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BNP Paribas Earnings Release 2019

Feb 14, 2020

1158_iss_2020-02-14_4f2cd2fc-da2b-4593-b0bb-de9ff5795a01.pdf

Earnings Release

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2019 FULL YEAR RESULTS

5 FEBRUARY 2020

Disclaimer

The figures included in this presentation are unaudited.

On 29 March 2019, BNP Paribas issued a restatement of its quarterly results for 2018 reflecting, in particular (i) the internal transfer in the 3rd quarter 2018 of Correspondent Banking activities within CIB from Corporate Banking business to Securities Services and (ii) the transfer, effective 1st October 2018, of First Hawaiian Bank (FHB) from the BancWest business to the Corporate Centre following the sale of 43.6% of FHB in 2018 (the remaining stake was sold on 25 January 2019). These changes do not affect Group results as a whole but only the analytical breakdown of IFS (BancWest), CIB (Corporate Banking, Securities Services), and Corporate Centre. The 2018 quarterly result series have been restated reflecting these effects as if they had occurred on 1st January 2018. This presentation is based on the restated 2018 quarterly series.

This presentation includes forward-looking statements based on current beliefs and expectations about future events. Forward-looking statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future events, operations, products and services, and statements regarding future performance and synergies. Forward-looking statements are not guarantees of future performance and are subject to inherent risks, uncertainties and assumptions about BNP Paribas and its subsidiaries and investments, developments of BNP Paribas and its subsidiaries, banking industry trends, future capital expenditures and acquisitions, changes in economic conditions globally or in BNP Paribas' principal local markets, the competitive market and regulatory factors. Those events are uncertain; their outcome may differ from current expectations which may in turn significantly affect expected results. Actual results may differ materially from those projected or implied in these forward looking statements. Any forward-looking statement contained in this presentation speaks as of the date of this presentation. BNP Paribas undertakes no obligation to publicly revise or update any forward-looking statements in light of new information or future events. It should be recalled in this regard that the Supervisory Review and Evaluation Process is carried out each year by the European Central Bank, which can modify each year its capital adequacy ratio requirements for BNP Paribas.

The information contained in this presentation as it relates to parties other than BNP Paribas or derived from external sources has not been independently verified and no representation or warranty expressed or implied is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of BNP Paribas or its representatives shall have any liability whatsoever in negligence or otherwise for any loss however arising from any use of this presentation or its contents or otherwise arising in connection with this presentation or any other information or material discussed.

The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding.

Photo credits (cover page): GettyImages- © Gary Burchell, GettyImages © 2018 Yiu Yu Hoi, © Leclercq Associés et Marc Mimram Architecture et Ingénierie, GettyImages- © Santiago Urquijo

1. Cost of risk/Customer loans at the beginning of the period (in bp); 2. Group share; 3. Subject to the approval of the Annual General Meeting on 19 May 2020

GROUP RESULTS

DIVISION RESULTS

2020 OBJECTIVES

4Q19 DETAILED RESULTS

APPENDIX

Main Exceptional Items - 2019

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1. Related in particular to the integration of Raiffeisen Bank Polska and the discontinuation or restructuring of certain businesses (in particular BNP Paribas Switzerland); 2. Related in particular to BNL bc, Asset Management and BancWest; 3. 5.2% residual stake in SBI Life; 4. Group share

Consolidated Group - 2019

Positive jaws effect – Strong rise in net income

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1. See slide 5; 2. Equity not revaluated

Revenues of the Operating Divisions - 2019 Revenue growth in all operating divisions

  • Domestic Markets: revenue growth in a persistent low rate environment impacting the revenues of the networks negatively and continued growth in the specialised businesses
  • IFS: increase in revenues in connection with the business drive of Personal Finance and the very good performances of Insurance and Europe-Mediterranean – favourable foreign exchange effect this year
  • CIB: strong rise in revenues with very good performances of Global Markets and Corporate Banking

1. Including 100% of Private Banking in France (excluding PEL/CEL effects), in Italy, Belgium and Luxembourg

Operating expenses of the Operating Divisions - 2019 Positive jaws effect – decrease in the cost income ratio in the 3 operating divisions

  • Domestic Markets: decrease of costs in the networks (-0.5%2) and increase in the specialised businesses as a result of the development of the activity; positive jaws effect (+0.5 pt)
  • IFS: support of the increase in business, contained increase in operating expenses; positive jaws effect (+3.2 pt3)
  • CIB: increase on the back of the growth of the activity, continued active implementation of cost saving programmes; positive jaws effect (+5.5 pt)

1. Including 100% of Private Banking in France, Italy, Belgium and Luxembourg (excluding PEL/CEL effects); 2. FRB, BNL bc and BRB; 3. At constant scope and exchange rates

Cost of risk - 2019 (1/2)

Cost of risk/Customer loans at the beginning of the period (in bp)

• Low cost of risk

Cost of risk - 2019 (2/2)

Cost of risk/Customer loans at the beginning of the period (in bp)

Very solid financial structure CET1 ratio increase of 40bps

Reminder CET 1 as at 01.01.19: 11.7%

CET1 ratio: 12.1% as at 31.12.19 (+40 bps vs. 01.01.19)

  • 2019 results excluding exceptional other non operating items, after taking into account a 50% dividend pay-out ratio (+60 bps)
  • Increase at constant change of risk-weighted assets net of the impact of securitisations (-40 bps)
  • Net impact of disposals and acquisition (SBI Life, deconsolidation of the residual stake in this subsidiary, Prime Brokerage) as well as the partial goodwill impairment of BancWest (+20 bps)
  • Overall limited impact of other effects, including change effect, on the ratio

Leverage ratio1: 4.6% as at 31.12.19

Immediately available liquidity reserve: €309bn 2

(€308bn as at 31.12.18): room to manoeuvre > 1 year in terms of wholesale funding

CET1 ratio

1. Calculated according to the delegated act of the EC dated 10.10.2014 on total Tier 1 Capital; 2. Liquid market assets or eligible to central banks (counterbalancing capacity) taking into account prudential standards, notably US standards, minus intra-day payment system needs

Growing Net Tangible Book Value per share: €69.7 €3.10 / share dividend

1. Subject to the approval of the Annual General Meeting on 19 May 2020, shares will go ex-dividend on 25 May 2020, payment on 27 May 2020; 2. Based on the closing price on 31 January 2020 €48.05

Reinforced Internal Control Set-up

Ever more solid compliance and control procedures

  • Continuous improvement of the ethics alert mechanism with internal communication about the optimisation of the mechanism and the processing rules to ethics alert officers
  • Advanced implementation of measures to strengthen the compliance and control systems in foreign exchange activities
  • Roll-out of the new Group homogeneous mechanism that tracks transactions and processes for money laundering and terrorism financing alerts finalised for the main entities
  • Evolution of centralised tools that filter transactions and screen customer databases, reinforcing the robustness of the compliance system
  • Market Integrity: a reinforced set-up on the back of the alignment with the Code of conduct of the Bank for International Settlements on foreign exchange markets
  • Continued the missions of the General Inspection dedicated to ensuring Financial Security: entities whose USD flows are centralised at BNP Paribas New York are audited at least once every 18 months. The 3rd round of audits of these entities, which started early 2018, was completed in July. The next one began back in September and is in the process of being carried out.

Continued operational implementation of a stronger compliance culture

  • Compulsory annual e-learning programmes on financial security for employees (Sanctions & Embargos, Combatting Money Laundering & Terrorism Financing) which now includes a module dedicated to combating corruption
  • Online training programme on professional Ethics made compulsory for all new employees

Remediation plan agreed as part of the June 2014 comprehensive settlement with the U.S. authorities mostly completed

An Ambitious Policy of Engagement in Society The ambition to be a leader in sustainable finance

  • At the end of 2019, BNP Paribas established a 'company purpose' text reaffirming its support of major transitions both with digital transformation and by setting the ambition to be a global leader in sustainable finance.
    • • #3 participant worldwide1 in the green bonds market at the end of 2019 with 9.8 billion euros in green bonds in 2019 as joint bookrunner for its clients

  • • #1 financer of renewable energy projects in Europe1 and #3 in Asia-Pacific1 at the end of September 2019
  • • €3.7bn Sustainability Linked Loans signed at the end of 2019, a financing tool indexed on ESG2 criteria
  • • €47bn in SRI3 funds assets managed by BNP Paribas Asset Management at the end of September 2019
  • • Listed in the 2019 Dow Jones Sustainability Indices, World and Europe
  • • World's Best Bank for corporate responsibility in 2019 by Euromoney
  • • 1st solicited rating from Vigeo Eiris: A1+; 4th company worldwide (score of 70/100)
  • •2nd for climate performance in the EcoAct ranking of CAC 40 companies
  • • 1st French bank in the 2019 RobecoSAM rating

1. Source: Dealogic; 2. Environmental, Social and Governance; 3. Socially Responsible Investment ; 4. Corporate Social Responsability

A recognised

strategy

4

CSR

An Ambitious Policy of Engagement in Society Achievements and objectives in sustainable finance (1/2)

  • • Founding member of the UN Principles for Responsible Banking:commitment to align the strategy with the SDGs1 and the Paris Agreement
  • • Target of €185bn to contribute to achieving the SDGs by the end of 2020
  • • SDG 5 (gender equality): €2bn in loans to support women in their entrepreneurial projects in France in 2019
  • • SDG 10 (reducing inequalities): €6bn to support associations and social and solidarity economy enterprises in 2020
  • • SDG 14 (life below water): commitment to support the preservation of the ocean which includes €1bn to finance the ecological transition of ships by 2025
  • • Stopped financing companies whose principal business activity is related to the unconventional oil & gas sector and stopped financing of new coal projects since 2017
  • • Decision to stop financing and reduce to nil the outstanding loans to companies related to thermal coal by 2030 in the EU and 2040 for the rest of the world
  • • Objective to support the development of renewable energies revised upward by €18bn in 2021
  • • €56m at the end of 2019 to support innovative start-ups in the energy transition, of which €20m in 2019 1. UN Sustainable Development Goals

Sustainable Development Goals as a compass

The UN

An Ambitious Policy of Engagement in Society Achievements and objectives in sustainable finance (2/2)

• Commitment made in March 2018 to make effective progress in gender equality in several business lines of the bank in the context of the United Nations HeForShe movement.

  • • Promotion of more inclusive economy and business models for society: founding member of many coalitions, such as the Collective of companies for a more inclusive economy and Business For Inclusive Growth
  • • Signature of a global partnership deal with Nobel Peace Prize Pr. Yunus (Grameen Creative Lab) to promote the creation of 'social businesses' and products with a positive impact

DIVISION RESULTS GROUP RESULTS

2020 OBJECTIVES

4Q19 DETAILED RESULTS

APPENDIX

functionalities (D-Rating 2019 and 2018)

Good business drive, revenues up, positive jaws effect

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1. Excluding Italy; 2. Share of active clients who connect at least once a month to the mobile app (on average in 4Q19), scope: individual customers, corporates and private banking of DM network or digital banks (including Germany, Austria and Nickel); 3. Clients who connect at least once a month to the mobile app (on average in 4Q19 ) and clients of the digital bank - same scope as previous note.; 4. Including 100% of Private Banking, excluding PEL/CEL; 5. FRB, BRB and BNL bc; 6. Including 2/3 of Private Banking, excluding PEL/CEL

•

•

•

in

•

•

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•

Broad

Success of digital offerings – Leadership position in neobanks in Europe

Acceleration of mobile usages across all the Domestic Markets networks

5.1m customers active on mobile apps1 (+31% vs. 31.12.18) 97m monthly connections on mobile apps 2 (+23.4% vs. 31.12.18)

Hello bank!

Success of the offering (easy and competitive related to payment, credit and savings) being strengthened in France, Belgium and Italy on the targeted youth segment

Belgium: 506,000 customers as at 31.12.19, with 1 out of 3 youths under the age of 28 as a customer of HB!

France: 520,000 customers as at 31.12.19, of which 120,000 new customers in 2019. Launch of new offers for millennials (freemium model)

Italy: Repositioning on customers under the age of 30 in addition to Smart, the new direct offering of BNL3

Germany: > 1,500,000 customers as at 31.12.19

Nickel

3rd largest retail distribution network in France with 5,550 points of sale (+28% vs. 31.12.18), leader in the neobank market in France and in the top 5 in Europe. Launch announced in Spain for the Spring 2020.

1. Customers who connect at least once a month to the mobile app (on average in 4Q19), scope: individual customers, corporates and private banking of DM network or digital banks (including Germany, Austria and Nickel); 2. Same scope, average observed in 4Q19; 3. Transfer of old HB! customers to the BNL Smart offering

Corporates and Private Banking: an integrated model with strong, profitable and growth-driven franchises

#1 in France and in Belgium, #5 in Italy2

Assets under management increasing by 8.1% compared to 2018, with the levels of net asset inflows representing 2.8% of assets under management at the end of 2018

A positive cooperation drive with the corporate business line, with net asset inflows > €2.9bn (as at 31 December 2019)

1. Source: Greenwich Share Leaders; 2. France: source ranking based on the amounts of assets under management as published by the main players in the market (public information), Belgium: De Tijd, Italy: Italian Association of Private Banks

Banking

A digital transformation that reinforces the model

Roll-out of expanded customer knowledge tools in all countries

Better use of data in order to enhance customer service

Ensure a multi-channel personalised conversation (on the basis of shared digital assets) in order to enhance customer satisfaction

Personalisation of the customer interactions with a dynamic CRM

Enhance the effectiveness of marketing campaigns by leveraging knowledge of the digital behaviour of customers in real-time

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of processes: > 700,000 transactions a month processed by robots networks in 4Q19

Offers integrated in the ecosystems of partners:

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    • yearIndividuals: 66,800 users as at 31.12.19, of which 79% new clients for BNL within 9 months after launch

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DM - French Retail Banking - 2019 Sustained business drive and positive jaws effect

Good sales and marketing drive

  • • Loans: +5.4% vs. 2018, good growth across all customer segments; rise in particular in loans to corporates
  • • Deposits: +9.8% vs. 2018
  • • Private banking: rise in assets under management (+9.3%1 vs. 31.12.18) with strong growth from responsible savings (€4.0bn in outstandings, +48% vs. 31.12.18 ) related to the launch of the financial advice tool, myImpact2

Very good development of the corporate franchise

  • • Rise in the number of onboardings (+27% vs. 2018), presence alongside the most innovative companies (65% of French Tech 1203)
  • • Strong rise in cash management4 fees (+6.5% vs. 2018)
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Assets under management (private banking1)

Pre-tax income6: €1,261m (-0.2% vs. 2018)

1. Excluding the internal transfer of a subsidiary; 2. Financial advisory solution for responsible investments in France; 3. List of the 123 French start-ups with strong potential selected by French Tech initiative; 4. Including payment instruments; 5. Including 100% of Private Banking excluding PEL/CEL effects; 6. Including 2/3 of Private Banking, excluding PEL/CEL effects

DM - BNL banca commerciale - 2019

Strong rise in income due to decreasing in the cost of risk

Business growth in a lacklustre context

  • • Loans: -1.9% vs. 2018, -0.1% excluding the impact of the sale of non-performing loans1, continued market share gains in the corporate segment
  • • Deposits: +4.8% vs. 2018
  • • Continued rise in off balance sheet savings, in particular in life insurance (+9.9% vs. 2018)

Launch of new digital services

Slight decrease in net interest income:

positioning on clients with a better risk

-0.1% vs. 2018, impact of the low

interest rate environment and the

• Launch of Apple Pay in mobile apps in Italy, thereby finalising the roll-out of the agreement signed with Apple within the scope of Domestic Markets

•

Market share on the corporate segment (loans)

Source: Italian Banking Association2

Off balance sheet savings

1. Securitization of non-performing portfolios for €1.0bn in 2Q19 and €1.0bn in 4Q18 ; 2. 4Q19 based on information available at the end of November; 3. Including 100% of Italian Private Banking; 4. Including 2/3 of Italian Private Banking

measures (Quota 100 early

departure plan)

(+0.1% vs. 2018)

Fees: -1.1% vs. 2018

Revenues3: €2,778m

(-0.5% vs. 2018)

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DM - Belgian Retail Banking - 2019

Good business drive, impact of low interest rates, continued cost adaptation

Growth in business activity

  • • Loans: +4.4% vs. 2018, good growth in loans to individual and corporate customers
  • • Deposits: +5.1% vs. 2018
  • • Off balance sheet savings (+8.2% vs. 2018), strong rise in mutual funds outstandings (+12.8%) and growth in life insurance outstandings

Continued evolution of the operational model

• Agreement of the Belgian four main banks to set up an integrated network of ATMs that provides better coverage around the country in order to be ever closer to customers

Revenues1: €3,524m (-2.0% vs. 2018)

  • • Net interest income: -3.1% vs. 2018, impact of low interest rates partially offset by a rise in loan volumes
  • • Fees: +1.4% vs. 2018

Operating expenses1: €2,480m (-1.6% vs. 2018)

  • • Effect of cost reduction measures
  • •Continuing branch network optimisation (-88 branches vs. 31.12.18)

Pre-tax income2: €929m (-5.1% vs. 2018)

1. Including 100% of Belgian Private Banking; 2. Including 2/3 of Belgian Private Banking

DM - Other Activities - 2019

Very good business drive, positive jaws effect and strong rise in income

Very good business drive of the specialised businesses

  • • Arval: strong growth of the financed fleet vs. 2018 for all segments (+8.9%1 vs. 2018). Leading position confirmed on its perimeter of 27 countries and doubling of the number of white label partnerships with automobile makers in Europe
  • • Leasing Solutions: rise in outstandings of +6.9%1 vs. 2018 combined with an enhanced customer experience (75% of applications decided automatically)
  • • Personal Investors (PI): rise in assets under management of +21.8% vs. 31.12.18
  • • Nickel: very sharp rise (+366,000 accounts in 2019), 1.5 million accounts opened

Luxembourg Retail Banking (LRB):

• Growth in mortgage and corporate loans

Revenues2: €3,184m (+6.6% vs. 2018)

  • • Good business development across all the businesses
  • •Significant rise in Nickel revenues

Operating expenses2: €1,859m (+4.5% vs. 2018)

  • • As a result of business development
  • • Positive jaws effect (+2.1 pts)

Pre-tax income3: €1,165m (+9.5% vs. 2018)

1. At constant scope and exchange rates; 2. Including 100% of Private Banking in Luxembourg; 3. Including 2/3 of Private Banking in Luxembourg

International Financial Services - 2019 Strong business growth and positive jaws effect

Sustained business activity

  • • Outstanding loans: +8.1% vs. 2018 (+5.1% at constant scope and exchange rates), good growth at Personal Finance and Europe-Mediterranean
  • • Net asset inflows: +€20.2bn, with in particular strong net asset inflows at Wealth Management and good asset inflows in Insurance in particular in unit-linked policies
  • • Rise in asset under management at €1,123bn, +9.3% vs. 31.12.18
  • • Signed new partnership agreements at Personal Finance and Insurance

