 21.91% |
% (of covered assets) |
|
|
|
|
| 31 December 2023 | ||||||||||||||||||||||||||
Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WTR) | Circular economy (CE) | Pollution (PPC) | Biodiversity and Ecosystems (BIO) | TOTAL (CCM + CCA + WTR + CE + PPC + BIO) | Proportion of total assets covered | |||||||||||||||||||||||||
of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors | of which towards taxonomy relevant sectors | ||||||||||||||||||||||||||
| Proportion of total covered assets funding |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets | |||||||||||||||||||
| Of which Use of Proceeds | Of which transitional | Of which enabling |
| Of which Use of Proceeds | Of which |
| Of which Use of Proceeds | Of which |
| Of which Use of Proceeds | Of which |
| Of which Use of Proceeds | Of which |
| Of which Use of Proceeds | Of which |
| Of which Use of Proceeds | Of which transitional | Of which | ||||||||||
| GAR – Covered assets in both numerator |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 | Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation | 44.08% | 2.94% |
| 1.53% | 0.69% | 0.20% | 0.06% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 44.28% | 3.00% |
| 1.53% | 0.69% | 28.05% |
2 | Financial undertakings | 8.83% | 1.47% |
| 1.36% | 1.13% | 0.06% | 0.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 8.89% | 1.48% |
| 1.36% | 1.13% | 3.49% |
3 | Credit institutions | 7.72% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 7.72% |
|
|
|
| 0.54% |
4 | Loans and advances | 18.65% | 0.01% |
| 0.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 18.65% | 0.01% |
| 0.01% | 0.00% | 0.06% |
5 | Debt securities | 11.82% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11.82% |
|
|
|
| 0.26% |
6 | Equity instruments | 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0.22% |
7 | Other financial corporations | 9.04% | 1.74% |
| 1.61% | 1.34% | 0.07% | 0.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 9.11% | 1.75% |
| 1.61% | 1.34% | 2.95% |
8 | of which investment firms | 7.46% | 1.29% |
| 1.29% | 0.96% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 7.53% | 1.30% |
| 1.29% | 0.96% | 2.02% |
9 | Loans and advances | 6.93% | 0.90% |
| 0.90% | 0.43% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 7.04% | 0.91% |
| 0.90% | 0.43% | 1.34% |
10 | Debt securities | 12.11% | 2.92% |
| 2.92% | 2.85% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12.11% | 2.92% |
| 2.92% | 2.85% | 0.48% |
11 | Equity instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0.20% |
12 | of which management companies | 27.86% | 6.26% |
| 6.26% | 5.84% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 28.04% | 6.30% |
| 6.26% | 5.84% | 0.34% |
13 | Loans and advances | 34.65% | 7.83% |
| 7.83% | 7.31% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 34.88% | 7.88% |
| 7.83% | 7.31% | 0.27% |
14 | Debt securities | 1.80% | 0.00% |
| 0.00% | 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1.80% |
|
|
|
| 0.03% |
15 | Equity instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0.04% |
16 | of which insurance undertakings | 3.49% | 0.67% |
| 0.00% | 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3.49% | 0.67% |
|
|
| 0.59% |
17 | Loans and advances | 0.06% | 0.01% |
| 0.00% | 0.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0.24% |
18 | Debt securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0.15% |
19 | Equity instruments | 10.37% | 1.99% |
| 0.00% | 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 10.37% | 1.99% |
|
|
| 0.20% |
20 | Non-financial undertakings | 21.60% | 7.02% |
| 3.48% | 1.40% | 0.50% | 0.16% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 22.10% | 7.18% |
| 3.48% | 1.40% | 11.01% |
21 | Loans and advances | 20.03% | 6.28% |
| 3.13% | 1.24% | 0.50% | 0.16% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 20.53% | 6.44% |
| 3.13% | 1.24% | 10.66% |
22 | Debt securities | 70.51% | 54.80% |
| 54.81% | 25.45% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 70.51% | 54.81% |
| 54.81% | 25.45% | 0.09% |
23 | Equity instruments | 70.23% | 21.70% |
| 0.30% | 0.16% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 70.57% | 21.80% |
|
|
| 0.26% |
24 | Households | 74.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 74.00% |
|
|
|
| 13.08% |
25 | of which loans collateralised by residential immovable property | 100.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 100.00% |
|
|
|
| 8.86% |
26 | of which building renovation loans | 100.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 100.00% |
|
|
|
| 0.20% |
27 | of which motor vehicle loans | 100.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 100.00% |
|
|
|
| 0.62% |
28 | Local government financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0.48% |
29 | Housing financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 | Other local government financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 0.48% |
31 | Collateral obtained by taking possession: residential and commercial immovable properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32 | Total GAR assets | 24.42% | 1.63% |
| 0.85% | 0.38% | 0.11% | 0.03% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 24.53% | 1.66% |
| 0.85% | 0.38% | 28.06% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% (compared to flow of total eligible assets) |
|
|
|
|
|
|
| 31 December 2024 | ||||||||||||||||||||||||
Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WTR) | Circular economy (CE) | Pollution (PPC) | Biodiversity and Ecosystems (BIO) | TOTAL (CCM + CCA + WTR + CE + PPC + BIO) | Proportion of total new assets covered | |||||||||||||||||||||||||
Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | ||||||||||||||||||||||||||
| Proportion of total covered assets funding |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets funding | |||||||||||||||||||
| Of which Use of Proceeds | Of which transitional | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which transitional | Of which enabling | ||||||||||
| GAR – Covered assets in both numerator |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 | Loans and advances, debt securities and equity instruments not HfT eligible for GAR calculation | 10.93% | (6.08)% |
| 1.10% | 0.10% | (3.34)% | 0.18% |
|
| (0.11)% |
|
|
| (0.11)% |
|
|
| (0.19)% |
|
|
| 0.00% |
|
|
| 1.06% | (11.57)% |
| (2.25)% | (0.14)% | (125.33)% |
2 | Financial undertakings | (9.41)% | (0.46)% |
| 3.10% | (0.02)% | (1.92)% | 0.02% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| (0.01)% |
|
|
| 0.00% |
|
|
| (9.66)% | (0.24)% |
| 1.39% | 0.06% | (35.68)% |
3 | Credit institutions | 41.77% | 0.21% |
| 0.00% | 0.16% | 0.16% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 40.17% | 0.02% |
| 0.00% | 0.02% | 5.77% |
4 | Loans and advances | 36.01% | 0.07% |
| 0.00% | 0.07% | 0.06% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 36.08% | 0.03% |
| 0.00% | 0.03% | 4.21% |
5 | Debt securities, including UoP | 42.37% | 0.00% |
| 0.00% | 0.00% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 42.40% | 0.00% |
| 0.00% | 0.00% | 1.57% |
6 | Equity instruments | (4,660.65)% | (190.10)% |
| 0.00% | (126.74)% | (137.30)% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| (2,728.51)% | (1.06)% |
| 0.00% | 0.00% | (0.01)% |
7 | Other financial corporations | (2.28)% | (0.36)% |
| 2.67% | 0.01% | (1.63)% | 0.02% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| (0.01)% |
|
|
| 0.00% |
|
|
| (2.72)% | (0.20)% |
| 1.20% | 0.05% | (41.45)% |
8 | of which investment firms | 2.68% | 0.25% |
| 1.50% | 0.03% | (0.19)% | 0.01% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| (0.01)% |
|
|
| 0.00% |
|
|
| 1.25% | 0.36% |
| 0.81% | 0.16% | (40.06)% |
9 | Loans and advances | 5.02% | 0.55% |
| 0.97% | 0.18% | 0.07% | 0.02% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| (0.01)% |
|
|
| 0.00% |
|
|
| 4.01% | 0.55% |
| 0.76% | 0.27% | (29.08)% |
10 | Debt securities, including UoP | (5.28)% | (0.83)% |
| 4.73% | (0.64)% | (1.45)% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| (9.81)% | (0.22)% |
| 1.54% | (0.21)% | (6.71)% |
11 | Equity instruments | (0.73)% | (0.08)% |
| 0.00% | 0.00% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| (0.17)% | 0.00% |
| 0.00% | 0.00% | (4.26)% |
12 | of which management companies | (29.25)% | (0.68)% |
| 19.71% | (0.29)% | (23.30)% | 0.13% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| (10.22)% | (1.98)% |
| 6.74% | (1.70)% | (2.57)% |
13 | Loans and advances | (2.89)% | 3.40% |
| 17.30% | 3.64% | (19.16)% | 0.11% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 11.64% | (0.55)% |
| 5.94% | (0.33)% | (2.93)% |
14 | Debt securities, including UoP | 367.51% | 83.23% |
| 0.86% | 82.37% | 24.19% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 368.43% | 26.18% |
| 0.75% | 25.53% | 0.13% |
15 | Equity instruments | 77.07% | 2.89% |
| 0.00% | 2.04% | 1.85% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 49.34% | 0.01% |
| 0.00% | 0.00% | 0.23% |
16 | of which insurance undertakings | 108.00% | 19.78% |
| 0.00% | 0.05% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 116.37% | 15.04% |
| (0.02)% | 0.05% | 1.17% |
17 | Loans and advances | 47.25% | 10.02% |
| 0.00% | 0.03% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 49.68% | 6.92% |
| (0.01)% | 0.04% | 1.72% |
18 | Debt securities, including UoP | 74.13% | 19.72% |
| 0.00% | 0.00% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 69.38% | 13.60% |
| 0.00% | 0.00% | 0.60% |
19 | Equity instruments | (0.43)% | 5.18% |
| 0.00% | 0.00% | 0.00% | 0.00% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| (7.80)% | 2.16% |
| 0.00% | 0.00% | (1.15)% |
20 | Non-financial undertakings | 22.78% | 10.99% |
| 8.89% | 0.14% | (3.73)% | 0.23% |
|
| (0.14)% |
|
|
| (0.14)% |
|
|
| (0.25)% |
|
|
| (0.01)% |
|
|
| 9.67% | 3.57% |
| 5.07% | (0.20)% | (93.73)% |
21 | Loans and advances | 19.30% | 9.25% |
| 7.80% | (0.07)% | (3.71)% | 0.23% |
|
| (0.14)% |
|
|
| (0.14)% |
|
|
| (0.25)% |
|
|
| (0.01)% |
|
|
| 7.40% | 2.95% |
| 4.56% | (0.35)% | (92.01)% |
22 | Debt securities, including UoP | 65.40% | 661.19% |
| 1,341.26% | 240.31% | (113.68)% | (3.33)% |
|
| (8.47)% |
|
|
| (8.47)% |
|
|
| (2.35)% |
|
|
| 0.00% |
|
|
| (96.28)% | 260.55% |
| 639.58% | 153.77% | (0.09)% |
23 | Equity instruments | 216.38% | 75.09% |
| 1.13% | (0.39)% | 0.41% | 0.39% |
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 0.00% |
|
|
| 143.15% | 25.09% |
| 0.57% | 0.04% | (1.64)% |
24 | Households | 118.76% | 493.21% |
| 223.97% |
|
|
|
|
|
|
|
|
| 0.00% |
|
|
|
|
|
|
|
|
|
|
| 118.76% | 493.21% |
| 223.97% |
| 3.60% |
25 | of which loans collateralised by residential immovable property | 100.00% | (1,267.19)% |
| (575.44)% |
|
|
|
|
|
|
|
|
| 0.00% |
|
|
|
|
|
|
|
|
|
|
| 100.00% | (1,267.19)% |
| (575.44)% |
| (1.40)% |
26 | of which building renovation loans | 100.00% |
|
|
|
|
|
|
|
|
|
|
|
| 0.00% |
|
|
|
|
|
|
|
|
|
|
| 100.00% |
|
|
|
| 0.33% |
27 | of which motor vehicle loans | 100.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 100.00% |
|
|
|
| 5.35% |
28 | Local government financing | 3.16% |
|
|
|
| 0.01% |
|
|
| 0.01% |
|
|
| 0.01% |
|
|
| 0.01% |
|
|
| 0.01% |
|
|
| 3.20% |
|
|
|
| 0.48% |
29 | Housing financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 | Other local government financing | 3.16% |
|
|
|
| 0.01% |
|
|
| 0.01% |
|
|
| 0.01% |
|
|
| 0.01% |
|
|
| 0.01% |
|
|
| 3.20% |
|
|
|
| 0.48% |
31 | Collateral obtained by taking possession: residential and commercial immovable properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (0.04)% |
32 | Total GAR assets | 10.93% | (6.07)% |
| 1.10% | 0.10% | (3.34)% | 0.18% |
|
| (0.11)% |
|
|
| (0.11)% |
|
|
| (0.19)% |
|
|
| 0.00% |
|
|
| 8.89% | (5.90)% |
| 1.10% | 0.93% | (125.36)% |
% (compared to total eligible off-balance sheet assets) |
|
|
|
|
| 31 December 2024 | |||||||||||||||||||||||||
Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WTR) | Circular economy (CE) | Pollution (PPC) | Biodiversity and Ecosystems (BIO) | TOTAL (CCM + CCA + WTR + CE + PPC + BIO) | |||||||||||||||||||||||||
Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | |||||||||||||||||||||||||
| Proportion of total covered assets funding |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets funding | ||||||||||||||||||
| Of which Use of Proceeds | Of which transitional | Of which enabling |
| Of which Use of Proceeds | Of which |
| Of which Use of Proceeds | Of which |
| Of which Use of Proceeds | Of which |
| Of which Use of Proceeds | Of which |
| Of which Use of Proceeds | Of which |
| Of which Use of Proceeds | Of which transitional | Of which | |||||||||
1 | Financial guarantees (FinGuar KPI) | 14.26% | 5.56% |
| 0.53% | 3.18% | 2.57% | 0.22% |
|
| 0.26% |
|
|
| 0.54% |
|
|
| 0.34% |
|
|
| 0.01% |
|
|
| 16.02% | 5.77% |
| 0.53% | 3.18% |
2 | Assets under management (AuM KPI) | 7.22% | 2.53% |
| 0.17% | 1.04% | 0.93% | 0.10% |
|
| 0.06% |
|
|
| 0.00% |
|
|
| 0.25% |
|
|
| 0.01% |
|
|
| 8.52% | 2.67% |
| 0.17% | 1.04% |
% (compared to total eligible off-balance sheet assets) |
|
|
|
|
| 31 December 2023 | |||||||||||||||||||||||||
Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WTR) | Circular economy (CE) | Pollution (PPC) | Biodiversity and Ecosystems (BIO) | TOTAL (CCM + CCA + WTR + CE + PPC + BIO) | |||||||||||||||||||||||||
Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | |||||||||||||||||||||||||
| Proportion of total covered assets funding |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets funding | ||||||||||||||||||
| Of which Use of Proceeds | Of which transitional | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which transitional | Of which enabling | |||||||||
1 | Financial guarantees (FinGuar KPI) | 14.71% | 7.58% |
| 4.64% | 2.87% | 0.20% | 0.10% | 0.00% | 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 14.90% | 7.68% | 0.00% | 4.64% | 2.87% |
2 | Assets under management (AuM KPI) | 18.98% | 3.24% |
| 0.24% | 1.43% | 0.28% | 0.07% | 0.00% | 0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 19.27% | 3.31% | 0.00% | 0.24% | 1.43% |
% (compared to total eligible off-balance sheet assets) |
|
|
|
|
| 31 December 2024 | |||||||||||||||||||||||||
Climate Change Mitigation (CCM) | Climate Change Adaptation (CCA) | Water and marine resources (WTR) | Circular economy (CE) | Pollution (PPC) | Biodiversity and Ecosystems (BIO) | TOTAL (CCM + CCA + WTR + CE + PPC + BIO) | |||||||||||||||||||||||||
Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | Proportion of total covered assets funding | |||||||||||||||||||||||||
| Proportion of total covered assets funding |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets |
| Proportion of total covered assets funding | ||||||||||||||||||
| Of which Use of Proceeds | Of which transitional | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which enabling |
| Of which Use of Proceeds | Of which transitional | Of which enabling | |||||||||
1 | Financial guarantees (FinGuar KPI) | 7.58% | 5.63% | 0.00% | 6.21% | 1.09% | (2.19)% | (0.06)% |
|
| (0.25)% |
|
|
| (0.52)% |
|
|
| (0.33)% |
|
|
| (0.01)% |
|
|
| 6.17% | 5.56% |
| 6.21% | 1.09% |
2 | Assets under management (AuM KPI) | (511.37)% | (9.31)% | 0.00% | (1.67)% | (9.15)% | 41.65% | 1.98% |
|
| 3.71% |
|
|
| 0.23% |
|
|
| 15.04% |
|
|
| 0.30% |
|
|
| (447.59)% | (4.90)% |
| (1.67)% | (9.15)% |
The following tables relate to information linked to financing of nuclear energy and fossil fuel activities, as a complement to the GAR stock KPI in its two measures (turnover based and CapEx based), according to the requirements of the Delegated Act of July 2022.
31 December 2024 |
| ||
|---|---|---|---|
Nuclear energy related activities |
| ||
1. | The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. | YES |
|
2. | The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. | YES |
|
3. | The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. | YES |
|
Fossil gas related activities |
| ||
4. | The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. | YES |
|
5. | The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. | YES |
|
6. | The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. | YES |
|
31 December 2023 |
| ||
|---|---|---|---|
Nuclear energy related activities |
| ||
1. | The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. | YES |
|
2. | The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. | YES |
|
3. | The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. | YES |
|
Fossil gas related activities |
| ||
4. | The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. | YES |
|
5. | The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. | YES |
|
6. | The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. | YES |
|
Economic activities in millions of euros | 31 December 2024 | ||||||
TOTAL CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA) | |||||
Amount | % | Amount | % | Amount | % | ||
1. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
2. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% |
| 0.00% |
3. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 255 | 0.02% | 255 | 0.02% |
| 0.00% |
4. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
5. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 10 | 0.00% | 10 | 0.00% |
| 0.00% |
6. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
7. | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 23,230 | 1.82% | 23,031 | 1.80% | 199 | 0.02% |
8. | Total applicable KPI | 23,495 | 1.84% | 23,296 | 1.82% | 199 | 0.02% |
Economic activities in millions of euros | 31 December 2023 | ||||||
TOTAL CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA) | |||||
Amount | % | Amount | % | Amount | % | ||
1. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
2. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
3. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 241 | 0.02% | 241 | 0.02% |
| 0.00% |
4. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
5. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 9 | 0.00% | 9 | 0.00% |
| 0.00% |
6. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
7. | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 9,005 | 0.76% | 8,888 | 0.75% | 117 | 0.01% |
8. | Total applicable KPI | 9,254 | 0.78% | 9,137 | 0.77% | 117 | 0.01% |
Economic activities in millions of euros | 31 December 2024 | ||||||
TOTAL CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA) | |||||
Amount | % | Amount | % | Amount | % | ||
1. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
2. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% |
| 0.00% |
3. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 255 | 1.09% | 255 | 1.09% |
| 0.00% |
4. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
5. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 10 | 0.04% | 10 | 0.04% |
| 0.00% |
6. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
7. | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI | 23,230 | 98.87% | 23,031 | 98.03% | 199 | 0.85% |
8. | Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI | 23,495 | 100% | 23,296 | 99.15% | 199 | 0.85% |
Economic activities in millions of euros | 31 December 2023 | ||||||
TOTAL CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA) | |||||
Amount | % | Amount | % | Amount | % | ||
1. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
2. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
3. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 241 | 2.60% | 241 | 2.63% |
| 0.00% |
4. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
5. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 9 | 0.09% | 9 | 0.09% |
| 0.00% |
6. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
7. | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI | 9,005 | 97.31% | 8,888 | 97.27% | 117 | 100.00% |
8. | Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI | 9,254 | 100% | 9,137 | 100% | 117 | 100% |
Economic activities in millions of euros | 31 December 2024 | ||||||
TOTAL CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA) | |||||
Amount | % | Amount | % | Amount | % | ||
1. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
2. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
3. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
4. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 184 | 0.01% | 184 | 0.01% |
| 0.00% |
5. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 4 | 0.00% | 4 | 0.00% |
| 0.00% |
6. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
7. | Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 250,970 | 19.66% | 247,634 | 19.40% | 3,336 | 0.26% |
8. | Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities in the denominator | 251,158 | 19.67% | 247,822 | 19.41% | 3,336 | 0.26% |
Economic activities in millions of euros | 31 December 2023 | ||||||
TOTAL CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA) | |||||
Amount | % | Amount | % | Amount | % | ||
1. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
2. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
3. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 86 | 0.01% | 86 | 0.01% |
| 0.00% |
4. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 85 | 0.01% | 85 | 0.01% |
| 0.00% |
5. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 5 | 0.00% | 5 | 0.00% |
| 0.00% |
6. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
7. | Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 267,740 | 22.48% | 267,258 | 22.44% | 481 | 0.04% |
8. | Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities in the denominator | 267,915 | 22.50% | 267,434 | 22.45% | 481 | 0.04% |
Economic activities in millions of euros | 31 December 2024 | ||
TOTAL | |||
Amount | % | ||
1. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
2. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
3. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 67 | 0.01% |
4. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
5. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
6. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
7. | Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 260,951 | 20.44% |
8. | Total amount and proportion of taxonomy-non-eligible economic activities | 261,018 | 20.44% |
Economic activities in millions of euros | 31 December 2023 | ||
TOTAL | |||
Amount | % | ||
1. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
2. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
3. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 70 | 0.01% |
4. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
5. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
6. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
7. | Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 382,811 | 32.14% |
8. | Total amount and proportion of taxonomy-non-eligible economic activities | 382,881 | 32.15% |
Economic activities in millions of euros | 31 December 2024 | ||||||
TOTAL CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA) | |||||
Amount | % | Amount | % | Amount | % | ||
1. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
2. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 54 | 0.00% | 54 | 0.00% |
| 0.00% |
3. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 420 | 0.03% | 420 | 0.03% |
| 0.00% |
4. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 1 | 0.00% | 1 | 0.00% |
| 0.00% |
5. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
6. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
7. | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 26,580 | 2.08% | 26,389 | 2.07% | 191 | 0.02% |
8. | Total applicable KPI | 27,055 | 2.12% | 26,864 | 2.10% | 191 | 0.02% |
Economic activities in millions of euros | 31 December 2023 | ||||||
TOTAL CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA) | |||||
Amount | % | Amount | % | Amount | % | ||
1. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
2. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 51 | 0.00% | 51 | 0.00% |
| 0.00% |
3. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 400 | 0.03% | 400 | 0.03% |
| 0.00% |
4. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
5. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
6. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
7. | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 19,341 | 1.62% | 18,931 | 1.59% | 410 | 0.03% |
8. | Total applicable KPI | 19,793 | 1.66% | 19,383 | 1.63% | 410 | 0.03% |
Economic activities in millions of euros | 31 December 2024 | ||||||
TOTAL CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA) | |||||
Amount | % | Amount | % | Amount | % | ||
1. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
2. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 54 | 0.20% | 54 | 0.20% |
| 0.00% |
3. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 420 | 1.55% | 420 | 1.55% |
| 0.00% |
4. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 1 | 0.00% | 1 | 0.00% |
| 0.00% |
5. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
6. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
7. | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI | 26,580 | 98.24% | 26,389 | 97.54% | 191 | 0.71% |
8. | Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI | 27,055 | 100% | 26,864 | 99.29% | 191 | 0.71% |
Economic activities in millions of euros | 31 December 2023 | ||||||
TOTAL CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA) | |||||
Amount | % | Amount | % | Amount | % | ||
1. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
2. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 51 | 0.26% | 51 | 0.27% |
| 0.00% |
3. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 400 | 2.02% | 400 | 2.06% |
| 0.00% |
4. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% |
| 0.00% |
5. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
6. | Amount and proportion of taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
7. | Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI | 19,341 | 97.72% | 18,931 | 97.67% | 410 | 100.00% |
8. | Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI | 19,793 | 100% | 19,383 | 100% | 410 | 100% |
Economic activities in millions of euros | 31 December 2024 | ||||||
TOTAL CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA) | |||||
Amount | % | Amount | % | Amount | % | ||
1. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
2. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
3. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
4. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 92 | 0.01% | 92 | 0.01% |
| 0.00% |
5. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% | 0 | 0.00% |
| 0.00% |
6. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
7. | Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 255,661 | 20.03% | 250,410 | 19.61% | 5,251 | 0.41% |
8. | Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities in the denominator | 255,754 | 20.03% | 250,502 | 19.62% | 5,251 | 0.41% |
Economic activities in millions of euros | 31 December 2023 | ||||||
TOTAL CCM + CCA | Climate change mitigation (CCM) | Climate change adaptation (CCA) | |||||
Amount | % | Amount | % | Amount | % | ||
1. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
2. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
3. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 52 | 0.00% | 52 | 0.00% |
| 0.00% |
4. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 26 | 0.00% | 26 | 0.00% |
| 0.00% |
5. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
6. | Amount and proportion of taxonomy-eligible but not taxonomy-aligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
| 0.00% |
| 0.00% |
7. | Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 272,289 | 22.86% | 271,367 | 22.78% | 922 | 0.08% |
8. | Total amount and proportion of taxonomy eligible but not taxonomy-aligned economic activities in the denominator | 272,367 | 22.87% | 271,445 | 22.79% | 922 | 0.08% |
Economic activities in millions of euros | 31 December 2024 | ||
TOTAL | |||
Amount | % | ||
1. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
2. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 398 | 0.03% |
3. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 39 | 0.00% |
4. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
5. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% |
6. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
7. | Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 255,237 | 19.99% |
8. | Total amount and proportion of taxonomy-non-eligible economic activities | 255,675 | 20.03% |
Economic activities in millions of euros | 31 December 2023 | ||
TOTAL | |||
Amount | % | ||
1. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
2. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 378 | 0.03% |
3. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 39 | 0.00% |
4. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
5. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI | 0 | 0.00% |
6. | Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI |
| 0.00% |
7. | Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI | 382,464 | 32.11% |
8. | Total amount and proportion of taxonomy-non-eligible economic activities | 382,881 | 32.15% |
This is a free translation into English of the statutory auditors’ report on the certification of sustainability information and verification of the disclosure requirements under Article 8 of Regulation (EU) 2020/852 of the Company issued in French and it is provided solely for the convenience of English-speaking users.
