Annual Report
2024
READY FOR YOUR WORLD
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Introduction
BNP Paribas Fortis is a limited liability company (naamloze vennootschap (NV)/société anonyme (SA)), incorpo-
registered under number BE VAT 0403.199.702 (hereinafter referred to as the ‘bank’ or as ‘BNP Paribas Fortis’).
The BNP Paribas Fortis annual report 2024 contains both the audited consolidated and non-consolidated financial
statements, preceded by the report of the Board of Directors, the statement of the Board of Directors and a
section on corporate governance including the composition of the Board of Directors. The audited BNP Paribas
Fortis consolidated financial statements 2024, with comparative figures for 2023, prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by the European Union, are followed by the audited
non-consolidated financial statements 2024 of BNP Paribas Fortis, prepared on the basis of the rules laid down
in the Belgian royal decree of 23 September 1992 on the annual accounts of credit institutions.
The BNP Paribas Fortis annual report 2024 is available in English, French and Dutch. The English version is
the original one while the other versions are unofficial translations. Every effort has been made to ensure that
the language versions correspond to one another. If one difference should exist, the English version would
take precedence.
It is considered that the information included in the note 7.k ‘Scope of consolidation’, together with the infor-
mation included in the report of the Board of Directors and in the corporate governance statement, complies
with the requested information in article 168, §3 of the Belgian act of 25 April 2014 on the legal status and
supervision of credit institutions.
The “Sustainability Statements” have been prepared in accordance with the Corporate Sustainability Reporting
Directive (CSRD) transposed into Belgian legislation. The statements have been prepared in line with the European
Sustainability Reporting Standards (ESRSs) issued by the European Financial Reporting Advisory Group (EFRAG)
as adopted by the EU, and the disclosure requirements related to Article 8 of the EU Taxonomy and underlying
delegated acts.
CONTENTS
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Introduction 3
BNP Paribas Fortis Consolidated Annual Report 2024 9
Report of the Board of Directors 10
A word from the Chairman and the CEO 10
Economic context 12
Core Businesses 13
Changes in the scope of consolidation 20
BNP Paribas Fortis credit ratings at 18/02/2025 20
Forward-looking Statements 20
Comments on the evolution of the results 20
Comments on the evolution of the balance sheet 22
Liquidity and solvency 24
Principal risks and uncertainties 24
Statement of the Board of Directors 25
Corporate Governance Statement 26
BNP Paribas Fortis Consolidated Financial Statements 2024 39
Profit and loss account for the year ended 31 December 2024 40
Statement of net income and change in assets and liabilities recognised
directly in equity 41
Balance sheet at 31 December 2024 42
Cash flow statement for the year ended 31 December 2024 43
Statement of changes in shareholders’ equity 44
Notes to the Consolidated Financial Statements 2024 47
1 Summary of significant accounting policies applied
by BNP Paribas Fortis 48
1.a Accounting standards 48
1.b Segment reporting 49
1.c Consolidation 50
1.d Translation of foreign currency transactions 53
1.e Financial information in hyperinflationary economies 54
1.f Net interest income, commissions and income from other activities 55
1.g Financial assets and financial liabilities 56
1.h Property, plant, equipment and intangible assets 67
1.i Leases 68
1.j Assets held for sale and discontinued operations 70
1.k Employee benefits 70
1.l Share-based payments 71
1.m Provisions recorded under liabilities 72
1.n Current and deferred tax 72
1.o Cash flow statement 73
1.p Use of estimates in the preparation of the financial statements 73
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2 Notes to the profit and loss account for the year ended 31 December
2024 75
2.a Net interest income 75
2.b Commission income and expense 76
2.c Net gain on financial instruments at fair value through profit or loss 76
2.d Net gain on financial instruments at fair value through equity 78
2.e Net income from other activities 78
2.f Other operating expenses 78
2.g Cost of risk 79
2.h Net gain on non-current assets 86
2.i Corporate income tax 87
3 Segment information 89
3.a Operating segments 89
3.b Information by operating segment 90
3.c Country-by-country reporting 91
4 Notes to the balance sheet at 31 December 2024 93
4.a Financial instruments at fair value through profit or loss 93
4.b Derivatives used for hedging purposes 95
4.c Financial assets at fair value through Other Comprehensive Income 99
4.d Measurement of the fair value of financial instruments 99
4.e Financial assets at amortised cost 109
4.f Impaired financial assets (Stage 3) 111
4.g Financial liabilities at amortised cost due to credit institutions and customers 112
4.h Debt securities and subordinated debt 112
4.i Current and deferred taxes 113
4.j Accrued income/expense and other assets/liabilities 114
4.k Equity-method investments 115
4.l Property, plant, equipment and intangible assets used in operations,
investment property 118
4.m Goodwill 119
4.n Provisions for contingencies and charges 121
4.o Offsetting of financial assets and liabilities 122
4.p Transfers of financial assets 124
5 Financing and guarantee commitments 127
5.a Financing commitments given or received 127
5.b Guarantee commitments given by signature 127
5.c Securities commitments 128
5.d Other guarantee commitments 128
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6 Salaries and employee benefits 129
6.a Salary and employee benefit expenses 129
6.b Post-employment benefits 129
6.c Other long-term benefits 135