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Pre-taxincome: €5,226m (+4.5% vs. 2018)

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International Financial Services - 2019 Franchises strengthened to pursue growth

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Insurance: 500 partnerships

  • • Strategic alliance with ScotiaBank to distribute insurance products to its 9 million clients in 4 Latin America countries
  • • Strategic alliance with Sainsbury's Bank and Argos and launch of a new pet insurance offering

1. Ranking based on the amounts of assets under management as published by the main players in the market (public information)

partnerships

International Financial Services - 2019 Digitalisation of customer service

3.9 million digital clients in the international retail networks1 5.8 million electronic signatures at Personal

A client service optimised by the digitalisation in all the businesses

Adoption of digital solutions continuously on the rise

• Personal Finance: > 240 million self care transactions in 2019, 85% of total transactions

Finance

  • • Europe-Mediterranean: launch at Cepteteb of an app dedicated to SME clients to manage their accounts, self care operations and transactions
  • • Cardif: success of the digitalised creditor protection insurance journey in France: 90% of immediate responses for personal insurance (Cardif Libertés Emprunteur), 80% of immediate responses for collective insurance
  • •Wealth Management: 48% of digital active clients2

1. Europe-Mediterranean and BancWest; 2. Wealth Management clients with at least one connection per month

International Financial Services - 2019

Open innovation and new technologies

Co-creation with start-ups: in client journeys, solutions offerings and in the processes

• at , number 1 global start-up accelerator

400 start-ups presented in 3 years - 47 projects accelerated with 36 start-ups – an industrialisation rate of 35% among the best fintech ecosystems

• : European set up for project acceleration based on agile development of innovating solutions for our clients and skill improvement of our employees. It has doubled its capacity since its creation in 2017

Continued development of robotics and acceleration of the number of Artificial Intelligence projects

  • • About 150 projects using artificial intelligence already operational or in development
    • Natural language processing: automatic production of more than 100 funds comments in Asset Management
    • Marketing direct: roll-out of a cognitive targeting solution at Personal Finance
    • Data Science: use of the Domino solution by BNP Paribas Cardif to facilitate the end-to-end roll-out of projects
  • • >760,000 transactions a month processed by robots in the IFS businesses
  • • Remote contact with clients: video solutions, chat and co-browsing available via Gomobile at BNP Paribas Bank Polska, holoportation1 with BNP Paribas Real Estate Services

1. Interactive meeting in a virtual space via a hologram without physically being there

Technology in service of transformed business models

IFS - Personal Finance - 2019

Good business drive and positive jaws effect

Continued sales and marketing drive

  • • Loan outstandings: +9.2% vs. 2018, rise in volumes with good control of margins at production
  • • Business drive in Europe and within partnerships
  • • Success of the securitisation transactions in Europe (4 transactions for a total amount of €3.8bn1)

Development of partnerships and cooperation

  • • Successful start-up of the partnership with Opel in new countries (Poland, Netherlands, Spain)
  • • Entered into a pan-European agreement (Netherlands, Belgium, Luxembourg, Poland) with Ford Europe for a 5-year period
  • • Partnership with Arval in the United Kingdom for a car inventory financing solution for car dealers
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2019

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IFS – Europe-Mediterranean - 2019 Positive jaws effect and strong rise in income

Growth in business activity

  • • Loans: +1.4%1 vs. 2018, good growth in Poland and Morocco
  • • Deposits: +1.2%1 vs. 2018, optimisation in Poland (decrease in most expensive deposits), up in all other countries
  • • Business drive sustained by the universal bank model and the strengthening of the franchises

Progress in the integration of Raiffeisen Bank Polska

  • • Ongoing delivery of cost synergies: €39m achieved in 2019. Closure of 188 branches
  • • Successful finalisation of the operational integration

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IFS - BancWest - 2019

Decrease in costs in a context of falling rates

Business drive

  • • Loans: +1.2%1 vs. 2018, growth in individual and corporate loans
  • • Deposits: +3.9%1 vs. 2018, good growth in customer deposits2 (+5.4%)

Development of cooperation with the rest of the Group

  • • Strong increase of Private Banking: good net asset inflows, \$15.7bn of assets under management as at 31.12.19 (+14.3% vs. 31.12.18)
  • • Increase in the cooperation with CIB: 57 deals made jointly in 2019 (+8% vs. 31.12.18)

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IFS - Insurance and WAM1 - Asset Flows and AuM - 2019 Good level of net asset inflows and favourable market evolution

Evolution of assets under management2Assets under management: €1,123bn as at 31.12.2019

  • • +9.3% vs. 31.12.18
  • • Very favourable performance effect: +€79.7bn on the back of the rebound of financial markets
  • • Others: deconsolidation of SBI Life as at 30.06.19 (-€3.6bn)

Net asset inflows: +€20.2bn as at 31.12.2019

  • • Wealth Management: good net asset inflows, in particular in Asia, Germany and Belgium
  • • Asset Management: slight asset outflows related to the money market funds; good net asset inflows in Real Estate Investment Management in Germany and France
  • • Insurance: good asset inflows in particular in unit-linked policies, good growth in Asia

1. WAM: Wealth & Asset Management, i.e. Asset Management, Wealth Management and Real Estate Services; 2. Including distributed assets; 3. Assets under management of Real Estate Investment Management: €30bn

IFS – Insurance - 2019

Good business growth – sharp rise in income

Continued business development

  • • Continued diversification in savings inflow with a growing share in unit-linked policies in particular in France and in Asia
  • • Good growth in protection insurance in Europe and in Latin America
  • • Continued development of property and casualty insurance offering in the FRB network via Cardif IARD

New digital offerings and new partnerships

  • • In France, personal creditor protection insurance with a new fully digitalised journey (90% of immediate responses)
  • • In Latin America, strategic alliance with Scotiabank in 4 countries, and in Mexico with Famsa, a leading retailer
  • • In United Kingdom, strategic alliances with Sainsbury's Bank and Argos to develop pet insurance

•

• As a result of

Positive

(+6.7% vs. 2018)

jaws effect

Pre-tax income: €1,716m (+16.0% vs. 2018)

  • •+19.2% at constant scope and exchange rates
  • • Scope effect related to the deconsolidation of SBI Life

business

Revenues: €3,068m

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Operating expenses: €1,500m

development

IFS - Wealth and Asset Management1 - 2019 Overall growth, impact of the favourable market effect

Wealth Management

  • • A recognised global expertise
  • • Good developments in Asia, United States and Germany

Asset Management

  • • Amplification of the organisation adaptation: overhaul of sales and product life cycle management operating processes
  • • Successful roll-out of the Aladdin management system: migration of managed portfolios and gradual decommissioning of 50 applications
  • • Continuous transformation and development of new solutions (ESG, quantitative solutions, multi assets, private debt and real assets, etc.)

Real Estate Services

  • • Very good level of activity in advisory and in property development in particular in Germany and in France
  • • Launch of the first marketplace dedicated to coliving2 in Europe
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A recognised global expertise

Best Private Bank in the World (Global Finance) Best Global European Private Bank and Best Philanthropy Offering (Private Banker International)

Corbeille d'or over one year3, Corbeille Long terme over 5 years3, best range of diversified funds over 1 year

1. Wealth Management, Asset Management and Real Estate Services; 2. Coliving: a flexible type of housing halfway between conventional flat-sharing and a hotel:3. Banking network category

Corporate & Institutional Banking - 2019

Success of the action plan announced at the beginning of 2019

Growth sustained by the development of client franchises within the integrated model

  • • Positions strengthened on targeted corporate and institutional client bases
  • • Increase in business leveraging market share gains
  • • 3rd largest player in EMEA1

Rapid progress in the transformation of CIB

  • • Discontinuation or optimisation of businesses
  • • Continued industrialisation (€298m in recurring cost savings in 2019) and digitalisation
  • • Good containment of risk-weighted assets: growth (+5.4% vs. 2018) below that of the business

CIB rankings in EMEA1

2016

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1. Source: Coalition Proprietary Analytics, Index as at 30.09.19; EMEA: Europe, Middle East, Africa; 2. Excluding the effect of the creation of the Capital Markets platform (transfer of €136m of revenues from Global Markets to Corporate Banking in 2019); 3. Excluding the positive impact of the revaluation of an equity stake in 4Q18 and of a specific transaction in 2Q19

2018 2019

CIB: Global Markets - 2019

Very sustained growth of the business and strong revenue growth

Strong drive leveraging market share gains

  • • Market share gains in particular in FICC across all segments1
  • • Bond issues: #1 in EMEA, #1 for all bonds in Euros, #8 for international issues2
  • • Currency Derivatives House of the Year (Risk Awards 2019)

Development of leading positions on electronic platforms

• Multi-dealer platforms: top 3 on credit derivatives in Euro and emerging market bonds in local currencies, top 5 in swaps and bonds in Euro

9M19

Revenues: €5,571m (+17.9% vs. 2018)

  • • +20.7% excluding the effect of the creation of the Capital Markets
  • • platform with Corporate Banking
  • • FICC: +36.0%3 sharp rise in primary markets and credit, sharp rebound in forex and emerging markets and very good performance in rates
  • • Equity & prime services: stable vs. 2018, gradual recovery in 2019 from a low point at the end of 2018, good performance on equity derivatives in particular on structured products

2018

1. Source: Proprietary Analytics Coalition, based on the BNP Paribas product scope and at a historical exchange rate; 2. Source Dealogic December 2019 bookrunner in volume; 3. Excluding the effect of the introduction of the Capital Markets platform (transfer of €136m of revenues from FICC Global Markets to Corporate Banking in 2018)

CIB: Corporate Banking - 2019

Business growth across all targeted client bases

Success of development initiatives

  • • #1 European player in terms of investment banking transactions in EMEA1 with a very good start in early 2019 of the Capital Markets platform, in partnership with Global Markets
  • • > 50 new corporate clients in Europe, in particular in targeted countries (Germany, United Kingdom, Netherlands and Scandinavia)
  • • Continued business development in the Americas and Asia-Pacific in particular on cross-border deals

Strong business drive

  • • Strong growth in fees (+7.2% vs. 2018) and rise in loan outstandings (€146bn, +7.5% vs. 2018)2
  • • #1 in Europe confirmed on large corporates for corporate banking, cash management and trade finance3
  • • #1 for syndicated loans in the EMEA4 region

Revenues: €4,312m (+9.9% vs. 2018)

  • • +6.5% excluding the effect of the creation of the Capital Markets platform with Global Markets5
  • • Strong development driven by the ramping up of the Capital Markets platform in Europe (revenues: +12.8% vs. 2018)
  • • Development of transaction businesses globally (+11.5% vs. 2018)

Investment Banking EMEA

Corporate Banking in Europe

1. Europe, Middle East & Africa, source: Dealogic December 2019; 2. Average annual outstandings at constant scope and exchange rates; 3. Source: Greenwich Share Leader survey in Large Corporate Banking, Cash Management and Trade Finance; 4. Source Dealogic December 2019, bookrunner in volume; 5. Transfer of €136m of revenues from FICC Global Markets to Corporate Banking in 2019

CIB: Securities Services - 2019

Continued good business development

Excellent business drive

  • • Implementation of the partnership with Janus Henderson in the United States
  • • Major mandates renewed: Axa Group in 7 European countries
  • • Development of partnerships with platforms to expand the service offering: Allfunds1 (fund distribution), AssetMetrix (private equity) or FFYN (exchange of information)

Rise in assets under custody and under administration (+12.3% vs. 31.12.2018)

  • • Positive effect of the integration of Janus Henderson's assets since the end of March 2019
  • • Gradual rebound of the equity markets after a sharp fall in 4Q18
  • • Strong growth in the administration of private capital funds3 (+23% vs. 31.12.2018)

Revenues: €2,198m (+0.9% vs. 2018)

  • • +3.0% excluding non-recurring items4
  • • Related to the rise in assets (+8.2% on average vs. 2018) and that of transactions (+2.3% on average)
  • • Strong growth in the Asia-Pacific region (+18% vs. 2018)

Assets under custody and under administration

Recognised global expertise

  • • Bank of the Year for securities services (The Banker)
  • • Custodian of the Year in Asia (AsiaRisk) and award-winning for Stock Connect programmes (The Asset)

1. Subject to the approval of the regulatory authorities and the necessary authorisations; 2. Average annual growth rate; 3. Private equity, loans and infrastructures; 4. Excluding the revaluation of an equity interest 4Q18 and a specific transaction in 2Q19

Corporate & Institutional Banking - 2019

Digitalisation and transformation of the operating model

operating efficiency and

customer service

  • • Roll-out at CIB of the Welcome platform (KYC) developed and used by Domestic Markets

Ramping up of service platforms

• 35% of CIB teams located in mutualised platforms (Portugal, Canada, India, etc.)

Corporate & Institutional Banking - 2019

Strenghtening of client franchises (1/2)

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SuccessofcountrydevelopmentplansinEurope

1. Source: Greenwich Share Leaders; 2. Subject to the approval of the regulatory authorities and the necessary authorisations; 3. Source: 9M19 Coalition Proprietary Analytics; 4. Source: 2018 Coalition

world's leader in fund

1 2 3 4 5 6 7 8 9 10 11

22.5%

strategic

distribution

stake in

equity

services2

Allfunds,

Corporate & Institutional Banking - 2019 Strenghtening of client franchises (2/2)

Cooperation and proximity with clients enhanced by the integrated model

  • • Continuation of joint initiatives on transaction banking (cash management and trade finance centres of expertise, One Bank initiative, etc.)
  • • CIB solutions expanded proposal to major Domestic Markets and IFS clients (debt market, advisory, hedging, etc.)
  • • Development and manufacturing of investment products and their distribution to investor clients

A global and joint approach strengthening all the businesses of the Group

  • • Closer strategic relationship with major clients
  • • Revenues of Domestic Markets and IFS associated with clients covered by CIB: over €2.8bn in annual revenues generated
  • • CIB revenues associated with clients covered by Domestic Markets and IFS: over €500m in annual revenues generated

GROUP RESULTS

DIVISION RESULTS

2020 OBJECTIVES

4Q19 DETAILED RESULTS

APPENDIX

Economic context

Growth in an interest rate environment lower than anticipated

Adjustment of monetary policies in the summer of 2019 with interest rates lower than anticipated

Source: --- Bloomberg consensus, January 2019; Bloomberg consensus, January 2020 1. Source: IMF projections, October 2019

Impact of low interest rates concentrated on interest bearing products of the network banks of the Eurozone

Diversified model, business drive and cooperation between the businesses continuing to generate growth in this environment

Strong business drive

Full contribution of the diversified and integrated model

Intensification of the growth of the businesses by leveraging our best in class offerings, our platforms and our distribution partnerships and networks

Selective development of retail banking outside the Eurozone and intensification of the contribution of cooperation with the Group within the integrated model IFS

Strengthening of the leading position in Europe on corporates with the intensification of the country development plans and the success of Capital Markets and continue reinforcement on institutionals with the integration of Deutsche Bank's Prime Brokerage platforms

Capitalising on the global presence with targeted initiatives in Asia-Pacific (China, etc.) and in the Americas (Brazil, Mexico, etc.) and continuation of the development of cooperation with the Group

D M

IFS

CIB

2020 Operating divisions

Growth in a diversified revenue model

Year of pressure on the net interest income of the network banks of the Eurozone

Business growth in all the operating divisions: continued business drive and strengthening of the franchises in the integrated model

Full contribution of the transformation plan: operating efficiency gains, optimised operating models, new business development opportunities

* Pre-tax return on notional equity

Transformation plan

A concrete transformation generating cost savings in 2020

Reminder: €0.3bn reduction in 2019 (10% of the initial objective)

  • No transformation costs in 2020
  • on costs

Digitalisation of customer journeys and increase of digital usages

Industrial use of new technologies (robotisation, artificial intelligence, CRM, etc.)

Insourcing of solutions & external offerings and partnerships with fintechs

Introduction of specialised and shared platforms and optimisation of the €0.7bn positive impact business organisation

Cumulated recurring cost savings

Reminder: Initial target of €2.7bn announced in 2017

  • Cost savings: €1.8bn since the launch of the plan
  • Cost savings expected in 2020: €1.5bn

2020 Exceptional items

Transformation contribution enabling the adjustment of the property portfolio

Ramping up of remote work and flex offices (47% of the office space in the Paris metropolitan area)

Buildings sales generating €500m in one-off capital gains in 2020

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Impact

items

Exceptional

Capital

Regular and solid capital generation

1.1st time application of IFRS 9 (-10bps, fully loaded) and deduction of the Irrevocable Payment Commitments (IPC) from the prudential capital (-10bps) ; 2. Impact as at 01.01.19 of the first time application of the new accounting standard IFRS 16 (leasing) (-10bps)

Capital

Well-positioned to face the finalisation of Basel 3

2020 Objectives

Business growth in all the operating divisions: strong business drive and contribution of the diversified and integrated model

Towards a more efficient and more digital operating model serving customers and employees

Continued reinforcement of the franchises in the integrated model. Ongoing development of CIB businesses and strengthening of its European leadership

Decrease in absolute value of operating expenses, positive jaws effect with the full benefit of the transformation plan

Reinforced leadership in sustainable finance and ambitious policy of engagement in society

ROTE target of 10% in 2020

Objective of 50% dividend pay-out ratio in cash1

1. Subject to the shareholder approval at the Annual Meeting

BNP Paribas confirms the strength of its model and its long-term capacity to create value in changing economic, technological, environmental, regulatory & societal environments.