This report should be read in conjunction with, and construed in accordance with, French law and the H2A guidelines on “Limited assurance engagement - Certification of sustainability reporting and verification of disclosure requirements set out in Article 8 of Regulation (EU) 2020/852".
To the Annual General Meeting of BNP Paribas,
This report is issued in our capacity as statutory auditors of BNP Paribas. It covers the sustainability information and the information required by Article 8 of Regulation (EU) 2020/852, relating to the year ended December 31, 2024 and included in the section entitled “Sustainability statements” of the management report set out in Chapter 7.1 of the 2024 Universal Registration Document (hereinafter the “Sustainability statements”).
Pursuant to Article L. 233-28-4 of the French Commercial Code, BNP Paribas is required to include the above-mentioned information in a separate section of its management report. This information has been prepared in the context of the first-time application of the aforementioned Articles, a context characterized by uncertainties regarding the interpretation of the laws and regulations, the use of significant estimates, the absence of established practices and frameworks in particular for the double-materiality assessment, and an evolving internal control system. This information enables an understanding of the impact of the activity of the Group on sustainability matters, as well as the way in which these matters influence the development of the business of the Group, its performance and position. Sustainability matters include environmental, social and corporate governance matters.
Pursuant to Article L. 821-54 paragraph II of the aforementioned Code, our responsibility is to carry out the procedures necessary to issue a conclusion, expressing limited assurance, on:
This engagement is carried out in compliance with the ethical rules, including independence, and quality control rules prescribed by the French Commercial Code.
It is also governed by the H2A guidelines on “Limited assurance engagement - Certification of sustainability reporting and verification of disclosure requirements set out in Article 8 of Regulation (EU) 2020/852".
In the three separate sections of the report that follow, we present, for each of the sections of our engagement, the nature of the procedures that we carried out, the conclusions that we drew from these procedures and, in support of these conclusions, the elements to which we paid particular attention and the procedures that we carried out with regard to these elements. We draw your attention to the fact that we do not express a conclusion on any of these elements taken individually and that the procedures described should be considered in the overall context of the formation of the conclusions issued in respect of each of the three sections of our engagement.
Finally, where deemed necessary to draw your attention to one or more disclosures of sustainability information provided by BNP Paribas in Sustainability statements, we have included an emphasis of matter(s) paragraph hereafter.
As the purpose of our engagement is to express limited assurance, the nature (choice of techniques), extent (scope) and timing of the procedures are less than those required to obtain reasonable assurance.
Furthermore, this engagement does not provide guarantee regarding the viability or the quality of the management of BNP Paribas, in particular it does not provide an assessment, of the relevance of the choices made by BNP Paribas in terms of action plans, targets, policies, scenario analyses and transition plans, which would go beyond compliance with the ESRS reporting requirements.
It does, however, allow us to express conclusions regarding the Entity’s process for determining the sustainability information to be reported, the sustainability information itself, and the information reported pursuant to Article 8 of Regulation (EU) 2020/852, as to the absence of identification or, on the contrary, the identification of errors, omissions or inconsistencies of such importance that they would be likely to influence the decisions that readers of the information subject to this engagement might make.
Any comparative information that would be included in the Sustainability statements is not covered by our engagement.
Our procedures consisted in verifying that:
We also checked the compliance with the requirement to consult the social and economic committee.
On the basis of the procedures we have carried out, we have not identified any material errors, omissions or inconsistencies regarding the compliance of the process implemented by BNP Paribas with the ESRS.
We inform you that, as of the date of this report, the consultation of the social and economic committee provided for in the sixth paragraph of Article L. 2312-17 of the French Labor Code has not yet been performed.
Without qualifying the conclusion expressed above, we draw your attention to paragraph 7.1.1.3.A entitled "Description of the processes to identify and assess material impacts, risks, and opportunities" of the Sustainability statements, which specifies that the double materiality assessment process and its results will be reviewed annually and may therefore evolve.
We present hereafter below the elements that have been the subject of particular attention on our part concerning the compliance with the ESRS of the process implemented by BNP Paribas to determine the information published.
Information relating to the identification of stakeholders is mentioned in paragraph 7.1.1.2.B entitled "Interests and views of stakeholders" of the Sustainability statements.
We obtained an understanding of the analysis conducted by the Entity to identify the stakeholders who may affect the entities within the scope of the information or may be affected by them, through their activities and direct or indirect business relationships across the value chain.
We interviewed the appropriate persons and inspected the available documentation in order to assess:
Information relating to the identification of impacts, risks and opportunities (“IRO”) is mentioned in paragraph 7.1.1.3 entitled "Material impacts, risks and opportunities" of the Sustainability statements.
We obtained an understanding of the process implemented by the Entity to identify actual or potential impacts (negative or positive) risks and opportunities, in relation to the sustainability matters mentioned in paragraph AR 16 of the "Application requirements" of ESRS 1, and those specific to the Entity, as presented in table No 6 set out in paragraph 7.1.1.3.B entitled "Material impacts, risks and opportunities and their interaction with strategy and business model" of the Sustainability statements.
In particular, we assessed the approach implemented by the Entity to determine its impacts, which may be a source of risks or opportunities, including the consideration of the stakeholders’ interests and viewpoints.
We obtained an understanding of the IROs identified by the Entity, including in particular a description of their distribution within the Entity’s own operations and its value chain, as well as their time horizon (short, medium or long term), and assessed the consistency of this list with our knowledge of the Entity.
Information relating to the assessment of impact materiality and financial materiality is mentioned in paragraph 7.1.1.3.A entitled "Description of the processes to identify and assess material impacts, risks and opportunities" of the Sustainability statements.
Through interviews and inspection of the available documentation, we obtained an understanding of the process implemented by the Entity to assess impact materiality and financial materiality, and assessed its compliance with the criteria defined by ESRS 1.
We assessed the way in which the Entity established and applied the materiality criteria of the information defined by ESRS 1, including the setting of thresholds, to determine the following material information published:
Our procedures consisted in verifying that, in accordance with legal and regulatory requirements, including the ESRS:
Based on the procedures we have carried out, we have not identified material errors, omissions or inconsistencies regarding the compliance of the sustainability information included in the Sustainability statements, with the requirements of Article L. 233-28-4 of the French Commercial Code, including the ESRS.
Without qualifying the conclusion expressed above, we draw your attention to the information provided in the "Scope 3 emissions of financed operations" paragraph of Note 7.1.2.3.D of the Sustainability statements, which details the financial assets excluded from the calculation scope of scope 3, category 15 financed greenhouse gas emissions.
Information published in relation to climate change (ESRS E1) is mentioned in paragraph 7.1.2 entitled “Climate change" of the Sustainability statements.
We present hereafter the elements that have been the subject of particular attention on our part concerning the compliance of this information with the ESRS.
Our work consisted, in particular, in:
With regard to the information published on the greenhouse gas emissions overview:
With regard to our verification of the components of the transition plan for climate change mitigation, our work mainly consisted in:
Our procedures consisted in verifying the process implemented by BNP Paribas to determine the eligible and aligned nature of the activities of the entities included in the consolidation.
They also involved verifying the information reported pursuant to Article 8 of Regulation (EU) 2020/852, which involves checking:
Based on the procedures we have carried out, we have not identified any material errors, omissions or inconsistencies relating to compliance with the requirements of Article 8 of Regulation (EU) 2020/852.
Without qualifying the conclusion expressed above, we draw your attention to paragraph 7.1.3.3. entitled "Methodology for alignment qualification under the European Taxonomy" of the Sustainability statements, which presents the main methodological choices made by the Company to assess the alignment of housing loans.
Information on the alignment of activities is set out in paragraph 7.1.3.3 entitled "Methodology for alignment qualification under the European Taxonomy" of the Sustainability statements.
Our procedures consisted, in particular, in:
The key performance indicators and accompanying information are set out in paragraph 7.1.3.4 entitled "Alignment indicator at 31 December 2024" of the Sustainability statements.
With regard to the assets included in the calculation of the Green Asset Ratio (GAR) presented in the regulatory tables, we mainly assessed the consistency of the main aggregates with data from other supervisory statements.
With regard to the other amounts making up the various indicators of eligible and/or aligned activities (the numerators), we tested the compliance with the alignment methodology for the selection of exposures.
Finally, we assessed the consistency of the information set out in paragraph 7.1.3 entitled "Aligned activities within the meaning of the European Taxonomy" of the Sustainability statements with our knowledge of the measures implemented by the Entity.
Paris-La Défense, March 20, 2025
The Statutory Auditors
French original signed by
Deloitte & Associés
Jean-Vincent Coustel Julien Rivals
Ernst & Young et Autres
Olivier Drion
Law No. 2017-399 of 27 March 2017 on the duty of care of parent companies and of companies using subcontractors applies to BNP Paribas and requires a vigilance plan to be established and implemented to identify and prevent the risk of serious violations of human rights and fundamental freedoms, and of harm to human health and safety and to the environment. The law also requires the preparation of an annual report on the effective implementation of the Group’s vigilance plan.
BNP Paribas’ vigilance plan applies to all subsidiaries controlled by the Group and is published in its Universal registration document. BNP Paribas updates its vigilance plan each year, in particular by drawing on best practices in this area, and reports on its framework for monitoring the measures implemented and assessing their effectiveness in section 5 of this chapter.
BNP Paribas’ vigilance plan is drafted under the lead of the Company Engagement Department, in charge of the CSR strategy, with contributions from:
The Corporate Governance, Ethics, Nominations and CSR Committee (CGEN) reviews BNP Paribas’ vigilance plan and issues recommendations to the Group’s Board of directors. Among other duties, the CGEN is responsible for monitoring CSR issues and for the integration of the CSR issues into the fulfilment of the Group’s missions.
The Group’s Board of directors, which has a specific role with regard to CSR, is responsible for approving the BNP Paribas’ vigilance plan.
BNP Paribas’ vigilance plan is prepared taking into account the Group’s business model, the specificities of its activities and geographical locations, as well as the information and requests of its stakeholders. The vigilance plan is therefore updated on an annual basis, fed by these elements and an ongoing dialogue, in particular with its employees and representative bodies, its investors and its customers, as well as with civil society, including NGOs (see section 4.1 Dialogue with stakeholders).
BNP Paribas has identified 21 extra-financial issues for the Group and ranked them according to the importance given to each of these issues, on the one hand, by its employees and on the other hand, by its external stakeholders.
Internal perception was collected from more than 1,200 Group employees, while external perception was assessed through the analysis of the publications of BNP Paribas’ main peers, more than 2,500 regulations applicable to its activities and regions, more than 20,000 industry press articles and more than 450 million messages posted on X (formerly Twitter).
The chart below distinguishes between three categories of issues: crucial, major and important.
The interests and points of view of certain Group stakeholders are also taken into account through the double materiality exercise required by the Corporate Sustainability Reporting Directive (CSRD) regulation.
Given its scope and the issues involved, the vigilance plan is part of BNP Paribas’ CSR strategy and relies on its dedicated governance.
Contributing to a more sustainable and responsible economy is at the heart of BNP Paribas’ purpose. The Group’s ambition is to contribute to the transition of the entire economy to a more responsible and sustainable model, meeting the needs of the population without damaging ecosystems, in line with the 17 United Nations Sustainable Development Goals (SDGs).
In early 2022, BNP Paribas launched its strategic plan entitled GTS (Growth, Technology, Sustainability), one of whose three pillars is to accelerate and mobilise all of the Group’s business lines around the challenges of sustainable finance. The Group has set itself ambitious objectives in terms of energy transition, biodiversity, social inclusion, and sustainable savings, investments and financing by 2025 (see CSR dashboard presented in section 7.1.1 General information, 2.a Strategy, business model and value chain of the Group’s Sustainability statements).
2024 was a new year of acceleration in the shift of BNP Paribas’ financing from the energy sector to low-carbon energies(142), mainly renewable energies, which already accounted for 76% of its total credit exposure to the energy production sector at 30 September 2024. The Group’s objective is for this share to reach 90% by 2030.
The Group as a whole is involved in monitoring ESG issues.
A Sustainable Finance Strategic Committee that meets every two months, chaired by the Chief Executive Officer of BNP Paribas, validates the overall sustainable finance strategy and decides on the commitments made by the Group. This committee met five times in 2024. The CSR policy is managed by the Company Engagement Department, represented on the Group Executive Committee, which regularly decides on CSR issues.
BNP Paribas’ Board of directors determines BNP Paribas’s business orientations and supervises their implementation by the Executive Management, taking the social, environmental and governance issues of BNP Paribas’ activities into consideration. CSR-related topics were specifically addressed 34 times in 2024 by the Board of directors and during meetings of the Corporate Governance, Ethics, Nominations and CSR Committee (CGEN) and the Internal Control, Risk Management and Compliance Committee (CCIRC).
BNP Paribas’ approach is guided by the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct.
Convinced of the importance of collective action, the Group is a member of the United Nations Principles for Responsible Banking (PRB)(143), the United Nations Global Compact and the Principles for Responsible Investment (PRI) through its subsidiaries BNP Paribas Asset Management, BNP Paribas Real Estate Investment Management and BNP Paribas Cardif. The Group is also a signatory of the Equator Principles.
BNP Paribas has been committed to the fight against climate change since 2010 and is committed to aligning its activities with the objectives of the 2015 Paris Agreement. It has continuously reduced its support for fossil fuels and at the same time accelerated its financing for low-carbon energies.
To define its environmental and climate-related objectives, the Group relies in particular on:
The document “BNP Paribas environmental framework”(144) aims to describe the environmental approach adopted by BNP Paribas in its three areas of action: climate and energy transition, natural capital and biodiversity, and circular economy.
BNP Paribas is also committed to preserving biodiversity through its financing and investment policies, a constructive dialogue with its clients, the coalitions in which it participates, philanthropy and support for research. The Group published its position in the document “BNP Paribas and the preservation of biodiversity"(145) in order to clarify its challenges on this topic.
The Group’s commitments in terms of human rights are based on the provisions of international standards for the protection of human rights, and in particular the International Bill of Human Rights, the ten fundamental conventions of the International Labour Organization, the recommendations of the United Nations Guiding Principles on Business and Human Rights, and the ten principles of the Global Compact.
The Group wishes to promote respect for human rights in its sphere of influence and to treat all its employees with dignity.
Through its Code of conduct(146), the document “BNP Paribas and Human Rights”(147) and the Global Agreement signed with UNI Global Union on 4 November 2024(148) (in the continuity of the Global Agreement signed in 2018), the Group recognises and undertakes to respect the highest standards of conduct and ethics, anti-corruption, respect for human rights and environmental protection, regardless of its activities.
As part of the preparation of its vigilance plan, BNP Paribas conducted risk mappings and a review of its existing risk assessment and control process and tools, on a scope consistent with the text of the law.
The activities of BNP Paribas’ corporate clients may involve risks in relation to human rights and fundamental freedoms, the health and safety of individuals and the environment.
In line with its CSR commitments, the Group has included in its reasonable vigilance approach the risks of serious violations of human rights and fundamental freedoms, and of harm to the health and safety of individuals and to the environment, considering in particular the following issues:
BNP Paribas also considers in its approach issues related to business ethics, compliance with laws and regulations and the protection of the interests of its clients.
Various risk identification exercises were carried out within the scope of the duty of care: risks related to employees, purchasing categories related to suppliers and subcontractors, and BNP Paribas’ banking and financial activities, including the distribution of financial products and services to individuals and financing, investment and advisory activities for the Group's corporate clients.
In 2024, the Group is present in 64 countries. With regard to all the human rights risks that could impact its employees, the Group has relied on indicators based on reference sources provided by Verisk Maplecroft, enabling it to determine a level of criticality by risk type (arithmetic average of each theme by country, updated annually):
At the end of 2024, the breakdown of BNP Paribas’ workforce by social risk category and the level of criticality in the countries in which the Group operates is as follows:
Criticality (score from 0 to 10) | Freedom of association and collective bargaining | Discrimination, inequality and exclusion | Occupational health and safety | Working conditions |
|---|---|---|---|---|
Very high (≤ 2.5) | 0% | 0% | 0% | 0% |
High (> 2.5 and ≤ 5) | 0.5% | 5.8% | 7.4% | 0.3% |
Medium (> 5 and ≤ 7.5) | 24.6% | 33.6% | 16.6% | 25.8% |
Low (> 7.5) | 74.9% | 60.7% | 76.0% | 73.9% |
Total | 100% | 100% | 100% | 100% |
On the basis of these analyses, more than 87% of the Group’s workforce is located in countries with a low or medium criticality on all the social risk themes selected.
The central Procurement & Performance (P&P) team has set up an ESG risk mapping of the Group’s non-production purchasing categories(149). This mapping is the result of a market approach led by Afnor in 2018, adapted by BNP Paribas to its own purchasing subcategories such as intellectual services, software, IT equipment, employee travel, databases, data centres, office supplies, etc.
Purchasing categories and subcategories are classified according to four levels of criticality based on the following risks:
In assessing the level of risk, the mapping adds indications on the type of production and the context related to the country (supply chain, business environment).
The breakdown of BNP Paribas’ purchasing subcategories by level of criticality at the end of 2024 is as follows:
Criticality | Purchasing subcategories | % of total | Corresponding amount In thousands of euros | % of total |
|---|---|---|---|---|
Very high | 15 | 6% | 262,411.76 | 3% |
High | 44 | 19% | 858,661.67 | 9% |
Medium | 134 | 57% | 7,294,110.58 | 79% |
Low | 43 | 18% | 819,988.46 | 9% |
Total | 236 | 100% | 9,235,172.46 | 100% |
This analysis covers 93% of the expenditure base at the end of 2024 (EUR 9.89 billion).
Purchasing subcategories with a very high level of criticality are mainly in the real estate sector (works, waste management, etc.) or in technology (IT equipment, servers, telecoms, etc.).
