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BNP Paribas

Earnings Release • Mar 28, 2025

1158_iss_2025-03-28_d3e6d393-8472-4a77-b218-23b35cb320cb.pdf

Earnings Release

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RESTATEMENT OF NEW 2024 QUARTERLY SERIES IN THE 2025 FORMAT

PRESS RELEASE

Paris, 28 March 2025

This restatement has no impact on the Group's published 2024 results and changes only the analytical breakdown of business lines, divisions and Corporate Centre segment. However, it impacts the risk-weighted assets of the various business lines, divisions and Group.

In order to present a consistent reference with the presentation of the financial statements and the results applied from 1 January 2025, the quarterly series for the 2024 financial year include the main effects described below:

  • The change in the allocation of normalized equity from 11% to 12% of risk-weighted assets: as part of the coming into force of the finalisation of Basel 3 (Basel 4) on 1 January 20251 , and in line with its CET1 target of 12%, the Group decided to change the normalized equity allocated to its business lines, excluding Insurance, to 12% of risk-weighted assets, from 11% previously, as of 1 January 2025;
  • The impact of this transposition (Basel 4)1 on the level of risk-weighted assets;
  • Full consolidation in the prudential scope of entities under the exclusive control of the Arval business as if it had occurred on 1 January 2024 (instead of 1 July 2024);
  • The geographical focus (sale and run-off of businesses in 10 countries) carried out by Personal Finance. It leads to the reclassification of income and business data from the non-strategic or non-core perimeter (equivalent to the activities put into run-off) in the Corporate Centre. Personal Finance's profit and loss account therefore corresponds to the remaining strategic or core perimeter ;
  • A change in revenue allocation methodology between Wealth Management and Corporate Centre;
  • The business indicators at BNL are restated to take into account a precise breakdown of deposits by category (current, savings and term) and off balance sheet savings (assets under Discretionary Portfolio Management now included).

1 Transposition into European law of the finalisation of Basel 3 (Basel 4) by Regulation (EU) 2024/1623 of the European Parliament and of the Council of 31 May 2024 amending Regulation (EU) 575/2013, published in the Official Journal of the European Union on 19 June 2024.

The following non-audited appendices detail the 2024 quarterly results in line with these developments.

  • Appendix 1: 2024 restated Group profit & loss, unchanged compared to 2024 Published Group profit & loss
  • Appendix 2: Effects of the restatement on operating divisions
  • Appendix 3: Effects of the restatement on Corporate Centre
  • Appendix 4: Effects on deposits and off balance sheet savings of BNL
  • Appendix 5: New quarterly restated series for all operating divisions and businesses

New quarterly series in excel format are available on the following website: https://invest.bnpparibas.com

Calendar

  • 9 April 2025: start of the quiet period
  • 24 April 2025: release of 1Q25 results
  • 13 May 2025: Annual General Meeting
  • 19 May 2025: 2024 Dividend detachment date
  • 21 May 2025: 2024 Dividend payment date
  • 10 June 2025: Deep Dive Personal Finance
  • 26 June 2025: Deep Dive Commercial & Personal Banking in France
  • 24 July 2025: release of 2Q25 results

Investor relations contact

Bénédicte Thibord - [email protected]

Equity

Raphaëlle Bouvier-Flory - [email protected] Lisa Bugat - [email protected] Didier Leblanc - [email protected] Olivier Parenty - [email protected] Guillaume Tiberghien - [email protected]

Debt & Rating agencies

Didier Leblanc - [email protected] Olivier Parenty - [email protected]

Retail & ESG

Antoine Labarsouque - [email protected]

E-mail : [email protected]

APPENDIX 1: 2024 RESTATED GROUP PROFIT & LOSS, UNCHANGED COMPARED TO 2024 PUBLISHED GROUP PROFIT & LOSS

€m 2024 4Q24 3Q24 2Q24 1Q24
Group
Revenues 48,831 12,137 11,941 12,270 12,483
Operating Expenses and Dep. -30,193 -7,867 -7,213 -7,176 -7,937
Gross Operating Income 18,638 4,270 4,728 5,094 4,546
Cost of Risk -2,999 -878 -729 -752 -640
Other net losses for risk on financial instruments -202 -64 -42 -91 -5
Operating Income 15,437 3,328 3,957 4,251 3,901
Share of Earnings of Equity-Method Entities 701 92 224 164 221
Other Non Operating Items 50 -77 -121 7 241
Pre-Tax Income 16,188 3,343 4,060 4,422 4,363
Corporate Income Tax -4,001 -898 -1,051 -886 -1,166
Net Income Attributable to Minority Interests -499 -123 -141 -141 -94
Net Income from discontinued activities 0 0 0 0 0
Net Income Attributable to Equity Holders 11,688 2,322 2,868 3,395 3,103
Cost/income 61.8% 64.8% 60.4% 58.5% 63.6%
Average loan outstandings (€bn) 830.4 837.1 833.0 829.0 822.6
Average deposits (€bn) 785.5 799.4 787.1 779.2 776.3
Loan outstandings at the beginning of the quarter (used for
cost of risk in bp)		 911.0 923.8 919.8 904.6 895.7
Cost of risk (in annualised bp) 33 38 32 33 29
RWA (Md€) 799 799 794 788 776

APPENDIX 2: EFFECTS OF THE RESTATEMENT ON OPERATING DIVISIONS

2024
reported		 Effects of 2024 restatement 2024
restated
2024 CRR3,
allocation of
equity and
others		 Change in
Wealth
Management
methodology		 Core / non core
perimeter of
Personal
Finance		 2024
€m
Commercial, Personal Banking & Services
(including 2/3 of Private Banking)
Revenues 26,027 163 -139 26,050
Operating Expenses and Dep. -16,119 0 207 -15,912
Gross Operating Income 9,908 163 0 67 10,137
Cost of Risk and others -3,275 0 74 -3,201
Operating Income 6,633 163 0 141 6,937
Share of Earnings of Equity-Method Entities 405 3 409
Other Non Operating Items -234 0 -64 -298
Pre-Tax Income 6,804 166 0 77 7,047
Investment & Protection Services
Revenues 5,824 9 -40 5,793
Operating Expenses and Dep. -3,570 0 -3,570
Gross Operating Income 2,254 9 -40 0 2,223
Cost of Risk and others -15 0 -15
Operating Income 2,239 9 -40 0 2,208
Share of Earnings of Equity-Method Entities 120 0 120
Other Non Operating Items -4 0 -4
Pre-Tax Income 2,355 9 -40 0 2,324
Corporate and Institutional Banking
Revenues 17,897 95 17,993
Operating Expenses and Dep. -10,731 0 -10,731
Gross Operating Income 7,166 95 0 0 7,261
Cost of Risk and others 143 0 143
Operating Income 7,310 95 0 0 7,405
Share of Earnings of Equity-Method Entities 17 0 17
Other Non Operating Items -4 0 -4
Pre-Tax Income 7,323 95 0 0 7,418