GROUP RESULTS

DIVISION RESULTS

2020 OBJECTIVES

4Q19 DETAILED RESULTS

APPENDIX

Main Exceptional Items – 4Q19

1. Related in particular to the integration of Raiffeisen Bank Polska and the discontinuation or restructuring of certain businesses (in particular BNP Paribas Switzerland); 2. Related in particular to BNL bc, Asset Management and BancWest; 3. Group Share

Consolidated Group – 4Q19

Strong growth in income – Very positive jaws effect

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is
k
s		 -2
5
4		 -3
2
2		 -2
1.
0
%		 -2
4
5		 3.
6
%
+		 -1,
0
2
1		 -1,
0
4
6		 -2.
4
%
Op
t
ing
Inc
era
om
e		 1,
1
4
7		 9
7
8		 1
7.
3
%
+		 1,
0
4
0		 1
0.
4
%
+		 4,
0
5
2		 3,
9
3
0		 3.
1
%
+
S
har
f
Ea
ing
f
Eq
i
ty-
Me
t
ho
d
En
t
i
t
ies
e o
rn
s o
u		 4 0 n.s 1 n.s 1 -3 n.s
O
t
her
No
Op
t
ing
I
tem
n
era
s		 4 -2 n.s 2 n.s 1 0 n.s
Pre
-Ta
Inc
x
om
e		 1,
1
5
6		 9
7
5		 1
8.
5
%
+		 1,
0
4
3		 1
0.
8
%
+		 4,
0
5
4		 3,
9
2
7		 3.
2
%
+
Inc
A
t
tr
i
bu
ta
b
le
to
We
l
t
h a
d
As
t
Ma
t
om
e
a
n
se
nag
em
en		 -6
2		 -5
9		 5.
9
%
+		 -6
7		 -7.
8
%		 -2
5
6		 -2
6
4		 -3.
0
%
Pre
-Ta
Inc
f
Do
t
ic
Ma
ke
ts
x
om
e o
me
s
r		 1,
0
9
3		 9
1
7		 1
9.
3
%
+		 9
7
5		 1
2.
1
%
+		 3,
7
9
8		 3,
6
6
3		 3.
7
%
+
Co
/
t
Inc
s
om
e		 6
5.
3
%		 6
6.
7
%		 -1.
4
t
p		 6
7.
0
%		 -1.
7
t
p		 6
7.
9
%		 6
8.
3
%		 -0.
4
t
p
(
)
A
l
loc
d
Eq
i
€
bn
te
ty
a
u		 2
5.
7		 2
5.
2		 2.
4
%
+		 n.s 2
5.
7		 2
5.
2		 %
2.
4
+

Including 100% of Private Banking in France (excluding PEL/CEL effects), Italy, Belgium and Luxembourg for the Revenues to Pre-tax income items

Revenues: +3.4% vs. 4Q18

  • • Business growth partially offset by the effect of low interest rates
  • • Continued growth in the specialised businesses

Operating expenses: +1.2% vs. 4Q18

  • • Stable in the networks with a positive jaws effect
  • • Rise in the specialised businesses related to the development of the activity
  • • Positive jaws effect (+2.2 pts)

Pre-tax income: +19.3% vs. 4Q18

• Decrease in the cost of risk, in particular at BNL bc

A simplified and streamlined commercial set-up

1. FRB, BNL bc and BRB, including 100% of Private Banking

DM - French Retail Banking – 4Q19 (EXCLUDING PEL/CEL EFFECTS )

4
Q
19		 4
Q
18		 4
Q
19
/		 3
Q
19		 4
Q
19
/		 20
19		 20
18		 20
19
/
€m 0 0 Q
4
18		 0 Q
3
19		 0 0 20
18
Re
ve
nu
es		 9
1,
5
6		 3
1,
5
5		 %
1.
0
+		 8
1,
5
6		 %
0.
1
+		 3
2
8
6,		 3
6,
1
1		 3
%
0.
+
l.
Inc
Ne
t
In
tere
t
Inc
s
om
e		 8
8
9		 8
8
7		 %
0.
2
+		 9
0
1		 %
-1.
3		 3,
5
9
1		 3,
5
4
8		 %
1.
2
+
Inc
l.
Co
iss
ion
mm
s		 6
7
9		 6
6
6		 2.
1
%
+		 6
6
7		 1.
9
%
+		 2,
7
3
7		 2,
7
6
3		 -1.
0
%
Op
t
ing
Ex
d
De
era
p
ens
es
an
p.		 -1,
1
5
2		 -1,
1
4
9		 0.
3
%
+		 -1,
1
6
3		 -0.
9
%		 -4,
6
0
2		 -4,
6
0
9		 -0.
2
%
Gro
Op
ing
Inc
t
ss
era
om
e		 4
1
7		 4
0
4		 3.
1
%
+		 4
0
5		 2.
8
%
+		 1,
7
2
6		 1,
7
0
1		 1.
5
%
+
Co
f
R
is
k
t o
s		 -9
8		 -8
5		 1
5.
7
%
+		 -7
5		 3
0.
6
%
+		 -3
2
9		 -2
8
8		 1
4.
1
%
+
Op
ing
Inc
t
era
om
e		 3
1
8		 3
1
9		 %
-0.
3		 3
3
0		 %
-3.
5		 1,
3
9
7		 1,
4
1
3		 %
-1.
1
Op
ing
No
t
I
tem
n
era
s		 6 -3 n.s 0 n.s 7 -1 n.s
Pre
-Ta
Inc
x
om
e		 3
2
4		 3
1
7		 2.
5
%
+		 3
3
0		 -1.
7
%		 1,
4
0
4		 1,
4
1
2		 -0.
5
%
Inc
A
t
tr
i
bu
ta
b
le
to
We
l
t
h a
d
As
t
Ma
t
om
e
a
n
se
nag
em
en		 -3
2		 -3
2		 0.
5
%
+		 -4
0		 -1
8.
0
%		 -1
4
3		 -1
4
8		 -3.
4
%
Pre
-Ta
Inc
x
om
e		 2
9
2		 2
8
4		 2.
7
%
+		 2
9
0		 0.
6
%
+		 1,
2
6
1		 1,
2
6
3		 -0.
2
%
Co
/
Inc
t
s
om
e		 %
7
3.
4		 %
7
4.
0		 -0.
6
t
p		 %
7
4.
2		 -0.
8
t
p		 %
7
2.
7		 %
7
3.
0		 -0.
3
t
p
(
)
A
l
loc
d
Eq
i
€
bn
te
ty
a
u		 1
0.
1		 9.
6		 %
5.
8
+

Including 100% of French Private Banking for the revenues to Pre-tax income line items (excluding PEL/CEL effects)1

Revenues: +1.0% vs. 4Q18

  • • Net interest income: +0.2% vs. 4Q18, effect of increased volumes largely offset by the low rate environment
  • • Fees: +2.1% vs. 4Q18, rise in financial fees and growth of fees on payment instruments offset by the decrease in charges on fragile customers

Operating expenses: +0.3% vs. 4Q18

  • • Impact of cost saving measures, network optimisation and simplification
  • • Positive jaws effect (+0.7 pt)

1. PEL/CEL effect: +€12m in 2019 (+€20m in 2018) and -€9m in 4Q19 (+€15m in 4Q18)

DM - French Retail Banking – 4Q19 Volumes

(
)
Av
uts
tan
d
ing
€b
era
g
e o
s
n		 Ou
d
ing
ts
ta
n
s
4
Q
1
9		 %
Va
/
4
Q
1
8
r		 %
Va
/
3
Q
1
9
r		 Ou
d
ing
ts
ta
n
s
2
0
1
9		 %
Va
/
2
0
1
8
r
L
O
A
N
S		 1
8
7
7.		 6.
1
%
+		 1.
3
%
+		 1
3.
8
7		 5.
4
%
+
Cu
In
d
iv
i
du
l
tom
a
s
ers		 9
7.
0		 +5
5
%		 1.
2
%
+		 9
5.
0		 4.
6
%
+
Inc
l.
Mo
tg
r
ag
es		 8
5.
8		 +5
9
%		 1.
2
%
+		 8
4.
0		 +5
0
%
Inc
l.
Co
Le
d
ing
ns
um
er
n		 1
1.
2		 2.
4
%
+		 0.
9
%
+		 1
1.
0		 1.
8
%
+
Co
tes
rp
ora		 8
0.
9		 6.
9
%
+		 1.
5
%
+		 7
8.
8		 6.
4
%
+
D
E
P
O
S
I
T
S
A
N
D
S
A
V
I
N
G
S		 1
8
9.
1		 1
0.
3
%
+		 0.
3
%
+		 1
8
5.
2		 9.
8
%
+
Cu
Ac
t
ts
rre
n
co
un		 1
2
0.
9		 1
4.
2
%
+		 1.
%
5
+		 1
1
6.
6		 1
3.
1
%
+
Sa
ing
Ac
ts
v
s
co
un		 6
1.
7		 4.
0
%
+		 -0
3
%		 6
1.
5		 3.
3
%
+
Ma
ke
Ra
De
i
t
te
ts
r
p
os		 6.
4		 4.
3
%
+		 -1
3.
9
%		 7.
1		 1
7.
8
%
+
/
%
Va
r		 /
%
Va
r
€b
n		 3
1.
1
2.
1
9		 3
1.
1
2.
1
8		 3
0.
0
9.
1
9
C
S
S
S
O
F
F
B
A
L
A
N
E
H
E
E
T
A
V
I
N
G
L
i
fe
Ins
ura
nc
e		 9
6.
1		 %
+7
7		 1.
0
%
+
Mu
tua
l
Fu
ds
n		 3
4.
0		 -6
8
%		 1
0.
9
%
+

Loans: +6.1% vs. 4Q18, good growth across all customer segments, increase in particular in corporate loans

Deposits: +10.3% vs. 4Q18

Off balance sheet savings: growth in life insurance outstandings; decrease in mutual fund outstandings vs. 31.12.18 concentrated on short-term mutual funds

DM – BNL banca commerciale – 4Q19

4
Q
19		 4
Q
18		 /
4
Q
19		 3
Q
19		 /
4
Q
19		 20
19		 20
18		 /
20
19
€m 4
Q
18		 3
Q
19		 20
18
Re
ve
nu
es		 7
5
5		 2
2
7		 %
4.
6
+		 3
6
6		 3.
9
%
1
+		 2,
8
7
7		 2,
9
2
7		 %
-0.
5
Op
t
ing
Ex
d
De
era
p
ens
es
an
p.		 -4
5
0		 -4
4
0		 2.
2
%
+		 -4
4
6		 0.
9
%
+		 -1,
8
0
0		 -1,
7
9
7		 0.
1
%
+
Gro
Op
ing
Inc
t
ss
era
om
e		 3
0
5		 2
8
2		 8.
3
%
+		 2
1
7		 4
0.
7
%
+		 9
7
8		 9
9
5		 -1.
7
%
Co
f
R
is
k
t o
s		 -1
0
9		 -1
6
4		 %
-3
3.
5		 -1
0
9		 %
0.
3
+		 -4
9
0		 -5
9
2		 %
-1
7.
3
Op
t
ing
Inc
era
om
e		 1
9
6		 1
1
7		 6
6.
7
%
+		 1
0
8		 8
1.
4
%
+		 4
8
8		 4
0
2		 2
1.
3
%
+
No
Op
ing
I
t
tem
n
era
s		 -4 -2 n.s 0 n.s -5 -3 4
5.
0
%
+
Pre
-Ta
Inc
x
om
e		 1
9
1		 1
1
6		 %
6
5.
5
+		 1
0
8		 %
7
7.
3
+		 4
8
3		 3
9
9		 %
2
1.
1
+
Inc
A
i
bu
b
le
We
l
h a
d
As
Ma
t
tr
ta
to
t
t
t
om
e
a
n
se
nag
em
en		 -1
0		 -1
1		 -5.
1
%		 -1
0		 4.
5
%
+		 -4
1		 -4
3		 -5.
3
%
Pre
-Ta
Inc
f
B
N
L
bc
x
om
e o		 1
8
1		 1
0
5		 7
2.
6
%
+		 9
8		 8
4.
4
%
+		 4
4
3		 3
5
6		 2
4.
3
%
+
/
Co
t
Inc
s
om
e		 5
9.
6
%		 6
1.
0
%		 -1.
4
t
p		 6
7.
3
%		 -7.
7
t
p		 6
4.
8
%		 6
4.
4
%		 0.
4
t
p
+
(
)
A
l
loc
d
Eq
i
€
bn
te
ty
a
u		 5.
3		 5.
5		 -2.
4
%

Including 100% of the Italian Private Banking for the Revenues to Pre-tax income line items

Revenues: +4.6% vs. 4Q18

  • • Net interest income: +8.1% vs. 4Q18, impact of a positive non-recurring item partially offset by the impact of the low interest rate environment and the positioning on clients with a better risk profile
  • • Fees: -0.7% vs. 4Q18

Operating expenses: +2.2% vs. 4Q18

  • • Contained increase thanks to cost reduction measures effect; impact in particular of higher contributions to the deposit guarantee scheme in Italy
  • • Positive jaws effect
  • Cost of risk: -33.5% vs. 4Q18 - Continued decrease in the cost of risk
  • Pre-tax income: €181m (+72.6% vs. 4Q18) - strong rise in income

DM – BNL banca commerciale – 4Q19 Volumes

Av
d
ing
(
€b
)
uts
tan
era
g
e o
s
n		 Ou
d
ing
ts
ta
n
s
4
Q
1
9		 Va
/
Q
%
4
1
8
r		 Va
/
Q
%
3
1
9
r		 Ou
d
ing
ts
ta
n
s
2
0
1
9		 Va
/
%
2
0
1
8
r
S
L
O
A
N		 7
6.
1		 -3
8
%		 -1
3
%		 7
7.
3		 -1
9
%
In
d
iv
i
du
l
Cu
tom
a
s
ers		 3
8.
7		 -3
%
7		 -0
8
%		 3
9.
2		 -2
%
5
Inc
l.
Mo
tg
r
ag
es		 2
4.
6		 -1
4
%		 -0
0
%		 2
4.
7		 -1
1
%
Co
Inc
l.
Le
d
ing
ns
um
er
n		 4.
6		 3.
5
%
+		 0.
3
%
+		 4.
6		 4.
0
%
+
Co
tes
rp
ora		 3
7.
4		 -3
9
%		 -1
9
%		 3
8.
0		 -1
2
%
S
S
S
S
D
E
P
O
I
T
A
N
D
A
V
I
N
G		 4
7.
3		 8.
0
%
+		 1.
7
%
+		 4
5.
7		 4.
8
%
+
In
d
iv
i
du
l
De
i
ts
a
p
os		 3
1.
6		 +7
1
%		 2.
1
%
+		 3
0.
7		 6.
0
%
+
Inc
l.
Cu
Ac
t
ts
rre
n
co
un		 3
1.
4		 +7
3
%		 2.
1
%
+		 3
0.
5		 6.
2
%
+
Co
De
i
te
ts
rp
ora
p
os		 1
5.
7		 9.
8
%
+		 0.
8
%
+		 1
5.
0		 2.
3
%
+
%
Va
/
r		 %
Va
/
r
€b
n		 3
1.
1
2.
1
9		 3
1.
1
2.
1
8		 3
0.
0
9.
1
9
O
F
F
B
A
L
A
N
C
E
S
H
E
E
T
S
A
V
I
N
G
S
fe
L
i
Ins
ura
nc
e		 2
3.
0		 9.
9
%
+		 0.
9
%
+

Loans: -3.8% vs. 4Q18, - 2.0% excluding the impact of the sale of non-performing loans1, continued market share gains in the corporate segment

+5.2% +1.3%

15.4

  • Deposits: +8.0% vs. 4Q18, growth in particular in individual current accounts
  • Off balance sheet savings: +8.0% vs. 31.12.18, stong rise in life insurance outstandings, growth in mutual funds in particular due to the rise in the markets

1. Securitization of non-performing portfolios for €1.0bn in 2Q19 and €1.0bn in 4Q18 ;

Mutual Funds

DM - Belgian Retail Banking – 4Q19

4
Q
19		 4
Q
18		 4
Q
19
/		 3
Q
19		 4
Q
19
/		 20
19		 20
18		 20
19
/
€m 4
Q
18		 3
Q
19		 20
18
Re
ve
nu
es		 8
7
8		 8
5
7		 %
2.
5
+		 8
5
3		 %
2.
9
+		 3,
5
2
4		 3,
5
9
5		 %
-2.
0
Op
t
ing
Ex
d
De
era
p
ens
es
an
p.		 -5
6
0		 -5
7
1		 -1.
9
%		 -5
4
1		 3.
5
%
+		 -2,
4
8
0		 -2,
5
2
1		 -1.
6
%
Gro
Op
ing
Inc
t
ss
era
om
e		 3
1
8		 2
8
6		 1
1.
1
%
+		 3
1
2		 1.
8
%
+		 1,
0
4
4		 1,
0
4
7		 -2.
8
%
Co
f
is
k
t o
R
s		 -5 -4
3		 %
-8
9.
5		 -2
0		 %
-7
7.
6		 -5
5		 -4
3		 %
2
9.
0
+
Op
ing
Inc
t
era
om
e		 3
1
3		 2
4
3		 2
8.
9
%
+		 2
9
2		 7.
3
%
+		 9
8
9		 1,
0
3
1		 -4.
1
%
No
Op
ing
I
t
tem
n
era
s		 8 0
1		 -2
%
4.
7		 6 3
3.
8
%
+		 0
1		 8
1		 3.
9
%
-4
Pre
-Ta
Inc
x
om
e		 3
2
1		 2
5
3		 %
2
6.
7
+		 2
9
8		 %
7.
8
+		 9
9
9		 1,
0
4
9		 %
-4.
8
Inc
A
i
bu
b
le
We
l
h a
d
As
Ma
t
tr
ta
to
t
t
t
om
e
a
n
se
nag
em
en		 -1
9		 -1
5		 2
3.
9
%
+		 -1
7		 9.
2
%
+		 -7
0		 -7
0		 -0.
1
%
Pre
-Ta
Inc
f
B
D
D
B
x
om
e o		 3
0
2		 2
3
8		 2
6.
9
%
+		 2
8
1		 7.
7
%
+		 9
2
9		 9
8
0		 -5.
1
%
/
Co
Inc
t
s
om
e		 3.
8
%
6		 %
6
6.
6		 -2.
8
t
p		 3.
%
6
4		 0.
4
t
p
+		 0.
%
7
4		 0.
%
7
1		 0.
3
t
p
+
(
)
A
l
loc
d
Eq
i
€
bn
te
ty
a
u		 8
5.		 5.
7		 0.
3
%
+

Including 100% of Belgian Private Banking for the Revenues to Pre-tax income line items

Revenues: +2.5% vs. 4Q18

  • • Net interest income: -0.3% vs. 4Q18 due to the effect of low interest rates
  • • Fees: +11% vs. 4Q18, increase in particular due to the growth in off balance sheet savings and fees generated by private banking