With regard to production purchases, an analysis was carried out at the level of the subsidiaries concerned by specific purchases, which made it possible to identify the ESG risks of the main suppliers and to prioritise the measures to be implemented.
The Group has identified the following main risks in the distribution of financial products and services to its individual customers:
The activities of BNP Paribas’ corporate clients may involve risks in relation to human rights and fundamental freedoms, the health and safety of individuals and the environment. Since 2010, BNP Paribas has gradually deepened and expanded its system to manage the ESG risks that may affect its financing, investment and advisory activites for corporate clients.
Initially focused on the most sensitive sectors from an ESG point of view (with the development of sectoral policies(150)), the system now covers all sectors of the economy in which the Group has clients.
To identify risks related to corporate clients, the Group relies on risk factors related to the countries and risk factors related to the business sector.
A level of environmental and social risk was defined for each country in which the corporate clients of the Group operate on the basis of reference sources provided by Verisk Maplecroft and Reporters Without Borders, and issued by recognised international organisations and NGOs, such as the International Labour Organization, the World Bank, the United Nations Environment Programme, Human Rights Watch, Transparency International and the World Resources Institute.
15 indicators cover the following topics: child labour; forced labour; rights to land, property and housing; freedom of association and collective bargaining; decent wages; decent working time; migrant workers; occupational health and safety; environmental regulatory framework; biodiversity and protected areas; deforestation; waste management; water quality; water stress; freedom of the press.
The 15 indicators are weighted, which gives the breakdown of the countries of operation of the Group’s corporate clients according to the following four levels of environmental and social risk (data from May 2024):
Level of environmental and social risk | Countries of operation of corporate clients | % of total |
|---|---|---|
Very high | 8 | 6% |
High | 29 | 22% |
Medium | 39 | 29% |
Low | 57 | 43% |
Total | 133 | 100% |
For each business sector, BNP Paribas has analysed the ones that had salient risks related to human rights and fundamental freedoms, the health and safety of individuals and the environment. These risks have been defined according to a methodology for rating the level of severity and occurrence of each risk, which is based on the United Nations Guiding Principles reporting reference framework. The level of risk inherent in each business sector has then been determined based on the presence of salient risks.
All business sectors of the Group’s corporate clients are covered, including those that do not present intrinsic salient environmental and social risks, such as finance or insurance. Those with at least one risk are detailed below according to the number of salient environmental and social risks:
Business segments of corporate clients | Human rights and fundamental freedoms | Health and safety of individuals | Environment | Total |
|---|---|---|---|---|
Agriculture, food, tobacco | 7 | 1 | 6 | 14 |
Materials and minerals | 6 | 1 | 6 | 13 |
Energy excluding electricity | 4 | 1 | 6 | 11 |
Transport and storage | 6 | 1 | 4 | 11 |
Suppliers (electricity, gas, water, etc.) | 3 | 1 | 6 | 10 |
Equipment excluding IT | 5 | 1 | 4 | 10 |
Chemicals excluding pharmaceuticals | 3 | 2 | 3 | 8 |
Construction and public works | 6 | 1 | 1 | 8 |
Information Technology (IT) | 6 | 0 | 1 | 7 |
Consumer goods | 4 | 0 | 2 | 6 |
Healthcare and pharmaceutical industry | 2 | 2 | 1 | 5 |
Hotels, tourism, leisure | 3 | 1 | 1 | 5 |
Automotive | 0 | 1 | 1 | 2 |
Total | 55 | 13 | 42 | 110 |
It should be noted that the same risk may exist for different sectors, such as the risk related to water pollution (present in the Materials and Minerals and Agriculture sectors, among others) or the risk of forced labour (present among others in the Construction and Public Works sector and in the Consumer goods sector). These risk analyses enable:
In addition, certain activities may be considered cross-functional in several sectors and are in this case treated as being exposed to all the risks of these sectors. This is the case, for example, for activities related to defence.
With regard to the specific activity of project financing, in accordance with the Equator Principles, major industrial and infrastructure projects are subject to systematic analyses of their environmental and social impacts. They are rated by risk level: projects graded A present significant risks and systematically involve enhanced due diligence with both an internal (via CIB ESG team) and external (by an independent consultant supporting investors) perspective; those graded B present more limited risks; and those graded C present minimal or no risks.
The table below details the project financing analysed in 2024:
| 2024 |
|---|---|
Number of transactions concerned in the year(151) | 44 |
Number of grade A transactions in the year | 1 |
Number of grade B transactions in the year | 37 |
Number of grade C transactions in the year | 6 |
The Group made an inventory of its existing systems and compared them with the elements required for the development of the vigilance plan and its risk mapping, which made it possible to ensure that the main risks were properly covered through existing systems for employees, main suppliers and sub-contractors and banking and financial activities, including the distribution of financial products and services to individual customers and financing, investment and advisory activities to corporate clients.
BNP Paribas’ Risks ID process covers:
ESG dimensions are taken into account as risk factors, i.e. likely to trigger, promote or exacerbate the occurrence of a risk, whether financial or extra-financial (see section 5 Risks and capital adequacy – Pillar 3 of this Universal registration document, Appendix 5: Environmental, social and governance risk).
The internal control plan (described in section 5 of the vigilance plan) is applicable to all the systems detailed in this section and makes it possible to regularly assess the situation of the Group’s entities.
These controls also make it possible to monitor the risk mitigation actions and measures described in section 3 of the vigilance plan.
In order to assess and prevent the risks that could impact its employees, the Group relies on Group-level Human Resources policies, which apply up to the Group's highest level and to its subsidiaries, and on agreements negotiated with employee representative bodies, in particular on the Global Agreement which covers all employees, as well as Group-level or regional-level charters. These policies focus on the issues of freedom of association, non-discrimination, health and safety at work and working conditions.
In addition, as part of the new Global Agreement signed between the BNP Paribas Group and UNI Global Union in November 2024, a joint committee was created to monitor the implementation of the commitments made in the agreement. This committee may also meet in order to contribute to the continuous improvement of the Group’s vigilance plan for the part relating to BNP Paribas' employees.
Within the Procurement Function, several teams deal with ESG risks related to suppliers and subcontractors.
In accordance with the deployment of the law on the duty of care, BNP Paribas articules its ESG risk management system for its suppliers and subcontractors around the following items, in line with the ESG risk mapping for purchasing categories:
This framework set up within the central Procurement & Performance teams is gradually being rolled out to the other Procurement Function teams.
In addition to this system, BNP Paribas, a signatory in France of the Charter for Responsible Supplier Relations (RFAR) promoted by the Mediation of Companies under the Ministry of the Economy and Finance, has been awarded the RFAR label for three Group entities since July 2024 for a three-year cycle (BNP Paribas SA, BNP Paribas Personal Finance France and BNL in Italy). As part of the commitments of the RFAR Charter, internal mediators independent from the Purchasing departments, whose contact details are published on the respective institutional websites, offer a means of recourse in the event of disagreement.
A specific system has been set up by BNP Paribas Real Estate given the specific nature of its activity with supplier charters adapted to each of its business lines (BNP Paribas Real Estate sustainable sourcing charter).
The BNP Paribas Code of conduct sets out a set of rules aimed at maintaining a high level of ethics, particularly in business relationships and customer-related activities. In particular, it includes the steps to be taken to ensure fair treatment of customers and support people in financial difficulty to find a solution to their situation that suits all parties.
Non-discrimination in access to financial services is included in the internal policy for the protection of the interests of clients (PIC). This subject constitutes a specific area of expertise within the Compliance Function, which monitor these issues. The PIC policy, for which a summary is available on BNP Paribas' website(152), defines the rules of organisation and conduct that must be applied by the Group throughout the relationship with BNP Paribas' customers, and at all stages of the product and service life cycle.
In addition, BNP Paribas is committed to its clients to being exemplary in the protection of their personal data. With the development of the global digital economy, regulators and data protection authorities around the world have considered that rapid technological change requires appropriate laws and regulations for data protection and their privacy. Data protection laws are thus being strengthened globally, some of which are applicable to a large number of Group entities (e.g. GDPR) and compliance with data protection rules has a paramount importance for BNP Paribas. The Group has strict internal procedures governed by the Group Data Office and RISK Departments to oversee the processing of personal data and implement best practices in this area.
ESG risks related to corporate financing and investment activities are managed under the lead of the Group’s Risk Appetite Framework, a Group risk management framework validated by Executive Management, which includes ESG risks (see the representation of the overall ESG risk management system below).
Considering the ESG aspect to be one of the Group’s major challenges and a fundamental component of the client knowledge, the Group has generalised the integration of ESG evaluation criteria into the client life cycle: in the process of entering into a relationship (Know Your Client – KYC process) and during the various stages of the relationship, such as the granting of loans or the annual review. These steps are also an opportunity to verify compliance with the exclusion lists.
The general credit policy, as well as the specific credit policies, include ESG criteria.
Since 2021, the ESG Assessment has provided a more systematic and comprehensive assessment of ESG topics along the entire credit chain: from the onboarding to the grant of a credit, monitoring and reporting. By covering five environmental (climate, pollution and biodiversity), social (labour rights and human rights of local communities and consumers) and governance (business ethics) dimensions across several questions, adapted to the client's sector of activity, the tool provides a global overview of the client's ESG profile, which is complemented by the analysis of controversies. It helps decision-making through the usual credit processes, in strengthening and documenting ESG due diligence at the counterparty, transaction and collateral levels.
Initially launched for the Group's large corporate clients, the ESG Assessment framework was enlarged in 2024 to medium-sized companies (companies with turnover of over EUR 50 million, selected on risk-based criteria) and to financial institutions.
Additional ESG risk assessment tools also exist for certain client companies for which the ESG Assessment is not deployed, such as questionnaires related to the law on the duty of care. These apply in particular to corporate clients operating in countries with very high or high environmental and social risks, and in sectors with salient risks, as defined by the mapping related to the Group's banking and financial activities (see sections 1.4.1 Risk related to the countries of operation of corporate clients and 1.4.2 Risk related to the business sectors of corporate clients).
These various assessment tools make it possible to qualify the level of risk associated with the duty of care for each corporate client or activity and to manage the associated risk management measures. These measures include sectoral policies, specific ESG analyses and activity restriction or exclusion lists. They are differentiated according to investment and financing activities and are summarised in the table below. It is all these measures that enable to minimise the risk for the Group of being associated with a serious violation of human rights and the environment via its financial activities.
The Group has also published its responsible business principles charter(153) for its corporate clients, thus reaffirming BNP Paribas’ will to engage with clients whose business practices demonstrate a high level of governance and responsibility with respect to human rights and fundamental freedoms, the health and safety of individuals, and the environment.
As a signatory to the Equator Principles alongside 128 other financial institutions worldwide (at end 2024), and in its role as a financial service provider and advisor, BNP Paribas works with its clients to identify, assess, and manage the risks and environmental and social impacts linked with major industrial and infrastructure projects. According to these principles, the negative impacts of these projects on communities, ecosystems or the climate must be avoided or minimised, mitigated and/or offset. Projects graded A present significant risks and systematically involve enhanced due diligence with both an internal (via CIB ESG team) and external (by an independent consultant supporting investors) perspective; those graded B present more limited risks; and those graded C have minimal or no risks.
(see the table in section 1.4 Mapping of risks concerning financing, investment and advisory activities for corporate clients).
The Group’s asset management subsidiary, BNP Paribas Asset Management, and the Group’s insurance subsidiary, BNP Paribas Cardif, implement their ESG strategies, which include, among other things, the application of the Group’s sectoral policies (see section 1.4 Mapping of risks concerning financing, investment and advisory activities for corporate clients).
BNP Paribas Asset Management’s Global Sustainability strategy(154), launched in 2019 and updated in December 2023, details the way in which ESG issues are deployed in investment strategies. It is based on the exclusion of certain sectors, engagement and dialogue (stewardship) as well as responsible business conduct and a long-term perspective. In order to promote ESG best practices within the companies in which the asset management company invests on behalf of clients, BNP Paribas Asset Management exercises its voting rights as a shareholder at Annual General Meetings.
The Group’s commitments in terms of employee rights concern:
With regard specifically to the risks of discrimination and the promotion of respect for persons, the Group has taken several measures to combat discrimination and promote respect for persons. This includes:
In order to mitigate psychosocial risks, the Group:
In order to promote professional equality, the Group:
In addition to the system described in section 2.2 The system concerning suppliers and subcontractors, the Procurement Function has set up:
This framework set up within the central P&P team is gradually being rolled out to the other Procurement teams.
In France, as part of its Diversity & Inclusion policy, the Group has a committed policy to promote the development of purchases from the STPA (protected and adapted work sector) and SIAE (sector for inclusion through economic activity) structures. BNP Paribas SA’s agreement in France on the employment, professional integration and retention of people with disabilities includes the objective of reaching EUR 2 million in revenue excluding tax by 2025 with the STPA. This agreement was renewed for a period of three years (2023-2025), and approved by the French Ministry of Labour. This commitment to diversity in procurement is gradually being extended to the entire social entrepreneurship sector. The BNP Paribas Group, part of the Collectif d’Entreprises pour une économie plus inclusive(155) (business collective for a more inclusive economy), aims to increase its inclusive purchases in France by 30% by 2025 (from STPAs and SIAEs), compared to 2022.
With regard to its suppliers specific to the real estate business, BNP Paribas Real Estate has put in place an appropriate sustainable sourcing charter, signed by the suppliers, which mentions the salient environmental and social risks identified.
To address the specific nature of its purchases and suppliers, Arval has defined a sustainable sourcing plan that will be implemented from 2025, including a supplier assessment, training for buyers and community outreach for suppliers.
BNP Paribas deploys several actions to mitigate the risks related to its distribution of products and services to individuals.
The Group:
The risk mitigation and serious harm prevention system is based on the Group's financing and investment sectoral policies(157). These policies cover the sectors of agriculture, defence, nuclear energy, palm oil, mining, wood pulp, oil and gas, energy production from coal, and are subject to changes to better take into account the new challenges of the sectors covered.
They are supplemented by internal application guides. For example, the oil and gas policy was reinforced in 2023 to include conventional oil and gas resources.
In addition, the Group’s risk mitigation and serious harm prevention system also relies on specific actions implemented with regard to risk mapping, such as the management of controversies concerning environmental, social and governance issues.
BNP Paribas Asset Management and BNP Paribas Cardif use collaborative dialogue (working groups or coalitions whose members cooperate to act jointly with companies) to encourage improvements in practices. For example, these two entities are members of the Climate Action 100+ initiative and, as such, regularly engage in dialogue with companies ranked among the world’s top greenhouse gas emitters to improve their climate change governance and strategy. BNP Paribas Asset Management is also a founding member of the initiative Nature Action 100.
BNP Paribas has defined strict ESG criteria in many sectors, compliance with which determines the activity with its corporate clients, whether at the level of a client (which does not comply with the prohibitive criteria of a sectoral policy), a sub-sector (unconventional hydrocarbons), or a sector as a whole (such as tobacco).
In order to identify the companies presenting the highest environmental and social risks, the Group defines and applies sectoral policies, while managing activity restriction lists according to the level of ESG risks observed, i.e. a list of excluded companies (1,753 at end 2024) and a list of companies placed under monitoring (983 at end-2024). Companies placed on the monitoring list are subject to an engagement by the Group to make lasting changes to their practices and reduce their ESG risks. For excluded companies, the Group prohibits any financing or investment relationship.
BNP Paribas has also compiled an exclusion list(158) of specific goods and activities that the Group is unwilling to finance, such as tobacco. These lists are periodically updated using data supplied by clients and external sources, and by analysing the key controversies involving corporate clients accused of serious violations of human rights and the environment.
With regard to the reduction in BNP Paribas' support for fossil fuels:
With regard to combatting deforestation:
The Group has been a signatory of the Equator Principles since 2008. These aim to avoid, reduce, mitigate or offset the negative impacts of major industrial or infrastructure projects on communities, ecosystems and the climate, with additional measures in certain countries.
For all of its project financing activities, BNP Paribas encourages its clients to obtain the Free, Prior and Informed Consent (FPIC) of the local communities impacted by their projects.
Specific restrictions concerning protected areas (such as those listed by the IUCN) are also included in the Group’s financing and investment policies.
As part of the assessments of corporate clients, the Group identifies and analyses client-related ESG controversies (see section 2.4 The system related to corporate financing activities).
When a controversy arises concerning one of its clients, the Group first takes a risk approach according to the geography and criticality of the subject. An internal analysis combines the available information, in connection with the business line hierarchy and the Group’s Company Engagement Department, in order to estimate the severity of the controversy and to determine the list of questions that the client must answer. After contact with the latter, their additional responses and any action plan (taking into account the time horizon) are analysed in order to reach a final decision: continue the activity if everything is deemed satisfactory; suspend operations if doubts remain (with request for the implementation of a remediation plan and monitoring until satisfaction); exclusion if the situation cannot be remedied.
BNP Paribas also deepens its sector analyses on controversies affecting an entire sector. The Group then issues internal recommendations as to the criteria to be monitored, and specific questions are included in the assessment system for clients in these sectors.
Pursuing its commitments to combat global warming, BNP Paribas has decided to gradually align its credit and investment portfolios with the objective of financing a carbon-neutral economy by 2050, which corresponds to a temperature increase limited to 1.5°C compared to the pre-industrial era.
BNP Paribas has dedicated a large number of employees from several teams to help implementing the Group’s alignment strategy:
In the Sustainability statements published in 2025, BNP Paribas presents in detail the stages of the alignment of its credit and investment portfolios. These statements explain the strategy implemented by the Group and stipulate what data is used, the methodologies for calculating the alignment trajectory and the methods for managing the portfolio. The Sustainability statements detail (in section 7.1.2 Climate change) the Group’s progress in achieving its targets for the reduction of financed greenhouse gas (GHG) emissions in nine business sectors.
These nine sectors, which are all among the highest emitters, are as follows:
In 2022, BNP Paribas Asset Management and BNP Paribas Cardif published their net-zero commitments:
The Group’s CSR strategy is structured to contribute to achieving the United Nations’ 17 Sustainable Development Goals (SDGs). This strategy involves supporting all customers, individuals, companies and institutions, in their transition to a low-carbon economy, respectful of the planet’s resources and enabling the respect of human rights and the inclusion of the most vulnerable.
To this end, the Group continues to expand the range of products and services to support and even accelerate this transition including:
Dialogue with stakeholders is at the heart of BNP Paribas’ social and environmental responsibility. The Group’s commitment to maintaining an open and constructive dialogue with its stakeholders aims first and foremost to better identify and understand the interests, points of view and expectations of its stakeholders, as well as the impacts of its activity.
The Group can thus take them into consideration in the evolution of its product and service offering, in line with the real needs of its customers, the evolution of its business lines and the definition of its strategy.
This dialogue is also key to informing stakeholders of the Group’s decisions and actions, and to explaining them, with the aim of transparency and clarity.
The Group identifies several stakeholders of different types and with different levels of interaction. In particular, can be noted its customers (individuals, professionals, companies and institutions), its employees and employee representative bodies, its shareholders (individual and institutional investors), its suppliers, financial and extra-financial rating agencies, regulatory bodies and public authorities, civil society and its organisations.
BNP Paribas has implemented a structured approach to dialogue with its stakeholders and relies on several internal policies governing relations with them to frame its approach. For example:
In addition, each type of stakeholder has identified contacts within BNP Paribas, at the level of a function or business line. The Group adapts and deploys several channels of dialogue with its stakeholders, the main ones of which are listed below.
All of these discussions enable the Group to better understand its impacts on people and the environment and the associated expectations of its stakeholders, to focus its actions on vigilance issues and to strengthen their effectiveness.
BNP Paribas Group pays particular attention to the concerns of customers, employees, shareholders, suppliers and society as a whole. The Group is committed to listening, understanding and seeking to respond to the concerns raised by its stakeholders in a fair and effective manner.
BNP Paribas employees should report any effective or suspected breach of the Code of conduct, Group policies and procedures, or regulations. Employees can report issues to their line manager or another manager, or to Human Resources for issues relating to respect for persons, or to a Compliance alert channel.
Any suspicion by a BNP Paribas employee of a serious or potentially serious violation of human rights and fundamental freedoms, the health and safety of individuals, and the environment may be reported according to this whistleblowing system, except when specified otherwise by local regulations or procedures.
The whistleblowing system is open to Group employees and external third parties via the “BNP Paribas Whistleblowing Platform”, accessible on the BNP Paribas intranet and institutional website(162).
The protection of whistleblowers against the risk of retaliation was strengthened in 2022, in line with the transposition of the European Directive 2019/1937. Any person that needs to know of an alert during its processing is formally committed to respecting the confidentiality of the information relating to the whistleblower and any person involved. In addition, the Group guarantees the protection of whistleblowers against the risk of retaliation, and any person considering themselves the victim of retaliation may issue an alert that will be dealt with according to the standards defined by the Human Resources Department. This protection applies regardless of the channel used by the whistleblower.
The whistleblowing system is presented in the mandatory Code of conduct training course.
Alerts are analysed and processed, with 278 alerts reported via the Compliance alert channels in 2024.