APPENDIX 3: EFFECTS OF THE RESTATEMENT ON CORPORATE CENTRE

2024
reported		 Effects of 2024 restatement 2024
restated
2024 CRR3,
allocation of
equity and
others		 Change in
Wealth
Management
methodology		 Non Core
perimeter of
Personal
Finance		 2024
€m
Corporate Center incl. restatement related to insurance activities of the volatility (IFRS 9 ) and attributable costs (internal distribution) and non core PF
Revenues -917 -267 40 139 -1,004
Incl. Restatement of the volatility (Insurance business)
Incl. Restatement of attributable costs (Internal		 -5 0 -5
Distributors) -1,085 0 -1,085
Operating Expenses and Dep. 227 0 -207 20
Incl. Restructuring, IT Reinforcement and Adaptation
Costs		 -571 0 -571
Incl. Restatement of attributable costs (Internal
Distributors)		 1,085 0 1,085
Gross Operating Income -690 -267 40 -67 -984
Cost of Risk and others -55 0 -74 -129
Operating Income -745 -267 40 -141 -1,113
Share of Earnings of Equity-Method Entities 158 -3 155
Other Non Operating Items 292 0 64 356
Pre-Tax Income -294 -270 40 -77 -602

APPENDIX 4: EFFECTS ON DEPOSITS AND ON OFF BALANCE SHEET SAVINGS OF BNL

Actual 2024 Actual 2024 restated Impacts of
the 2024 restatement
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Deposits and savings
(€bn)*		 68,3 68,5 66,3 67,7 68,3 68,5 66,3 67,7 0,0 0,0 0,0 0,0
Of which Current Accounts 55,5 54,6 52,0 52,8
Of which Savings Accounts 0,2 0,2 0,2 0,2
Of which Market Rate
Deposits		 12,6 13,7 14,1 14,8
Off balance sheet savings
(€bn)
Life Insurance 21,9 21,6 21,7 21,9 22,2 22,0 22,1 22,3 0,3 0,3 0,4 0,4
Mutual Funds 15,5 15,5 15,8 16,0 16,3 16,3 16,7 17,1 0,7 0,9 0,9 1,0