Operating expenses: -1.9% vs. 4Q18

  • • Effect of cost saving measures
  • • Positive jaws effect (+4.3 pts) in 4Q19

Significant decrease in the cost of risk vs. 4Q18

• Provision write-backs on specific files in 4Q19

DM - Belgian Retail Banking – 4Q19 Volumes

Av
d
ing
(
€b
)
uts
tan
era
g
e o
s
n		 Ou
d
ing
ts
ta
n
s
4
Q
1
9		 /
Q
%
Va
4
1
8
r		 /
Q
%
Va
3
1
9
r		 Ou
d
ing
ts
ta
n
s
2
0
1
9		 /
%
Va
2
0
1
8
r
S
L
O
A
N		 1
1
2.
5		 4.
3
%
+		 0.
7
%
+		 1
1
0.
8		 4.
4
%
+
In
d
iv
i
du
l
Cu
tom
a
s
ers		 1.
7
5		 4.
1
%
+		 1.
4
%
+		 0.
3
7		 3.
%
5
+
Inc
l.
Mo
tg
r
ag
es		 5
2.
2		 4.
7
%
+		 1.
7
%
+		 5
1.
1		 4.
1
%
+
Co
Inc
l.
Le
d
ing
ns
um
er
n		 0.
3		 +5
7.
1
%		 -7
7
%		 0.
3		 1
9.
9
%
+
Inc
l.
Sm
l
l
Bu
ine
a
s
ss
es		 1
9.
1		 2.
0
%
+		 0.
6
%
+		 1
8.
9		 1.
9
%
+
Co
d
Lo
l
Go
tes
ts
rp
ora
an
ca
ve
rnm
en		 4
0.
9		 4.
%
7
+		 -0
4
%		 4
0.
5		 9
%
+5
D
E
P
O
S
I
T
S
A
N
D
S
A
V
I
N
G
S		 1
3
3.
1		 5.
3
%
+		 0.
4
%
+		 1
3
1.
1		 5.
1
%
+
Cu
Ac
t
ts
rre
n
co
un		 5
6.
5		 8.
1
%
+		 1.
6
%
+		 5
4.
8		 6.
7
%
+
Sa
ing
Ac
ts
s
co
un
v		 7
3.
8		 3.
1
%
+		 -0
5
%		 7
3.
4		 3.
9
%
+
Te
De
i
ts
rm
p
os		 2.
9		 +7
6
%		 0.
9
%
+		 2.
9		 4.
6
%
+
Va
/
%
r		 Va
/
%
r
€b
n		 3
1.
1
2.
1
9		 3
1.
1
2.
1
8		 3
0.
0
9.
1
9
O
F
F
B
A
L
A
N
C
E
S
H
E
E
T
S
A
V
I
N
G
S
L
i
fe
Ins
ura
nc
e		 2
4.
6		 2.
7
%
+		 0.
2
%
+

33.2 +12.8% +3.9%

Loans: +4.3% vs. 4Q18

Mutual Funds

• Significant rise in mortgage loans and corporate loans

Deposits: +5.3% vs. 4Q18

• Strong growth in individual current accounts, rise in savings accounts

Off balance sheet savings: +8.2% vs. 31.12.18

• Strong growth in mutual fund outstandings

DM - Other Activities - 4Q19

4
Q
19		 4
Q
18		 4
Q
19
/		 3
Q
19		 4
Q
19
/		 20
19		 20
18		 20
19
/
€m 0 0 4
Q
18		 0 3
Q
19		 0 0 20
18
Re
ve
nu
es		 8
3
4		 7
7
1		 8.
2
%
+		 8
0
7		 3.
3
%
+		 3,
1
8
4		 2,
9
8
6		 6.
6
%
+
Op
ing
Ex
d
De
t
era
p
ens
es
an
p.		 -4
7
3		 -4
4
3		 6.
6
%
+		 -4
5
7		 3.
4
%
+		 -1,
8
5
9		 -1,
7
7
9		 4.
5
%
+
Gro
Op
ing
Inc
t
ss
era
om
e		 3
6
2		 3
2
8		 1
0.
4
%
+		 3
5
1		 3.
2
%
+		 1,
3
2
5		 1,
2
0
7		 9.
8
%
+
Co
f
R
is
k
t o
s		 -4
2		 -2
9		 4
3.
7
%
+		 -4
1		 2.
4
%
+		 -1
4
6		 -1
2
3		 1
9.
1
%
+
Op
ing
Inc
t
era
om
e		 3
2
0		 2
9
9		 7.
1
%
+		 3
1
0		 3.
3
%
+		 1,
1
7
8		 1,
0
8
4		 8.
7
%
+
S
har
f
Ea
ing
f
Eq
i
Me
ho
d
En
i
ies
ty-
t
t
t
e o
rn
s o
u		 -2 -4 -5
6.
0
%		 -4 -5
9.
5
%		 -1
2		 -1
2		 6.
2
%
+
O
t
her
No
Op
t
ing
I
tem
n
era
s		 0 -5 n.s 1 -6
8.
3
%		 2 -5 n.s
Pre
-Ta
Inc
x
om
e		 3
1
8		 2
9
0		 9.
9
%
+		 3
0
7		 3.
8
%
+		 1,
1
6
8		 1,
0
6
7		 9.
5
%
+
Inc
A
t
tr
i
bu
ta
b
le
to
We
l
t
h a
d
As
t
Ma
t
om
e
a
n
se
nag
em
en		 -1 -1 3
2.
3
%
+		 -1 -1
8.
4
%		 -3 -3 -1
7.
6
%
Pre
-Ta
Inc
f o
t
her
D
M
x
om
e o
s		 3
1
8		 2
8
9		 9.
9
%
+		 3
0
6		 3.
9
%
+		 1,
1
6
5		 1,
0
6
4		 9.
5
%
+
/
Co
Inc
t
s
om
e		 5
6.
6
%		 5
7.
5
%		 -0.
9
t
p		 5
6.
6
%		 0.
0
t
p
+		 5
8.
4
%		 5
9.
6
%		 -1.
2
t
p
(
)
A
l
loc
d
Eq
i
€
bn
te
ty
a
u		 4.
5		 4.
4		 3.
4
%
+		 0.
0		 n.s 4.
5		 4.
4		 3.
4
%
+

Including 100% of Private Banking in Luxembourg for the Revenues to Pre-tax income line items

Revenues: +8.2% vs. 4Q18

  • • Revenue growth in each of the businesses, and in particular for Arval and Leasing Solutions
  • • Strong revenue growth of Nickel

Operating expenses: +6.6% vs. 4Q18

  • • As a result of business development
  • • Positive jaws effect (+1.6 pts)

Pre-tax income: +9.9% vs. 4Q18

DM - BDEL - Personal Investors – 4Q19

Luxembourg Retail Banking (LRB)

Ave
din
(
€bn
)
uts
tan
rag
e o
gs		 Q
4
19		 Va
/
Q
%
4
18
r		 Va
/
Q
%
3
19
r		 20
19		 Va
/
%
20
18
r
L
O
A
N
S		 1
0.
9		 9.
6
%
+		 2.
3
%
+		 1
0.
6		 8.
6
%
+
Cu
Ind
ivid
l
sto
ua
me
rs		 7.5 +7
.6
%		 +2
.0
%		 7.3 +7
.0
%
Co
Go
tes
d
Loc
l
ent
rp
ora
an
a
ver
nm
s		 3.
4		 +14
.2%		 +3
.0
%		 3.
3		 +12
.5
%
S
S
S
S
D
E
P
O
I
T
A
N
D
A
V
I
N
G		 2
4.
6		 1
2.
5
%
+		 5.
8
%
+		 2
3.
5		 1
1.
5
%
+
Cu
nt
Acc
nts
rre
ou		 13.
2		 +16
.1%		 +13
.1%		 12.
3		 +15
.4%
Sa
vin
Acc
nts
g
s
ou		 9.
9		 +7
.7%		 -0.7
%		 9.7 +5
.3
%
Te
De
its
rm
p
os		 1.5 +12
.7%		 -6.5
%		 1.5 +22
.7%
€bn 3
1.1
2.1
9		 Va
/
%
r
3
1.1
2.1
8		 Va
/
%
r
3
0.
0
9.
19
O
F
F
B
A
L
A
N
C
E
S
H
E
E
T
S
A
V
I
N
G
S
Li
fe
Ins
ura
nce		 1.1 +6
.8
%		 +1
.1%
Mu
l Fu
nds
tua		 1.8 +14
.9
%		 +4
.8
%

Loans vs. 4Q18: good growth in mortgage and corporate loans

Deposits vs. 4Q18: significant rise in sight deposits and savings account particularly in the corporate client segment

Personal Investors

Ave
d
ing
(
€bn
)
uts
tan
rag
e o
s		 4
Q
1
9		 %
Va
/
4
Q
1
8
r		 %
Va
/
3
Q
1
9
r		 2
0
1
9		 %
Va
/
2
0
1
8
r		 D
i
4
Q
1
8
l
i
h
i
i
t
t
e
p
o
s
s
v
s.
:
s
g
n
c
r
e
a
s
e
n
S
L
O
A
N
D
E
P
O
S
I
T
S		 0.
5
2
3.
1		 -7.
0
%
1.
3
%
+		 -9.
9
%
-0.
5
%		 0.
5
2
2.
9		 -8.
3
%
-0.
3
%		 d
i
t
e
p
o
s
s
€bn 3
1.
1
2.
1
9		 %
Va
/
r
3
1.
1
2.
1
8		 %
Va
/
r
3
0.
0
9.
1
9		 A
d
3
1.
1
2.
1
8
t
t
s
s
e
s
n
e
r
m
a
n
a
g
e
m
e
n
s.
u
v
:
f
f
f
h
i
i
h
k
d
t
t
t
t
e
e
c
o
e
r
s
e
n
e
m
a
r
e
s
a
n
v
e
r
y
d
i
f
l
t
g
o
o
a
s
s
e
n
o
s
w
A
S
S
E
T
S
U
N
D
E
R
M
A
N
A
G
E
M
E
N
T
Eu
Cu
Or
de
tom
(
i
l
l
ion
)
rop
ea
n
s
er
rs
m
s		 1
1
1.
2
4.
9		 2
1.
8
%
+
-2.
4
%		 6.
2
%
+
-3.
8
%

DM - Arval - Leasing Solutions – Nickel – 4Q19

Arval

Av
d
ing
(
€b
)
uts
tan
era
g
e o
s
n		 4
Q
1
9		 1/
Q
%
Va
4
1
8
r		 1
/
Q
%
Va
3
1
9
r		 2
0
1
9		 1
/
%
Va
2
0
1
8
r
Co
l
i
da
d
Ou
d
ing
te
ts
ta
ns
o
n
s		 2
0.
8		 1
2.
9
%
+		 3.
7
%
+		 1
9.
7		 1
1.
6
%
+
F
ina
d v
h
ic
les
(
'0
f v
h
ic
les
)
0
0 o
nc
e
e
e		 1,
2
9
8		 9.
1
%
+		 2.
7
%
+		 1,
2
5
5		 8.
9
%
+
  • • Consolidated outstandings: +12.9%1 vs. 4Q18, good growth in all regions
  • • Financed fleet: +9.1%1 vs. 4Q18, very good sales and marketing drive

Leasing Solutions

Av
d
ing
(
€b
)
uts
tan
era
g
e o
s
n		 4
Q
1
9		 %
Va
*/
4
Q
1
8
r		 %
Va
*/
3
Q
1
9
r		 2
0
1
9		 %
Va
*/
2
0
1
8
r
Co
l
i
da
d
Ou
d
ing
te
ts
ta
ns
o
n
s		 2
1.
4		 4.
7
%
+		 0.
7
%
+		 2
1.
1		 6.
9
%
+

• Consolidated outstandings: +4.7%1 vs. 4Q18, good business and marketing drive

Nickel

  • • 1,500,000 accounts opened as at 31 December 2019 (+33% vs. 31 December 2018)
  • • Reminder: acquisition finalised on 12 July 2017

1. At constant scope and exchange rates

International Financial Services - 4Q19

4
Q
19		 4
Q
18		 4
Q
19
/		 3
Q
19		 4
Q
19
/		 20
19		 20
18		 20
19
/
€m 4
Q
18		 3
Q
19		 20
18
Re
ve
nu
es		 4,
3
9
1		 3,
9
9
9		 %
9.
8
+		 4,
2
4
8		 %
3.
4
+		 1
7,
1
8
3		 1
6,
0
7
6		 %
6.
9
+
Op
t
ing
Ex
d
De
era
p
ens
es
an
p.		 -2,
7
1
5		 -2,
6
2
6		 3.
4
%
+		 -2,
5
4
5		 6.
7
%
+		 -1
0,
5
0
7		 -1
0,
0
5
4		 4.
5
%
+
Gro
Op
ing
Inc
t
ss
era
om
e		 1,
6
7
5		 3
3
1,
7		 2
2.
0
%
+		 0
1,
7
4		 %
-1.
7		 6,
6
7
6		 0
2
2
6,		 0.
9
%
1
+
Co
f
is
k
t o
R
s		 -5
7
4		 -4
0
1		 %
4
3.
1
+		 -5
1
8		 %
1
0.
8
+		 -1,
9
1
1		 -1,
5
6
6		 %
2
2.
0
+
Op
ing
Inc
t
era
om
e		 1,
1
0
1		 9
7
2		 1
3.
3
%
+		 1,
1
8
6		 -7.
1
%		 4,
7
6
5		 4,
4
5
6		 6.
9
%
+
S
har
f
Ea
ing
f
Eq
i
Me
ho
d
En
i
ies
ty-
t
t
t
e o
rn
s o
u		 0
1
7		 3
1
1		 8.
%
-1
4		 8
1
1		 -9.
%
5		 8
8
4		 8
9
4		 -0.
2
%
O
her
Op
ing
t
No
t
I
tem
n
era
s		 -8 -2 n.s 1 n.s -2
7		 5
8		 n.s
Pre
-Ta
Inc
om
e
x		 1,
2
0
1		 1,
1
0
1		 9.
1
%
+		 1,
3
0
5		 -8.
0
%		 5,
2
2
6		 5,
0
0
3		 4.
5
%
+
Co
/
Inc
t
s
om
e		 6
1.
8
%		 6
5.
7
%		 -3.
9
t
p		 5
9.
9
%		 1.
9
t
p
+		 6
1.
1
%		 6
2.
5
%		 -1.
4
t
p
(
)
l
loc
d
i
bn
A
te
Eq
ty
€
a
u		 2
9.
2		 2
7.
3		 6.
8
%
+		 n.s 2
9.
2		 2
7.
3		 6.
8
%
+

Foreign exchange effect: appreciation of the dollar offset by the depreciation of the Turkish Lira

  • • USD/EUR1: +3.1% vs. 4Q18, +0.4% vs. 3Q19, +5.5% vs. 2018
  • • TRY/EUR1: -2.1% vs. 4Q18, -1.8% vs. 3Q19, -10.5% vs. 2018
  • At constant scope and exchange rates vs. 4Q18
    • • Revenues: +8.3%, growth driven in particular by the very good performance of Insurance, Real Estate Services, Personal Finance and retail networks of Europe-Mediterranean
    • • Operating expenses: +1.6%, increase contained by cost saving measures and efficiency gains, largely positive jaws effect (+6.7 pts)
    • • Pre-tax income: +9.7%

1. Average rates

IFS - Personal Finance - 4Q19

4
Q
19		 4
Q
18		 /
4
Q
19		 3
Q
19		 /
4
Q
19		 20
19		 20
18		 /
20
19
€m 0 0 Q
4
18		 0 Q
3
19		 0 0 20
18
Re
ve
nu
es		 1,
4
8
5		 1,
4
1
1		 5.
3
%
+		 1,
4
4
4		 2.
8
%
+		 5,
7
9
6		 5,
5
3
3		 4.
8
%
+
Op
ing
Ex
d
De
t
era
p
ens
es
an
p.		 -7
2
1		 -7
2
8		 -1.
0
%		 -6
6
4		 8.
7
%
+		 -2,
8
5
7		 -2,
7
6
4		 3.
3
%
+
Gro
Op
ing
t
Inc
ss
era
om
e		 7
6
4		 6
8
2		 %
1
2.
0
+		 7
8
1		 %
-2.
1		 2,
9
3
9		 2,
7
6
8		 %
6.
2
+
Co
t o
f
R
is
k
s		 -3
7
0		 -2
9
9		 2
3.
7
%
+		 -3
6
6		 1.
3
%
+		 -1,
3
5
4		 -1,
1
8
6		 1
4.
2
%
+
Op
ing
Inc
t
era
om
e		 3
9
4		 3
8
3		 2.
8
%
+		 4
1
5		 -5.
1
%		 1,
5
8
5		 1,
5
8
3		 0.
1
%
+
S
har
f
ing
f
i
ho
d
i
ies
Ea
Eq
ty-
Me
t
En
t
t
e o
rn
s o
u		 -9 1
7		 n.s 1
9		 n.s 4
1		 6
2		 %
-3
4.
3
O
t
her
No
Op
t
ing
I
tem
n
era
s		 -1
1		 -1 n.s 0 n.s -2
3		 2 n.s
Pre
-Ta
Inc
x
om
e		 3
7
4		 0
0
4		 %
-6.
4		 3
4
4		 3.
9
%
-1		 0
2
1,
6		 1,
6
4
6		 -2.
%
7
Co
/
Inc
t
s
om
e		 8.
%
4
6		 %
5
1.
6		 -3.
0
t
p		 9
%
4
5.		 2.
7
t
p
+		 9.
3
%
4		 0.
0
%
5		 -0.
7
t
p
(
)
A
l
loc
te
d
Eq
i
ty
€
bn
a
u		 9
7.		 3
7.		 %
8.
8
+		 n.s 9
7.		 3
7.		 8.
8
%
+

Revenues: +5.3% vs. 4Q18

  • • In connection with the rise in volumes and the positioning on products with a better risk profile
  • • Growth sustained in particular by the very good drive in Italy, Spain and Germany

Operating expenses: -1.0% vs. 4Q18

  • • Largely positive jaws effect (+6.3 points)
  • • Impact of cost saving measures

Operating income: +2.8% vs. 4Q18

IFS - Personal Finance – 4Q19 Volumes and Risks

Ou
and
ing
tst
s		 %V
ar/
4Q
18		 %V
ar/
3Q
19
at		 Ou
and
ing
tst
s		 %V
ar/
201
8
Av
d
ing
(
€
bn
)
uts
tan
era
g
e o
s		 4Q
19		 his
tor
ica
l		 at c
tan
t
ons
and
sco
pe
han
exc
g
e
rat
es		 his
tor
ica
l		 sta
nt
con
sco
pe
and
han
exc
g
e
rat
es		 201
9		 his
tor
ica
l		 at c
tan
t
ons
and
sco
pe
han
exc
g
e
rat
es
T
O
T
A
L
C
O
N
S
O
L
I
D
A
T
E
D
O
U
T
S
T
A
N
D
I
N
G
S
S
S
(
)
T
O
T
A
L
O
U
T
T
A
N
D
I
N
G
U
N
D
E
R
M
A
N
A
G
E
M
E
N
T
1		 9
4.
1
1
0
8.
8		 6.
4
%
+
7.
3
%
+		 7.
0
%
+
8.
3
%
+		 2.
0
%
+
2.
4
%
+		 1.
8
%
+
2.
1
%
+		 9
2.
4
1
0
6.
9		 9.
2
%
+
1
0.
4
%
+		 9.
2
%
+
1
0.
3
%
+

(1) Including 100% of outstandings of subsidiaries not fully owned as well as of all partnerships