Topic | Indicator | 2024 | 2023 | Risk(s) addressed |
|---|---|---|---|---|
Employees | Number of Pulse surveys carried out during the year, number of countries concerned and average participation rate | 46 surveys in 62 countries with an average participation rate of 72% | 71 surveys in 57 countries with an average participation rate of 71% | Risks related to working conditions, freedom of association and collective bargaining, risks of discrimination, inequality and exclusion, risks related to health and safety at work |
Percentage of employees who completed ethics or conduct training during the year | 98.1% | Between 96% and 99% | Risks related to non-compliance with fair practices and ethics, fraud and corruption | |
Employment rate of employees with disabilities | 3.2%(1) | 3%(2) | Risks of discrimination, inequality and exclusion | |
Suppliers and subcontractors | Number of ESG evaluations of external suppliers carried out in a new relationship context | 5,214 | 5,312 | Risks related to non-compliance with the principles set out in the BNP Paribas sustainable sourcing charter:
|
Distribution of financial products and services to individuals | Number of surveys conducted during the year among individual customers in the four Domestic Markets (France, Belgium, Italy and Luxembourg) | 7.3 million surveys sent by e‑mail. In addition, nearly 850,000 feedback items were collected via live surveys on digital channels (pop-in, pop-up) | 7 million surveys sent by email. In addition, nearly 800,000 feedback items were collected via live surveys on digital channels (pop-in, pop-up) | Risks of discrimination in access to products and services Risks of inadequate customer decisions and indebtedness |
Percentage of beneficiaries of the specific “Forfait de Compte” offer from Commercial & Personal Banking in France, out of the total number of customers identified as financially vulnerable | 19.7% | 19.5% | Risks of non-accessibility to financial products and services, covering both non-discrimination and contribution to social inclusion through financial inclusion | |
Financing, investment and advisory activities to corporate clients | Number of companies on the activity restriction lists, of which excluded and monitored companies | 2,736 companies of which 1,753 excluded and 983 under monitoring | 1,718 companies of which 1,432 excluded and 286 under monitoring | Risks related to human rights and fundamental freedoms Risks related to the health and safety of individuals Risks related to the environment |
Number of resolutions during the year opposed by BNP Paribas Asset Management at Annual General Meetings for ESG reasons | Opposition to 2,294 resolutions proposed by 371 companies | Opposition to 1,521 resolutions proposed by 271 companies | Risks related to human rights and fundamental freedoms Risks related to the health and safety of individuals Risks related to the environment | |
Share and amount of low-carbon energies in the Group’s financing of energy production at the end of the year, of which renewable | 76% (at end September 2024) EUR 36.8 billion, of which EUR 34.2 billion for renewable energies | 65% (at end September 2023) EUR 32 billion, of which EUR 28.8 billion for renewable energies | Risks related to the environment: climate change and greenhouse gases, damage to biodiversity, resource depletion | |
Whistleblowing mechanism | Number of alerts received by the Compliance Function through the whistleblowing system | 278 | 333 | Risks related to human
Risks related to the health and safety of individuals
Risks related to the environment |
Dialogue with stakeholders | Number of interactions during the year with advocacy NGOs | 182 | 183 | |
Number of interactions during the year with investors on ESG topics | 87 | 96 | ||
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In addition to the indicators concerning BNP Paribas' employees listed in the table above and the three indicators relating to the Group’s social responsibility included in the CSR dashboard (presented in section 7.1.1 General information 2.a Strategy, business model and value chain in the Group's Sustainability statements), other objectives are monitored by the Group with regard to its employees.
As part of the Global Agreement, a joint monitoring committee responsible for the implementation of the Agreement meets once a year to assess the progress made under the agreement and to take stock of the past year on the basis of a grid of indicators by country and geographical area.
In terms of gender pay equality, the Group set a dedicated budget of EUR 10 million for BNP Paribas SA over two years in 2022, renewed at the BNP Paribas SA Mandatory Annual Negotiations in France in 2024 with EUR 10 million to be divided equally over 2025 and 2026.
BNP Paribas remains attentive to its employees through Pulse surveys, with 46 surveys carried out in 62 countries, with increasingly high participation rates within the Group. In 2024, it was a 72% participation rate on average among nearly 173,000 employees surveyed. The vast majority of surveys launched in 2024 by the Group’s various business lines and entities incorporated three common questions related to employee engagement, in particular pride in belonging to the Group, adherence to the strategy and involvement in work. The overall engagement score based on the consolidation of all local engagement scores(163) reached a high level of nearly 85 out of 100 (stable compared to 2023).
The Group also listens to employees through their representatives. Indeed, the Group’s desire is to be part of a constructive social dialogue, which goes beyond the organisational levels, from the subsidiaries to the SA, from the Group in France and beyond our borders. These discussions with employee representatives cover key topics such as strategy, results and transformation projects.
The Group invests heavily in the training of its employees, particularly on ESG topics, for which specific monitoring has been put in place. In 2024, 77,270 Group employees attended Sustainability Academy training and specific training on respect for human rights in the conduct of business was rolled out to 1,600 targeted employees. Since its launch at the end of 2022, more than 130,000 Group employees have been trained as part of the Sustainability Academy.
The number of ESG evaluations of suppliers and subcontractors carried out in a new relationship context is an indicator monitored by BNP Paribas for this category of stakeholders. In 2024, 5,214 ESG evaluations were carried out (compared to 5,312 in 2023).
Another indicator, the number of suppliers belonging to the priority monitoring quadrant (sensitive suppliers list) that have adhered to its sustainable sourcing charter, is also monitored. At the end of 2024, 2,007 suppliers had signed this sustainable sourcing charter (compared to 1,287 at the end of 2023).
These figures concern around 30 Procurement teams located in 25 different countries that contributed to responsible purchasing reporting in 2024.
At BNP Paribas Real Estate in 2024, 81% of suppliers signed the sustainable sourcing charter (compared to 45% in 2022).
With regard to the broad and continuous system to listen to customers deployed by the Group in 2024, in the four Domestic Markets (France, Belgium, Italy and Luxembourg), 7.3 million e-mail surveys were sent to customers to collect their feedback, with a return rate of 7%. In addition, nearly 850,000 feedback items were collected via live surveys on digital channels (pop-in, pop-up).
With regard to the Group's financial inclusion offers, at the end of 2024:
At the end of 2024, the system for financing and investment activities for corporate clients as well as the restriction of activity according to the severity of the environmental and social impacts produced the following results:
With regard to sustainable financing and activities with a positive impact, the results are as follows:
With regard to the alignment of the credit portfolio, given the relative weighting of each sector in the Group’s credit exposure, the average results for end-2024 in the nine business sectors for which the Group has set intermediate targets are in line with BNP Paribas’ ambition to finance a carbon neutral economy by 2050 (see section 3.5 Alignment of the credit and investment portfolios with the net-zero objective in 2050):
Sector | Metric | Reference base | Most recent result | Target |
|---|---|---|---|---|
Oil & gas | Exploration-production credit exposure in billions of euros | Oil: 5.0 Gas: 5.3 [Q3 2022] | Oil: 2.1 Gas: 2.7 [2024] | Oil: ≤ 1 (-80%) Gas: ≤ 3.7 (-30%) [2030] |
| Financed emissions of the sector (exploration‑ production and refining) in MtCO2e | 27.3 [Q3 2022] | 9.5 [2024] | ≤ 8.2 (-70%) [2030] |
Power generation | gCO2/kWh | 208 [2020] | 129 [2024] | ≤ 146 (-30%) [2025] |
| Share of renewable energy in the electricity mix calculated by capacity | 57% [2020] | 70% [2024] | ≥ 66% [2025] |
| Share of coal in the electricity mix calculated by capacity | 10% [2020] | 4% [2024] | ≤ 5% [2025] |
Automotive | gCO2/km WLTP(1) | 183 [2020] | 145 [2024] | ≤ 137 (-25%) [2025] |
| Share of electrified vehicles(2) | 4% [2020] | 16% [2024] | ≥ 25% [2025] |
Steel | tCO2/t of crude steel | 1.6 [2022] | 1.5 [2024] | ≤ 1.2 (-25%) [2030] |
Aluminium | tCO2e/t aluminium | 6.2 [2022] | 5.3 [2024] | ≤ 5.6 (-10%) [2030] |
Cement | tCO2/t of cement product | 0.67 [2021] | 0.63 [2023] | ≤ 0.51 (-24%) [2030] |
Aviation | gCO2e/RTK(3) | 956 [2022] | 904 [2023] | ≤ 785 (-18%) [2030] |
Shipping | AER (Annual Efficiency Ratio) in gCO2e/ dwt.nm | 8.3 [2022] | 8.2 [2023] | 5.6 - 6.4 (-32 to -23%) [2030] |
Commercial Real estate | kgCO2e/m2 | 28.4 [2022] | 27.7 [2023] | 16.7 - 19.5 (-41 to -31%) [2030] |
Residential Real estate | kgCO2e/m2 | Group: 35.5 France: 20.2 Belgium: 59.7 Italy: 34.4 [2022] | Group: 35.0 France: 19.7 Belgium: 58.4 Italy: 33.1 [2023] | - |
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For more details on the scopes and scenarios used, see the full table “Summary of baselines, emissions and targets in intensity and absolute value of the main sectors emitting the most greenhouse gases” in section 7.1.2 Climate change in the Group’s Sustainability reports.
In addition, concerning investments, BNP Paribas Asset Management and BNP Paribas Cardif each analysed the impact of their respective investment portfolios on biodiversity for the third year in 2024(164), making it possible to identify engagement targets for the voting team and for the asset managers. Three years after the publication of its first biodiversity roadmap in 2021, BNP Paribas Asset Management published an update of this roadmap in December 2024(165) which details its progress to date.
BNP Paribas carries out actions to reduce its direct environmental impacts, with the aim of being consistent with its commitments in its financing and investment activities, setting an example and raising the awareness of its employees.
Thus, BNP Paribas has measured its energy consumption and greenhouse gas emissions within its operational scope (scope 1, scope 2 and scope 3 for business travel) since 2012 and is gradually reducing them by reducing energy consumption for its premises, less energy-consuming IT equipment and supervision of business travel, as well as by developing the use of low-carbon energies.
With regard to 2024, the Group’s greenhouse gas emissions (expressed in tonnes of CO2 equivalent per full-time equivalent – FTE) amounted to 1.48 teqCO2 per FTE (compared to 1.56 teqCO2 per FTE in 2023).
Interactions with our stakeholders are key for the Group. Their number is constantly changing, with in particular:
Risk management is central to the banking business and is one of the cornerstones of operations for BNP Paribas. The Group has an internal control system covering all types of risks to which it may be exposed, including environmental and social risks, organised around three complementary lines of defence. The vigilance plan is based on this system, which makes it possible to verify compliance with procedures and the implementation of appropriate measures if necessary.
The operational entities, supported by the Company Engagement, HR and TOP Departments, constitute a first line of defence; they are responsible for their risks and are the primary players in permanent control. The risk management system, which includes ESG risks, is operated by the first line of defence, which forms the first-level control system.
The three integrated functions exercising second-level control (second line of defence) are:
The permanent control system is shown below:
General Inspection is the third line of defence: the General Inspection is responsible for periodic control, performs the internal audit function and contributes to the protection of the Group by independently acting as its third line of defence on all Group entities and in all areas, including ESG. A dedicated ESG expertise line oversees the coordination of ESG topics across General Inspection.
In order to verify the strict application of ESG risk management tools, BNP Paribas has rolled out a CSR operational control plan which establishes a continuous improvement process. This control plan, linked to the application of sectoral policies, exclusion and monitoring lists, and questionnaires on the duty of care, is applied to the Group’s business lines and functions.
In addition, BNP Paribas' 2024 Sustainability statements are audited with a limited assurance report by the statutory auditors.
BNP Paribas’ vigilance approach is part of a drive for continuous improvement. As such, the Group will complete, where necessary, its identification, control and management tools for identified risks, and will report on them each year in its Universal registration document.
This Statement outlines the steps that BNP Paribas has taken to ensure that human trafficking(166) and modern slavery(167) are not taking place in its business or in any of its supply chains. It also refers to the risk management processes that the Group has put in place in the context of its financing and investment activities, which govern the potential cases of human rights violations that may affect the activities of its clients.
This Statement is for the financial year ended 31 December 2024. The Board and the Director and Chief Executive Officer attest annually that the Group complies with this Statement through the information provided by the respective departments of corporate social responsibility (CSR), Procurement & Performance and Human Resources (HR).
This Statement applies to all companies within the BNP Paribas Group that are required to have a slavery and modern trafficking statement. Those who have chosen to prepare their own declaration are not concerned.
BNP Paribas is Europe’s leading provider of banking and financial services. It operates in 64 countries and employs 177,952 full-time equivalent workforce. It holds key positions in its three main areas of activity: Corporate & Institutional Banking (personalised solutions for our corporate and institutional customers), Commercial, Personal Banking & Services (network of commercial & personal banks in the Eurozone and the Europe-Mediterranean zone, as well as some of the Group’s specialised business lines(168), and Investment & Protection Services (expertise in savings, investment and protection solutions). More information on BNP Paribas operations can be found in section 1.4 Presentation of operating divisions and business lines. The Group purchases nearly EUR 10 billion of expenditures worldwide broken down into nine categories: Real Estate, Market Data, Marketing & Communication, Consumables & General Services, Banking Services, Professional Services, Technology, Transaction fees and Travel.
Academic studies, field investigations and recent news coverage have all clearly demonstrated that all sectors, industries and areas may be affected, to varying degrees, by these types of serious infringements to human rights.
In this regard, risk assessment policies devoted to the matter of modern slavery practices need to be multi-factorial (with complementary thematic screenings performed, on sector & industry, products & services, geographical and entity level) and regularly updated, in order to tackle this complex issue as fully and efficiently as possible.
The risk-assessment process BNP Paribas implements to address the risks of modern slavery and human trafficking takes into account the vastly different situations of its stakeholders and is complemented by the ad hoc monitoring and regular discussions performed by Group teams on this subject.
Concerning Group employees, the risks of modern slavery and human trafficking were considered very low, most of them being highly qualified professionals.
As a bank, BNP Paribas’ supply chains are mainly focused on indirect procurements and expenditure (consulting services, IT services, security, IT equipment, office furniture, promotional items, cleaning and catering services). Depending on the procurement categories, supply chains may be simple or very complex, with human rights related risks being higher, and more difficult to monitor, where supply chain arrangements are complex. Based on the non-production expenses(169) risk mapping tool developed by BNP Paribas, less than 20% (in spending) of the Group procurement categories are at high or very high risk in terms of human rights and labour conditions (including modern slavery and child labour).
As for production purchases, an analysis was carried out at the level of the subsidiaries concerned by specific purchases, which made it possible to identify the ESG risks of their main suppliers and to prioritise the measures to be implemented.
BNP Paribas meets the needs of millions of individual and professional customers, entrepreneurs, small, medium and large companies in business sectors facing multiple environmental, social and governance (ESG) challenges. The Group also operates in countries where legal and governance systems are at diverse levels of development. This diversity of context calls for structured, comprehensive and expert-driven review and analysis processes, in order to identify potential risks of modern slavery and human trafficking in BNP Paribas clients’ activities, or in the activities of the entities in which BNP Paribas invests on the behalf of its clients.
Respect for human rights is one of the pillars on which BNP Paribas’ CSR strategy is based. The Group has committed itself to the promotion of the following principles and standards that form the basis of its activities:
These public commitments are backed by internal policies implemented at Group level, with the goal of handling the many subjects revolving around social, environmental and governance matters, including human rights. These policies include:
Early and efficient identification of modern slavery risks is the first step towards its prevention, alleviation and remediation, and calls for specific policies and practices. In this regard, BNP Paribas has taken the following steps and actions in order to exert its duty of care with all due seriousness.
BNP Paribas is committed to providing a motivating working environment in which all employees are treated with fairly and with respect. In particular, the Group focuses on respect and the need to apply the most stringent norms of professional behaviour, and rejects all forms of discrimination. BNP Paribas’ policies and procedures notably include an annual review of high-risk countries in terms of human rights, as well as a monitoring of employees under the age of 18 (in 2024 the Group had only one such employee, aged 17 and working in the United Kingdom).
In addition, the Group’s policies and procedures notably include a diversity and inclusion policy as well as fair remuneration principles (excluding any form of discrimination) at the time of recruitment and during employees’ tenure within the Group. In accordance with the Global Agreement concluded in 2024, the Group ensures that all its employees receive a decent wage(170).
The BNP Paribas Code of conduct, which applies to all employees, reaffirms the Group’s commitment to changing behaviour. The Group’s “Respect for people” policy aims to combat inappropriate behaviour, in particular harassment and discrimination. Thus, every employee within the Group has to treat all individuals with respect, to ensure that interactions with them are professional, to listen and to consider their contributions, even if they express different opinions.
In the wake of its 2018 commitments, taken with UNI Global Union and materialised in the Global Agreement(171), the Group renegotiated a new agreement that was signed in November 2024 for a period of 4 years. This agreement enables the Group to put in place an ambitious plan to help improve the quality of life and working conditions of all employees and, in so doing, to achieve greater equality and inclusive growth.
BNP Paribas took part in the development of an awareness-raising e-learning module called “Human Rights into Business”, co-created with the other members of the French association Entreprises pour les Droits de l’Homme (Businesses for Human Rights – EDH). This e-learning module is mandatory for all employees who directly contribute to the promotion of human rights. It is available in eight languages and freely accessible to all Group employees.
The Group pays particular attention to the concerns of customers, employees, shareholders, suppliers and society as a whole. The Group is committed to listening, understanding and seeking to respond to the concerns raised by its stakeholders in a fair and effective manner.
BNP Paribas employees should report any effective or suspected breach of laws, regulations, the Code of conduct, Group policies or procedures.
As part of the “Respect for people” policy aimed at preventing discrimination, harassment and violence at work, the Group has initiated several actions, including measures to inform and raise awareness among employees and managers, and to professionalise the Human Resources sector. Employees can report issues via a single and secure platform, the BNP Paribas Whistleblowing Platform, or, for alerts not in relation with the “Respect for people” policy, to their line manager.
The framework implemented by BNP Paribas includes both prevention measures (the awareness-raising module “Diversity, Equality & Inclusion”, assignment of an annual objective relating to the Code of conduct, training of managers on their roles and duties, etc.) and remediation (disciplinary and accompanying measures, monitoring over time and protection against reprisals).
Any violation or suspected violation of human rights in the context of the Group’s activities or its suppliers may be reported in the Group’s whistleblowing system, except if local regulations or procedures prevent this.
Pursuant to 2016-1691 law of December 9, 2016 (“Sapin II law”), amended by 2022-401 law of March 21, 2022 (“Waserman law”), the Group’s whistleblowing system is open to the Group’s employees and external third parties through the BNP Paribas Whistleblowing Platform, which can be accessed on the intranet and BNP Paribas corporate website. The whistleblowing policy guarantees employees exercising their right to raise an alert protection against reprisal for having raised an internal alert, in accordance with the terms of the policy.
A summary note(172) on whistleblowing is available on the BNP Paribas Group website.
Within the Procurement & Performance Function, dedicated teams address ESG risks linked to suppliers and subcontractors through the following framework:
BNP Paribas strives to reduce potential violation of social and environmental rights, including human rights, from its financing and investment activities
These provisions are based on:
In addition to the tools described above, an ESG Assessment framework has been deployed since 2021. It enables the identification, assessment and monitoring of the performance and ESG risks of corporate customers, in a sector-specific manner, with a common approach within the Group for a given customer segment. The ESG Assessment covers five major extra financial topics, including respect for human rights, and is used from the onboarding (as part of the KYC process) and throughout the business relationship.
Implemented initially towards the Group’s large corporate clients, the ESG Assessment is also being gradually deployed towards corporate clients with a turnover exceeding EUR 50 million, and financial institutions.
Acknowledging the challenges of assessing and addressing modern slavery and human trafficking issues, BNP Paribas remains committed to the review and enhancement of its own processes and policies, in order to continually improve their range and effectiveness.
BNP Paribas tracks the effectiveness of its actions in this field through the number of employees who have received specific training on the respect of human rights in business practices. In 2024, more than 1,600 Group employees performed this training.
The number of ESG assessments of suppliers and subcontractors carried out as part of onboarding is an indicator monitored by BNP Paribas for this category of stakeholders. In 2024, 5,214 ESG assessments were conducted (compared to 5,312 in 2023).
Another indicator, the number of suppliers belonging to the Sensitive Suppliers List who have signed BNP Paribas’ Responsible Sourcing Charter, is also monitored. By the end of 2024, 2,007 suppliers had done so (compared with 1,287 at the end of 2023).
The opening and maintenance of a high-quality dialogue between the Group and the entities it finances or in which it invests, plays an important role in monitoring and remedying certain issues, including those relating to human rights. The changes in exclusion and monitoring lists (i.e. the companies with which the Group does not wish to maintain commercial relations or invest in, or which are subject to increased monitoring, which may result from serious violations of human rights) is another indicator monitored by BNP Paribas. At the end of 2024, these lists numbered 2,703 legal entities (1,752 under exclusion and 951 under monitoring), against 1,718 at the end of 2023.
The information on this statement has been prepared thanks to the work and collaboration of relevant subject matter specialists, as well as members of the BNP Paribas CSR network, reaching through all functions, business lines and countries of the Group, where applicable. The Company Engagement Direction and the LEGAL Function have coordinated this collaborative process over the past year, and in particular have consulted the designated contacts and experts for the United Kingdom and Australia.
This statement has been used by BNP Paribas to establish the annual statements required by the Modern Slavery Act 2015 of the United Kingdom and Modern Slavery Act 2018 (Cth) of Australia. The annual statement can be found on the Publications page of the Group website(174) (https://group.bnpparibas/publications).
This statement for the Group was approved by the Board of BNP Paribas SA as the parent entity on 25 February 2025.
Jean-Laurent BONNAFÉ
Director and Chief Executive Officer
Jean LEMIERRE
Chairman of the Board of directors
The table below takes into account the codified standards of the Sustainability Accounting Standards Board (SASB) for the “Commercial Banking” category. It should be noted that the SASB standards present, at this stage, a “United States”-oriented approach to defining the criteria. This table best represents the information and data mapping according to the SASB indicators for Commercial & Personal Banking. Note that this mapping has not been audited.