*Including 100% of Private Banking

APPENDIX 5: NEW QUARTERLY RESTATED SERIES FOR ALL OPERATING DIVISIONS AND BUSINESSES

€m 2024 4Q24 3Q24 2Q24 1Q24
Corporate and Institutional Banking
Revenues 17,993 4,529 4,267 4,500 4,696
Operating Expenses and Dep. -10,731 -2,930 -2,571 -2,489 -2,741
Gross Operating Income 7,261 1,599 1,697 2,011 1,955
Cost of Risk and others 143 -30 -27 106 95
Operating Income 7,405 1,569 1,669 2,117 2,050
Share of Earnings of Equity-Method Entities 17 5 6 4 3
Other Non Operating Items -4 1 -3 -2 0
Pre-Tax Income 7,418 1,575 1,672 2,118 2,052
Cost/Income 59.6% 64.7% 60.2% 55.3% 58.4%
Allocated Equity (€bn, year to date) 35.5 35.5 35.1 34.6 33.7
RWA (€bn) 277.9 277.9 277.0 277.6 274.0
€m 2024 4Q24 3Q24 2Q24 1Q24
Global Banking
Revenues 6,276 1,727 1,493 1,507 1,548
Operating Expenses and Dep. -2,921 -758 -718 -715 -730
Gross Operating Income 3,355 969 775 792 818
Cost of Risk and others 171 -33 -17 134 87
Operating Income 3,526 936 759 926 905
Share of Earnings of Equity-Method Entities 6 1 1 1 1
Other Non Operating Items 0 0 0 0 0
Pre-Tax Income 3,532 938 760 928 906
Cost/Income 46.5% 43.9% 48.1% 47.5% 47.2%
Average loan outstandings (€bn) 183 186 186 183 178
Loan outstandings at the beginning of the quarter (€bn) (used for cost of risk in 178 179 185 176 172
bp)
Average deposits (€bn) 220 231 220 213 217
Cost of risk (in annualised bp) -10 7 4 -30 -20
Allocated Equity (€bn, year to date) 18.0 18.0 17.7 17.3 17.0
RWA (€bn) 144.3 144.3 149.2 149.2 142.7
€m 2024 4Q24 3Q24 2Q24 1Q24
Global Markets
Revenues 8,770 2,025 2,036 2,262 2,448
incl. FICC 5,100 1,165 1,212 1,111 1,612
incl. Equity & Prime Services 3,671 861 824 1,151 835
Operating Expenses and Dep. -1,620 -1,301 -1,242 -1,486
Gross Operating Income -5,649
3,122 406 735 1,020 961
Cost of Risk and others -28 3 -11 -29 9
Operating Income 3,093 409 723 991 970
Share of Earnings of Equity-Method Entities 2 2 0 0 1
Other Non Operating Items
Pre-Tax Income		 -1
3,095		 2
412		 0
723		 -2
989		 0
970
Cost/Income
Allocated Equity (€bn, year to date)		 64.4%
16.0		 80.0%
16.0		 63.9%
15.9		 54.9%
15.8		 60.7%
15.2
€m 2024 4Q24 3Q24 2Q24 1Q24
Securities Services
Revenues 2,946 777 738 731 700
Operating Expenses and Dep. -2,161 -553 -552 -532 -524
Gross Operating Income 785 224 186 199 175
Cost of Risk and others 0 0 1 0 -1
Operating Income 785 224 187 199 175
Share of Earnings of Equity-Method Entities 9 2 4 2 1
Other Non Operating Items -3 0 -2 0 0
Pre-Tax Income 791 226 189 201 175
Cost/Income 73.4% 71.2% 74.8% 72.8% 74.9%
Assets under custody (€bn) 13,249 13,249 13,439 13,016 13,356
Assets under administration (€bn) 2,763 2,763 2,658 2,576 2,538
Number of fransactions (in million) 45.1 45.1 39.7 37.2 36.7
Allocated Equity (€bn, year to date) 1.5 1.5 1.5 1.5 1.5
RWA (€bn) 13.9 13.9 12.9 12.0 12.5
€m 2024 4Q24 3Q24 2Q24 1Q24
Commercial, Personal Banking & Services (including 100% of Private Banking)1
Revenues 26,788 6,758 6,607 6,788 6,636
Operating Expenses and Dep. -16,304 -4,094 -3,862 -3,936 -4,413
Gross Operating Income 10,483 2,664 2,745 2,852 2,223
Cost of Risk and others -3,198 -871 -736 -888 -703
Operating Income 7,286 1,793 2,009 1,963 1,520
Share of Earnings of Equity-Method Entities 409 64 164 83 97
Other Non Operating Items -298 -80 -66 -49 -103
Pre-Tax Income 7,396 1,777 2,107 1,998 1,514
Income Attributable to Wealth and Asset Management -349 -88 -93 -94 -74
Pre-Tax Income of Commercial, Personal Banking & Services 7,047 1,689 2,014 1,904 1,440
Cost/Income 60.9% 60.6% 58.5% 58.0% 66.5%
Average loan outstandings (€bn) 638 644 639 637 633
Loan outstandings at the beginning of the quarter (used for cost of risk in bp) 633 634 636 629 631
Average deposits (€bn) 565 568 567 566 559
Cost of risk (in annualised bp) 47 51 44 51 44
Allocated Equity (€bn, year to date; including 2/3 of Private
Banking)		 55.5 55.5 55.3 55.0 54.6
RWA (€bn) 445.7 445.7 443.8 443.2 438.5
€m 2024 4Q24 3Q24 2Q24 1Q24
Commercial, Personal Banking & Services - excl. PEL/CEL (including 100% of Private Banking)1
Revenues 26,775 6,759 6,598 6,786 6,633
Operating Expenses and Dep. -16,304 -4,094 -3,862 -3,936 -4,413
Gross Operating Income 10,471 2,665 2,736 2,850 2,221
Cost of Risk and others -3,198 -871 -736 -888 -703
Operating Income 7,273 1,793 2,000 1,961 1,518
Share of Earnings of Equity-Method Entities 409 64 164 83 97
Other Non Operating Items -298 -80 -66 -49 -103
Pre-Tax Income 7,383 1,777 2,098 1,996 1,512
Income Attributable to Wealth and Asset Management -349 -88 -93 -94 -74
Pre-Tax Income of Commercial, Personal Banking & Services 7,034 1,690 2,005 1,902 1,438
Cost/Income 60.9% 60.6% 58.5% 58.0% 66.5%
Average loan outstandings (€bn) 638 644 639 637 633
Loan outstandings at the beginning of the quarter (used for cost of risk in bp) 633 634 636 629 631
Average deposits (€bn) 565 568 567 566 559
Cost of risk (in annualised bp) 47 51 44 51 44
Allocated Equity (€bn, year to date; including 2/3 of Private
Banking)		 55.5 55.5 55.3 55.0 54.6
RWA (€bn) 445.7 445.7 443.8 443.2 438.5
€m 2024 4Q24 3Q24 2Q24 1Q24
Commercial, Personal Banking & Services (including 2/3 of Private Banking)
Revenues 26,050 6,577 6,423 6,599 6,452
Operating Expenses and Dep. -15,912 -3,999 -3,770 -3,840 -4,303