Cost of risk / outstandings

An
l
ise
d c
f r
is
k
/o
d
ing
t o
ts
tan
nu
a
os
s
u
f p
be
inn
ing
io
d
t
as
a
g
o
er		 Q
4
1
8		 Q
1
1
9		 Q
2
1
9		 Q
3
1
9		 Q
4
1
9
Fr
an
ce		 0.
8
4
%		 0.
9
2
%		 0.
2
%
5		 1.
0
8
%		 0.
4
1
%
I
ly
ta		 1.
6
%
7		 1.
3
%
7		 1.
4
8
%		 1.
%
7
5		 2.
2
1
%
Sp
in
a		 1.
1
9
%		 1.
8
1
%		 2.
0
9
%		 1.
7
8
%		 1.
9
5
%
O
he
W
Eu
t
te
r
es
rn
rop
e		 1.
2
7
%		 1.
1
3
%		 1.
0
3
%		 1.
1
5
%		 1.
3
9
%
Ea
Eu
te
s
rn
rop
e		 1.
9
6
%		 1.
5
2
%		 1.
5
0
%		 2.
1
5
%		 2.
2
7
%
Br
i
l
az		 2.
5
3
%		 5.
1
8
%		 3.
4
4
%		 6.
9
8
%		 5.
0
5
%
O
he
t
rs		 2.
3
3
%		 2.
1
4
%		 1.
9
4
%		 1.
6
3
%		 2.
2
2
%
Pe
l
F
in
rso
na
an
ce		 1.
3
6
%		 1.
4
5
%		 1.
2
3
%		 1.
5
4
%		 1.
5
6
%

IFS - Europe-Mediterranean - 4Q19

4
Q
19		 4
Q
18		 4
Q
19
/		 3
Q
19		 4
Q
19
/		 20
19		 20
18		 20
19
/
€m 0 0 4
Q
18		 0 3
Q
19		 0 0 20
18
Re
ve
nu
es		 7
0
2		 6
0
0		 %
1
6.
9
+		 6
5
7		 8
%
6.
+		 2,
6
9
9		 8
2,
3
5		 %
1
4.
5
+
Op
ing
Ex
d
De
t
era
p
ens
es
an
p.		 9
-4
5		 -4
0
5		 3.
3
%
1
+		 3
9
-4		 %
4.
6
+		 9
9
-1,
7		 -1,
6
0
5		 2.
%
1
1
+
Gro
Op
ing
Inc
t
ss
era
om
e		 2
3
4		 9
1
5		 2
%
4.
5
+		 2
8
1		 2
%
1
1.
+		 9
0
0		 3
7
5		 9.
%
1
6
+
Co
f
R
is
k
t o
s		 3
-1
1		 8
-7		 %
4
5.
7
+		 2
-1
1		 %
1.
7
+		 -3
9
9		 -3
0
8		 2
9.
%
6
+
Op
ing
Inc
t
era
om
e		 2
9
1		 1
1
7		 0.
%
1
4
+		 0
1
7		 2
%
1.
1
+		 0
2
5		 4
4
5		 2.
%
1
6
+
No
Op
ing
I
t
tem
n
era
s		 9
6		 9
5		 9
%
1
6.
+		 4
4		 9
%
5
7.
+		 2
3
1		 2
4
1		 %
-4.
1
Pre
-Ta
Inc
om
e
x		 1
9
8		 1
7
6		 1
2.
6
%
+		 1
5
0		 3
1.
8
%
+		 7
3
3		 6
8
6		 6.
7
%
+
Inc
A
t
tr
i
bu
ta
b
le
to
We
l
t
h a
d
As
t
Ma
t
om
e
a
n
se
nag
em
en		 -1 0 n.s -1 7
3.
2
%
+		 -4 -3 6
0.
7
%
+
Pre
-Ta
Inc
x
om
e		 1
9
7		 1
7
6		 %
1
1.
9
+		 1
5
0		 %
3
1.
5
+		 7
2
8		 6
8
4		 %
6.
5
+
Co
/
Inc
t
s
om
e		 %
6
5.
4		 %
6
7.
5		 -2.
1
t
p		 8
%
6
6.		 -1.
4
t
p		 %
6
6.
6		 8.
%
6
1		 -1.
5
t
p
(
)
A
l
loc
te
d
Eq
i
ty
€
bn
a
u		 3
5.		 8
4.		 %
1
1.
5
+		 n.s 3
5.		 8
4.		 %
1
1.
5
+

Foreign exchange effect due to the depreciation of the Turkish lira

• TRY/EUR1: -2.1% vs. 4Q18, -1.8% vs. 3Q19, -10.5% vs. 2018

At constant scope and exchange rates vs. 4Q18

  • • Revenues2: +10.3%, good growth in all regions in particular in Turkey and in Poland
  • • Operating expenses2: +5.2%, rise in costs related to business development contained thanks to cost saving measures (largely positive jaws effect)
  • • Cost of risk2: +40.2%, mainly driven by a higher cost of risk in 'other countries' - stable cost of risk/outstandings vs 4Q18 at 110 bp.
  • • Pre-tax income3: +10.9%

1. Average rates; 2. Including 100% of Turkish Private Banking; 3. Including 2/3 of Turkish Private Banking

IFS - Europe-Mediterranean - 4Q19 Volumes and Risks

Av
d
ing
(
€b
)
uts
tan
era
g
e o
s
n		 Ou
d
ing
ts
ta
n
s
4
Q
1
9		 %
Va
r
h
is
ica
l
to
r		 /
4
Q
1
8
t c
ta
t
a
on
s
n
d
sc
op
e a
n
ha
ex
c
ng
e
tes
ra		 %
Va
r
h
is
ica
l
to
r		 /
3
Q
1
9
t c
ta
t
a
on
s
n
d
sc
op
e a
n
ha
ex
c
ng
e
te
ra
s		 Ou
d
ing
ts
ta
n
s
2
0
1
9		 %
Va
r
h
is
ica
l
to
r		 /
2
0
1
8
t c
ta
t
a
on
s
n
d
sc
op
e a
n
ha
ex
c
ng
e
te
ra
s
S
L
O
A
N
D
E
P
O
S
I
T
S		 3
8.
5
4
1.
1		 2.
3
%
+
1.
6
%
+		 2.
0
%
+
1.
4
%
+		 -0
3
%
2.
2
%
+		 -0
3
%
2.
0
%
+		 3
8.
2
4
0.
5		 6.
4
%
+
1
4.
6
%
+		 1.
4
%
+
1.
2
%
+

Geographic distribution of 4Q19 outstanding loans

Mediterranean

Turkey

30%

Ukraine 19%

Africa

5%

An
l
ise
d c
f r
is
k
/ o
d
ing
t o
ts
tan
nu
a
os
u
s
be
inn
ing
f p
io
d
t
as
a
g
o
er		 Q
4
1
8		 Q
1
1
9		 Q
2
1
9		 Q
3
1
9		 Q
4
1
9
Tu
ke
r
y		 1.
5
2
%		 1.
7
8
%		 2.
0
4
%		 2.
1
1
%		 1.
6
8
%
U
kra
ine		 -1.
6
%
7		 -0.
4
0
%		 -0.
3
6
%		 0.
6
8
%		 -0.
1
%
7
Po
lan
d		 0.
7
0
%		 0.
1
2
%		 0.
4
7
%		 0.
2
0
%		 0.
6
8
%
O
he
t
rs		 0.
5
8
%		 0.
6
5
%		 0.
5
0
%		 1.
5
1
%		 1.
3
0
%
Eu
Me
d
i
ter
ro
p
e
ra
ne
an		 0.
8
%
7		 0.
5
%
7		 0.
9
6
%		 1.
1
0
%		 1.
1
0
%

TEB: a solid and well capitalised bank

  • • 16.95% solvency ratio1 as at 31.12.19
  • • Largely self financed
  • • Limited exposure to Turkish government bonds
  • • 1.3% of the Group's outstanding loans as at 31.12.19

1. Capital Adequacy Ratio (CAR)

2%

Poland

44%

2019 Full Year Results | 71

IFS - BancWest - 4Q19

4
Q
19		 4
Q
18		 /
4
Q
19		 3
Q
19		 /
4
Q
19		 20
19		 20
18		 /
20
19
€m 0 0 Q
4
18		 0 Q
3
19		 0 0 20
18
Re
ve
nu
es		 6
1
1		 5
9
9		 1.
9
%
+		 6
0
1		 1.
6
%
+		 2,
3
7
5		 2,
2
8
9		 3.
8
%
+
Op
ing
Ex
d
De
t
era
p
ens
es
an
p.		 -4
0
6		 -4
3
1		 -5.
7
%		 -4
3
3		 -6.
2
%		 -1,
7
1
2		 -1,
6
8
2		 1.
8
%
+
Gro
Op
ing
t
Inc
ss
era
om
e		 2
0
5		 1
6
9		 %
2
1.
5
+		 1
6
8		 %
2
1.
7
+		 6
6
3		 6
0
7		 %
9.
2
+
Co
t o
f
R
is
k
s		 -8
4		 -2
2		 n.s -4
3		 9
3.
8
%
+		 -1
4
8		 -7
0		 n.s
Op
ing
Inc
t
era
om
e		 2
1
1		 1
4
6		 3
%
-1
7.		 2
1
5		 -3.
2
%		 5
1
5		 3
5
7		 2
%
-4.
Op
ing
No
t
I
tem
n
era
s		 -5 0 n.s 1 n.s -3 2 n.s
Pre
-Ta
Inc
x
om
e		 1
1
6		 1
4
6		 -2
0.
6
%		 1
2
6		 -8.
1
%		 5
1
2		 5
3
9		 -5.
1
%
Inc
A
i
bu
b
le
We
l
h a
d
As
Ma
t
tr
ta
to
t
t
t
om
e
a
n
se
nag
em
en		 -6 -7 %
-1
6.
4		 -7 %
-1
5.
6		 -2
8		 -2
8		 2.
%
0
+
Pre
-Ta
Inc
x
om
e		 1
1
0		 1
3
9		 -2
0.
8
%		 1
1
9		 -7.
6
%		 4
8
4		 5
1
2		 -5.
5
%
Co
/
Inc
t
s
om
e		 6
6.
4
%		 7
1.
8
%		 -5.
4
t
p		 7
2.
0
%		 -5.
6
t
p		 7
2.
1
%		 7
3.
5
%		 -1.
4
t
p
l
loc
d
i
(
bn
)
A
te
Eq
ty
€
a
u		 5.
4		 4.
9		 0.
%
1
4
+		 n.s 5.
4		 4.
9		 1
0.
4
%
+

Including 100% of U.S Private Banking for the Revenues to Pre-tax income line items

Foreign exchange effect USD / EUR1: +3.1% vs. 4Q18, +0.4% vs. 3Q19, +5.5% vs. 2018

At constant scope and exchange rates vs. 4Q18

  • • Revenues2: -1.7%, decrease in net interest margin partially offset by increased business activity and fees (in particular cards and cash management)
  • • Operating expenses2: -9.0%, effect of cost reduction measures Cost of risk2: increase this quarter (impact of two specific files)
  • • Pre-tax income3: -21.7%

1. Average rates; 2. Including 100% of Private Banking in the United States; 3. Including 2/3 of Private Banking in the United States

IFS - BancWest - 4Q19 Volumes

Ou
d
ing
tst
an
s		 %
Va
/
4
Q
18
r		 %
Va
/
r		 3
Q
19		 Ou
d
ing
tst
an
s		 %
Va
/
20
18
r
Av
d
ing
(
€
bn
)
ts
tan
era
g
e o
u
s		 4
Q
19		 h
ist
ica
l
or		 at
tan
t
co
ns
nd
sc
op
e a
ha
ex
c
ng
e
rat
es		 h
ist
ica
l
or		 at
tan
t
co
ns
nd
sc
op
e a
ha
ex
c
ng
e
rat
es		 20
19		 h
ist
ica
l
or		 at
tan
t
co
ns
nd
sc
op
e a
ha
ex
c
ng
e
rat
es
L
O
A
N
S		 5
6.
2		 5.
6
%
+		 1.
3
%
+		 0.
0
%
+		 -0.
4
%		 5
5.
0		 7.
4
%
+		 1.
2
%
+
Cu
In
d
iv
i
du
l
tom
a
s
ers		 2
4.
7		 8.
0
%
+		 2.
0
%
+		 -0.
2
%		 -0.
7
%		 2
3.
9		 9.
1
%
+		 2.
1
%
+
Inc
l.
Mo
tg
r
ag
es		 1
0.
5		 8.
7
%
+		 +5
5
%		 -0.
5
%		 -1.
0
%		 1
0.
3		 1
4.
1
%
+		 8.
2
%
+
Inc
l.
Co
Le
d
ing
ns
um
er
n		 1
4.
2		 +7
5
%		 -0.
5
%		 -0.
0
%		 -0.
4
%		 1
3.
7		 +5
6
%		 -2.
1
%
Co
ia
l
Re
l
Es
ta
te
mm
erc
a		 1
5.
3		 2.
9
%
+		 -0.
2
%		 0.
9
%
+		 0.
5
%
+		 1
5.
0		 3.
0
%
+		 -2.
4
%
Co
Lo
te
rp
ora
an
s		 1
6.
2		 4.
7
%
+		 1.
6
%
+		 -0.
4
%		 -0.
8
%		 1
6.
0		 9.
3
%
+		 3.
6
%
+
S
S
S
S
D
E
P
O
I
T
A
N
D
A
V
I
N
G		 5
9.
7		 1
1.
0
%
+		 7.
7
%
+		 3.
8
%
+		 3.
3
%
+		 5
6.
6		 9.
6
%
+		 3.
9
%
+
Cu
De
i
tom
ts
s
er
p
os		 4.
6
5		 1
2.
2
%
+		 9.
4
%
+		 4
%
+5		 0
%
+5		 1.
4
5		 8.
8
%
+		 4
%
+5

At constant scope and exchange rates vs. 4Q18

  • • Loans: +1.3% vs. 4Q18, increase in mortgages
  • • Deposits: +7.7% vs. 4Q18, +9.4% increase in deposits excluding treasury activities

IFS - Insurance and WAM1 -4Q19 Business

3
1.
1
2.
1
9		 3
1.
1
2.
1
8		 %
Va
/
r
3
1.
1
2.
1
8		 3
0.
0
9.
1
9		 %
Va
/
r
3
0.
0
9.
1
9
As
de
(
€
bn
)
ts
t
se
un
r m
an
ag
em
en
As
Ma
t
t
se
na
g
em
en
W
l
h
Ma
t
t
ea
na
g
em
en
Se
Re
l
Es
ice
ta
te
a
rv
s
Ins
ura
nc
e		 1,
1
2
3
4
4
0
3
9
3
3
0
2
6
0		 1,
0
2
8
3
9
9
3
6
1
2
9
2
3
9		 9.
3
%
+
1
0.
2
%
+
8.
8
%
+
6.
4
%
+
8.
6
%
+		 1,
1
1
0
4
3
6
3
8
5
3
0
2
6
0		 1.
2
%
+
0.
9
%
+
2.
2
%
+
2.
8
%
+
-0
0
%
Q
4
1
9		 Q
4
1
8		 %
Va
/
r
Q
4
1
8		 Q
3
1
9		 %
Va
/
r
Q
3
1
9
Ne
f
low
(
€
bn
)
t a
t
ss
e
s
As
Ma
t
t
se
na
g
em
en
W
l
h
Ma
t
t
ea
na
g
em
en
Re
l
Es
Se
ice
ta
te
a
rv
s
Ins
ura
nc
e		 6.
5
1.
5
4.
2
0.
4
0.
4		 -2
6
-3
4
-0
8
0.
5
1.
0		 n.s
n.s
n.s
-2
7.
9
%
8.
0
%
-5		 3.
5
-2
5
3.
8
0.
6
1.
6		 8
5.
9
%
+
n.s
1
1.
6
%
+
-4
1.
4
%
3.
%
-7
5

Assets under management: +€95.3bn vs. 31.12.18, of which in particular:

  • • Performance effect: +€79.7bn, strong rise of the financial markets vs. 31.12.18
  • • Net asset flows: +€20.2bn, good net asset inflows in particular in Wealth Management and in Insurance

1; Asset Management, Wealth Management and Real Estate Services

IFS - Insurance & WAM1

Breakdown of Assets by Customer Segment

Breakdown of assets by customer segment

1; Asset Management, Wealth Management and Real Estate Services

IFS - Asset Management Breakdown of Managed Assets

31.12.19

€440bn

IFS - Insurance - 4Q19

Q
4
19		 Q
4
18		 Q
/
4
19		 Q
3
19		 Q
/
4
19		 20
19		 20
18		 /
20
19
€m 0 0 4
Q
18		 0 3
Q
19		 0 0 20
18
Re
ve
nu
es		 6
5
4		 5
4
2		 %
2
0.
7
+		 7
6
1		 %
-1
4.
0		 3,
0
6
8		 2,
6
8
0		 %
1
4.
5
+
Op
t
ing
Ex
d
De
era
p
ens
es
an
p.		 -3
8
0		 -3
4
6		 1
0.
0
%
+		 -3
7
0		 2.
6
%
+		 -1,
5
0
0		 -1,
4
0
6		 6.
7
%
+
Gro
Op
ing
Inc
t
ss
era
om
e		 2
7
4		 1
9
6		 3
9.
5
%
+		 3
9
0		 -2
9.
8
%		 1,
5
6
8		 1,
2
7
3		 2
3.
1
%
+
Co
f
is
k
t o
R
s		 -1 2 n.s -2 %
-4
9.
8		 -3 3 n.s
Op
ing
Inc
t
era
om
e		 2
7
3		 1
9
8		 3
7.
7
%
+		 3
8
9		 -2
9.
7
%		 1,
5
6
4		 1,
2
7
6		 2
2.
6
%
+
S
har
f
Ea
ing
f
Eq
i
Me
ho
d
En
i
ies
ty-
t
t
t
e o
rn
s o
u		 3
0		 4
3		 -2
9.
0
%		 4
3		 -2
9.
%
7		 1
6
7		 2
0
2		 -1
3
%
7.
O
her
Op
ing
t
No
t
I
tem
n
era
s		 0 0 n.s 0 n.s -1
5		 1 n.s
Pre
-Ta
Inc
x
om
e		 3
0
4		 2
4
1		 2
6.
3
%
+		 4
3
2		 -2
9.
7
%		 1,
7
1
6		 1,
4
7
9		 1
6.
0
%
+
/
Co
Inc
t
s
om
e		 5
8.
1
%		 6
3.
8
%		 -5.
7
t
p		 4
8.
7
%		 9.
4
t
p
+		 4
8.
9
%		 5
2.
5
%		 -3.
6
t
p
(
)
l
loc
d
i
bn
A
te
Eq
ty
€
a
u		 8.
4		 8.
4		 0.
2
%
+		 n.s 8.
4		 8.
4		 0.
2
%
+