Domain | SASB indicator | SASB code of the indicator | References of information and data available in the Universal registration document and the 2024 annual financial report |
|---|---|---|---|
Data security | Description of the approach to identify and address data security risks | FN-CB-230a.2 |
|
Financial inclusion | (1) Number and (2) amount of outstanding loans eligible for programmes to promote the development of small businesses and local authorities | FN-CB-240a.1 |
|
(1) Number and (2) amount of past due loans or loans with unrecognised interest eligible for programmes to promote small business and community development | FN-CB-240a.2 |
| |
Number of fee-free bank accounts | FN-CB-240a.3 |
| |
Number of participants in financial education initiatives for unbanked, underbanked or underserved customers | FN-CB-240a.4 | ||
Incorporation of ESG factors in credit analysis | Commercial and industrial credit exposure by industry | FN-CB-410a.1 |
|
Description of the approach for integrating environmental, social and governance (ESG) factors into the credit analysis | FN-CB-410a.2 |
| |
Corporate ethics | Total amount of monetary losses | FN-CB-510a.1 |
|
Description of whistleblower policies | FN-CB-510a.2 |
| |
Risk management system | Global Systemically Important Bank (G-SIB) score, by category | FN-CB-550a.1 |
|
Description of the approach for integrating the results of mandatory | FN-CB-550a.2 |
| |
Activity | (1) Number and value (2) of loans by segment: a) retail customers and | FN-CB-000.A |
|
(1) Number and value (2) of loans by segment: a) retail customers, b) small business and c) corporate clients | FN-CB-000.B |
|
TCFD recommendations | BNP Paribas Sustainability statements | Page | |
|---|---|---|---|
Governance | a) Board’s oversight of climate-related risks and opportunities |
| 684 |
b) Management’s role in assessing and managing climate-related risks and opportunities |
| 684
688 | |
Strategy | a) Climate-related risks and opportunities the organisation has identified over the short, medium, and long term |
| 697
699
702
710
711 |
b) Impact of climate-related risks and opportunities on the organisation’s businesses, strategy, and financial planning |
| 699
702
706
706
710
714
716
716
719
720
721
725 | |
c) Resilience of the organisation’s strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario |
| 699
702
710
| |
Risk management | a) Organisation’s processes for identifying and assessing climate-related risks |
| 697
699 |
b) Organisation’s processes for managing climate-related risks |
| 714
716
716
719
720
721 725 | |
c) How processes for identifying, assessing, and managing climate-related risks are integrated into the organisation’s overall risk management |
| 688
697 | |
Metrics and targets | a) Metrics used by the organisation to assess climate-related risks and opportunities in line with its strategy and risk management process |
| 716
716
719
720
726
730 |
b) Scope 1, scope 2, and scope 3 greenhouse gas (GHG) emissions, and the related risks |
| 726 | |
c) Targets used by the organisation to manage climate-related risks and opportunities and performance against targets |
| 721
725 | |
This document is available on the BNP Paribas website, https://invest.bnpparibas/en/, and the Autorité des Marchés Financiers (AMF) website, https://www.amf-france.org/en.
Any person wishing to receive additional information about the BNP Paribas Group can request documents, without commitment, as follows:
BNP Paribas’ regulatory information can be viewed at: https://invest.bnpparibas.com/en/regulated-information.
Head office: 16, boulevard des Italiens, 75009 Paris, France
Legal form: BNP Paribas is a limited company authorised as a bank under the provisions of the French Monetary and Financial Code (Book V, Title 1) on banking institutions.
Legal identity identifier: R0MUWSFPU8MPRO8K5P83
Law governing its activities: BNP Paribas is a company incorporated under French law and operates in many countries, both in Europe and outside Europe. Many foreign regulations can therefore govern its activities.
Country of origin: France
To date, BNP Paribas has not entered into any material contracts – other than those entered into during the normal course of business – that create an obligation or commitment for the entire Group.
To date, BNP Paribas is not dependent on external parties.
There have been no significant changes in the Group’s financial or business situation since the end of the last financial year for which audited financial statements were published, and in particular since the signature of the Statutory Auditors’ report on the consolidated financial statements on 20 March 2025.
Investments since 1 January 2022 that are individually valued at over EUR 500 million and considered material at Group level are as follows:
Country | Announcement date | Transaction | Transaction amount | Comments |
|---|---|---|---|---|
France | 21 December 2024 | Signing by BNP Paribas Cardif and AXA of the Share Purchase Agreement for the acquisition by BNP Paribas Cardif of 100% of AXA IM and a long-term partnership to manage a large part of AXA’s assets. With the combined contribution of BNP Paribas’ asset management platforms, the newly formed business would become a European leader in the management of long-term savings for insurers and pension funds, with a total amount of c. €1,500bn of assets under management, of which €850bn assets from long-term savings | €5.1bn | Subject to approvals from relevant authorities |
France | 14 April 2024 | Acquisition by BNP Paribas Group, through its insurance subsidiary BNP Paribas Cardif, of Fosun Group’s stake of 17 million shares in Ageas, complemented by subsequent market acquisition of 4.5 million Ageas shares | Fosun: c. €730m Market: Not public |
|
Spain | n.c. | Acquisition by Banco Cetelem of Orange Bank in Spain of a portfolio of loans for the financing of mobile devices | Not public | In parallel of the takeover of Orange Bank’s business in Spain |
Canada | 16 December 2022 | Participation of BNP Paribas SA in a capital increase organised via a private placement by Bank of Montreal, in the amount of CAD 750 million for a price of CAD 118.60 per share | CAD 750m | In connection with the acquisition of Bank of the West by BMO Financial Group. Disposal in 2023 |
In accordance with article L.511-45 of the French Monetary and Financial Code and Decree No. 2014-1657 of 29 December 2014, credit institutions, financial holding companies, mixed financial holding companies and investment firms are obliged to disclose information about their locations and activities, included in their scope of consolidation, in each State or territory.
Locations | Business |
|---|---|
1. European Union member States |
|
Austria |
|
Arval Austria GmbH | Arval |
BNPP Asset Management Europe (Austria branch) (Ex- BNPP Asset Management France (Austria branch)) | Asset Management |
BNPP Leasing Solutions GmbH | Leasing Solutions |
BNPP Personal Finance (Austria branch) | Personal Finance |
BNPP SA (Austria branch) | Corporate and Institutional Banking |
Cardif Assurance Vie (Austria branch) | Insurance |
Cardif Assurances Risques Divers (Austria branch) | Insurance |
CNH Industrial Capital Europe GmbH | Leasing Solutions |
Stellantis Bank SA (Austria branch) | Personal Finance |
Belgium |
|
AG Insurance | Insurance |
Alpha Crédit SA | Personal Finance |
Arval Belgium NV SA | Arval |
Astridplaza | Insurance |
Axepta BNPP Benelux | Retail Banking |
Bancontact Paytoniq Company | Retail Banking |
BASS Master Issuer NV | Retail Banking |
Batopin | Retail Banking |
Belgian Mobile ID | Retail Banking |
BNPP 3 Step IT (Belgium branch) | Leasing Solutions |
BNPP Asset Management Be Holding | Asset Management |
BNPP Asset Management Europe (Belgium branch) (Ex- BNPP Asset Management France (Belgium branch)) | Asset Management |
BNPP B Institutional II | Asset Management |
BNPP Fortis | Retail Banking |
BNPP Fortis Factor NV | Retail Banking |
BNPP Fortis Film Finance | Retail Banking |
BNPP FPE Belgium | Retail Banking |
BNPP FPE Management | Retail Banking |
BNPP Lease Group Belgium | Leasing Solutions |
BNPP Partners for Innovation Belgium | Property Companies (Property used in operations) and Others |
BNPP Real Estate Belgium SA | Real Estate Services |
BNPP SA (Belgium branch) | Corporate and Institutional Banking |
BNPPF Credit Brokers (Ex- Demetris NV) | Retail Banking |
Cardif Assurance Vie (Belgium branch) | Insurance |
Cardif Assurances Risques Divers (Belgium branch) | Insurance |
CNH Industrial Capital Europe (Belgium branch) | Leasing Solutions |
Credissimo | Retail Banking |
Credissimo Hainaut SA | Retail Banking |
Crédit pour Habitations Sociales | Retail Banking |
Eos Aremas Belgium SA NV | Personal Finance |
Epimede | Retail Banking |
ES Finance | Leasing Solutions |
Esmee Master Issuer | Retail Banking |
Financière des Paiements Électroniques (Belgium branch) | New Digital Businesses |
FL Zeebrugge | Leasing Solutions |
Fortis Lease Belgium | Leasing Solutions |
FScholen | Corporate and Institutional Banking |
Gambit Financial Solutions | Asset Management |
Immobilière Sauveniere SA | Retail Banking |
Isabel SA NV | Retail Banking |
Locadif | Arval |
Microstart | Retail Banking |
Private Equity Investments (a) | Retail Banking |
Sagip | Retail Banking |
Sowo Invest SA NV | Retail Banking |
Terberg Leasing Justlease Belgium BV | Arval |
Bulgaria |
|
BNPP SA (Bulgaria branch) | Corporate and Institutional Banking |
Cardif Assurance Vie (Bulgaria branch) | Insurance |
Cardif Assurances Risques Divers (Bulgaria branch) | Insurance |
Czech Republic |
|
Arval CZ SRO | Arval |
BNPP Cardif Pojistovna AS | Insurance |
BNPP Cardif Services SRO | Insurance |
BNPP Personal Finance (Czech Republic branch) | Personal Finance |
BNPP SA (Czech Republic branch) | Corporate and Institutional Banking |
Denmark |
|
Arval AS | Arval |
BNPP Cardif Livforsakring AB (Denmark branch) | Insurance |
BNPP Factor AS | Retail Banking |
BNPP Leasing Solutions AS | Leasing Solutions |
BNPP SA (Denmark branch) | Corporate and Institutional Banking |
Cardif Forsakring AB (Denmark branch) | Insurance |
Ekspres Bank AS | Personal Finance |
Finland |
|
Arval OY | Arval |
BNPP SA (Finland branch) | Corporate and Institutional Banking |
France |
|
2SF - Société des Services Fiduciaires | Retail Banking |
AEW Immocommercial | Insurance |
Agathe Retail France | Insurance |
Antin Participation 5 | Property Companies (Property used in operations) and Others |
Aprolis Finance | Leasing Solutions |
Artegy | Leasing Solutions |
Arval Fleet Services | Arval |
Arval Service Lease | Arval |
Arval Trading | Arval |
Autonoria DE 2023 | Personal Finance |
Axa Banque Financement | Personal Finance |
Banque de Wallis et Futuna | Retail Banking |
Becquerel | Insurance |
BNP Paribas SA | Banking |
BNPP 3 Step IT | Leasing Solutions |
BNPP Actions Croissance ISR | Insurance |
BNPP Actions Euro ISR | Insurance |
BNPP Actions Monde ISR | Insurance |
BNPP Actions Patrimoine ISR | Insurance |
BNPP Agility Fund Equity SLP | Asset Management |
BNPP Agility Fund Private Debt SLP | Asset Management |
BNPP AM International Hedged Strategies | Asset Management |
BNPP Antilles Guyane | Retail Banking |
BNPP Aqua | Insurance |
BNPP Asset Management Europe (Ex- BNPP Asset Management France) | Asset Management |
BNPP Asset Management Holding | Asset Management |
BNPP Best Selection Actions Euro ISR | Insurance |
BNPP Cardif | Insurance |
BNPP Convictions | Insurance |
BNPP Dealing Services | Asset Management |
BNPP Développement | Retail Banking |
BNPP Développement Humain | Insurance |
BNPP Développement Oblig | Retail Banking |
BNPP Diversipierre | Insurance |
BNPP Euro Climate Aligned | Insurance |
BNPP Factor | Retail Banking |
BNPP Financial Markets | Corporate and Institutional Banking |
BNPP France Crédit | Insurance |
BNPP Global Senior Corporate Loans | Insurance |
BNPP Home Loan SFH | Property Companies (Property used in operations) and Others |
BNPP Immobilier Promotion | Real Estate Services |
BNPP Immobilier Résidences Services | Real Estate Services |
BNPP Indice Amérique du Nord | Insurance |
BNPP Indice France ESG | Insurance |
BNPP Infrastructure Investments Fund | Insurance |
BNPP IRB Participations | Europe-Mediterranean |
BNPP Lease Group | Leasing Solutions |
BNPP Nouvelle-Calédonie | Retail Banking |
BNPP Obliselect Euro Dec 2028 | Insurance |
BNPP Partners for Innovation | Property Companies (Property used in operations) and Others |
BNPP Partners For Innovation Global Connect | Property Companies (Property used in operations) and Others |
BNPP Personal Finance | Personal Finance |
BNPP Procurement Tech | Property Companies (Property used in operations) and Others |
BNPP Public Sector SA | Property Companies (Property used in operations) and Others |
BNPP Real Estate | Real Estate Services |
BNPP Real Estate Conseil Habitation & Hospitality | Real Estate Services |
BNPP Real Estate Consult France | Real Estate Services |
BNPP Real Estate Financial Partner | Real Estate Services |
BNPP Real Estate Investment Management France | Real Estate Services |
BNPP Real Estate Property Management France SAS | Real Estate Services |
BNPP Real Estate Transaction France | Real Estate Services |
BNPP Real Estate Valuation France | Real Estate Services |
BNPP Réunion | Retail Banking |
BNPP Select | Asset Management |
BNPP Sélection Dynamique Monde | Insurance |
BNPP Selection Patrimoine Responsable | Insurance |
BNPP Smallcap Euroland ISR | Insurance |
BNPP Social Business France | Insurance |
C Santé | Insurance |
Cafineo | Personal Finance |
Capital France Hotel | Insurance |
Cardif Alternatives Part I | Insurance |
Cardif Assurance Vie | Insurance |
Cardif Assurances Risques Divers | Insurance |
Cardif BNPP AM Emerging Bond | Insurance |
Cardif BNPP AM Euro Paris Climate Aligned | Insurance |
Cardif BNPP AM Global Environmental Equity | Insurance |
Cardif BNPP AM Sustainable Euro Equity | Insurance |
Cardif BNPP AM Sustainable Europe Equity | Insurance |
Cardif BNPP IP Signatures | Insurance |
Cardif CPR Global Return | Insurance |
Cardif Edrim Signatures | Insurance |
Cardif IARD | Insurance |
Cardif Retraite | Insurance |
Cardimmo | Insurance |
Carma Grand Horizon SARL | Insurance |
Carrefour Banque | Personal Finance |
Cedrus Carbon Initiative Trends | Insurance |
Cent ASL | Arval |
Centre Commercial Francilia | Insurance |
CFH Bercy | Insurance |
CFH Bercy Hotel | Insurance |
CFH Bercy Intermédiaire | Insurance |
CFH Boulogne | Insurance |
CFH Cap d’Ail | Insurance |
CFH Montmartre | Insurance |
CFH Montparnasse | Insurance |
Claas Financial Services | Leasing Solutions |
CNH Industrial Capital Europe | Leasing Solutions |
Cofica Bail | Personal Finance |
Cofiparc | Arval |
Cofiplan | Personal Finance |
Compagnie pour le Financement des Loisirs | Retail Banking |
Construction-Sale Companies (c) | Real Estate Services |
Copartis | Retail Banking |
Corosa | Insurance |
Crédit Moderne Antilles Guyane | Personal Finance |
Crédit Moderne Océan Indien | Personal Finance |
Défense CB3 SAS | Insurance |
Diversipierre DVP 1 | Insurance |
Domofinance | Personal Finance |
DVP European Channel | Insurance |
DVP Green Clover | Insurance |
DVP Haussmann | Insurance |
DVP Heron | Insurance |
EP L | Insurance |
EP1 Grands Moulins | Insurance |
Eurotitrisation | Corporate and Institutional Banking |
Evollis | Personal Finance |
Exane Asset Management | Corporate and Institutional Banking |
Exane Finance | Corporate and Institutional Banking |
FCT Juice | Corporate and Institutional Banking |
FCT Lafayette 2021 | Property Companies (Property used in operations) and Others |
FCT Laffitte 2021 | Property Companies (Property used in operations) and Others |
FCT Opera 2023 | Property Companies (Property used in operations) and Others |
FCT Pulse France 2022 | Arval |
FCT Pyramides 2022 | Property Companies (Property used in operations) and Others |
Financière des Paiements Électroniques | New Digital Businesses |
Financière du Marché Saint-Honoré | Corporate and Institutional Banking |
Floa | New Digital Businesses |
Foncière Partenaires | Insurance |
Fondev (Ex- FDI Poncelet) | Insurance |
Fondo BNPP Aqua Protetto | Insurance |
Fonds d’Investissements Immobiliers pour le Commerce et la Distribution | Insurance |
Fortis Lease | Leasing Solutions |
FP Cardif Convex Fund USD | Insurance |
GIE BNPP Cardif | Insurance |
GIE BNPP Real Estate | Real Estate Services |
GIE Groupement Auxiliaire de Moyens | Property Companies (Property used in operations) and Others |
GIE Groupement d’Etudes et de Prestations | Property Companies (Property used in operations) and Others |
GIE Ocean | Retail Banking |
GPinvest 10 | Insurance |
Harmony Prime | Insurance |
Hemisphere Holding | Insurance |
Hibernia France | Insurance |
Icare | Insurance |
Icare Assurance | Insurance |
JCB Finance | Leasing Solutions |
Jivago Holding | Retail Banking |
Korian et Partenaires Immobilier 1 | Insurance |
Korian et Partenaires Immobilier 2 | Insurance |
Loisirs Finance | Personal Finance |
Louveo | Arval |
Lyf SA | New Digital Businesses |
Lyf SAS | New Digital Businesses |
MGF | Leasing Solutions |
Nanterre Arboretum | Real Estate Services |
Natio Énergie 2 | Leasing Solutions |
Natio Fonds Ampère 1 | Insurance |
Natiocredibail | Leasing Solutions |
Neuflize Vie | Insurance |
Neuilly Contentieux | Personal Finance |
New Alpha Cardif Incubator Fund | Insurance |
Noria 2021 | Personal Finance |
Noria 2023 | Personal Finance |
Noria De 2024 | Personal Finance |
Opéra Rendement | Insurance |
Parilease | Corporate and Institutional Banking |
Partecis | Retail Banking |
Paylib Services | Retail Banking |
Permal Cardif Co Investment Fund | Insurance |
Personal Finance Location | Personal Finance |
Pixel 2021 | Leasing Solutions |
Portzamparc | Retail Banking |
Preim Healthcare SAS | Insurance |
Public Location Longue Durée | Arval |
PWH | Insurance |
Reumal Investissements | Insurance |
Rueil Ariane | Insurance |
Same Deutz Fahr Finance | Leasing Solutions |
SCI 68/70 rue de Lagny Montreuil | Insurance |
SCI Batipart Chadesrent | Insurance |
SCI Biv Malakoff | Insurance |
SCI BNPP Pierre I | Insurance |
SCI BNPP Pierre II | Insurance |
SCI Bouleragny | Insurance |
SCI Cardif Logement | Insurance |
SCI Citylight Boulogne | Insurance |
SCI Clichy Nuovo | Insurance |
SCI Défense Etoile | Insurance |
SCI Défense Vendôme | Insurance |
SCI Etoile du Nord | Insurance |
SCI Fontenay Plaisance | Insurance |
SCI Imefa Velizy | Insurance |
SCI Nantes Carnot | Insurance |
SCI Odyssée | Insurance |
SCI Pantin Les Moulins | Insurance |
SCI Paris Batignolles | Insurance |
SCI Paris Cours de Vincennes | Insurance |
SCI Paris Grande-Armée | Insurance |
SCI Paris Turenne | Insurance |
SCI Portes de Claye | Insurance |
SCI Rue Moussorgski | Insurance |
SCI Rueil Caudron | Insurance |
SCI Saint-Denis Landy | Insurance |
SCI Saint-Denis Mitterrand | Insurance |
SCI Saint-Denis Jade | Insurance |
SCI SCOO | Insurance |
SCI Vendôme Athènes | Insurance |
Secar | Insurance |
Services Épargne Entreprise | Insurance |
Services Logiciels d’Intégration Boursière | Securities Services |
SNC Batipart Mermoz | Insurance |
SNC Batipart Poncelet | Insurance |
SNC Natiocredimurs | Leasing Solutions |
SNC Taitbout Participation 3 | Corporate and Institutional Banking |
Société Francaise d’Assurances sur la Vie | Insurance |
Société Orbaisienne de Participations | Corporate and Institutional Banking |
Stellantis Bank SA | Personal Finance |
Tikehau Cardif Loan Europe | Insurance |
United Partnership | Personal Finance |
Uptevia SA | Corporate and Institutional Banking |
Valeur Pierre Épargne | Insurance |
Valtitres FCP | Insurance |
Velizy Holding | Insurance |
Germany |
|
Arval Deutschland GmbH | Arval |
AssetMetrix | Securities Services |
BGL BNPP (Germany branch) | Retail Banking |
BNPP 3 Step IT (Germany branch) | Leasing Solutions |
BNPP Asset Management Europe (Germany branch) (Ex- BNPP Asset Management France (Germany branch)) | Asset Management |
BNPP Emissions Und Handels GmbH | Corporate and Institutional Banking |
BNPP Factor GmbH | Retail Banking |
BNPP Lease Group (Germany branch) | Leasing Solutions |
BNPP Real Estate Consult GmbH | Real Estate Services |
BNPP Real Estate GmbH | Real Estate Services |
BNPP Real Estate Holding GmbH | Real Estate Services |
BNPP Real Estate Investment Management Germany GmbH | Real Estate Services |
BNPP Real Estate Property Development & Services GmbH | Real Estate Services |
BNPP Real Estate Property Management GmbH | Real Estate Services |
BNPP SA (Germany branch) | Corporate and Institutional Banking |
Cardif Assurance Vie (Germany branch) | Insurance |
Cardif Assurances Risques Divers (Germany branch) | Insurance |
CFH Berlin GP GmbH | Insurance |
Claas Financial Services (Germany branch) | Leasing Solutions |
CNH Industrial Capital Europe (Germany branch) | Leasing Solutions |
Diversipierre Germany GmbH | Insurance |
Financière des Paiements Électroniques (Germany branch) | New Digital Businesses |
Horizon Development GmbH | Insurance |
ID Cologne A1 GmbH | Insurance |
ID Cologne A2 GmbH | Insurance |
JCB Finance (Germany branch) | Leasing Solutions |
MGF (Germany branch) | Leasing Solutions |
OC Health Real Estate GmbH | Insurance |
PF Services GmbH | Personal Finance |
Seniorenzentren Reinbeck Oberursel München Objekt GmbH | Insurance |
Seniorenzentrum Butzbach Objekt GmbH | Insurance |
Seniorenzentrum Heilbronn Objekt GmbH | Insurance |
Seniorenzentrum Kassel Objekt GmbH | Insurance |
Seniorenzentrum Wolfratshausen Objekt GmbH | Insurance |
Stellantis Bank SA (Germany branch) | Personal Finance |
Greece |
|
Arval Hellas Car Rental SA | Arval |
BNPP SA (Greece branch) | Corporate and Institutional Banking |
Hungary |
|
Arval Magyarorszag KFT | Arval |
BNPP SA (Hungary branch) | Corporate and Institutional Banking |
Ireland |
|
Aries Capital DAC | Corporate and Institutional Banking |
BGZ Poland ABS1 DAC | Europe-Mediterranean |
BNPP Fund Administration Services Ireland Ltd | Securities Services |
BNPP Ireland Unlimited Co | Corporate and Institutional Banking |