Gross Operating Income 10,137 2,578 2,653 2,759 2,148
Cost of Risk and others -3,201 -873 -737 -889 -702
Operating Income 6,937 1,705 1,915 1,870 1,446
Share of Earnings of Equity-Method Entities 409 64 164 83 97
Other Non Operating Items -298 -80 -66 -49 -103
Pre-Tax Income 7,047 1,689 2,014 1,904 1,440
Cost/Income 61.1% 60.8% 58.7% 58.2% 66.7%
Allocated Equity (€bn, year to date) 55.5 55.5 55.3 55.0 54.6
RWA (€bn) 441.9 441.9 439.6 438.7 433.9
€m 2024 4Q24 3Q24 2Q24 1Q24
Commercial, Personal Banking & Services - excl. PEL/CEL (including 2/3 of Private Banking)
Revenues 26,037 6,578 6,414 6,596 6,449
Operating Expenses and Dep. -15,912 -3,999 -3,770 -3,840 -4,303
Gross Operating Income 10,125 2,578 2,644 2,757 2,146
Cost of Risk and others -3,201 -873 -737 -889 -702
Operating Income 6,924 1,706 1,907 1,867 1,444
Share of Earnings of Equity-Method Entities 409 64 164 83 97
Other Non Operating Items -298 -80 -66 -49 -103
Pre-Tax Income 7,034 1,690 2,005 1,902 1,438
Cost/Income 61.1% 60.8% 58.8% 58.2% 66.7%
Allocated Equity (€bn, year to date) 55.5 55.5 55.3 55.0 54.6
RWA (€bn) 441.9 441.9 439.6 438.7 433.9
€m 2024 4Q24 3Q24 2Q24 1Q24
Commercial & Personal Banking (including 100% of Private Banking)1
Revenues 17,109 4,390 4,249 4,267 4,203
incl. net interest revenue 10,851 2,766 2,747 2,656 2,682
incl. fees 6,258 1,624 1,502 1,611 1,521
Operating Expenses and Dep. -11,444 -2,866 -2,680 -2,748 -3,151
Gross Operating Income 5,665 1,524 1,569 1,519 1,052
Cost of Risk and others -1,395 -400 -307 -427 -262
Operating Income 4,269 1,123 1,262 1,093 791
Share of Earnings of Equity-Method Entities 382 62 157 76 86
Other Non Operating Items -249 -57 -62 -41 -88
Pre-Tax Income 4,403 1,128 1,357 1,128 789
Income Attributable to Wealth and Asset Management -345 -87 -92 -93 -73
Pre-Tax Income of Commercial & Personal Banking 4,057 1,042 1,265 1,035 716
Cost/Income 66.9% 65.3% 63.1% 64.4% 75.0%
Average loan outstandings (€bn) 469 471 469 469 468
Loan outstandings at the beginning of the quarter (€bn) (used for cost of risk in
bp)		 499 497 502 497 499
Average deposits (€bn) 532 536 534 533 526
Cost of risk (in annualised bp) 24 27 21 27 21
Allocated Equity (€bn, year to date; including 2/3 of Private
Banking)		 36.7 36.7 36.5 36.3 36.1
RWA (€bn) 293.2 293.2 293.8 294.2 290.7
€m 2024 4Q24 3Q24 2Q24 1Q24
Commercial & Personal Banking - excl. PEL/CEL (including 100% of Private Banking)1
Revenues 17,096 4,390 4,240 4,265 4,201
incl. net interest revenue 10,839 2,766 2,738 2,654 2,680
incl. fees 6,258 1,624 1,502 1,611 1,521
Operating Expenses and Dep. -11,444 -2,866 -2,680 -2,748 -3,151
Gross Operating Income 5,652 1,524 1,560 1,517 1,050
Cost of Risk and others -1,395 -400 -307 -427 -262
Operating Income 4,257 1,124 1,254 1,091 788
Share of Earnings of Equity-Method Entities 382 62 157 76 86
Other Non Operating Items -249 -57 -62 -41 -88
Pre-Tax Income 4,390 1,129 1,349 1,126 787
Income Attributable to Wealth and Asset Management -345 -87 -92 -93 -73
Pre-Tax Income of Commercial & Personal Banking 4,045 1,042 1,256 1,033 714
Cost/Income 66.9% 65.3% 63.2% 64.4% 75.0%
Average loan outstandings (€bn)
Loan outstandings at the beginning of the quarter (€bn) (used for cost of risk in		 469
499		 471
497		 469
502		 469
497		 468
499
bp)
Average deposits (€bn) 532 536 534 533 526
Cost of risk (in annualised bp)
Allocated Equity (€bn, year to date; including 2/3 of Private
Banking)		 24
36.7		 27
36.7		 21
36.5		 27
36.3		 21
36.1
€m 2024 4Q24 3Q24 2Q24 1Q24
Commercial & Personal Banking (including 2/3 of Private Banking)
Revenues 16,384 4,212 4,068 4,081 4,022
Operating Expenses and Dep. -11,061 -2,774 -2,590 -2,654 -3,044
Gross Operating Income 5,322 1,438 1,478 1,427 978
Cost of Risk and others -1,398 -402 -308 -427 -261
Operating Income 3,924 1,037 1,170 1,000 717
Share of Earnings of Equity-Method Entities 382 62 157 76 86
Other Non Operating Items -249 -57 -63 -42 -88
Pre-Tax Income 4,057 1,042 1,265 1,035 716
Cost/Income 67.5% 65.9% 63.7% 65.0% 75.7%
Allocated Equity (€bn, year to date) 36.7 36.7 36.5 36.3 36.1
RWA (€bn) 289.4 289.4 289.5 289.7 286.1
€m 2024 4Q24 3Q24 2Q24 1Q24
Commercial & Personal Banking - excl. PEL/CEL (including 2/3 of Private Banking)
Revenues 16,371 4,213 4,059 4,079 4,020
Operating Expenses and Dep. -11,061 -2,774 -2,590 -2,654 -3,044
Gross Operating Income 5,310 1,439 1,470 1,425 976
Cost of Risk and others -1,398 -402 -308 -427 -261
Operating Income 3,912 1,037 1,162 998 715
Share of Earnings of Equity-Method Entities 382 62 157 76 86
Other Non Operating Items -249 -57 -63 -42 -88
Pre-Tax Income 4,045 1,042 1,256 1,033 714
Cost/Income 67.6% 65.8% 63.8% 65.1% 75.7%
Allocated Equity (€bn, year to date) 36.7 36.7 36.5 36.3 36.1
RWA (€bn) 289.4 289.4 289.5 289.7 286.1
€m 2024 4Q24 3Q24 2Q24 1Q24
Commercial & Personal Banking in the Eurozone (including 100% of Private Banking)1
Revenues 13,877 3,488 3,419 3,530 3,440
incl. net interest revenue 8,232 2,052 2,058 2,061 2,060
incl. fees 5,645 1,436 1,360 1,468 1,380
Operating Expenses and Dep. -9,417 -2,314 -2,200 -2,255 -2,648
Gross Operating Income 4,460 1,174 1,219 1,275 792
Cost of Risk and others -1,029 -271 -221 -319 -217
Operating Income 3,431 903 997 956 575
Share of Earnings of Equity-Method Entities 80 -1 75 5 1