Technical reserves: + 6.1% vs. 31.12.18

Revenues: +20.7% vs. 4Q18

  • • Positive impact of the strong rebound of financial markets vs. 31.12.18
  • • Good business growth in particular in Italy and in Latin America

Operating expenses: +10.0% vs. 4Q18

• As a result of business development

Pre-tax income: +26.3% vs. 4Q18

  • • +29.5% at constant scope and exchange rates
  • • Scope effect related to the deconsolidation of SBI Life

IFS - Wealth and Asset Management - 4Q19

4
Q
19		 4
Q
18		 4
Q
19
/		 3
Q
19		 4
Q
19
/		 20
19		 20
18		 20
19
/
€m 0 0 4
Q
18		 0 3
Q
19		 0 0 20
18
Re
ve
nu
es		 9
5
7		 8
6
6		 1
0.
5
%
+		 8
0
3		 1
9.
1
%
+		 3,
3
2
0		 3,
2
8
6		 1.
0
%
+
Op
ing
d
t
Ex
De
era
p
ens
es
an
p.		 -7
6
0		 -7
2
8		 %
4.
3
+		 -6
4
9		 %
1
7.
0
+		 -2,
6
8
2		 -2,
6
3
6		 %
1.
7
+
Gro
Op
ing
Inc
t
ss
era
om
e		 1
9
7		 1
3
8		 4
3.
1
%
+		 1
5
4		 2
8.
2
%
+		 6
3
8		 6
5
0		 -1.
9
%
Co
f
R
is
k
t o
s		 -6 -3 %
6
6.
1
+		 4 n.s -6 -6 0.
2
%
+
Op
t
ing
Inc
era
om
e		 1
9
1		 1
3
4		 4
2.
5
%
+		 1
5
7		 2
1.
4
%
+		 6
3
2		 6
4
4		 -1.
9
%
S
har
f
Ea
ing
f
Eq
i
Me
ho
d
En
i
ies
ty-
t
t
t
e o
rn
s o
u		 2
5		 1
1		 n.s 1
2		 n.s 5
7		 3
7		 5
4.
5
%
+
O
her
No
Op
ing
I
t
t
tem
n
era
s		 -1 0 n.s 0 n.s 7 1 n.s
Pre
-Ta
Inc
x
om
e		 2
1
6		 1
4
6		 4
8.
1
%
+		 1
7
0		 2
7.
3
%
+		 6
9
5		 6
8
1		 2.
0
%
+
/
Co
t
Inc
s
om
e		 7
9.
4
%		 8
4.
1
%		 -4.
7
t
p		 8
0.
9
%		 -1.
5
t
p		 8
0.
8
%		 8
0.
2
%		 0.
6
t
p
+
(
)
A
l
loc
d
Eq
i
€
bn
te
ty
a
u		 2.
1		 1.
9		 7.
1
%
+		 n.s 2.
1		 1.
9		 7.
1
%
+

Revenues: +10.5% vs. 4Q18

  • •Positive impact of the strong rebound of financial markets for Wealth Management and Asset Management
  • • Very good growth for Real Estate Services in Germany and in France

Operating expenses: +4.3% vs. 4Q18

• Related to the cost associated to the very good performance of Real Estate Services and the development of Wealth Management. Decreased costs in Asset Management (gradual effect of transformation plan measures)

Pre-tax income: +48.1% vs. 4Q18

• In connection with the very good performance of Real Estate Services

Corporate and Institutional Banking - 4Q19

Q
4
19		 Q
4
18		 Q
/
4
19		 Q
3
19		 Q
/
4
19		 20
19		 20
18		 /
20
19
€m 4
Q
18		 3
Q
19		 20
18
Re
ve
nu
es		 3,
1
0
1		 2,
3
7
9		 3
0.
3
%
+		 2,
8
7
3		 7.
9
%
+		 1
2,
0
8
0		 1
0,
8
2
9		 1
1.
6
%
+
Op
ing
Ex
d
De
t
era
p
ens
es
an
p.		 -2,
2
2
9		 9
9
-1,
1		 2
%
1
6.
+		 9
-1,
7
4		 2.
9
%
1
+		 -8,
3
6
6		 -8,
3
1
6		 %
6.
1
+
Gro
Op
t
ing
Inc
ss
era
om
e		 8
7
1		 4
6
0		 8
9.
6
%
+		 8
9
8		 -3.
0
%		 3,
4
1
7		 2,
6
6
6		 2
8.
2
%
+
Co
f
R
is
k
t o
s		 -8
0		 -1
0
0		 -2
0.
3
%		 -8
1		 -1.
6
%		 -2
1
8		 -4
3		 n.s
Op
ing
t
Inc
era
om
e		 7
9
1		 3
5
9		 n.s 8
1
7		 %
-3.
2		 3,
2
0
0		 2,
6
2
3		 %
2
2.
0
+
S
har
f
Ea
ing
f
Eq
i
ty-
Me
t
ho
d
En
t
i
t
ies
e o
rn
s o
u		 4 3
9		 -9
0.
4
%		 5 -2
8.
2
%		 1
6		 5
9		 -7
2.
7
%
O
her
No
Op
ing
I
t
t
tem
n
era
s		 6 -6 n.s 1
1		 -4
6.
0
%		 -9 0 n.s
Pre
-Ta
Inc
x
om
e		 8
0
1		 3
9
3		 n.s 8
3
4		 %
-3.
9		 3,
2
0
7		 2,
6
8
1		 %
1
9.
6
+
Co
/
t
Inc
s
om
e		 %
7
1.
9		 %
8
0.
7		 -8.
8
t
p		 %
6
8.
7		 3.
2
t
p
+		 %
7
1.
7		 %
7
5.
4		 -3.
7
t
p
(
)
A
l
loc
d
Eq
i
€
bn
te
ty
a
u		 2
1.
7		 2
0.
8		 4.
3
%
+		 n.s 2
1.
7		 2
0.
8		 %
4.
3
+

Revenues: +30.3% vs. 4Q18

  • • Sharp rebound at Global Markets (+114.6%1) compared to a particularly challenging context in 4Q18
  • • Good underlying performance of Corporate Banking (+4.8%1) and Securities Services (+4.2%2)

Operating expenses: +16.2% vs. 4Q18

  • • Contained increase in connection with strong business growth
  • • Largely positive jaws effect due to cost saving measures (€116m in 4Q19)

Cost of risk: down vs. 4Q18

  • Allocated equity: +4.3% vs. 2018
    • •Increase related to strong growth in business and volumes, good containment of risk-weighted assets

1. Excluding the effect of the introduction of the Capital Markets platform (transfer of €55m of revenues from Global Markets to Corporate Banking in 4Q19); 2. Excluding the positive impact of the revaluation of an equitystake in 4Q18

Corporate and Institutional Banking Global Markets - 4Q19

4Q
19		 4Q
18		 4Q
19
/		 3
Q
19		 4Q
19
/		 20
19		 20
18		 20
19
/
€m 0 0 4Q
18		 0 3
Q
19		 0 0 20
18
Rev
enu
es		 1,
3
4
0		 6
5
0		 n.s 1,
2
9
9		 +3.
2
%		 5,
5
7
1		 4,
7
2
7		 +1
7.
9
%
inc
l.
F
I
C
C		 8
2
0		 5
0
5		 %
+6
2.
5		 9
1
5		 %
-1
0.
4		 3,
5
6
3		 2,
7
1
9		 %
+3
1.
1
inc
l.
Eq
ity
Pr
ime
Se
ice
&
u
rv
s		 5
2
0		 1
4
5		 n.s 3
8
4		 +3
5.
4
%		 2,
0
0
7		 2,
0
0
8		 -0.
0
%
Op
ing
d
t
Ex
De
era
p
ens
es
an
p.		 -1,
1
1
7		 -8
5
9		 %
+3
0.
1		 -9
2
6		 %
+2
0.
7		 -4,
2
3
1		 -3,
9
3
7		 %
+7.
5
Gro
Op
ing
Inc
t
ss
era
om
e		 2
2
3		 -2
0
9		 n.s 3
7
3		 -4
0.
2
%		 1,
3
3
9		 7
9
0		 +6
9.
6
%
Co
f
is
k
t o
R
s		 0 -1
3		 -9
6.
9
%		 4 n.s 2 -1
9		 n.s
Op
ing
Inc
t
era
om
e		 2
2
2		 -2
2
2		 n.s 3
7
7		 -4
1.
0
%		 1,
3
4
1		 7
7
1		 +7
4.
0
%
S
har
f
Ea
ing
f
Eq
ity-
Me
t
ho
d
En
t
it
ies
e o
rn
s o
u		 0 1 -5
8.
7
%		 1 -5
9.
3
%		 3 3 -2
0.
7
%
O
her
No
Op
ing
Item
t
t
n
era
s		 6 -3 n.s 9 -3
2.
2
%		 -9 -2 n.s
Pre
-Ta
Inc
x
om
e		 2
2
9		 -2
2
5		 n.s 3
8
7		 -4
0.
8
%		 1,
3
3
4		 7
7
2		 +7
2.
9
%
/
Co
t
Inc
s
om
e		 8
3.
4
%		 1
3
2.
2
%		 -4
8.
8
t
p		 7
1.
3
%		 +1
2.
1
t
p		 7
6.
0
%		 8
3.
3
%		 -7.
3
t
p
(
)
l
loc
d
ity
bn
A
te
Eq
€
a
u		 8.
3		 7.
8		 +6.
5
%		 n.s 8.
3		 7.
8		 +6.
5
%

Revenues: +114.6% vs. 4Q18 excluding the effect of the creation of Capital Markets

  • • Equity & Prime Services: very sharp rebound vs. 4Q18 (reminder: impact of extreme market movements and loss on index derivatives hedging in the United States in 4Q18); very good derivatives client business in particular from structured products
  • • FICC (+73.3% vs. 4Q181): very strong growth across all the segments (rates, forex, credit and primary market)

Operating expenses: +33.5% vs. 4Q18 excluding the effect of the creation of Capital Markets

• Rise contained by the effects of cost saving measures and largely positive jaws effect

1. Excluding the effect of the creation of the Capital Markets platform (transfer of €55m of revenues from Global Markets to Corporate Banking in 4Q19)

Corporate and Institutional Banking Market Risks - 4Q19

VaR at a low level this quarter1

  • • Slight increase on interest rates, equities and commodifies offset by a decrease on forex and credit
  • • No backtesting excess reported this quarter
  • • Only 22 backtesting excesses over VaR recorded since 01.01.2007 (of which one in 2019), or less than 2 per year over a long period including the crisis, confirming the soundness of the internal VaR calculation model (1 day, 99%)

1. VaR calculated for the monitoring of market limits; 2. Theoretical loss excluding intraday result and commissions earned

2019 Full Year Results | 81

Corporate and Institutional Banking Corporate Banking - 4Q19

4
Q
19		 4
Q
18		 4
Q
19
/		 3
Q
19		 4
Q
19
/		 20
19		 20
18		 20
19
/
€m 0 0 4
Q
18		 0 3
Q
19		 0 0 20
18
Re
ve
nu
es		 1,
2
1
0		 1,
1
0
2		 %
9.
8
+		 1,
0
3
9		 %
1
6.
4
+		 4,
3
1
2		 3,
9
2
3		 %
9.
9
+
Op
t
ing
Ex
d
De
era
p
ens
es
an
p.		 -6
6
8		 -6
2
2		 7.
4
%
+		 -6
0
0		 1
1.
4
%
+		 -2,
5
9
9		 -2,
4
9
3		 4.
2
%
+
Gro
Op
ing
Inc
t
ss
era
om
e		 5
4
1		 4
8
0		 1
2.
8
%
+		 4
4
0		 2
3.
1
%
+		 1,
7
1
3		 1,
4
3
0		 1
9.
8
%
+
Co
f
is
k
t o
R
s		 -8
0		 -9
1		 %
-1
2.
1		 -8
8		 %
-8.
9		 -2
2
3		 -3
2		 n.s
Op
t
ing
Inc
era
om
e		 4
6
1		 3
8
9		 1
8.
7
%
+		 3
5
2		 3
1.
0
%
+		 1,
4
9
0		 1,
3
9
9		 6.
5
%
+
No
Op
ing
I
t
tem
n
era
s		 3 3
6		 -9
1.
%
5		 4 -2
9
%
5.		 1
3		 5
7		 6.
8
%
-7
Pre
-Ta
Inc
x
om
e		 4
6
4		 4
2
4		 %
9.
4
+		 3
5
6		 %
3
0.
4
+		 1,
5
0
3		 1,
4
5
6		 %
3.
2
+
Co
/
t
Inc
s
om
e		 %
5
5.
2		 %
5
6.
5		 -1.
3
t
p		 %
5
7.
7		 -2.
5
t
p		 %
6
0.
3		 %
6
3.
5		 -3.
2
t
p
(
)
A
l
loc
d
Eq
i
€
bn
te
ty
a
u		 1
2.
5		 1
2.
2		 2.
6
%
+		 n.s 1
2.
5		 1
2.
2		 %
2.
6
+

Revenues: +4.8% vs. 4Q18 excluding the effect of the creation of Capital Markets1

  • • Growth in all regions driven in particular by EMEA and APAC
  • • Good growth of average outstanding loans (+8.3%2 vs. 4Q18) and deposits (+9.6%2 vs. 4Q18)
  • • Good growth of the transaction businesses (cash management and trade finance)

Operating expenses: +2.6% vs. 4Q18 excluding the effect of the creation of Capital Markets

  • • Positive jaws effect (+2.2 pts excluding the effect of the creation of Capital Markets)
  • • Good containment of operating expenses due to cost saving measures
  • Cost of risk: level

1. Transfer of €55m of revenues from Global Markets to Corporate Banking in 4Q19; 2. At constant exchange rates

Corporate and Institutional Banking Securities Services - 4Q19

4
Q
19		 4
Q
18		 4
Q
19
/		 3
Q
19		 4
Q
19
/		 20
19		 20
18		 20
19
/
€m 0 0 4
Q
18		 0 3
Q
19		 0 0 20
18
Re
ve
nu
es		 5
5
1		 6
2
7		 -1
2.
2
%		 5
3
5		 3.
0
%
+		 2,
1
9
8		 2,
1
7
9		 0.
9
%
+
Op
ing
Ex
d
De
t
era
p
ens
es
an
p.		 -4
4
4		 3
8
-4		 2
%
1.
+		 9
-4
4		 2
%
-1.		 8
3
3
-1,		 3
3
-1,
7		 %
5.
7
+
Gro
Op
t
ing
Inc
ss
era
om
e		 1
0
7		 1
8
9		 -4
3.
2
%		 8
6		 2
5.
0
%
+		 3
6
5		 4
4
6		 -1
8.
1
%
Co
f
R
is
k
t o
s		 0 4 -8
6.
5
%		 2 -7
9.
1
%		 4 8 -4
4.
5
%
Op
ing
Inc
t
era
om
e		 8
1
0		 9
3
1		 %
-4
4.
1		 8
8		 2
2.
2
%
+		 3
9
6		 3
4
5		 8.
%
-1
5
No
Op
t
ing
I
tem
n
era
s		 0 0 -3
6.
4
%		 2 -8
7.
8
%		 0 0 2
4.
5
%
+
Pre
-Ta
Inc
om
e
x		 1
0
8		 1
9
3		 -4
4.
0
%		 9
1		 1
9.
2
%
+		 3
7
0		 4
5
4		 -1
8.
5
%
Co
/
t
Inc
s
om
e		 %
8
0.
5		 %
6
9.
9		 1
0.
6
t
p
+		 %
8
4.
0		 -3.
5
t
p		 %
8
3.
4		 %
7
9.
5		 3.
9
t
p
+
(
)
A
l
loc
te
d
Eq
i
ty
€
bn
a
u		 0.
9		 0.
9		 8.
6
%
+		 n.s 0.
9		 0.
9		 %
8.
6
+

Revenues: -12.2% vs. 4Q18

  • •+4.2% excluding the positive effect of the revaluation of an equity stake in 4Q18
  • • Continued business growth as a result of the increase in asset volumes and in the number of transactions

Operating expenses: +1.2% vs. 4Q18

• As a result of business development

3
1.
1
2.
1
9		 3
1.
1
2.
1
8		 /
%
V
a
r
3
1.
1
2.
1
8		 3
0.
0
9.
1
9		 /
%
V
a
r
3
0.
0
9.
1
9
S
i
i
S
i
t
e
cu
r
e
s
e
rv
c
e
s
As
d
dy
(
€
b
)
ts u
to
s
e
n
e
r cu
s
n
As
d
d
in
is
io
(
€
b
)
ts u
tra
t
s
e
n
e
r a
m
n
n		 1
0,
5
4
2
2,
5
1
2		 9,
3
0
5
2,
3
2
4		 1
3.
3
%
+
8.
1
%
+		 1
0,
5
4
0
2,
5
3
0		 0.
0
%
+
-0.
7
%
Q
4
1
9		 Q
4
1
8		 Q
/
Q
4
1
9
4
1
8		 Q
3
1
9		 Q
/
Q
4
1
9
3
1
9
f
(
)
Nu
b
io
in m
i
l
l
io
tra
t
m
e
r o
ns
a
c
ns
n		 2
5.
5		 2
4.
0		 6.
1
%
+		 2
4.
6		 3.
4
%
+

Corporate and Institutional Banking Transactions – 4Q19

UK – Shell

USD 4.0bn – triple-tranche 5yr, 10yr & 30yr FXD notes EUR 3.0bn – triple-tranche 8yr, 12yr and 20yr FXD notes Active bookrunner November 2019

France – EDF

USD 2.0bn 50yr Senior Unsecured, EUR 1.25bn 30yr Senior Unsecured, EUR 500m PNC8 Hybrid notes coupled with a Liability Management tender offer. Active bookrunner , only bank across all transactions - November/December 2019

Brazil – Federative Republic of Brazil

USD 500m tap of its new USD 2.5bn 2050 bonds and outstanding 2029 bonds including a switch/tender intraday component. Bookrunner, Billing & Delivery bank October 2019

France – Française des jeux EUR 1.9 bn

– Largest Initial public offering in France since 2005. Exclusive advisor to the French state in the preparatory phase, Global Coordinator of the institutional offering & Joint Bookrunner of the retail offering. November 2019

France – Veralia

EUR 963m – Initial public offering, the largest private equity led IPO since 2005. Joint Global coordinator October 2019 EUR 2bn post-IPO financing. MLA & Boorunner October 2019

Belgium / Hong Kong – Budweiser Brewing Company APAC Limited USD 5.75bn IPO in Hong Kong Joint Bookrunner

September 2019 USA – Abbvie USD 30Bn, 10-tranche Senior Notes offering in support of Abbvie's acquisition of Allergan.