BNPP Prime Brokerage International Ltd | Corporate and Institutional Banking |
BNPP Real Estate Advisory and Property Management Ireland Ltd | Real Estate Services |
BNPP SA (Ireland branch) | Corporate and Institutional Banking |
BNPP Vartry Reinsurance DAC | Corporate and Institutional Banking |
Darnell DAC | Insurance |
Greenval Insurance DAC | Arval |
Madison Arbor Ltd | Corporate and Institutional Banking |
Matchpoint Finance PLC | Corporate and Institutional Banking |
SME Alternative Financing DAC | Asset Management |
Italy |
|
Arval Service Lease Italia SPA | Arval |
AutoFlorence 1 SRL | Personal Finance |
AutoFlorence 2 SRL | Personal Finance |
AutoFlorence 3 SRL | Personal Finance |
Banca Agevolarti SPA (Ex- Artigiancassa SPA) | Retail Banking |
Banca Nazionale Del Lavoro SPA | Retail Banking |
BCC Vita SPA | Insurance |
BNL Leasing SPA | Leasing Solutions |
BNPP 3 Step IT (Italy branch) | Leasing Solutions |
BNPP Asset Management Europe (Italy branch) (Ex- BNPP Asset Management France (Italy branch)) | Asset Management |
BNPP BNL Equity Investment SPA | Retail Banking |
BNPP Cardif Vita Compagnia di Assicurazione E Riassicurazione SPA | Insurance |
BNPP Lease Group (Italy branch) | Leasing Solutions |
BNPP Lease Group Leasing Solutions SPA | Leasing Solutions |
BNPP Real Estate Advisory Italy SPA | Real Estate Services |
BNPP Real Estate Investment Management Germany GmbH (Italy branch) | Real Estate Services |
BNPP Real Estate Investment Management Italy SPA | Real Estate Services |
BNPP Real Estate Investment Management Luxembourg SA (Italy branch) | Real Estate Services |
BNPP Real Estate Property Management Italy SRL | Real Estate Services |
BNPP Rental Solutions SPA | Leasing Solutions |
BNPP SA (Italy branch) | Corporate and Institutional Banking |
Cardif Assurance Vie (Italy branch) | Insurance |
Cardif Assurances Risques Divers (Italy branch) | Insurance |
CFH Algonquin Management Partners France Italia | Insurance |
CFH Milan Holdco SRL | Insurance |
Claas Financial Services (Italy branch) | Leasing Solutions |
CNH Industrial Capital Europe (Italy branch) | Leasing Solutions |
Diamante Re SRL | Corporate and Institutional Banking |
EMF IT 2008 1 SRL | Retail Banking |
Era Uno SRL | Retail Banking |
Eutimm SRL | Retail Banking |
Financit SPA | Retail Banking |
Findomestic Banca SPA | Personal Finance |
Florence Real Estate Developments SPA | Personal Finance |
Florence SPV SRL | Personal Finance |
Fundamenta | Insurance |
Horti Milano SRL | Real Estate Services |
Immera SRL | Retail Banking |
International Factors Italia SPA | Retail Banking |
JCB Finance (Italy branch) | Leasing Solutions |
MGF (Italy branch) | Leasing Solutions |
Permicro SPA | Retail Banking |
Servizio Italia SPA | Retail Banking |
Sviluppo HQ Tiburtina SRL | Retail Banking |
Sviluppo Residenziale Italia SRL | Real Estate Services |
Tierre Securitisation SRL | Retail Banking |
Vela OBG SRL | Retail Banking |
Worldline Merchant Services Italia SPA | Retail Banking |
Luxembourg |
|
AM Select | Asset Management |
Arval Luxembourg SA | Arval |
Batipart Participations SAS | Insurance |
BGL BNPP | Retail Banking |
BNPP Asset Management Luxembourg | Asset Management |
BNPP Easy | Asset Management |
BNPP Flexi I | Asset Management |
BNPP Fortis Funding SA | Retail Banking |
BNPP Funds | Asset Management |
BNPP Lease Group Luxembourg SA | Retail Banking |
BNPP Leasing Solutions | Leasing Solutions |
BNPP Real Estate Advisory & Property Management Luxembourg SA | Real Estate Services |
BNPP Real Estate Investment Management Luxembourg SA | Real Estate Services |
BNPP SA (Luxembourg branch) | Corporate and Institutional Banking |
BNPP SB Re | Retail Banking |
Cardif Lux Vie | Insurance |
CFH Alexanderplatz Hotel SARL | Insurance |
CFH Berlin Holdco SARL | Insurance |
CFH Hostel Berlin SARL | Insurance |
CFH Hotel Project SARL | Insurance |
Compagnie Financière Ottomane SA | Retail Banking |
Ecarat De SA | Personal Finance |
Exane Solutions Luxembourg SA | Corporate and Institutional Banking |
Greenstars BNPP | Corporate and Institutional Banking |
Le Sphinx Assurances Luxembourg SA | Retail Banking |
Luxhub SA | Retail Banking |
PBD Germany Auto Lease Master SA | Personal Finance |
Rubin SARL | Insurance |
Schroder European Operating Hotels Fund 1 | Insurance |
Securasset SA | Corporate and Institutional Banking |
Seniorenzentren Deutschland Holding SARL | Insurance |
Single Platform Investment Repackaging Entity SA | Corporate and Institutional Banking |
Société Immobilière du Royal Building SA | Insurance |
Theam Quant | Asset Management |
Visalux | Retail Banking |
Volantis SARL | Corporate and Institutional Banking |
Netherlands |
|
Arval BV | Arval |
BNPP 3 Step IT (Netherlands branch) | Leasing Solutions |
BNPP Asset Management Europe (Netherlands branch) (Ex- BNPP Asset Management France (Netherlands branch) | Asset Management |
BNPP Cardif BV | Insurance |
BNPP Factoring Support | Retail Banking |
BNPP Islamic Issuance BV | Corporate and Institutional Banking |
BNPP Issuance BV | Corporate and Institutional Banking |
BNPP Leasing Solutions NV | Leasing Solutions |
BNPP Personal Finance BV | Personal Finance |
BNPP Real Estate Advisory Netherlands BV | Real Estate Services |
BNPP SA (Netherlands branch) | Corporate and Institutional Banking |
Cardif Assurance Vie (Netherlands branch) | Insurance |
Cardif Assurances Risques Divers (Netherlands branch) | Insurance |
CNH Industrial Capital Europe BV | Leasing Solutions |
Dynamic Credit Group BV | Asset Management |
Heffiq Heftruck Verhuur BV | Leasing Solutions |
Phedina Hypotheken 2010 BV | Personal Finance |
Poland |
|
Arval Service Lease Polska SP ZOO | Arval |
BNPP Asset Management Europe (Poland branch) | Asset Management |
BNPP Bank Polska SA | Europe-Mediterranean |
BNPP Faktoring Spolka ZOO | Europe-Mediterranean |
BNPP Group Service Center SA | Europe-Mediterranean |
BNPP Lease Group SP ZOO | Leasing Solutions |
BNPP Leasing Services | Leasing Solutions |
BNPP Real Estate Poland SP ZOO | Real Estate Services |
BNPP SA (Poland branch) | Corporate and Institutional Banking |
Cardif Assurances Risques Divers (Poland branch) | Insurance |
Claas Financial Services (Poland branch) | Leasing Solutions |
CNH Industrial Capital Europe (Poland branch) | Leasing Solutions |
Portugal |
|
Arval Service Lease Aluger Operational Automoveis SA | Arval |
BNPP Factor (Portugal branch) | Retail Banking |
BNPP Lease Group (Portugal branch) | Leasing Solutions |
BNPP Personal Finance (Portugal branch) | Personal Finance |
BNPP Real Estate Investment Management Germany GmbH (Portugal branch) | Real Estate Services |
BNPP Real Estate Portugal Unipersonal LDA | Real Estate Services |
BNPP SA (Portugal branch) | Corporate and Institutional Banking |
Cardif Assurance Vie (Portugal branch) | Insurance |
Cardif Assurances Risques Divers (Portugal branch) | Insurance |
Cardif Support Unipessoal Lda | Insurance |
Exeo Aura & Echo Offices Lda | Real Estate Services |
Expo Atlantico EAII Investimentos Imobiliarios SA | Corporate and Institutional Banking |
Expo Indico EIII Investimentos Imobiliarios SA | Corporate and Institutional Banking |
Financière des Paiements Électroniques (Portugal branch) | New Digital Businesses |
Services Logiciels d’Intégration Boursière (Portugal branch) | Securities Services |
Romania |
|
Arval Service Lease Romania SRL | Arval |
BNPP Leasing Solutions IFN SA | Leasing Solutions |
BNPP Personal Finance (Romania branch) | Personal Finance |
BNPP SA (Romania branch) | Corporate and Institutional Banking |
Cardif Assurance Vie (Romania branch) | Insurance |
Cardif Assurances Risques Divers (Romania branch) | Insurance |
Central Europe Technologies SRL | Personal Finance |
Slovakia |
|
Arval Slovakia SRO | Arval |
BNPP Personal Finance (Slovakia branch) | Personal Finance |
Spain |
|
Arval Service Lease SA | Arval |
Autonoria Spain 2019 | Personal Finance |
Autonoria Spain 2021 FT | Personal Finance |
Autonoria Spain 2022 FT | Personal Finance |
Autonoria Spain 2023 FT | Personal Finance |
Banco Cetelem SA | Personal Finance |
BNPP 3 Step IT (Spain branch) | Leasing Solutions |
BNPP Factor (Spain branch) | Retail Banking |
BNPP Lease Group (Spain branch) | Leasing Solutions |
BNPP Real Estate Investment Management Germany GmbH (Spain branch) | Real Estate Services |
BNPP Real Estate Investment Management Spain SA | Real Estate Services |
BNPP Real Estate Spain SA | Real Estate Services |
BNPP SA (Spain branch) | Corporate and Institutional Banking |
Cardif Assurance Vie (Spain branch) | Insurance |
Cardif Assurances Risques Divers (Spain branch) | Insurance |
Cariboo Development SL | Real Estate Services |
Cetelem Gestion AIE | Personal Finance |
Cetelem Servicios Informaticos AIE | Personal Finance |
Claas Financial Services (Spain branch) | Leasing Solutions |
CNH Industrial Capital Europe (Spain branch) | Leasing Solutions |
Financière des Paiements Électroniques (Spain branch) | New Digital Businesses |
GCC Consumo Establecimiento Financiero de Credito SA | Personal Finance |
International Development Resources AS Services SA | Personal Finance |
Kantox European Union SL | Corporate and Institutional Banking |
Noria Spain 2020 FT | Personal Finance |
Ribera Del Loira Arbitrage | Corporate and Institutional Banking |
Securitisation funds UCI and RMBS Prado (b) | Personal Finance |
Servicios Financieros Carrefour EFC SA | Personal Finance |
Union de Creditos Inmobiliarios SA | Personal Finance |
Wapiti Development SL | Real Estate Services |
XFERA Consumer Finance EFC SA | Personal Finance |
Sweden |
|
Alfred Berg Kapitalforvaltning AS (Sweden branch) | Asset Management |
Arval AB | Arval |
BNPP Cardif Livforsakring AB | Insurance |
BNPP Leasing Solutions AB | Leasing Solutions |
BNPP SA (Sweden branch) | Corporate and Institutional Banking |
Cardif Forsakring AB | Insurance |
Cardif Nordic AB | Insurance |
Ekspres Bank AS (Sweden branch) | Personal Finance |
2. Other European countries |
|
Guernsey |
|
BNPP SA (Guernsey branch) | Corporate and Institutional Banking |
BNPP Suisse SA (Guernsey branch) | Corporate and Institutional Banking |
Jersey |
|
BNPP SA (Jersey branch) | Corporate and Institutional Banking |
Kosovo |
|
TEB SH A | Europe-Mediterranean |
Monaco |
|
Arval Fleet Services (succ. Monaco) | Arval |
BNPP SA (Monaco branch) | Retail Banking |
Norway |
|
Alfred Berg Kapitalforvaltning AS | Asset Management |
Arval AS Norway | Arval |
BNPP Cardif Livforsakring AB (Norway branch) | Insurance |
BNPP Leasing Solution AS | Leasing Solutions |
BNPP SA (Norway branch) | Corporate and Institutional Banking |
Cardif Forsakring AB (Norway branch) | Insurance |
Drypnir AS | Asset Management |
Ekspres Bank AS (Norway branch) | Personal Finance |
Russia |
|
Arval LLC | Arval |
BNPP Bank JSC | Corporate and Institutional Banking |
Switzerland |
|
Arval Schweiz AG | Arval |
BNPP Leasing Solutions Suisse SA | Leasing Solutions |
BNPP SA (Switzerland branch) | Corporate and Institutional Banking |
BNPP Suisse SA | Corporate and Institutional Banking |
Cardif Assurance Vie (Switzerland branch) | Insurance |
Cardif Assurances Risques Divers (Switzerland branch) | Insurance |
United Kingdom |
|
Allfunds Group PLC | Securities Services |
Arval UK Group Ltd | Arval |
Arval UK Leasing Services Ltd | Arval |
Arval UK Ltd | Arval |
BNP PUK Holding Ltd | Corporate and Institutional Banking |
BNPP 3 Step IT (United Kingdom branch) | Leasing Solutions |
BNPP Asset Management UK Ltd | Asset Management |
BNPP Commercial Finance Ltd | Retail Banking |
BNPP Fleet Holdings Ltd | Arval |
BNPP Lease Group Ltd (Ex- BNPP Lease Group PLC) | Leasing Solutions |
BNPP Leasing Solutions Ltd | Leasing Solutions |
BNPP Real Estate Advisory & Property Management UK Ltd | Real Estate Services |
BNPP Real Estate Facilities Management Ltd | Real Estate Services |
BNPP Real Estate Investment Management Ltd | Real Estate Services |
BNPP Real Estate Investment Management UK Ltd | Real Estate Services |
BNPP Real Estate Property Development UK Ltd | Real Estate Services |
BNPP SA (United Kingdom branch) | Corporate and Institutional Banking |
BNPP Trust Corp. UK Ltd | Securities Services |
Cardif Insurance Holdings PLC | Insurance |
Claas Financial Services Ltd | Leasing Solutions |
CNH Industrial Capital Europe Ltd | Leasing Solutions |
Creation Consumer Finance Ltd | Personal Finance |
Creation Financial Services Ltd | Personal Finance |
Fortis Lease UK Ltd | Leasing Solutions |
Harewood Helena 1 Ltd | Asset Management |
Harewood Helena 2 Ltd | Insurance |
Impax Asset Management Group PLC | Asset Management |
JCB Finance Holdings Ltd | Leasing Solutions |
Kantox Holding Ltd | Corporate and Institutional Banking |
Kantox Ltd | Corporate and Institutional Banking |
Manitou Finance Ltd | Leasing Solutions |
Parker Tower Ltd | Real Estate Services |
Pinnacle Pet Holdings Ltd | Insurance |
Pulse UK 2024 PLC | Arval |
REPD Parker Ltd | Real Estate Services |
Stellantis Financial Services UK Ltd | Personal Finance |
Ukraine |
|
Joint Stock Company Ukrsibbank | Europe-Mediterranean |
3. Africa & Mediterranean basin |
|
Algeria |
|
BNPP El Djazair | Europe-Mediterranean |
Cardif El Djazair | Insurance |
Bahrain |
|
BNPP SA (Bahrain branch) | Corporate and Institutional Banking |
Botswana |
|
RCS Botswana Pty Ltd | Personal Finance |
Kuwait |
|
BNPP SA (Kuwait branch) | Corporate and Institutional Banking |
Morocco |
|
Arval Maroc SA | Arval |
Banque Marocaine pour le Commerce et l’Industrie | Europe-Mediterranean |
Banque Marocaine pour le Commerce et l’Industrie Banque Offshore | Europe-Mediterranean |
BDSI | Europe-Mediterranean |
BMCI Leasing | Europe-Mediterranean |
Namibia |
|
RCS Investment Holdings Namibia Pty Ltd | Personal Finance |
Qatar |
|
BNPP SA (Qatar branch) | Corporate and Institutional Banking |
Saudi Arabia |
|
BNPP Investment Co KSA | Corporate and Institutional Banking |
BNPP SA (Saudi Arabia branch) | Corporate and Institutional Banking |
South Africa |
|
BNPP Personal Finance South Africa Ltd | Personal Finance |
BNPP SA (South Africa branch) | Corporate and Institutional Banking |
RCS Cards Pty Ltd | Personal Finance |
Türkiye |
|
Bantas Nakit AS | Europe-Mediterranean |
BNPP Cardif Emeklilik AS | Insurance |
BNPP Cardif Hayat Sigorta AS | Insurance |
BNPP Cardif Sigorta AS | Insurance |
BNPP Finansal Kiralama AS | Leasing Solutions |
BNPP Fortis Yatirimlar Holding AS | Europe-Mediterranean |
BNPP Yatirimlar Holding AS | Europe-Mediterranean |
TEB ARF Teknoloji Anonim Sirketi | Europe-Mediterranean |
TEB Arval Arac Filo Kiralama AS | Arval |
TEB Faktoring AS | Europe-Mediterranean |
TEB Finansman AS | Europe-Mediterranean |
TEB Holding AS | Europe-Mediterranean |
TEB Yatirim Menkul Degerler AS | Europe-Mediterranean |
Turk Ekonomi Bankasi AS | Europe-Mediterranean |
United Arab Emirates |
|
BNPP Real Estate (United Arab Emirates branch) | Real Estate Services |
BNPP SA (United Arab Emirates branch) | Corporate and Institutional Banking |
4. Americas |
|
Argentina |
|
BNPP SA (Argentina branch) | Corporate and Institutional Banking |
Bermuda |
|
Decart Re Ltd | Corporate and Institutional Banking |
Brazil |
|
Arval Brasil Ltda | Arval |
Banco BNPP Brasil SA | Corporate and Institutional Banking |
BNPP Asset Management Brasil Ltda | Asset Management |
BNPP EQD Brazil Fund Fundo de Investmento Multimercado | Corporate and Institutional Banking |
BNPP Proprietario Fundo de Investimento Multimercado | Corporate and Institutional Banking |
Cardif do Brasil Seguros e Garantias SA | Insurance |
Cardif do Brasil Vida e Previdencia SA | Insurance |
Cardif Ltda | Insurance |
Cetelem Servicos Ltda | Personal Finance |
Luizaseg Seguros SA | Insurance |
NCVP Participacoes Societarias SA | Insurance |
Canada |
|
BNPP IT Solutions Canada Inc. | Corporate and Institutional Banking |
BNPP SA (Canada branch) | Corporate and Institutional Banking |
Corporation BNPP Canada (Ex- BNPP Canada Corp.) | Corporate and Institutional Banking |
Chile |
|
Arval Relsa SPA | Arval |
Bancoestado Administradora General de Fondos SA | Asset Management |
BNPP Cardif Seguros de Vida SA | Insurance |
BNPP Cardif Seguros Generales SA | Insurance |
BNPP Cardif Servicios y Asistencia Ltda | Insurance |
Comercializadora de Vehiculos SA | Arval |
Rentaequipos Leasing SA | Arval |
Colombia |
|
Arval Relsa Colombia SAS | Arval |
BNPP Colombia Corporacion Financiera SA | Corporate and Institutional Banking |
Cardif Colombia Seguros Generales SA | Insurance |
Cardif Servicios de Colombia SAS | Insurance |
Mexico |
|
BNPP Mexico Holding | Corporate and Institutional Banking |
BNPP Mexico SA Institucion de Banca Multiple | Corporate and Institutional Banking |
Cardif Mexico Seguros de Vida SA de CV | Insurance |
Cardif Mexico Seguros Generales SA de CV | Insurance |
Cetelem SA de CV | Personal Finance |
Peru |
|
BNPP Cardif Compania de Seguros y Reaseguros SA | Insurance |
Rentaequipos Leasing Peru SA | Arval |
USA |
|
BNPP Asset Management USA Holdings Inc. | Asset Management |
BNPP Asset Management USA Inc. | Asset Management |
BNPP Capital Services Inc. | Corporate and Institutional Banking |
BNPP Financial Services LLC | Securities Services |
BNPP Fortis (United States branch) | Corporate and Institutional Banking |
BNPP RCC Inc. | Corporate and Institutional Banking |
BNPP SA (United States branch) | Corporate and Institutional Banking |
BNPP Securities Corp. | Corporate and Institutional Banking |
BNPP US Investments Inc. | Corporate and Institutional Banking |
BNPP US Wholesale Holdings Corp. | Corporate and Institutional Banking |
BNPP USA Inc. | Corporate and Institutional Banking |
BNPP VPG Brookline Cre LLC | Corporate and Institutional Banking |
BNPP VPG EDMC Holdings LLC | Corporate and Institutional Banking |
BNPP VPG Express LLC | Corporate and Institutional Banking |
BNPP VPG I LLC | Corporate and Institutional Banking |
BNPP VPG II LLC | Corporate and Institutional Banking |
BNPP VPG III LLC | Corporate and Institutional Banking |
BNPP VPG IV LLC | Corporate and Institutional Banking |
BNPP VPG Master LLC | Corporate and Institutional Banking |
FSI Holdings Inc. | Corporate and Institutional Banking |
Starbird Funding Corp. | Corporate and Institutional Banking |
5. Asia & Pacific |
|
Australia |
|
BNPP Fund Services Australasia Pty Ltd | Securities Services |
BNPP SA (Australia branch) | Corporate and Institutional Banking |
China |
|
Bank of Nanjing | Europe-Mediterranean |
BNPP ABC Wealth Management Co Ltd | Asset Management |
BNPP China Ltd | Corporate and Institutional Banking |
BNPP Securities China Ltd | Corporate and Institutional Banking |
BOB Cardif Life Insurance Co Ltd | Insurance |
BON BNPP Consumer Finance Co Ltd | Personal Finance |
Cetelem Business Consulting Shanghai Co Ltd | Personal Finance |
Genius Auto Finance Co Ltd | Personal Finance |
Haitong Fortis Private Equity Fund Management Co Ltd | Asset Management |
HFT Investment Management Co Ltd | Asset Management |
JFL BNPP Agriculture And Technology Financial Leasing Co Ltd | Leasing Solutions |
Securitisation funds Genius (d) | Personal Finance |
Securitisation funds Wisdom (e) | Personal Finance |
Zhejiang Wisdom Puhua Financial Leasing Co Ltd | Personal Finance |
Hong Kong |
|
BNPP Arbitrage Hong Kong Ltd | Corporate and Institutional Banking |
BNPP Asset Management Asia Ltd | Asset Management |
BNPP Finance Hong Kong Ltd | Corporate and Institutional Banking |
BNPP SA (Hong Kong branch) | Corporate and Institutional Banking |
BNPP Securities Asia Ltd | Corporate and Institutional Banking |
India |
|
Baroda BNPP AMC Private Ltd | Asset Management |
BNPP India Holding Private Ltd | Corporate and Institutional Banking |
BNPP India Solutions Private Ltd | Corporate and Institutional Banking |
BNPP SA (India branch) | Corporate and Institutional Banking |
BNPP Securities India Private Ltd | Corporate and Institutional Banking |
Geojit Technologies Private Ltd | Personal Investors |
Indonesia |
|
Andalan Multi Guna PT | Corporate and Institutional Banking |
Bank BNPP Indonesia PT | Corporate and Institutional Banking |
BNPP Asset Management PT | Asset Management |
BNPP Sekuritas Indonesia PT | Corporate and Institutional Banking |
Japan |
|
BNPP Asset Management Japan Ltd | Asset Management |
BNPP SA (Japan branch) | Corporate and Institutional Banking |
BNPP Securities Japan Ltd | Corporate and Institutional Banking |
Cardif Life Insurance Japan | Insurance |
Cardif Non-Life Insurance Japan | Insurance |
Malaysia |
|
BNPP Malaysia Berhad | Corporate and Institutional Banking |
BNPP SA (Malaysia branch) | Corporate and Institutional Banking |
New Zealand |
|
BNPP Fund Services Australasia Pty Ltd (New Zealand branch) | Securities Services |
Philippines |
|
BNPP SA (Philippines branch) | Corporate and Institutional Banking |
Republic of Korea |
|
BNPP SA (Republic of Korea branch) | Corporate and Institutional Banking |
BNPP Securities Korea Co Ltd | Corporate and Institutional Banking |
Cardif Life Insurance Co Ltd | Insurance |
Singapore |
|
BNPP Real Estate Singapore Pte Ltd | Real Estate Services |
BNPP SA (Singapore branch) | Corporate and Institutional Banking |
BPP Holdings Pte Ltd | Corporate and Institutional Banking |
Taiwan |
|
BNPP Asset Management Taiwan Co Ltd | Asset Management |
BNPP Cardif TCB Life Insurance Co Ltd | Insurance |
BNPP SA (Taiwan branch) | Corporate and Institutional Banking |
BNPP Securities Taiwan Co Ltd | Corporate and Institutional Banking |
Cardif Assurance Vie (Taiwan branch) | Insurance |
Cardif Assurances Risques Divers (Taiwan branch) | Insurance |
Thailand |
|
BNPP SA (Thailand branch) | Corporate and Institutional Banking |
Viet Nam |
|
BNPP SA (Viet Nam branch) | Corporate and Institutional Banking |
| |
The financial data by country correspond to the contribution of fully consolidated entities under exclusive control to the Group’s consolidated financial statements established under IFRS standards. Whereas the current tax is determined based on the tax income, calculated based on local standards, and which can be different from the IFRS contribution.