Other Non Operating Items 1 -4 2 1 1
Pre-Tax Income 3,512 898 1,074 962 578
Income Attributable to Wealth and Asset Management -307 -81 -81 -81 -64
Pre-Tax Income of Commercial & Personal Banking in the Eurozone 3,205 817 994 881 514
Cost/Income 67.9% 66.3% 64.3% 63.9% 77.0%
Average loan outstandings (€bn) 434 434 434 434 434
Loan outstandings at the beginning of the quarter (used for cost of risk in bp) 463 461 464 461 464
Average deposits (€bn) 484 487 485 485 480
Cost of risk (in annualised bp) 22 24 19 28 19
Allocated Equity (€bn, year to date; including 2/3 of Private
Banking)		 29.3 29.3 29.2 29.1 29.0
RWA (€bn) 225.4 225.4 230.7 231.5 230.1
€m 2024 4Q24 3Q24 2Q24 1Q24
Commercial & Personal Banking in the Eurozone - excl. PEL/CEL (including 100% of Private Banking)1
Revenues 13,864 3,489 3,410 3,528 3,438
incl. net interest revenue 8,220 2,053 2,050 2,059 2,058
incl. fees 5,645 1,436 1,360 1,468 1,380
Operating Expenses and Dep. -9,417 -2,314 -2,200 -2,255 -2,648
Gross Operating Income 4,448 1,175 1,210 1,273 790
Cost of Risk and others -1,029 -271 -221 -319 -217
Operating Income 3,419 903 988 954 573
Share of Earnings of Equity-Method Entities 80 -1 75 5 1
Other Non Operating Items 1 -4 2 1 1
Pre-Tax Income 3,500 898 1,066 960 575
Income Attributable to Wealth and Asset Management -307 -81 -81 -81 -64
Pre-Tax Income of Commercial & Personal Banking in the Eurozone 3,192 817 985 879 511
Cost/Income 67.9% 66.3% 64.5% 63.9% 77.0%
Average loan outstandings (€bn) 434 434 434 434 434
Loan outstandings at the beginning of the quarter (used for cost of risk in bp) 463 461 464 461 464
Average deposits (€bn) 484 487 485 485 480
Cost of risk (in annualised bp) 22 24 19 28 19
Allocated Equity (€bn, year to date; including 2/3 of Private
Banking)		 29.3 29.3 29.2 29.1 29.0
RWA (€bn) 225.4 225.4 230.7 231.5 230.1
€m 2024 4Q24 3Q24 2Q24 1Q24
Commercial & Personal Banking in the Eurozone (including 2/3 of Private Banking)
Revenues 13,202 3,320 3,253 3,358 3,271
Operating Expenses and Dep. -9,046 -2,225 -2,113 -2,164 -2,544
Gross Operating Income 4,157 1,095 1,140 1,195 728
Cost of Risk and others -1,033 -273 -223 -320 -216
Operating Income 3,124 822 917 874 511
Share of Earnings of Equity-Method Entities 80 -1 75 5 1
Other Non Operating Items 0 -4 2 1 1
Pre-Tax Income 3,205 817 994 881 514
Cost/Income 68.5% 67.0% 65.0% 64.4% 77.8%
Allocated Equity (€bn, year to date) 29.3 29.3 29.2 29.1 29.0
RWA (€bn) 221.5 221.5 226.5 227.0 225.5
€m 2024 4Q24 3Q24 2Q24 1Q24
Commercial & Personal Banking in the Eurozone - excl. PEL/CEL (including 2/3 of Private Banking)
Revenues 13,190 3,320 3,244 3,356 3,269
Operating Expenses and Dep. -9,046 -2,225 -2,113 -2,164 -2,544
Gross Operating Income 4,144 1,095 1,131 1,193 725
Cost of Risk and others -1,033 -273 -223 -320 -216
Operating Income 3,111 822 908 872 509
Share of Earnings of Equity-Method Entities 80 -1 75 5 1
Other Non Operating Items 0 -4 2 1 1
Pre-Tax Income 3,192 817 985 879 511
Cost/Income 68.6% 67.0% 65.1% 64.5% 77.8%
Allocated Equity (€bn, year to date) 29.3 29.3 29.2 29.1 29.0
RWA (€bn) 221.5 221.5 226.5 227.0 225.5
Revenues
6,613
1,665
1,648
1,677
1,622
incl. net interest revenue
3,361
848
862
823
828
incl. fees
3,252
817
786
855
794
Operating Expenses and Dep.
-4,597
-1,174
-1,134
-1,118
-1,171
Gross Operating Income
2,016
492
514
559
451
Cost of Risk and others
-668
-190
-122
-239
-116
Operating Income
1,349
301
392
320
335
Share of Earnings of Equity-Method Entities
0
0
0
0
0
Other Non Operating Items
-2
0
0
-1
0
Pre-Tax Income
1,347
301
392
319
335
Income Attributable to Wealth and Asset Management
-179
-44
-46
-45
-46
Pre-Tax Income of CPBF
1,167
257
347
275
289
Cost/Income
69.5%
70.5%
68.8%
66.7%
72.2%
208
208
208
208
209
Average loan outstandings (€bn)
Loan outstandings at the beginning of the quarter (€bn) (used for cost of risk in
231
230
231
230
232
bp)
231
231
232
233
230
Average deposits (€bn)
29
33
21
41
20
Cost of risk (in annualised bp)
Allocated Equity (€bn, year to date; including 2/3 of Private
13.3
13.3
13.2
13.1
13.0
Banking)
102.8
102.8
107.9
107.9
106.0
RWA (€bn)
€m
2024
4Q24
3Q24
2Q24
1Q24
CPBF - excl. PEL/CEL (including 100% of Private Banking)1
Revenues
6,600
1,666
1,640
1,675
1,620
incl. net interest revenue
3,348
849
853
821
826
incl. fees
3,252
817
786
855
794
Operating Expenses and Dep.
-4,597
-1,174
-1,134
-1,118
-1,171
Gross Operating Income
2,004
492
505
557
449
Cost of Risk and others
-668
-190
-122
-239
-116
Operating Income
1,336
302
383
318
332
Share of Earnings of Equity-Method Entities
0
0
0
0
0
Other Non Operating Items
-2
0
0
-1
0
Pre-Tax Income
1,334
301
383
317
332
Income Attributable to Wealth and Asset Management
-179
-44
-46
-45
-46
Pre-Tax Income of CPBF
1,155
258
338
272
287
Cost/Income
69.6%
70.5%
69.2%
66.7%
72.3%
208
208
208
208
209
Average loan outstandings (€bn)
Loan outstandings at the beginning of the quarter (€bn) (used for cost of risk in
231
230
231
230
232
bp)
231
231
232
233
230
Average deposits (€bn)
29
33
21
41
20
Cost of risk (in annualised bp)
Allocated Equity (€bn, year to date; including 2/3 of Private
13.3
13.3
13.2
13.1
13.0		 €m 2024 4Q24 3Q24 2Q24 1Q24
CPBF (including 100% of Private Banking)1
Banking)
102.8
102.8
107.9
107.9
106.0
RWA (€bn)