Bridge Participant and Joint BookrunnerNovember 2019

Brazil – Syngenta BRL 680MM – Securitization of local receivables Structuring Bank & Joint Bookrunner November 2019

Taiwan – Ørsted Wind Power TW Holding A/S NTD 4bn and NTD 8bn Green Bond Joint Mandated Lead Arranger, Sole Green Advisor, Coordination Bank, Documentation Bank November 2019

France – AXA Group

Reappointed to provide AXA Group with global custody, depositary bank, order reception and transmission, transfer agency and international distribution services in seven European markets. October 2019

Corporate and Institutional Banking Rankings and Awards - 4Q19

• Global Markets:

  • • #1 all EMEA bonds and #1 all bonds in euros by volume and number of deals (Dealogic, 2019)
  • • #8 all international bonds and #3 all global Green bonds by volume (Dealogic, 2019)
  • • Eurobond House of the Year and FX Derivatives House of the Year (IFR Awards 2019)
  • • Currency derivatives House of the Year (Risk Awards 2020)
  • • Derivatives House of the Year (Energy Risk Asia Awards 2019)

• Securities Services:

• European hedge fund administrator of the year (Funds Europe Awards 2019 – November 2019)

• Corporate Banking:

  • • #1 EMEA syndicated loans bookrunner by volume and number of deals (Dealogic, 2019)
  • • #1 European Corporate Investment Grade DCM by volume and number of deals (Dealogic, 2019)
  • • #1 EMEA Equity-Linked by volume and number of deals (Dealogic, 2019)
  • • #1 in European Large Corporate Banking and N°1 in European Large Corporate Cash Management (Greenwich Share Leaders, January 2020)

Corporate Centre- 4Q19

€m 4
Q
19		 4
Q
18		 3
Q
19		 20
19		 20
18
Re
ve
nu
es		 -4
5		 -1 2
7		 7
1		 4
7
9
Op
ing
d
t
Ex
De
era
p
ens
es
an
p.		 -5
2
9		 -6
0
5		 -3
6
3		 -1,
7
2
8		 -1,
9
6
5
Inc
l.
Tra
for
t
ion
Re
truc
tur
ing
d
A
dap
ta
t
ion
Co
ts
ns
ma
s
an
s
,		 -4
2
0		 -4
8
1		 -2
5
6		 -1,
2
1
7		 -1,
2
3
5
Gro
Op
ing
Inc
t
ss
era
om
e		 -5
7
4		 -6
0
6		 -3
3
6		 -1,
6
5
7		 -1,
4
8
6
Co
f
is
k
t o
R
s		 -6
0		 -7
4		 -1 -5
8		 -1
1
0
Op
t
ing
Inc
era
om
e		 -6
3
4		 -6
8
0		 -3
3
7		 -1,
7
1
5		 -1,
5
9
6
S
har
f
Ea
ing
f
Eq
i
ty-
Me
t
ho
d
En
t
i
t
ies
e o
rn
s o
u		 1
4		 2
5		 9
1		 8
1		 8
4
O
t
her
No
Op
t
ing
I
tem
n
era
s		 6
2		 -8
8		 2
0		 7
8
6		 3
5
3
Pre
-Ta
Inc
x
om
e		 8
-5
5		 3
-7
4		 -2
9
9		 -8
8
4		 9
-1,
1
5

• Lower Contribution of Principal Investment compared to 4Q18

Operating expenses

  • • Transformation costs – 2020 plan: -€175m (-€385m in 4Q18)
  • • Restructuring costs1: -€163m (-€97m in 4Q18)
  • • Additional adaptation costs – departure plans2: -€81m (€0m in 4Q18)

Other non operating items

• Capital gain on the sale of a building: +€101m

1. Related in particular to the integration of Raiffeisen Bank Polska and the discontinuation or restructuring of certain businesses (in particular BNP Paribas Switzerland); 2. Related in particular to BNL bc, CIB and BancWest;

Corporate Centre - 2019

Reminder:

Contribution of First Hawaiian Bank (FHB) to the income statement reallocated retroactively to the Corporate Centre effective from 1st January 20181

• 2018 reminder: revenues (€359m), operating expenses (€189m) and cost of risk (€13m)

Operating expenses

  • • Transformation costs – 2020 plan: - €744m (-€1,106m in 2018)
  • • Restructuring costs2: -€311m (-€129m in 2018)
  • • Additional adaptation costs – departure plans3: -€162m (€0m in 2018)

Other non operating items

  • • Capital gain from the sale of 16.8% of SBI Life and deconsolidation of the residual stake4: +€1,450m
  • • Capital gain on the sale of a building: +€101m
  • • Goodwill impairments: -€818m
  • • 2018 reminders:
    • • Capital gain on the sale of a building (+€101m)
    • • Booking of the capital gain from the sale of 30.3% of First Hawaiian Bank(+€286m)

1. See new quarterly series published on 29 March 2019, FHB no more fully consolidated from 1st August 2018; 2. Related in particular to the integration of Raiffeisen Bank Polska and the discontinuation or restructuring of certain businesses (in particular BNP Paribas Switzerland); 3. Related in particular to BNL bc, Asset Management and BancWest; 4. 5.2% residual stake in SBI Life

Breakdown of the Transformation Costs of the Businesses Presented in the Corporate Centre - 4Q19

€m 20
19		 Q
4
19		 Q
3
19		 Q
2
19		 Q
1
19		 20
18		 Q
4
18		 Q
3
18		 Q
2
18		 Q
1
18
Re
i
l
Ba
k
ing
Se
ice
ta
&
n
rv
s		 -4
6
8		 -1
3
8		 -1
0
0		 -1
4
1		 -8
8		 -6
3
9		 -2
0
9		 -1
4
5		 -1
6
1		 -1
2
4
Do
t
ic
Ma
ke
ts
me
s
r		 -2
7
6		 -8
3		 -5
9		 -9
3		 -4
1		 -3
3
2		 -1
1
7		 -7
9		 -7
6		 -6
0
h
i
l
k
ing
Fre
Re
ta
Ba
nc
n		 -1
4
0		 -4
3		 -4
0		 -3
2		 -2
6		 -1
9
4		 -6
9		 -4
8		 -4
5		 -3
3
B
N
L
bc		 -1
7		 -7 -2 -7 -2 -2
5		 -1
2		 -5 -4 -3
Be
lg
ian
Re
i
l
Ba
k
ing
ta
n		 -9
5		 -2
5		 -1
1		 -5
0		 -1
0		 -8
4		 -2
6		 -2
1		 -2
0		 -1
8
O
t
her
Ac
t
iv
i
t
ies		 -2
3		 -9 -7 -4 -4 -2
9		 -1
0		 -6 -7 -7
In
ion
l
F
ina
ia
l
Se
ice
ter
t
na
a
nc
rv
s		 9
2
-1		 -5
5		 -4
1		 9
-4		 -4
7		 -3
0
7		 -9
2		 -6
6		 -8
5		 -6
4
Pe
l
F
ina
rso
na
nce		 -5
9		 -1
9		 -1
2		 -1
4		 -1
4		 -8
0		 -2
1		 -1
5		 -2
3		 -2
2
In
ion
l
Re
i
l
Ba
k
ing
tern
t
ta
a
a
n		 -5
5		 -1
8		 -1
3		 -1
6		 -9 -9
7		 -2
7		 -2
2		 -3
0		 -1
9
Ins
ura
nce		 -2
4		 -9 -5 -6 -4 -5
4		 -1
8		 -1
1		 -1
4		 -9
l
h a
d
We
t
As
t
Ma
t
a
n
se
nag
em
en		 -5
4		 -1
0		 -1
1		 -1
3		 -2
0		 -7
6		 -2
5		 -1
8		 -1
9		 -1
4
Co
Ins
i
ion
l
Ba
k
ing
te
&
t
tu
t
rp
ora
a
n		 -2
4
8		 -2
9		 -7
2		 -7
2		 -7
5		 -4
4
9		 -1
6
1		 -1
0
1		 -1
0
6		 -8
1
Co
te
Ba
k
ing
rp
ora
n		 -8
6		 -2
5		 -2
2		 -1
8		 -2
1		 -1
2
2		 -5
8		 -7 -4
1		 -1
5
G
lo
ba
l
ke
Ma
ts
r		 -1
2
0		 7 -4
0		 -4
2		 -4
5		 -2
6
1		 -8
9		 -7
5		 -4
7		 -5
0
Se
i
ies
Se
ice
t
cur
rv
s		 2
-4		 -1
1		 -9 2
-1		 -9 -6
6		 -1
4		 9
-1		 -1
7		 -1
6
Co
Ce
te
tre
rp
ora
n		 -2
8		 -8 -6 -8 -5 -1
8		 -1
5		 -1 -1 -0
O
T
T
A
L		 -7
4
4		 -1
7
5		 -1
7
8		 -2
2
2		 -1
6
8		 -1,
1
0
6		 -3
8
5		 -2
4
8		 -2
6
7		 -2
0
6

2020 OBJECTIVES 4Q19 DETAILED RESULTS DIVISION RESULTS APPENDIX

GROUP RESULTS

BNP Paribas Group - 2019

4
Q
19		 4
Q
18		 4
Q
19
/		 3
Q
19		 4
Q
19
/		 20
19		 20
18		 20
19
/
€m 4
Q
18		 3
Q
19		 20
18
Gro
up		 n.s n.s n.s
Re
ve
nu
es		 1
1,
3
3
3		 1
0,
1
6
0		 %
1
1.
5
+		 1
0,
8
9
6		 %
4.
0
+		 4
4,
5
9
7		 4
2,
5
1
6		 %
4.
9
+
Op
t
ing
Ex
d
De
era
p
ens
es
an
p.		 -8,
0
3
2		 -7,
6
7
8		 4.
6
%
+		 -7,
4
2
1		 8.
2
%
+		 -3
1,
3
3
7		 -3
0,
5
8
3		 2.
5
%
+
Gro
Op
ing
Inc
t
ss
era
om
e		 3,
3
0
1		 2,
4
8
2		 3
3.
0
%
+		 3,
4
7
5		 -5.
0
%		 1
3,
2
6
0		 1
1,
9
3
3		 1
1.
1
%
+
Co
f
is
k
t o
R
s		 -9
6
6		 -8
9
6		 %
7.
8
+		 -8
4
7		 %
1
4.
0
+		 -3,
2
0
3		 -2,
7
6
4		 %
1
5.
9
+
Op
ing
Inc
t
era
om
e		 2,
3
3
5		 1,
5
8
6		 4
7.
2
%
+		 2,
6
2
8		 -1
1.
2
%		 1
0,
0
5
7		 9,
1
6
9		 9.
7
%
+
S
har
f
Ea
ing
f
Eq
i
Me
ho
d
En
i
ies
ty-
t
t
t
e o
rn
s o
u		 1
2
9		 1
9
5		 -3
3.
9
%		 1
4
3		 -9.
9
%		 8
6
5		 6
2
8		 -6.
%
7
O
t
her
No
Op
t
ing
I
tem
n
era
s		 6
5		 -9
8		 n.s 3
4		 9
1.
3
%
+		 7
5
1		 4
1
1		 8
2.
7
%
+
No
Op
ing
I
t
tem
n
era
s		 1
9
4		 9
7		 9
9.
9
%
+		 1
7
7		 9.
5
%
+		 1,
3
3
7		 1,
0
3
9		 2
8.
7
%
+
Pre
-Ta
Inc
x
om
e		 2,
2
9
5		 8
3
1,
6		 0.
3
%
5
+		 2,
8
0
5		 -9.
8
%		 3
9
1
1,
4		 0,
2
0
8
1		 %
1
1.
6
+
Co
te
Inc
Tax
rp
ora
om
e		 -5
8
2		 -1
4
4		 n.s -7
6
7		 -2
4.
1
%		 -2,
8
1
1		 -2,
2
0
3		 2
7.
6
%
+
Ne
Inc
A
i
bu
b
le
M
ino
i
In
t
t
tr
ta
to
ty
tere
ts
om
e
r
s		 -9
8		 -9
7		 1.
0
%
+		 -1
0
0		 -2.
0
%		 -4
1
0		 -4
7
9		 -1
4.
4
%
i
bu
b
le
i
l
de
Ne
t
Inc
A
t
tr
ta
to
Eq
ty
Ho
om
e
u
rs		 1,
8
4
9		 1,
4
4
2		 %
2
8.
2
+		 1,
9
3
8		 %
-4.
6		 8,
1
7
3		 7,
5
2
6		 %
8.
6
+
Co
/
inc
st
om
e		 7
0.
9
%		 7
5.
6
%		 -4.
7
t
p		 6
8.
1
%		 2.
8
t
p
+		 7
0.
3
%		 7
1.
9
%		 -1.
7
t
p

Corporate income tax: average tax rate of 24.2% in 2019

• Low tax rate on the long term capital gain from the sale of SBI Life

Number of Shares and Earnings per Share

Number of Shares

in m
i
l
l
ion
s		 3
1-
De
1
9
c-		 3
1-
De
1
8
c-
(
)
Nu
be
f
S
ha
d o
f p
io
d
m
r o
res
en
er		 1,
250		 1,
250
(
)
Nu
be
f
S
ha
lu
d
ing
Tr
S
ha
d o
f p
io
d
m
r o
res
ex
c
eas
ury
res
en
er		 1,
249		 1,
248
Av
be
f
S
ha
ts
tan
d
ing
lu
d
ing
Tr
S
ha
era
g
e n
um
r o
res
ou
ex
c
eas
ury
res		 1,
248		 1,
248

Earnings per Share

in m
illio
ns		 31-
Dec
-19		 31-
Dec
-18
Av
ber
of
Sh
din
lud
ing
Tr
Sh
uts
tan
era
g
e n
um
are
s o
g
exc
eas
ury
are
s		 1,
248		 1,
248
t inc
ttrib
utab
le to
uity
ho
lder
Ne
om
e a
eq
s		 8,
173		 7,
526
Rem
ratio
et o
f tax
of
Und
ated
Su
er S
ubo
rdin
ated
No
tes
une
n n
p		 -41
4		 -36
7
Ex
cha
ffec
rei
mb
ed
Und
ated
Su
er S
ubo
rdin
ated
No
te e
t on
tes
ng
e ra
urs
p		 -14 0
Net
inc
ttri
but
abl
e to
uity
ho
lde
afte
atio
nd
han
te e
ffec
t on
Un
dat
ed
Su
er S
ubo
rdi
nat
ed
Not
om
e a
eq
rs,
r re
mu
ner
n a
exc
g
e ra
p
es		 7,
745		 7,
159
(
)
Net
Ea
rni
er S
har
EPS
in e
ng
s p
e
uro
s		 6.2
1		 5.7
3

Capital Ratios and Book Value Per Share

Capital Ratios

De
3
1-
1
9
c-		 De
3
1-
1
8
c-
(
)
To
ta
l
Ca
i
ta
l
Ra
t
io
p
a		 15.
5
%		 15.
0
%
(
)
ier
io
T
1
Ra
t
a		 13.
5
%		 13.
1%
(
)
Co
i
T
ier
1 r
io
ty
t
mm
on
eq
a
a
u		 1%
12.		 %
11.
8

(a) CRD4, on risk-weighted assets of € 669 bn as at 31.12.19 and € 647 bn as at 31.12.18

Book value per Share

in m
i
l
l
ion
f e
s o
uro
s		 De
3
1-
1
9
c-		 De
3
1-
1
8
c-
S
har
ho
l
de
'
Eq
i
ty
Gro
har
e
rs
u
up
s
e		 1
0
7,
4
5
3		 1
0
1,
4
6
7		 (
1)
(
)
f w
h
ic
h c
han
in a
d
l
ia
b
i
l
i
ies
ise
d
d
irec
ly
in e
i
lua
ion
ts a
t
t
ty
t
o
g
es
sse
n
re
cog
n
q
u
va
re
ser
ve		 2,
1
4
5		 5
1
0
f w
h
ic
h
Un
da
d
Su
Su
bor
d
ina
d
No
te
te
tes
o
p
er		 8,
8
9
6		 8,
2
3
0		 (
2)
f w
h
ic
h re
ion
f
b
le
ho
l
der
f
Un
da
d
Su
Su
bor
d
ina
d
No
t
t o
tax
to
te
te
tes
o
mu
ner
a
ne
p
ay
a
s o
p
er		 9
0		 7
7		 (
)
3
(
)
Ne
t
Bo
k
Va
lue
o
a		 9
8,
6
7
4		 9
3,
1
6
0		 (
1)-
(
2)-
(
3)
Go
dw
i
l
l an
d
in
i
b
les
tan
o
g		 1
1,
6
6
9		 1
2,
2
7
0
(
)
Ta
i
b
le
Ne
Bo
k
Va
lue
t
ng
o
a		 8
7,
0
0
5		 8
0,
8
9
0
(
)
Nu
ber
f
S
har
lu
d
ing
Tre
S
har
d o
f p
io
d
in
i
l
l
ion
m
o
es
exc
asu
ry
es
en
er
m
s		 1,
2
4
9		 1,
2
4
8
(
)
Bo
k
Va
lue
S
har
o
p
er
e
eur
os		 7
9.
0		 7
4.
7
(
)
f w
hic
h b
k v
lue
har
lu
d
ing
lua
ion
t
o
oo
a
p
er
s
e e
xc
va
re
ser
ve
eur
os		 77.
3		 74.
3
(
)
Ne
t
Ta
i
b
le
Bo
k
Va
lue
S
har
ng
o
p
er
e
eur
os		 6
9.
7		 6
4.
8

(a) Excluding Undated Super Subordinated Notes and remuneration net of tax payable to holders of Undated Super Subordinated Notes

Return on Equity and Permanent Shareholders' Equity

Calculation of Return on Equity

in m
i
l
l
ions
f eu
o
ros		 3
1-
Dec
-1
9		 3
1-
Dec
-1
8
Net
inc
Gro
har
om
e
up
s
e		 8,
17
3		 7,
5
26
Re
ion
f ta
f
Un
dat
d
Su
Su
bor
d
inat
d
No
d e
han
f
fec
at
net
tes
t
mu
ner
o
x o
e
p
er
e
an
xc
g
e e		 -4
2
8		 -3
6
7
Net
inc
Gro
har
d
for
he
lcu
lat
ion
f
R
O
E
/
R
O
T
E
t
om
e
up
s
e u
se
ca
o		 7,
745		 7,
15
9
(
)
Av
har
ho
l
der
' eq
ity,
lua
d
nt s
t re
te
era
g
e p
erm
ane
e
s
u
no
va
a		 9
0,
77
0		 8
7,
25
7
(
)
Ret
Eq
ity
R
O
E
urn
on
u		 8.
5
%		 8.
2
%
(
)
Av
i
b
le p
har
ho
l
der
' eq
ity,
lua
d
b
e ta
nt
t re
te
era
g
ng
erm
ane
s
e
s
u
no
va		 7
8,
8
0
1		 74,
9
0
1
(
)
Ret
Ta
i
b
le
Eq
ity
R
O
T
E
urn
on
ng
u		 9.
8
%		 9.6
%