The financial headcount corresponds to Full-Time Equivalents (FTE) at 31 December 2024 in fully consolidated entities under exclusive control.
| FY 2024 (in million of EUR) | Financial headcount as at 31 December 2024 | |||||
|---|---|---|---|---|---|---|---|
Revenues | Public subsidies received | Income before Tax | Current tax expense | Defered tax | Corporate income tax | ||
European Union member States |
|
|
|
|
|
|
|
Austria | 79 | 0 | 21 | (3) | (2) | (5) | 212 |
Belgium | 4,955 | 0 | 1,911 | (301) | (223) | (524) | 12,386 |
Bulgaria | 27 | 0 | 16 | (2) | 0 | (2) | 98 |
Czech Republic | 84 | 0 | 45 | (7) | (7) | (14) | 420 |
Denmark | 125 | 0 | (5) | (7) | 0 | (7) | 275 |
Finland | 11 | 0 | 3 | (1) | 0 | (1) | 46 |
France | 12,855 | 0 | 1,741 | 40 | (51) | (11) | 54,112 |
Germany | 2,787 | 0 | 1,180 | (253) | (118) | (371) | 5,908 |
Greece | 15 | 0 | 3 | 0 | (2) | (2) | 86 |
Hungary | 56 | 0 | 11 | (2) | (1) | (3) | 147 |
Ireland | 336 | 0 | 189 | (29) | 1 | (28) | 531 |
Italy | 5,282 | 0 | 1,885 | (260) | (392) | (652) | 15,380 |
Luxemburg | 1,658 | 0 | 828 | (198) | 18 | (180) | 3,537 |
Netherlands | 604 | 0 | 324 | (62) | (31) | (93) | 1,128 |
Poland | 2,013 | 0 | 783 | (177) | 17 | (160) | 9,681 |
Portugal | 183 | 0 | 89 | (26) | (4) | (30) | 9,221 |
Romania | 92 | 0 | 53 | (9) | (2) | (11) | 689 |
Slovakia | 15 | 0 | 1 | 0 | (2) | (2) | 427 |
Spain | 1,276 | 0 | 513 | (116) | (37) | (153) | 4,996 |
Sweden | 165 | 0 | (1) | (12) | 2 | (10) | 355 |
Other European countries |
|
|
|
|
|
|
|
Guernsey | 14 | 0 | 5 | 0 | 0 | 0 | 31 |
Jersey | 31 | 0 | (1) | 0 | 0 | 0 | 250 |
Kosovo | 59 | 0 | 29 | (3) | 0 | (3) | 618 |
Monaco | 30 | 0 | (37) | (12) | 0 | (12) | 182 |
Norway | 66 | 0 | (1) | (2) | 1 | (1) | 180 |
Russia | 79 | 0 | 70 | (16) | 2 | (14) | 79 |
Switzerland | 405 | 0 | 4 | (10) | (3) | (13) | 921 |
Ukraine | 332 | 0 | 173 | (98) | 5 | (93) | 4,237 |
United Kingdom | 3,898 | 0 | 1,397 | (415) | (18) | (433) | 7,369 |
Africa & Mediterranean basin |
|
|
|
|
|
|
|
Algeria | 111 | 0 | 51 | (19) | 2 | (17) | 1,152 |
Bahrain | 8 | 0 | (54) | 0 | 0 | 0 | 252 |
Botswana | 2 | 0 | 2 | (1) | 0 | (1) | 7 |
Kuwait | 2 | 0 | 0 | (1) | 0 | (1) | 2 |
Morocco | 372 | 0 | 86 | (38) | (7) | (45) | 2,855 |
Namibia | 1 | 0 | 0 | 0 | 0 | 0 | 10 |
Qatar | 38 | 0 | 23 | (3) | 0 | (3) | 23 |
Saudi Arabia | 46 | 0 | 62 | (9) | 0 | (9) | 54 |
South Africa | 153 | 0 | 20 | (6) | 0 | (6) | 1,301 |
Turkey | 1,052 | 0 | 28 | (89) | 6 | (83) | 9,031 |
United Arab Emirates | 126 | 0 | 69 | (15) | (1) | (16) | 135 |
Americas |
|
|
|
|
|
|
|
Argentina | 82 | 0 | 53 | (4) | 0 | (4) | 80 |
Bermuda | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Brazil | 298 | 0 | 38 | (26) | 12 | (14) | 1,484 |
Canada | 64 | 0 | 56 | (14) | (2) | (16) | 1,226 |
Chile | 96 | 0 | 64 | (27) | 10 | (17) | 554 |
Colombia | 72 | 0 | 37 | (23) | 2 | (21) | 468 |
Mexico | 178 | 0 | 94 | (18) | (2) | (20) | 359 |
Peru | 43 | 0 | 30 | (2) | (8) | (10) | 220 |
United States of America | 4,646 | 0 | 2,062 | (325) | (127) | (452) | 3,628 |
Asia & Pacific |
|
|
|
|
|
|
|
Australia | 265 | 0 | 95 | (34) | (2) | (36) | 489 |
China | 200 | 0 | 75 | (14) | 0 | (14) | 555 |
Hong Kong | 981 | 0 | 38 | (18) | 3 | (15) | 2,348 |
India | 391 | 0 | 284 | (116) | (1) | (117) | 12,210 |
Indonesia | 61 | 0 | 32 | (11) | (1) | (12) | 159 |
Japan | 702 | 0 | 447 | (142) | 6 | (136) | 628 |
Malaysia | 42 | 0 | 24 | (6) | 0 | (6) | 86 |
New Zealand | 21 | 0 | 8 | (2) | 0 | (2) | 53 |
Philippines | 0 | 0 | 0 | 0 | 0 | 0 | 9 |
Republic of Korea | 115 | 0 | 30 | 20 | (32) | (12) | 306 |
Singapore | 833 | 0 | 329 | (64) | 5 | (59) | 1,789 |
Taiwan | 218 | 0 | 133 | (16) | (5) | (21) | 699 |
Thailand | 29 | 0 | 9 | (2) | 0 | (2) | 82 |
Viet Nam | 51 | 0 | 33 | (7) | 1 | (6) | 97 |
GROUP TOTAL | 48,831 | 0 | 15,487 | (3,013) | (988) | (4,001) | 175,853 |
| |||||||
BNP PARIBAS is a French Public Limited Company (société anonyme) licensed to conduct banking operations under the French Monetary and Financial Code, Book V, Section 1 (Code Monétaire et Financier, Livre V, Titre 1er) governing banking sector institutions.
The Company was founded pursuant to a decree dated 26 May 1966. Its legal life was extended to 99 years with effect from 17 September 1993.
Apart from the specific rules relating to its status as an establishment in the banking sector (Book V, Section 1 of the French Monetary and Financial Code - Code Monétaire et Financier, Livre V, Titre 1er), BNP PARIBAS shall be governed by the provisions of the French Commercial Code (Code de Commerce) concerning commercial companies, as well as by these Articles of Association.
The registered office of BNP PARIBAS shall be located in Paris (9th arrondissement), at 16, Boulevard des Italiens (France).
The purpose of BNP PARIBAS shall be to provide and carry out the following services with any individual or legal entity, in France and abroad, subject to compliance with the French laws and regulations applicable to credit institutions licensed by the Credit Institutions and Investment Firms Committee (Comité des Etablissements de Crédit et des Entreprises d’Investissement):
as defined in the French Monetary and Financial Code Book III – Section 1 (Code Monétaire et Financier, Livre III, Titre 1er) governing banking transactions and Section II (Titre II) governing investment services and related services.
On a regular basis, BNP PARIBAS may also conduct any and all other activities and any and all transactions in addition to those listed above, in particular any and all arbitrage, brokerage and commission transactions, subject to compliance with the regulations applicable to banks.
In general, BNP PARIBAS may, on its own behalf, and on behalf of third parties or jointly therewith, perform any and all financial, commercial, industrial or agricultural, personal property or real estate transactions directly or indirectly related to the activities set out above or which further the accomplishment thereof.
The share capital of BNP PARIBAS shall stand at 2,261,621,342 euros divided into 1,130,810,671 fully paid-up shares with a nominal value of 2 euros each.
The fully paid-up shares shall be held in registered or bearer form at the shareholder’s discretion, subject to the French laws and regulations in force.
The shares shall be registered in an account in accordance with the terms and conditions set out in the applicable French laws and regulations in force. They shall be assigned by transfer from one account to another.
The Company may request disclosure of information concerning the ownership of its shares in accordance with the provisions of article L. 228-2 of the French Commercial Code (Code de Commerce).
Without prejudice to the legal thresholds set in article L. 233-7, paragraph 1 of the French Commercial Code (Code de Commerce), any shareholder, whether acting alone or in concert, who comes to directly or indirectly hold at least 0.5% of the share capital or voting rights of BNP PARIBAS, or any multiple of that percentage less than 5%, shall be required to notify BNP PARIBAS by registered letter with return receipt within the timeframe set out in article L. 233-7 of the French Commercial Code (Code de Commerce).
Above 5%, the disclosure obligation provided for in the previous paragraph shall apply to 1% increments of the share capital or voting rights.
The disclosures described in the previous two paragraphs shall also apply when the shareholding falls below the above-mentioned thresholds.
Failure to report either legal or statutory thresholds shall result in the loss of voting rights as provided for by article L. 233-14 of the French Commercial Code (Code de Commerce) at the request of one or more shareholders jointly holding at least 2% of the Company’s share capital or voting rights.
Each share shall grant a right to a part of ownership of the Company’s assets and any liquidation surplus that is equal to the proportion of share capital that it represents.
In cases where it is necessary to hold several shares in order to exercise certain rights, and in particular where shares are exchanged, combined or allocated, or following an increase or reduction in share capital, regardless of the terms and conditions thereof, or subsequent to a merger or any other transaction, it shall be the responsibility of those shareholders owning less than the number of shares required to exercise those rights to combine their shares or, if necessary, to purchase or sell the number of shares or voting rights leading to ownership of the required percentage of shares.
The Company shall be governed by a Board of Directors composed of:
There shall be at least nine and no more than eighteen Directors. Directors representing employees as well as Directors representing employee shareholders shall not be included when calculating the minimum and maximum number of Directors.
They shall be appointed for a three-year term.
When a Director is appointed to replace another Director, in accordance with applicable French laws and regulations in force, the new Director’s term of office shall be limited to the remainder of the predecessor’s term.
A Director’s term of office shall end at the close of the Ordinary General Shareholders’ Meeting convened to deliberate on the financial statements for the previous financial year and held in the year during which the Director’s term of office expires.
Directors may be re-appointed, subject to the provisions of French law, in particular with regard to their age.
Each Director, with the exception of Directors representing employees and Directors representing employee shareholders, must own at least 10 Company shares.
The status of these Directors and the related election procedures shall be governed by articles L. 225-27 to L. 225-34 of the French Commercial Code (Code de Commerce) as well as by the provisions of these Articles of Association.
There shall be two such Directors – one representing executive staff and the other representing non-executive staff.
They shall be elected by BNP PARIBAS SA employees.
They shall be elected for a three-year term.
Elections shall be organised by the Executive Management. The timetable and terms and conditions for elections shall be drawn up by the Executive Management in consultation with the national trade union representatives within the Company such that the second round of elections shall be held no later than fifteen days before the end of the term of office of the outgoing Directors.
Each candidate shall be elected on a majority basis after two rounds held in each of the electoral colleges.
Each application submitted during the first round of elections shall include both the candidate’s name and the name of a substitute, if any.
Applications may not be amended during the second round of elections.
The candidates shall belong to the electoral college where they stand for election.
Applications other than those presented by a trade union representative within the Company must be submitted together with a document including the names and signatures of one hundred electors belonging to the electoral college where the candidate is running for election.
Where the report presented by the Board of Directors at the Annual General Meeting, in accordance with article L. 225-102 of the French Commercial Code, establishes that shares held by company employees or by employees of related companies within the meaning of article L. 225-180 of said Code, account for over 3% of the Company’s share capital, a Director representing the employee shareholders is appointed by the Ordinary Shareholders’ Meeting in accordance with the procedures set out in current regulations as well as by these Articles of Association.
Candidates for election to the office of Director representing employee shareholders are selected on the following basis:
Only employee shareholders or employees who are members of the Supervisory Board of an FCPE holding company shares may be selected as candidates.
Each candidate must be presented together with a replacement who meets the same requirements as the said candidate.
The Board of Directors presents the candidates to the Annual General Meeting under separate resolutions and, where applicable, approves the resolution relating to its preferred candidate. The Ordinary General Meeting of Shareholders decides, under the conditions of quorum and majority applicable to the appointment of any member of the Board of Directors, on the appointment of the Director representing the employee shareholders. Out of the candidates referred to above, the one who has received the most votes from shareholders present, or represented, at the Ordinary General Meeting of Shareholders, will be appointed as Director representing employee shareholders.
This Director’s term and the conditions under which the term of office is exercised are exactly the same as for Directors appointed by the Annual General Meeting.
Should the Director cease to be an employee, or in the event of a vacancy arising due to death or resignation of office, the term of office of the Director representing employee shareholders ends automatically.
Under these circumstances, the Director representing the employee shareholders shall be replaced at the next Ordinary Annual General Meeting.
Should the next Annual General Meeting be held within four months of the date on which the term of office is expected to end, the replacement is appointed at the next Annual General Meeting.
The new Director is appointed by the Annual General Meeting for the remainder of his/her predecessor’s term of office.
Should the Director cease to be an employee, or in the event of a vacancy arising due to death or resignation from office, the replacement’s term of office automatically ends and new candidates must be selected as described above. The candidates selected by this process shall be voted on by shareholders at the next Annual General Meeting. The new Director is appointed by the Annual General Meeting as described above. This Director’s term of office and the conditions under which the directorship is exercised are identical to those of Directors appointed by the Annual General Meeting. Should the next Annual General Meeting be held within six months of the date on which the replacement’s term of office is due to end, the replacement is appointed at the next Annual General Meeting.
Under the different circumstances mentioned above, the Board of Directors may meet and validly deliberate until the date on which the Director representing the employee shareholders is replaced.
The provisions of the first paragraph of 3/ shall cease to apply when, at year-end, the percentage of capital owned by Company employees and employees of related companies under the aforementioned article L. 225-102, accounts for less than 3% of the share capital, given that the term of office of any Director appointed in accordance with this article shall end on its expiry date.
Detailed procedures relating to the organisation and holding of the vote by all the shareholders referred to in the aforementioned article L. 225-102, particularly with regard to the timetable for the selection of candidates, are approved by the Executive Management directly, or by delegation.
The Chairman of the Board of Directors shall be appointed from among the members of the Board of Directors.
Upon proposal from the Chairman, the Board of Directors may appoint one or more Vice-Chairmen.
The Board of Directors shall meet as often as necessary in the best interests of the Company. Board meetings shall be convened by the Chairman. Where requested by at least one-third of the Directors, the Chairman may convene a Board meeting with respect to a specific agenda, even if the last Board meeting was held less than two months before. The Chief Executive Officer (CEO) may also request that the Chairman convene a Board meeting to discuss a specific agenda.
Board meetings shall be held either at the Company’s registered office, or at any other location specified in the notice of meeting.
Notices of meetings may be communicated by any means, including verbally.
The Board of Directors may meet and make valid decisions at any time, even if no notice of meeting has been communicated, provided all its members are present or represented.
Board meetings shall be chaired by the Chairman, by a Director recommended by the Chairman for such purpose or, failing this, by the oldest Director present.
Any Director may attend a Board meeting and take part in its deliberations by videoconference (visioconférence) or all telecommunications and remote transmission means, including Internet, subject to compliance with the conditions set out in applicable legislation at the time of its use.
Decisions within the remit of the Board of Directors referred to by article L. 225-37 French Commercial Code (Code de Commerce) may be taken by means of written consultation.
Any Director who is unable to attend a Board meeting may ask to be represented by a fellow Director, by granting a written proxy, valid for only one specific meeting of the Board. Each Director may represent only one other Director.
At least half of the Board members must be present for decisions taken at Board meetings to be valid.
Should one or both of the offices of Director elected by employees remain vacant, for whatever reason, without the possibility of a replacement as provided for in article L. 225-34 of the French Commercial Code (Code de Commerce), the Board of Directors shall be validly composed of the members elected by the General Shareholders’ Meeting and may validly meet and vote.
Members of the Company’s Executive Management may, at the request of the Chairman, attend Board meetings in an advisory capacity.
A permanent member of the Company’s Central Social and Economic Committee, appointed by said Committee, shall attend Board meetings in an advisory capacity, subject to compliance with the provisions of French laws in force.
Decisions shall be made by a majority of Directors present or represented. In the event of a split decision, the Chairman of the meeting shall have the casting vote, except as regards the proposed appointment of the Chairman of the Board of Directors.
The Board of Directors’ deliberations shall be recorded in minutes entered in a special register prepared in accordance with French laws in force and signed by the Chairman of the meeting and one of the Directors who attended the meeting.
The Chairman of the meeting shall appoint the Secretary to the Board, who may be chosen from outside the Board’s members.
Copies or excerpts of Board minutes may be signed by the Chairman, the Chief Executive Officer, the Chief Operating Officers (COOs) or any representative specifically authorised for such purpose.
The Ordinary General Shareholders’ Meeting may grant Directors’ remuneration under the conditions provided for by French law.
The Board of Directors shall split these fees among its members.
The Board of Directors may grant exceptional compensation for specific assignments or duties performed by the Directors under the conditions applicable to agreements subject to approval, in accordance with the provisions of articles L. 225-38 to L. 225-43 of the French Commercial Code (Code de Commerce). The Board may also authorise the reimbursement of travel and business expenses and any other expenses incurred by the Directors in the interests of the Company.