Reminder on PEL/CEL provision: this provision, accounted in the revenues of CPB in France, takes into account the risk generated by Plans Epargne Logement (PEL) and Comptes Epargne Logement (CEL) during their whole lifetime. €m 2024 4Q24 3Q24 2Q24 1Q24

PEL/CEL effects 100% of Private Banking in France 12 -1 9 2 2
€m 2024 4Q24 3Q24 2Q24 1Q24
CPBF (including 2/3 of Private Banking)
Revenues 6,258 1,578 1,561 1,588 1,531
Operating Expenses and Dep. -4,420 -1,130 -1,091 -1,072 -1,126
Gross Operating Income 1,839 448 470 516 405
Cost of Risk and others -670 -190 -124 -240 -116
Operating Income 1,169 258 347 276 289
Non Operating Items -2 -1 0 -1 0
Pre-Tax Income 1,167 257 347 275 289
Cost/Income 70.6% 71.6% 69.9% 67.5% 73.6%
Allocated Equity (€bn, year to date) 13.3 13.3 13.2 13.1 13.0
RWA (€bn) 100.4 100.4 105.1 105.0 103.0
€m 2024 4Q24 3Q24 2Q24 1Q24
CPBF - excl. PEL/CEL (including 2/3 of Private Banking)
Revenues 6,246 1,578 1,552 1,586 1,529
Operating Expenses and Dep. -4,420 -1,130 -1,091 -1,072 -1,126
Gross Operating Income 1,826 448 462 514 403
Cost of Risk and others -670 -190 -124 -240 -116
Operating Income 1,157 258 338 274 287
Non Operating Items -2 -1 0 -1 0
Pre-Tax Income 1,155 258 338 272 287
Cost/Income 70.8% 71.6% 70.3% 67.6% 73.7%
Allocated Equity (€bn, year to date) 13.3 13.3 13.2 13.1 13.0
RWA (€bn) 100.4 100.4 105.1 105.0 103.0
€m 2024 4Q24 3Q24 2Q24 1Q24
BNL bc (including 100% of Private Banking)1
Revenues 2,864 726 684 724 731
incl. net interest revenue 1,718 431 411 428 447
incl. fees 1,147 295 273 295 284
Operating Expenses and Dep. -1,805 -461 -418 -486 -440
Gross Operating Income 1,059 266 266 237 290
Cost of Risk and others -339 -58 -114 -95 -72
Operating Income 720 208 152 142 218
Share of Earnings of Equity-Method Entities -2 -1 -1 0 0
Other Non Operating Items -2 -3 0 0 0
Pre-Tax Income 716 204 152 142 218
Income Attributable to Wealth and Asset Management -30 -7 -8 -8 -7
Pre-Tax Income of BNL bc 686 197 144 134 211
Cost/Income 63.0% 63.4% 61.1% 67.2% 60.3%
Average loan outstandings (€bn) 71 71 71 71 72
Loan outstandings at the beginning of the quarter (used for cost of risk in bp) 73 72 73 72 74
Average deposits (€bn) 68 68 66 68 68
Cost of risk (in annualised bp) 46 32 62 53 39
Allocated Equity (€bn, year to date; including 2/3 of Private 6.4 6.4 6.4 6.5 6.5
Banking)
RWA (€bn) 46.4 46.4 46.4 46.6 46.4
€m 2024 4Q24 3Q24 2Q24 1Q24
BNL bc (including 2/3 of Private Banking)
Revenues 2,774 704 662 700 708
Operating Expenses and Dep. -1,745 -445 -404 -471 -425
Gross Operating Income 1,029 259 258 229 283
Cost of Risk and others -338 -58 -113 -95 -72
Operating Income 690 201 144 134 211
Share of Earnings of Equity-Method Entities -2 -1 -1 0 0
Other Non Operating Items -2 -3 0 0 0
Pre-Tax Income 686 197 144 134 211
Cost/Income 62.9% 63.2% 61.1% 67.3% 60.1%
Allocated Equity (€bn, year to date) 6.4 6.4 6.4 6.5 6.5
RWA (€bn) 46.0 46.0 46.0 46.2 45.9
€m 2024 4Q24 3Q24 2Q24 1Q24
CPBB (including 100% of Private Banking)1
Revenues 3,771 933 930 976 932
incl. net interest revenue 2,623 636 652 681 654
incl. fees 1,148 297 278 295 278
Operating Expenses and Dep. -2,710 -603 -574 -577 -955
Gross Operating Income 1,061 330 356 398 -23
Cost of Risk and others -19 -18 17 11 -28
Operating Income 1,042 312 373 409 -52
Share of Earnings of Equity-Method Entities 82 0 76 5 1
Other Non Operating Items 5 0 2 2 1
Pre-Tax Income 1,129 311 450 416 -49
Income Attributable to Wealth and Asset Management -89 -28 -25 -26 -9
Pre-Tax Income of CPBB 1,040 284 425 390 -58
Cost/Income 71.9% 64.6% 61.7% 59.2% 102.5%
Average loan outstandings (€bn) 142 143 142 142 141
Loan outstandings at the beginning of the quarter (used for cost of risk in bp) 146 146 147 146 145
Average deposits (€bn) 155 157 157 155 153
Cost of risk (in annualised bp) 1 5 -5 -3 8
Allocated Equity (€bn, year to date; including 2/3 of Private 8.6 8.6 8.6 8.6 8.5
Banking)
RWA (€bn)		 68.8 68.8 68.8 69.4 70.3
€m 2024 4Q24 3Q24 2Q24 1Q24
CPBB (including 2/3 of Private Banking)
Revenues 3,559 879 878 922 880
Operating Expenses and Dep. -2,585 -575 -547 -550 -913
Gross Operating Income 974 304 331 372 -33
Cost of Risk and others -21 -20 16 11 -28
Operating Income 953 284 347 383 -61
Share of Earnings of Equity-Method Entities 82 0 76 5 1
Other Non Operating Items 5 0 2 2 1
Pre-Tax Income 1,040 284 425 390 -58
Cost/Income 72.6% 65.4% 62.3% 59.6% 103.7%
Allocated Equity (€bn, year to date) 8.6 8.6 8.6 8.6 8.5
RWA (€bn) 67.8 67.8 67.8 68.5 69.3
€m 2024 4Q24 3Q24 2Q24 1Q24
CPBL (including 100% of Private Banking)1
Revenues 629 163 157 153 156
incl. net interest revenue 530 137 133 130 131
incl. fees 98 27 24 24 25
Operating Expenses and Dep. -304 -77 -74 -73 -81
Gross Operating Income 324 87 83 80 75
Cost of Risk and others -4 -5 -3 4 -1
Operating Income 320 82 80 84 74
Share of Earnings of Equity-Method Entities 0 0 0 0 0
Other Non Operating Items 0 0 0 0 0
Pre-Tax Income 320 82 80 84 74