(a) Average Permanent shareholders' equity: average of beginning of the year and end of the period, including notably annualised net income with exceptional items, contribution to SRF and taxes not annualised (Permanent Shareholders' equity = Shareholders' equity attributable to shareholders - changes in assets and liabilities recognised directly in equity - Undated Super Subordinated Notes - remuneration net of tax payable to holders of Undated Super Subordinated Notes - dividend distribution assumption);

(b) Average Tangible permanent shareholders' equity: average of beginning of the year and end of the period, including notably annualised net income with exceptional items, contribution to SRF and taxes not annualised (Tangible permanent shareholders' equity = permanent shareholders' equity - intangible assets - goodwill)

Permanent Shareholders' Equity Group share, not revaluated

in
i
l
l
ion
f e
m
s
o
uro
s		 3
1-
De
1
9
c-		 3
1-
De
1
8
c-
Ne
Bo
k
Va
lue
t
o		 9
8,
6
7
4		 9
3,
1
6
0		 (1
)
(
)
f w
h
ic
h c
han
in a
d
l
ia
b
i
l
it
ies
ise
d
d
irec
ly
in e
ity
lua
ion
ts a
t
t
o
g
es
sse
n
re
cog
n
q
u
va
re
ser
ve		 2,
1
4
5		 5
1
0		 (2
)
f w
h
ic
h
2
0
1
8
d
iv
i
den
d
o		 3,
7
6
8		 (3
)
f w
h
ic
h
2
0
1
9
d
iv
i
den
d
d
istr
i
but
ion
ion
t
o
as
sum
p		 3,
8
7
1		 (4
)
(
)
Pe
har
ho
l
der
' eq
ity,
lua
d
nt
t re
te
rm
ane
s
e
s
u
no
va
a		 9
2,
6
5
8		 8
8,
8
8
2		 (1
)-
(2
)-
(3
)-
(4
)
Go
dw
i
l
l an
d
inta
i
b
les
o
ng		 1
1,
6
6
9		 1
2,
2
7
0
(
)
Ta
i
b
le p
nt
har
ho
l
de
' eq
ity,
t re
lua
te
d
ng
erm
ane
s
e
rs
u
no
va
a		 8
0,
9
8
9		 7
6,
6
1
2

(a) Ex cluding Undated Super Subordinated Notes, remuneration net of tax pay able to holders of Undated Super Subordinated Notes and after div idend distribution assumption

A Solid Financial Structure

Doubtful loans/gross outstandings

3
1-
De
1
9
c-		 3
1-
De
1
8
c-
(
)
/
(
)
Do
b
t
fu
l
loa
Lo
b
u
ns
a
ans		 2.2
%		 2.6
%

(a) Impaired loans (stage 3) to customers and credit institutions, not netted of guarantees, including on-balance sheet and off-blance sheet and debt securities measured at amortized costs or at fair value through shareholders' equity; (b) Gross outstanding loans to customers and credit institutions, on-balance sheet and off-blance sheet and including debt securities measured at amortized costs or at fair value through shareholders' equity (excluding insurance)

Coverage ratio

€
bn		 3
1-
De
1
9
c-		 3
1-
De
1
8
c-
(
)
A
l
low
for
loa
los
anc
e
n
ses
a		 17.
1		 19.
9
(
)
Do
b
fu
l
loa
b
t
u
ns		 23.
1		 26.
2
S
tag
3 c
t
io
e
ov
era
g
e r
a		 74.
0
%		 76.
2%

(a) Stage 3 provisions; (b) Impaired loans (stage 3) to customers and credit institutions, on-balance sheet and off-balance sheet, netted of guarantees received, including debt securities measured at amortized costs or at fair value through shareholders' equity (excluding insurance)

Liquidity Coverage Ratio and Immediately available liquidity reserve

€
bn		 3
1-
Dec
-1
9		 3
1-
Dec
-1
8
L
iq
i
d
i
Cov
Ra
io
ty
t
era
g
e
u		 125
%		 132
%
(
)
Imm
d
ia
ly
i
la
b
le
l
iq
i
d
i
te
ty
e
ava
u
res
erv
e
a		 309 308

(a) Liquid market assets or eligible to central banks (counterbalancing capacity) taking into account prudential standards, notably US standards, minus intra-day payment systems needs

Common equity Tier 1 Ratio

Common equity Tier 1 ratio1

(Accounting capital to prudential capital reconciliation)

bn
€		 3
1-
De
1
9
c-		 Se
3
0-
1
9
p-		 3
1-
De
1
8
c-
Co
l
i
da
d
Eq
i
te
ty
ns
o
u		 1
1
1.
8		 1
1
1.
6		 1
0
5.
7
Un
da
d s
bo
d
ina
d n
te
te
tes
up
er
su
r
o		 -8.
7		 -9.
7		 -8.
2
d
iv
i
de
d
2
0
1
8
n		 -3.
8
2
0
1
9 p
j
t o
f
d
iv
i
de
d
d
is
tr
i
bu
t
ion
ro
ec
n		 2
-3.
9		 -3.
0
3
Re
la
d
j
i
tor
tm
ts
ty
g
u
y
a
us
en
on
eq
u		 -2.
0		 -2.
1		 -1.
2
Re
la
d
j
ino
i
in
tor
tm
ts
ty
ter
ts
g
a
us
en
on
m
r
es
u
y		 -2.
6		 -2.
6		 -2.
5
Go
dw
i
l
l a
d
in
tan
i
b
le
ts
o
n
g
as
se		 -1
1.
4		 3
-1
1.		 2.
2
-1
De
fer
d
la
d
los
for
ds
tax
ts
te
to
tax
re
as
se
re
s c
arr
y
wa
r		 -0.
4		 -0.
4		 -0.
6
O
he
la
d
j
t
tor
tm
ts
r re
g
u
y
a
us
en		 -1.
0		 -0.
8		 -0.
6
4
du
ion
f
b
le
i
De
t
Irre
ts
tm
ts
c
o
vo
ca
p
ay
me
n
co
mm
en		 -0.
6		 -0.
6		 -0.
5
Co
Eq
i
T
ier
On
i
l
ty
ta
mm
on
u
e c
ap		 8
1.
2		 8
1.
1		 7
6.
1
R
is
k-w
ig
h
d a
te
ts
e
ss
e		 6
6
9		 6
7
7		 6
4
7
Co
i
ier
io
Eq
ty
T
1
Ra
t
mm
on
u		 1
2.
1
%		 1
2.
0
%		 1
1.
8
%

1. CRD4; 2. Subject to the approval of the Annual General Meeting on 19 May 2020; 3. Including Prudent Valuation Adjustment; 4. New SSM general requirement

Medium/Long Term Wholesale Funding 2019 MLT funding programme : €41.4bn issued

Capital Instruments: €3.3bn

  • • AT1: \$1.5bn (€1.3bn equiv.), issued on 18.03.19, Perp Non Call 5, 6.625% coupon
  • • AT1: AUD 300m (€185m equiv.), issued on 03.07.19, Perp Non Call 5.5, 4.5% s.a. coupon
  • • Tier 2 : €1.8bn equiv., issued under various formats, average maturity of 11 years

Senior Debt: €38.1bn

  • • Non Preferred Senior (NPS): €16.2bn; average maturity of 6.5 years
  • • Structured products (Preferred Senior Debt): €15.8bn; average maturity of 2.1 years
  • • Secured funding: €5.1bn; average maturity of 2.7 years
  • • Local wholesale funding: €1bn; average maturity of 5.9 years

Wholesale

MLT funding outstanding breakdown as at 31.12.19 (€175bn):

1. Debt qualified prudentially as Tier 1 booked as subordinated debt or as equity

Medium/Long Term Wholesale Funding 2020 Programme

2020 MLT wholesale funding programme1: €35bn

2020 MLT regulatory issuance plan: €17bn

  • • Out of which capital instruments: €4bn
    • • Tier 2: €1bn issued on 08.01.20, 12NC72, at mid-swap+120 bp
  • • Out of which Non Preferred Senior debt: €13bn
    • • \$2bn (€1.8bn), issued on 06.01.20, 11NC10, US Treasuries+125 bp
    • • £850m (€1bn) 7.9Y issued on 07.01.20, UK Treasuries+130 bp
    • • AUD 300m (€185m), issued on 10.01.20, 7.5Y fixed and floating rate notes dual tranche, 2.50% s.a. coupon / 3mBBSW +135 bp

Other senior debt: €18bn

  • • Structured products (Preferred Senior): ~€15bn
  • • Secured funding and local wholesale funding: ~€3bn

Over 25% of the regulatory issuance plan realised as of end of January 2020

1. Subject to market conditions, indicative amounts; 2. 12-year maturity, callable on year 7 only

TLAC Ratio above the requirement, 2020 target of 21% already reached in 2019 without the senior preferred allowance

1. In accordance with Regulation (EU) No. 2019/876,article 72ter paragraphs 3 and 4, some preferred senior debt instruments (amounting to EUR 18,294 million as at 31 December 2019) are eligible within the limit of 2.5% of risk-weighted assets. 2. TLAC ratio reaches 21.5% of RWA and 7.3% of leverage ratio exposure, without the above Senior Preferred allowance. Should BNP Paribas use this option, the TLAC ratio would reach 24.0% of RWA. 3. Principal amount outstanding and other regulatory adjustments, including amortised portion of Tier 2 instruments with residual maturity over 1 year ;

Variation in the Cost of Risk by Business Unit (1/3)

Cost of risk/Customer loans at the beginning of the period (in bp)

* Excluding booking of the stage 1 provisions on the portfolio of non-doubtful loans of Raiffeisen Bank Polska

Variation in the Cost of Risk by Business Unit (2/3)

Cost of risk/Customer loans at the beginning of the period (in bp)

Variation in the Cost of Risk by Business Unit (3/3)

Cost of risk/Customer loans at the beginning of the period (in bp)

•Cost of risk: €113m

•

+€2m vs. 3Q19

+€36m vs. 4Q18

• Moderate increase in the cost of risk in Turkey

  • +€41m vs. 3Q19
  • +€62m vs. 4Q18
  • Increase in the cost of risk this quarter (two specific files)

58

Variation in the Cost of Risk by Business Unit (1/2)

Cost of risk/Customer loans at the beginning of the period (in annualised bp)

2
0
1
6		 2
0
1
7		 1
Q
1
8		 2
Q
1
8		 3
Q
1
8		 4
Q
1
8		 2
0
1
8		 1
Q
1
9		 2
Q
1
9		 3
Q
1
9		 4
Q
1
9		 2
0
1
9
1
Do
ic
Ma
ke
t
ts
me
s
r
(
)
Loa
d
ing
f
he
beg
f
he
€
bn
ts
tan
t
t
ter
n o
u
s a
s o
. o
q
uar		 344
.4		 362
.3		 397
.2		 398
.4		 404
.1		 405
.7		 401
.3		 411
.0		 412
.6		 416
.4		 416
.1		 414
.0
(
)
Co
t o
f r
is
k
€m
s		 1,
515		 1,
356		 270 204 251 322 1,
046		 307 214 245 254 1,
021
(
)
Co
f r
is
k
in a
l
ise
d
bp
t o
s
nnu
a		 44 37 27 20 25 32 26 30 21 24 24 25
1
F
R
B
d
ing
f
he
beg
f
he
(
bn
)
Loa
ts
tan
t
t
ter
€
n o
u
s a
s o
. o
q
uar		 144
.3		 155
.9		 187
.5		 185
.4		 184
.2		 183
.9		 185
.2		 189
.2		 189
.8		 191
.2		 191
.4		 190
.4
(
)
Co
f r
is
k
€m
t o
s		 342 331 59 54 90 85 288 72 83 75 98 329
(
)
Co
f r
is
k
in a
l
ise
d
bp
t o
s
nnu
a		 24 21 13 12 20 19 16 15 17 16 21 17
1
B
N
L
bc
(
)
Loa
ts
tan
d
ing
f
t
he
beg
f
t
he
ter
€
bn
n o
u
s a
s o
. o
q
uar		 77.
4		 78.
3		 78.
1		 77.
6		 78.
8		 79.
7		 78.
6		 78.
0		 77.
6		 77.
1		 75.
9		 77.
2
(
)
Co
f r
is
k
€m
t o
s		 959 871 169 127 131 164 592 165 107 109 109 490
(
)
Co
f r
is
k
in a
l
ise
d
bp
t o
s
nnu
a		 124 111 87 66 67 82 75 85 55 56 57 64
1
B
R
B
(
)
Loa
ts
tan
d
ing
f
t
he
beg
f
t
he
ter
€
bn
n o
u
s a
s o
. o
q
uar		 96.
4		 100
.4		 102
.0		 104
.3		 109
.4		 109
.9		 106
.4		 111
.0		 111
.9		 114
.5		 114
.6		 113
.0
(
)
Co
f r
is
k
€m
t o
s		 98 65 6 -2 -4 43 43 34 -3 20 5 55
(
)
Co
f r
is
k
in a
l
ise
d
bp
t o
s
nnu
a		 10 6 2 -1 -1 16 4 12 -1 7 2 5

1. With Private Banking at 100%

Variation in the Cost of Risk by Business Unit (2/2)

Cost of risk/Customer loans at the beginning of the period (in annualised bp)

2
0
1
6		 2
0
1
7		 Q
1
1
8		 Q
2
1
8		 Q
3
1
8		 Q
4
1
8		 2
0
1
8		 Q
1
1
9		 Q
2
1
9		 Q
3
1
9		 Q
4
1
9		 2
0
1
9
1
Ba
We
st
nc
(
)
Loa
d
ing
f t
he
beg
f t
he
€
bn
uts
tan
ter
n o
s a
s o
. o
q
uar		 60.
3		 64.
9		 51.
1		 49.
4		 52.
1		 52.
8		 51.
3		 53.
7		 54.
5		 54.
7		 57.
5		 55.
1
(
)
Co
st o
f r
is
k
€m		 85 111 12 0 35 22 70 18 2 43 84 148
(
)
Co
f r
is
k
in a
l
ise
d
bp
st o
nnu
a		 14 17 10 0 27 17 14 14 2 32 58 27
1
Eu
Me
d
iter
rop
e-
ran
ean
d
ing
f t
he
beg
f t
he
(
bn
)
Loa
uts
tan
ter
€
n o
s a
s o
. o
q
uar		 39.
1		 38.
2		 38.
2		 38.
2		 39.
0		 35.
7		 37.
7		 40.
6		 40.
7		 40.
4		 41.
1		 40.
7
(
)
Co
st o
f r
is
k
€m		 437 259 70 55 105 78 308 77 97 112 113 399
(
)
Co
f r
is
k
in a
l
ise
d
bp
st o
nnu
a		 112 68 73 58 108 87 82 75 96 110 110 98
l
ina
Pe
F
rso
na
nce
(
)
Loa
d
ing
f t
he
beg
f t
he
€
bn
uts
tan
ter
n o
s a
s o
. o
q
uar		 61.
4		 68.
7		 80.
6		 82.
9		 85.
9		 87.
8		 84.
3		 90.
9		 93.
7		 94.
7		 94.
7		 93.
5
(
)
Co
f r
is
k
st o
€m		 979 1,
009		 276 265 345 299 1,
186		 329 289 366 370 1,
354
(
)
Co
st o
f r
is
k
in a
l
ise
d
bp
nnu
a		 159 147 137 128 161 136 141 145 123 154 156 145
C
I
B -
Co
Ba
k
ing
te
rp
ora
n
d
ing
f t
he
beg
f t
he
(
bn
)
Loa
uts
tan
ter
€
n o
s a
s o
. o
q
uar		 118
.7		 123
.5		 131
.1		 127
.0		 139
.3		 135
.5		 132
.6		 138
.0		 146
.0		 150
.2		 148
.0		 145
.6
(
)
Co
f r
is
k
€m
st o		 292 70 -1 -13 -46 91 31 35 21 88 80 223
(
)
Co
f r
is
k
in a
l
ise
d
bp
st o
nnu
a		 25 6 0 -4 -13 27 2 10 6 23 22 15
2
Gro
up
(
)
Loa
uts
tan
d
ing
f t
he
beg
f t
he
ter
€
bn
n o
s a
s o
. o
q
uar		 709
.8		 738
.6		 776
.9		 780
.8		 804
.2		 791
.7		 788
.4		 807
.9		 826
.3		 836
.4		 837
.8		 827
.1
(
)
Co
f r
is
k
€m
st o		 3,
262		 2,
907		 615 567 686 896 2,
764		 769 621 847 966 3,
203
Co
(
)
st o
f r
is
k
in a
l
ise
d
bp
nnu
a		 46 39 32 29 34 45 35 38 30 41 46 39

1. With Private Banking at 100%; 2. Including cost of risk of market activities, International Financial Services and Corporate Centre

Basel 3 Risk-Weighted Assets1

Risk-Weighted Assets1: €669bn as at 31.12.19 (€647bn as at 31.12.18)

• Increase in risk-weighted assets related to credit risk net of the impact of securitisations

€
b
n		 3
1.
1
2.
1
9		 3
0.
0
9.
1
9		 3
1.
1
2.
1
8
C
d
i
R
i
k
t
r
e
s		 5
2
4		 5
2
7		 5
0
4
O
i
l
R
i
k
t
p
e
r
a
o
n
a
s		 6
9		 0
7		 3
7
C
R
i
k
t
t
o
u
n
e
r
p
a
r
y
s		 3
0		 3
4		 2
7
/
M
k
F
i
h
R
i
k
t
a
r
e
o
r
e
g
n
e
c
a
n
g
e
s
x		 1
9		 2
0		 2
0
S
i
i
i
i
i
i
h
b
k
i
b
k
t
t
t
t
e
c
r
s
a
o
n
p
o
s
o
n
s
n
e
a
n
n
g
o
o
u		 1
1		 1
0		 7
2
O
h
t
e
r
s		 1
6		 1
6		 1
7
1
T
l
R
W
A
t
o
a		 6
6
9		 6
7
7		 6
4
7

1. CRD4; 2. Including the DTAs and significant investments in entities in the financial sector subject to 250% weighting

Basel 31 Risk-Weighted Assets by Business

Basel 3 risk-weighted assets1 by business as at 31.12.2019

2019 Full Year Results | 105

Breakdown of Commitments by Industry (Corporate Asset Class)

Total gross commitments on and off-balance sheet, unweighted (corporate asset class) = €697bn as at 31.12.2019

Breakdown of Commitments by Region

Total gross commitments on and off balance sheet, unweighted = €1,581bn as at 31.12.2019

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