The Board of Directors shall determine the business strategy of BNP PARIBAS and supervise the implementation thereof. Subject to the powers expressly conferred on the Shareholders’ Meetings and within the limit of the corporate purpose, the Board shall handle any issue concerning the smooth running of BNP PARIBAS and settle matters concerning the Company pursuant to its deliberations. The Board of Directors shall receive from the Chairman or the Chief Executive Officer all of the documents and information required to fulfil its duties.
The Board of Directors’ decisions shall be carried out either by the Chairman, the Chief Executive Officer or the Chief Operating Officers, or by any special representative appointed by the Board.
Upon proposal from the Chairman, the Board of Directors may decide to set up committees responsible for performing specific tasks.
The Chairman shall organise and manage the work of the Board of Directors and report thereon to the General Shareholders’ Meeting. The Chairman shall also oversee the smooth running of BNP PARIBAS’s management bodies and ensure, in particular, that the Directors are in a position to fulfil their duties.
The remuneration of the Chairman of the Board shall be freely determined by the Board of Directors.
The Board of Directors shall decide how to organise the Executive Management of the Company: the Executive Management of the Company shall be conducted, under his responsibility, either by the Chairman of the Board of Directors or by another individual appointed by the Board of Directors and who shall have the title of Chief Executive Officer.
Shareholders and third parties shall be informed of this choice in accordance with the regulatory provisions in force.
The Board of Directors shall have the right to decide that this choice be for a fixed term.
Once the Board of Directors has decided to dissociate the functions of Chairman and Chief Executive Officer, the Chairman shall be deemed to have automatically resigned at the close of the General Shareholders’ Meeting held to approve the financial statements for the year in which he reaches seventy-five years of age. However, the Board may decide to extend the term of office of the Chairman of the Board until the close of the General Shareholders’ Meeting held to approve the financial statements for the year in which he reaches seventy-six years of age. The Chief Executive Officer shall be deemed to have automatically resigned at the close of the General Shareholders’ Meeting held to approve the financial statements for the year in which he reaches sixty-five years of age. However, the Board may decide to extend the term of office of the Chief Executive Officer until the close of the General Shareholders’ Meeting held to approve the financial statements for the year in which he reaches sixty-six years of age.
In the event that the Board of Directors decides that the Executive Management shall be conducted by the Chairman of the Board, the provisions of these Articles of Association concerning the Chief Executive Officer shall apply to the Chairman of the Board of Directors who will in such case have the title of Chairman and Chief Executive Officer. He shall be deemed to have automatically resigned at the close of the General Shareholders’ Meeting held to approve the financial statements for the year in which he reaches sixty-five years of age.
The Chief Executive Officer shall be vested with the broadest powers to act in all circumstances in the name of BNP PARIBAS. He shall exercise these powers within the limit of the corporate purpose and subject to those powers expressly granted by French law to Shareholders’ Meetings and the Board of Directors.
He shall represent BNP PARIBAS in its dealings with third parties. BNP PARIBAS shall be bound by the actions of the Chief Executive Officer even if such actions are outside the scope of the corporate purpose, unless BNP PARIBAS can prove that the third party knew that the relevant action was outside the scope of the corporate purpose or had constructive knowledge thereof in view of the circumstances. The publication of the Company’s Articles of Association alone shall not constitute such proof.
The Chief Executive Officer shall be responsible for the organisation and procedures of internal control and for all information required by French law regarding the internal control report.
The Board of Directors may limit the powers of the Chief Executive Officer, but such limits shall not be binding as against third parties.
The Chief Executive Officer may delegate partial powers, on a temporary or permanent basis, to as many persons as he sees fit, with or without the option of redelegation.
The remuneration of the Chief Executive Officer shall be freely determined by the Board of Directors.
The Chief Executive Officer may be removed from office by the Board of Directors at any time. Damages may be payable to the Chief Executive Officer if he is removed from office without a valid reason, except where the Chief Executive Officer is also the Chairman of the Board of Directors.
In the event that the Chief Executive Officer is a Director, the term of his office as Chief Executive Officer shall not exceed that of his term of office as a Director.
Upon proposal from the Chief Executive Officer, the Board of Directors may, within the limits of French law, appoint one or more individuals, who shall have the title of Chief Operating Officer, responsible for assisting the Chief Executive Officer.
In agreement with the Chief Executive Officer, the Board of Directors shall determine the scope and term of the powers granted to the Chief Operating Officers. However, as far as third parties are concerned, the Chief Operating Officers shall have the same powers as the Chief Executive Officer.
When the Chief Executive Officer ceases to perform his duties or is prevented from doing so, the Chief Operating Officers shall, unless the Board of Directors decides otherwise, retain their functions and responsibilities until a new Chief Executive Officer is appointed.
The remuneration of the Chief Operating Officers shall be freely determined by the Board of Directors, at the proposal of the Chief Executive Officer.
The Chief Operating Officers may be removed from office by the Board of Directors at any time, at the proposal of the Chief Executive Officer. Damages may be payable to the Chief Operating Officers if they are removed from office without a valid reason.
Where a Chief Operating Officer is a Director, the term of his office as Chief Operating Officer may not exceed that of his term of office as a Director.
The term of office of the Chief Operating Officers shall expire at the latest at the close of the General Shareholders’ Meeting convened to approve the financial statements for the year in which the Chief Operating Officers reach sixty-five years of age. However, the Board may decide to extend the term of office of the Chief Operating Officers until the close of the General Shareholders’ Meeting held to approve the financial statements for the year in which they reach sixty-six years of age.
Upon proposal from the Chairman, the Board of Directors may appoint one or two non-voting Directors (censeurs).
Non-voting Directors shall be convened to and take part in Board meetings in an advisory capacity.
They shall be appointed for six years and may be reappointed for further terms. They may also be removed at any time under similar conditions.
They shall be selected from among the Company’s shareholders and may receive a remuneration determined by the Board of Directors.
General Shareholders’ Meetings shall be composed of all shareholders.
General Shareholders’ Meetings shall be convened and deliberate subject to compliance with the provisions of the French Commercial Code (Code de Commerce).
As an exception to the last paragraph of article L. 225-123 of the French Commercial Code (Code de Commerce), each share carries one voting right, and no double voting rights are conferred.
They shall be held either at the registered office or at any other location specified in the notice of meeting.
They shall be chaired by the Chairman of the Board of Directors, or, in his absence, by a Director appointed for this purpose by the Shareholders’ Meeting.
Any shareholder may, subject to providing proof of identity, attend a General Shareholders’ Meeting, either in person, or by returning a postal vote or by designating a proxy.
Taking part in the meeting is subject to the shares having been entered either in the BNP PARIBAS’ registered share accounts in the name of the shareholder, or in the bearer share accounts held by the authorised intermediary, within the timeframes and under the conditions provided for by the French regulations in force. In the case of bearer shares, the authorised intermediary shall provide a certificate of participation for the shareholders concerned.
The deadline for returning postal votes shall be determined by the Board of Directors and stated in the notice of meeting published in the French Bulletin of Compulsory Legal Announcements (Bulletin des Annonces Légales Obligatoires – BALO).
At all General Shareholders’ Meetings, the voting right attached to the shares bearing beneficial rights shall be exercised by the beneficial owner.
If the Board of Directors so decides at the time that the General Shareholders’ Meeting is convened, the public broadcasting of the entire General Shareholders’ Meeting by videoconference (visioconférence) or all telecommunications and remote transmission means, including Internet, shall be authorised. Where applicable, this decision shall be communicated in the notice of meeting published in the French Bulletin of Compulsory Legal Announcements (Bulletin des Annonces Légales Obligatoires – BALO).
Any shareholder may also, if the Board of Directors so decides at the time of convening the General Shareholders’ Meeting, take part in the vote by videoconference (visioconférence) or all telecommunications and remote transmission means, including Internet, subject to compliance with the conditions set out in the applicable laws at the time of its use. If an electronic voting form is used, the shareholder’s signature may be in the form of a secured digital signature or a reliable identification process safeguarding the link with the document to which it is attached and may consist, in particular, of a user identifier and a password. Where applicable, this decision shall be communicated in the notice of meeting published in the French Bulletin of Compulsory Legal Announcements (Bulletin des Annonces Légales Obligatoires – BALO).
At least two principal auditors shall be appointed by the General Shareholders’ Meeting for a term of six financial years. Their term of office shall expire after approval of the financial statements for the sixth financial year.
The Company’s financial year shall start on 1st January and end on 31st December.
At the end of each financial year, the Board of Directors shall draw up annual financial statements and write a management report on the Company’s financial position and its business activities during the previous year.
Net income for the year is composed of income for the year minus costs, depreciation, amortizations and impairment.
The distributable profit is made up of the year’s profit, minus previous losses as well as the sums to be allocated to the reserves in accordance with French law, plus the profit carried forward.
The General Shareholders’ Meeting is entitled to levy all sums from the distributable profit to allocate them to all optional, ordinary or extraordinary reserves or to carry them forward.
The General Shareholders’ Meeting may also decide to distribute sums levied from the reserves at its disposal.
However, except in the event of a capital reduction, no amounts may be distributed to the shareholders if the shareholders’ equity is, or would become following such distribution, lower than the amount of capital plus the reserves that are not open to distribution pursuant to French law or these Articles of Association.
In accordance with the provisions of article L. 232-18 of the French Commercial Code (Code de Commerce), a General Shareholders’ Meeting may offer to the shareholders an option for the payment, in whole or in part, of dividends or interim dividends through the issuance of new shares in the Company.
Should BNP PARIBAS be dissolved, the shareholders shall determine the form of liquidation, appoint the liquidators at the proposal of the Board of Directors and, in general, take on all of the duties of the General Shareholders’ Meeting of a French Public Limited Company (société anonyme) during the liquidation and until such time as it has been completed.
Any and all disputes that may arise during the life of BNP PARIBAS or during its liquidation, either between the shareholders themselves or between the shareholders and BNP PARIBAS, pursuant to these Articles of Association, shall be ruled on in accordance with French law and submitted to the courts having jurisdiction.
Annual General Meeting held to approve the financial statements for the year ended December 31, 2024
This is a translation into English of a report issued in French and it is provided solely for the convenience of English-speaking users.
This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France.
To the Annual General Meeting of BNP Paribas,
In our capacity as statutory auditors of your Company, we hereby present to you our report on related party agreements.
We are required to inform you, on the basis of the information provided to us, of the terms and conditions of those agreements indicated to us, or that we may have identified in the performance of our engagement, as well as the reasons justifying why they benefit the Company. We are not required to give our opinion as to whether they are beneficial or appropriate or to ascertain the existence of other agreements. It is your responsibility, in accordance with Article R. 225-31 of the French Commercial Code (Code de commerce), to assess the relevance of these agreements prior to their approval.
We are also required, where applicable, to inform you in accordance with Article R. 225-31 of the French Commercial Code (Code de commerce) of the continuation of the implementation, during the year ended December 31, 2024, of the agreements previously approved by the annual general meeting.
We performed those procedures which we deemed necessary in compliance with the professional guidance issued by the French Institute of Statutory Auditors (Compagnie nationale des commissaires aux comptes) relating to this type of engagement. These procedures consisted in verifying the consistency of the information provided to us with the relevant source documents.
We hereby inform you that we have not been notified of any agreements authorized and concluded during the year ended December 31, 2024 to be submitted to the annual general meeting for approval in accordance with Article L. 225-38 of the French Commercial Code (Code de commerce).
In accordance with Article R. 225-30 of the French Commercial Code (Code de commerce), we have been notified that the implementation of the following agreements, which were approved by the annual general meeting in prior years, continued during the year ended December 31, 2024.
At its meeting on February 25, 2016, your Board of Directors authorized the conclusion of a non-compete agreement between your Company and M. Jean-Laurent Bonnafé.
Under this agreement, in the event that M. Jean-Laurent Bonnafé ceases to hold a position with your Company or carry out any work for its benefit, he undertakes not to exercise, directly or indirectly, any professional activity for a period of twelve months for the benefit of a banking, investment or insurance firm whose securities are admitted to trading on a regulated market in France or abroad, or for the benefit of a banking, investment or insurance firm in France whose securities are not admitted to trading on a regulated market. As consideration for this agreement, M. Jean-Laurent Bonnafé will receive an indemnity equal to 1.2 times the total of the fixed and variable remuneration (excluding multi-annual variable remuneration) he received during the year preceding his departure. One-twelfth of the indemnity would be paid each month.
This agreement was concluded in order to protect the interests of your Company, its employees and its shareholders in the event of M. Jean-Laurent Bonnafé’s departure.
Paris-La Défense, March 20, 2025
The Statutory Auditors
French original signed by
DELOITTE & ASSOCIES
Damien Leurent
Jean-Vincent Coustel
ERNST & YOUNG et Autres
Olivier Drion
Deloitte & Associés
6, place de la Pyramide
92908 Paris-La Défense Cedex
Ernst & Young et Autres
Tour First - TSA 14 444
92037 Paris-La Défense Cedex
Deloitte & Associés and Ernst & Young et Autres are registered as Statutory Auditors with the Versailles and Centre Regional Association of Statutory Auditors and placed under the “Haute autorité de l’audit”.
Mr. Jean-Laurent BONNAFÉ, Chief Executive Officer of BNP Paribas.
I hereby declare that, to the best of my knowledge, the information contained in the Universal registration document is in accordance with the facts and contains no omission likely to affect its import.
I further declare that, to the best of my knowledge, the financial statements and consolidated financial statements are prepared in accordance with applicable accounting standards and give a true and fair view of the assets, liabilities, financial position, and profit or loss of the Company and all the entities included in the consolidation, and that the information provided in the management report (the contents of which are set out in the concordance table attached in chapter 9 of the annual financial report) includes a fair review of the development and performance of the business, profit or loss and financial position of the Company and all the entities included in the consolidation, and that it describes the principal risks and uncertainties that they face and it is prepared in accordance with applicable sustainability standards.
Paris, 20 March 2025
Chief Executive Officer
Jean-Laurent BONNAFÉ
In order to assist readers of the Universal registration document, the following table of concordance cross-references the main headings required by the Delegated Regulation (EU) 2019/980 (Annex I), supplementing European Regulation 2017/1129 known as “Prospectus 3” and refers to the pages of this Universal registration document on which information relating to each of the headings is mentioned.
Headings as listed by Annex I of Delegated Regulation (EU) No. 2019/980 | Page | |
|---|---|---|
1. | PERSONS RESPONSIBLE |
|
1.1. | Person responsible for the Universal registration document | 939 |
1.2. | Statement of the person responsible for the Universal registration document | 939 |
1.3. | Statement or report attributed to a person as an expert |
|
1.4. | Information from a third party |
|
1.5. | Approval from a competent authority | 1 |
2. | STATUTORY AUDITORS | 938 |
3. | RISK FACTORS | 340-354 |
4. | INFORMATION ABOUT THE ISSUER | 4-7 |
5. | BUSINESS OVERVIEW |
|
5.1. | Principal activities | 8‑19 ; 231‑235 ; 912‑930 |
5.2. | Principal markets | 8‑19 ; 231‑235 ; 912‑930 |
5.3. | History and development of the issuer | 6‑7 |
5.4. | Strategy and objectives | 168‑169 |
5.5. | Possible dependency | 910 |
5.6. | Basis for any statements made by the issuer regarding its competitive position | 8‑19 ; 142‑153 |
5.7. | Investments | 295‑297 ; 674 ; 911 |
6. | ORGANISATIONAL STRUCTURE |
|
6.1 | Brief description | 4 ; 689 |
6.2. | List of significant subsidiaries | 303‑320 ; 666‑672 ; 912‑928 |
7. | OPERATING AND FINANCIAL REVIEW |
|
7.1. | Financial condition | 170 ; 190‑195 ; 636‑637 |
7.2. | Operating results | 142‑153 ; 160‑161 ; 174‑185 ; 190 ; 232 ; 636 |
8. | CAPITAL RESOURCES |
|
8.1. | Issuer’s capital resources | 194‑195 ; 336‑337 ; 663 |
8.2. | Sources and amounts of cash flows | 193 |
8.3. | Borrowing requirements and funding structure | 170 ; 534‑551 |
8.4. | Information regarding any restrictions on the use of capital resources that have materially affected, or could materially affect, the issuer’s operations | N/A |
8.5. | Anticipated sources of funds | N/A |
9. | REGULATORY ENVIRONMENT | 333 ; 356 |
10. | TREND INFORMATION | 168‑169 ; 911 |
10.1. | Main recent trends | 168‑169 ; 911 |
10.2. | Trends likely to have a material impact on the issuer’s outlook | 168‑169 ; 911 |
11. | PROFIT FORECASTS OR ESTIMATES |
|
11.1. | Published earnings forecasts and estimates | N/A |
11.2. | Statement on the main forecast assumptions | N/A |
11.3. | Statement on the comparability of information | N/A |
12. | ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES, AND SENIOR MANAGEMENT |
|
12.1 | Administrative and management bodies | 33‑51 ; 79‑85 ; 95 ; 115 ; 122 |
12.2 | Administrative and management bodies’ conflicts of interest | 56‑58 ; 73‑74 ; 81‑82 |
13. | REMUNERATION AND BENEFITS |
|
13.1. | Amount of remuneration paid and benefits in kind granted | 87‑115 ; 281‑288 ; 299 |
13.2. | Total amounts set aside or accrued by the issuer or its subsidiaries to provide pension, retirement or similar benefits | 87‑115 ; 281‑288 ; 299 |
14. | BOARD PRACTICES |
|
14.1. | Date of expiry of the current terms of office | 35‑51 |
14.2. | Information about members of the administrative bodies’ service contracts with the issuer | N/A |
14.3. | Information about the Audit Committee and Remuneration Committee | 68‑69 ;75‑77 |
14.4. | Corporate governance regime in force in the issuer’s country of incorporation | 52‑69 |
14.5. | Potential material impacts on the Corporate governance | 49 ; 79‑85 |
15. | EMPLOYEES |
|
15.1. | Number of employees | 4 ; 661 ; 690 ; 737 ; 752‑756 |
15.2. | Shareholdings and stock options | 22‑29 ; 87‑115 ; 216‑217 |
15.3. | Description of any arrangements for involving the employees in the capital of the issuer |
|
16. | MAJOR SHAREHOLDERS |
|
16.1. | Shareholders owning more than 5% of the issuer’s capital or voting rights | 20‑21 |
16.2. | Existence of different voting rights | 20 |
16.3. | Control of the issuer | 20‑21 |
16.4. | Description of any arrangements, known to the issuer, the operation of which may at a subsequent date result in a change of control of the issuer | 21 |
17. | RELATED PARTY TRANSACTIONS | 86‑115 ; 229 ; 300‑302 ; 936‑937 |
18. | FINANCIAL INFORMATION CONCERNING THE ISSUER’S ASSETS AND LIABILITIES, FINANCIAL POSITION, AND PROFITS AND LOSSES |
|
18.1. | Historical financial information | 5 ; 24 ; 142‑322 ; 635‑674 |
18.2. | Interim and other financial information | N/A |
18.3. | Auditing of historical annual financial information | 323‑329 ; 675‑680 |
18.4. | Pro forma financial information | N/A |
18.5. | Dividend policy | 25 ; 27‑28 ; 144 ; 665 |
18.6. | Legal and arbitration proceedings | 294‑295 |
18.7. | Significant change in the issuer’s financial or trading position | 911 |
19. | ADDITIONAL INFORMATION |
|
19.1. | Share capital | 20 ; 289‑290 ; 659‑660; 931 ; 948 |
19.2. | Memorandum and Articles of association | 931‑936 |
20. | MATERIAL CONTRACTS | 910 |
21. | DOCUMENTS AVAILABLE | 910 |
Headings as listed by Annex I of European Commission Delegated Regulation (EU) No. 2019/980 |
|
Pursuant to Annex I of Delegated Regulation (EU) 2019/980, the following items are incorporated by reference:
In order to assist readers of the annual financial report, the following table cross-references the information required by article L.451-1-2 of the French Monetary and Financial Code.
Annual financial report | Page |
|---|---|
Statement by the person responsible for the Universal registration document | 939 |
The concordance table below makes it possible to identify in this Universal registration document the information that constitutes the management report of the Company (including the report on Corporate Governance) and the consolidated management report, as required by legal and regulatory provisions.
I. Company and Group Business and Situation(1) | |
Information (reference texts) | Page |
| 4-5; 142-161; 168-170; 190-322; 636-674 |
| 142-161; 168-170; 190-322; 636-674 |
| 142-161; 168-185 |
| 168-169 |
| 911 |
| N/A |
| 674 |
| 8-19; 142-161 |
| 912-930 |
| 303-320; 912-930 |
II. Risk factors and characteristics of internal control procedures | |
Information (reference texts) | Page |
| 340-359 |
| 528-532 |
| 398-551 |
III. Information on share capital | |
Information (reference texts) | Page |
| 20-21 |
| 303-320 |
| 20-21 |
| N/A |
| 116-120; 289; 652 |
| N/A |
| 115 |
IV. Other accounting, financial and legal information | |
Information (reference texts) | Page |
| 654 |
| 674 |
| 24; 27-28 |
| 904-905 |
| N/A |
| N/A |
| 393 |
V. Sustainability information and vigilance plan | |
Information (reference texts) | Page |
| 682-873 |
| N/A |
| 750 |
| 777 |
| N/A |
| 732-736; 800-873 |
| 878-898 |
VI. Report on Corporate Governance | |
Information (reference texts) | Page |
| 87-94 |
| 95-108 |
| N/A |
| N/A |
| 35-50 |
| 52 |
| 116-120 |
| 54-55 |
| 35-49; 53-54, 61-69 |
| 55-59; 79-85 |
| 60; 749-750; 757-758; 884 |
| 55 |
| 52 |
| 28-32 |
| 86 |
| 123-139 |
| 120 |
Annexes | Page |
| 673 |
| 874-877 |
| 121 |
FINANCIAL STATEMENTS | Page |
| 636-674 |
| 675-680 |
| 190-322 |
| 323-329 |