Income Attributable to Wealth and Asset Management -9 -3 -2 -2 -2
Pre-Tax Income of CPBL 311 79 79 82 72
Cost/Income 48.4% 46.9% 47.0% 47.9% 52.0%
Average loan outstandings (€bn) 13 13 13 13 13
Loan outstandings at the beginning of the quarter (used for cost of risk in
bp)		 13 13 13 13 13
Average deposits (€bn) 30 31 31 29 28
Cost of risk (in annualised bp) 3 15 8 -13 2
Allocated Equity (€bn, year to date; including 2/3 of Private Banking) 1.0 1.0 1.0 1.0 0.9
RWA (€bn) 7.3 7.3 7.6 7.5 7.4
€m 2024 4Q24 3Q24 2Q24 1Q24
CPBL (including 2/3 of Private Banking)
Revenues 611 159 152 149 152
Operating Expenses and Dep. -296 -74 -71 -71 -79
Gross Operating Income 316 84 81 78 73
Cost of Risk and others -4 -5 -2 4 -1
Operating Income 312 79 79 82 72
Share of Earnings of Equity-Method Entities 0 0 0 0 0
Other Non Operating Items 0 0 0 0 0
Pre-Tax Income 311 79 79 82 72
Cost/Income 48.4% 46.9% 46.8% 47.9% 52.0%
Allocated Equity (€bn, year to date) 1.0 1.0 1.0 1.0 0.9
RWA (€bn) 7.2 7.2 7.6 7.4 7.3
€m 2024 4Q24 3Q24 2Q24 1Q24
Europe-Mediterranean (including 100% of Private Banking)1
Revenues 3,232 902 830 737 763
incl. net interest revenue 2,619 714 688 595 622
incl. fees 613 188 141 143 141
Operating Expenses and Dep. -2,028 -552 -480 -493 -503
Gross Operating Income 1,205 350 350 245 260
Cost of Risk and others -366 -129 -85 -108 -45
incl. Cost of Risk -165 -66 -44 -16 -40
incl. Other net losses for risk on financial instruments -201 -64 -41 -91 -5
Operating Income 838 220 265 137 215
Share of Earnings of Equity-Method Entities 302 63 82 71 85
Other Non Operating Items -249 -53 -64 -42 -89
Pre-Tax Income 891 231 283 166 211
Income Attributable to Wealth and Asset Management -38 -6 -12 -12 -9
Pre-Tax Income of Europe-Mediterranean 853 225 271 154 202
Cost/Income 62.7% 61.2% 57.8% 66.8% 66.0%
Average loan outstandings (€bn) 35 36 35 35 33
Loan outstandings at the beginning of the quarter (used for cost of risk in bp) 36 36 37 36 35
Average deposits (€bn) 48 50 48 48 46
Cost of risk (in annualised bp) 46 73 47 18 45
Allocated Equity (€bn, year to date; including 2/3 of Private
Banking)		 7.4 7.4 7.3 7.2 7.1
RWA (€bn) 67.9 67.9 63.0 62.7 60.5
€m 2024 4Q24 3Q24 2Q24 1Q24
Europe-Mediterranean (including 2/3 of Private Banking)
Revenues 3,181 893 815 723 751
Operating Expenses and Dep. -2,016 -549 -477 -490 -500
Gross Operating Income 1,165 344 338 233 251
Cost of Risk and others -365 -129 -85 -107 -45
incl. Cost of Risk -165 -66 -44 -16 -40
incl. Other net losses for risk on financial instruments -200 -63 -41 -91 -5
Operating Income 800 215 254 125 206
Share of Earnings of Equity-Method Entities 302 63 82 71 85
Other Non Operating Items -249 -53 -64 -42 -89
Pre-Tax Income 853 225 271 154 202
Cost/Income 63.4% 61.5% 58.5% 67.8% 66.6%
Allocated Equity (€bn, year to date) 7.4 7.4 7.3 7.2 7.1
RWA (€bn) 67.9 67.9 63.0 62.7 60.5
€m 2024 4Q24 3Q24 2Q24 1Q24
Specialised businesses (Personal Finance, Arval & Leasing Solutions, New Digital Businesses & Personal Investors including 100% of Private
Banking)1
Revenues 9,679 2,368 2,358 2,521 2,432
Operating Expenses and Dep. -4,860 -1,228 -1,182 -1,188 -1,262
Gross Operating Income 4,819 1,140 1,176 1,332 1,171
Cost of Risk and others -1,803 -471 -429 -462 -441
Operating Income 3,016 669 746 871 730
Share of Earnings of Equity-Method Entities 27 2 6 7 11
Other Non Operating Items -50 -24 -3 -7 -16
Pre-Tax Income 2,993 648 750 870 725
Income Attributable to Wealth and Asset Management -4 -1 -1 -1 -1
Pre-Tax Income of the specialised businesses 2,989 647 748 869 724
Cost/Income 50.2% 51.9% 50.1% 47.1% 51.9%
Loan outstandings at the beginning of the quarter (used for cost of risk in bp) 134 136 135 133 132
Cost of risk (in annualised bp) 135 138 127 139 134
Allocated Equity (€bn, year to date; including 2/3 of Private
Banking)		 18.8 18.8 18.8 18.7 18.5
RWA (€bn) 152.5 152.5 150.1 149.0 147.9
€m 2024 4Q24 3Q24 2Q24 1Q24
Personal Finance (Core)
Revenues 4,950 1,253 1,229 1,246 1,222
Operating Expenses and Dep. -2,572 -634 -622 -633 -684
Gross Operating Income 2,378 619 607 613 539
Cost of Risk and others -1,499 -376 -370 -381 -371
Operating Income 879 243 237 232 168
Share of Earnings of Equity-Method Entities 36 6 8 9 13
Other Non Operating Items 0 -2 0 3 -1
Pre-Tax Income 914 247 245 244 179
Cost/Income 52.0% 50.6% 50.6% 50.8% 55.9%
Average Total consolidated outstandings (€bn) 104 106 104 104 103
Loan outstandings at the beginning of the quarter (used for cost of risk in bp) 105 108 106 105 104
Cost of risk (in annualised bp) 142 140 140 146 143
Allocated Equity (€bn, year to date) 10.7 10.7 10.7 10.6 10.5
RWA (€bn) 85.8 85.8 84.2 84.0 84.0
€m 2024 4Q24 3Q24 2Q24 1Q24
Arval & Leasing Solutions
Revenues 3,656 843 861 999 952
Operating Expenses and Dep. -1,556 -403 -381 -379 -393
Gross Operating Income 2,100 440 481 620 559
Cost of Risk and others -202 -65 -32 -58 -46
Operating Income 1,898 375 448 562 513
Share of Earnings of Equity-Method Entities 0 0 0 0 0
Other Non Operating Items -62 -32 -4 -12 -14
Pre-Tax Income 1,836 343 445 549 499
Cost/Income 42.6% 47.8% 44.2% 38.0% 41.3%
Allocated Equity (€bn, year to date) 7.1 7.1 7.0 7.0 7.0
RWA (€bn) 61.4 61.4 59.9 58.9 57.9
Total consolidated outstandings (€bn) 63 65 64 63 61
Financed fleet ('000 of vehicles) 1,758 1,796 1,765 1,748 1,722
€m 2024 4Q24 3Q24 2Q24 1Q24
New Digital Businesses & Personal Investors (including 100% of Private Banking)1
Revenues 1,073 271 268 276 258
Operating Expenses and Dep. -733 -191 -180 -176 -185
Gross Operating Income 341 80 88 99 73
Cost of Risk and others -102 -30 -27 -22 -24
Operating Income 239 51 61 77 49
Share of Earnings of Equity-Method Entities -9 -3 -2 -2 -2
Other Non Operating Items 13 10 1 2 0
Pre-Tax Income 243 58 60 77 47
Income Attributable to Wealth and Asset Management -4 -1 -1 -1 -1
Pre-Tax Income of New Digital Businesses & Personal Investors 239 57 59 77 46
Cost/Income 68.3% 70.3% 67.1% 64.0% 71.8%
Allocated Equity (€bn, year to date; including 2/3 of Private Banking) 1.0 1.0 1.0 1.0 1.0
RWA (€bn) 5.3 5.3 5.9 6.1 5.9
Average Loans personal Investors (€bn) 2 2 2 2 2
Average deposits personal Investors (€bn) 33 32 33 34 34
AUM Personal Investors (€bn) 153 153 186 186 177
European Customer Orders (millions) of Personal Investors 8.9 8.9 8.3 8.6 9.2
€m 2024 4Q24 3Q24 2Q24 1Q24
New Digital Businesses and Personal Investors (including 2/3 of Private Banking)
Revenues 1,060 268 265 273 255
Operating Expenses and Dep. -724 -188 -178 -174 -183
Gross Operating Income 337 80 87 98 72
Cost of Risk and others -102 -30 -27 -22 -24
Operating Income 235 50 60 76 48
Share of Earnings of Equity-Method Entities -9 -3 -2 -2 -2
Other Non Operating Items 13 10 1 2 0
Pre-Tax Income 239 57 59 77 46
Cost/Income 68.2% 70.3% 67.2% 63.9% 71.8%
Allocated Equity (€bn, year to date) 1.0 1.0 1.0 1.0 1.0
RWA (€bn) 5.3 5.3 5.9 6.1 5.9
€m 2024 4Q24 3Q24 2Q24 1Q24
Investment & Protection Services
Revenues 5,793 1,434 1,489 1,466 1,403
Operating Expenses and Dep. -3,570 -927 -881 -879 -883
Gross Operating Income 2,223 507 609 587 521
Cost of Risk and others -15 -13 0 2 -4
Operating Income 2,208 494 609 589 516
Share of Earnings of Equity-Method Entities 120 -5 42 44 40
Other Non Operating Items -4 0 -4 -1 1
Pre-Tax Income 2,324 489 647 632 557
Cost/Income 61.6% 64.6% 59.1% 60.0% 62.9%
1,377 1,377 1,344 1,312 1,283
Asset Under Management (€bn) with 100% of Private Banking
Allocated Equity (€bn, year to date) 12.4 12.4 12.3 12.2 11.9
RWA (€bn) 46.3 46.3 45.7 42.7 43.4
€m 2024 4Q24 3Q24 2Q24 1Q24
Insurance
Revenues 2,241 538 571 586 545
Operating Expenses and Dep. -840 -223 -209 -204 -205
Gross Operating Income 1,401 316 363 382 340
Cost of Risk and others 0 0 0 0 0
Operating Income 1,401 316 363 382 340
Share of Earnings of Equity-Method Entities 176 37 50 46 43
Other Non Operating Items -4 0 -4 -1 1
Pre-Tax Income 1,572 352 408 428 384
Cost/Income 37.5% 41.3% 36.5% 34.8% 37.6%
Asset Under Management (€bn) 287 287 272 265 262
Allocated Equity (€bn, year to date) 8.0 8.0 7.9 7.7 7.6
RWA (€bn) 15.0 15.0 13.9 10.3 11.5
WAM
Revenues
3,551
896
918
880
858
Operating Expenses and Dep.
-2,729
-704
-672
-675
-678
Gross Operating Income
822
192
246
204
180
Cost of Risk and others
-15
-13
0
2
-4
Operating Income
807
178
246
207
176
Share of Earnings of Equity-Method Entities
-55
-42
-7
-3
-3
Other Non Operating Items
0
1
0
0
0
Pre-Tax Income
752
137
238
204
173
Cost/Income
76.8%
78.6%
73.2%
76.8%
79.0%
1,090
1,090
1,072
1,047
1,020
Asset Under Management (€bn) with 100% of Private Banking
4.5
4.5
4.5
4.4
4.3
Allocated Equity (€bn, year to date)
31.3
31.3
31.8
32.5
31.9
RWA (€bn)
€m
2024
4Q24
3Q24
2Q24
1Q24
Wealth Management
Revenues
1,651
414
410
413
414
Operating Expenses and Dep.
-1,199
-314
-285
-295
-304
Gross Operating Income
452
101
124
117
110
Cost of Risk and others
0
-2
2
4
-4
Operating Income
452
99
126
121
106
Share of Earnings of Equity-Method Entities
0
0
0
0
0
Other Non Operating Items
0
0
0
0
0
Pre-Tax Income
452
99
126
121
105
Cost/Income
72.6%
75.7%
69.7%
71.6%
73.5%
462
462
456
446
432
Asset Under Management (€bn) with 100% of Private Banking
1.9
1.9
1.9
1.9
1.9
Allocated Equity (€bn, year to date)
15.1
15.1
14.0
15.4
15.5
RWA (€bn)
€m
2024
4Q24
3Q24
2Q24
1Q24
Asset Management (including Real Estate & IPS Investment)
Revenues
1,900
481
508
467
444
Operating Expenses and Dep.
-1,530
-390
-386
-380
-373
Gross Operating Income
370
91
121
87
71
Cost of Risk and others
-15
-11
-2
-2
0
Operating Income
355
80
120
85
70
Share of Earnings of Equity-Method Entities
-55
-42
-7
-3
-3
Other Non Operating Items
0
1
0
0
0
Pre-Tax Income
300
38
112
83
67
Cost/Income
80.5%
81.1%
76.1%
81.3%
84.1%
628
628
616
601
588
Asset Under Management (€bn)
2.6
2.6
2.6
2.5
2.5
Allocated Equity (€bn, year to date)
16.2
16.2
17.8
17.1
16.4
RWA (€bn)		 €m 2024 4Q24 3Q24 2Q24 1Q24

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