6.d Termination benefits 135
7 Additional information 136
7.a Contingent liabilities: legal proceedings and arbitration 136
7.b Business combinations and loss of control or significant influence 136
7.c Minority interests 137
7.d Discontinued activities 139
7.e Significant restrictions in subsidiaries, associates and joint ventures 140
7.f Structured entities 140
7.g Compensation and benefits awarded to BNP Paribas Fortis’ corporate officers 143
7.h Other related parties 147
7.i Financial instruments by maturity 149
7.j Fair value of financial instruments carried at amortised cost 150
7.k Scope of consolidation 152
7.l Fees paid to the statutory auditors 158
7.m Cash Flow Statement - Detail on investing and financing activities 159
7.n Events after the reporting period 159
Risk management and capital adequacy 161
1 Risk Management Organisation 163
2 Risk measurement and categories 166
3 Capital adequacy 168
4 Credit and counterparty credit risk 171
5 Market risk 175
6 Sovereign risks 179
7 Operational risk 180
8 Compliance and reputational risk 181
9 Liquidity risk 182
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Report of the accredited statutory auditor 185
BNP Paribas Fortis annual report 2024 (non-consolidated) 193
Report of the Board of Directors 194
Comments on the evolution of the balance sheet 194
Comments on the evolution of the income statement 195
Proposed appropriation of the result for the accounting period 196
Information regarding related party transactions 197
BNP Paribas Fortis Financial Statements 2024 (Non-consolidated) 199
Other information 205
BNP Paribas Fortis Sustainability Statements 209
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BNP PARIBAS FORTIS
CONSOLIDATED ANNUAL
REPORT 2024
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BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Report of the Board of Directors
A word from the Chairman and the CEO
BNP Paribas Fortis delivered solid consolidated results in 2024. Our net profit came in at 2,919 million
euros, down -8% from 2023. Loans in Belgium rose by 2.2% to 153.2 billion euros compared to 2023.
Deposits in Belgium reached 156.5 billion euros, up 4.8%, while off-balance sheet savings rose by 4%.
We managed to limit the increase of our operating expenses to 3%. At the same time, we kept the
cost of risk well under control. Our CET1 capital ratio of 14% and liquidity ratio of 139% remained
very strong, confirming our ability to finance our private and corporate clients during the upswings
and downswings of the economic cycle.
We achieved these results in a context of various headwinds: the non-remuneration of mandatory
reserves, revenue loss due to the Belgian state bond, the normalisation of used vehicle prices at Arval
and lower revenues from market activities servicing clients in Turkey. Excluding the impact of these
headwinds, the net banking income of BNP Paribas Fortis would have grown in 2024 compared to 2023.
Throughout the year, we remained fully committed to our customer approach focusing on Growth,
Accessibility and Sustainability (GAS). We were successful in strengthening our distribution network
and digital service offering for our customers.
We kicked off 2024 with the launch in January of our new Easy Go and Easy Guide packs for our
individual clients. Two new subscription formulas, two simple packs with which we want to serve
our customers even better by giving them all the opportunity to choose the pack and options they
want. Most customers prefer to do everything online and remotely while others like to do things in
person at a BNP Paribas Fortis or bpost branch, and some need an appointment with an advisor. With
Easy Go and Easy Guide, we respond to each of these needs. Of the more than 3 million active retail
customers, more than 2.2 million customers chose the Easy Guide pack, while more than 800,000
customers opted for Easy Go, with fewer than 1% of customers switching since the launch.
This was followed by the successful integration of bpost bank. After many months of intensive
preparation on the regulatory, legal, technical and training level, we welcomed the customers and new
staff members of the former bpost bank on 22 January 2024. As part of this, we opened 560,000 new
packs and transferred three million accounts. The integration of bpost bank bolstered our ambition
to be the most accessible bank in Belgium. In BNP Paribas Fortis branches, bpost branches and via
our Easy Banking Centre our customers can talk to our experts and find services that stretch beyond
banking in areas such as mobility, housing and insurance.
In 2024, the number of active digital users rose to 3 million. The number of sessions on our Easy
Banking App increased by 30% year over year, resulting in a record of 1.2 billion customer contacts
through the app in 2024. Our app continues to act as our customers’ preferred gateway to our
products and services and is our most popular channel for customer interactions. In the future, we
want the app to evolve even further into a personal virtual assistant for our customers, allowing us
to develop new, flexible customer journeys. These will enable us to respond to needs more quickly
and offer better general services.
The repayment of the principal of the Belgian government bond in September was an opportunity
for us to strengthen and deepen our long-term relationships with our customers. Over the summer
months, our staff spent a lot of time talking to our customers to pinpoint their investment expectations
and needs. Despite strong competition, our customers have invested more than 8.2 billion euros in
our solutions, from term deposit accounts to various off-balance sheet products. By offering them
the option of investing in products with a longer term, our customers are better protected against
the expected decline in interest rates and therefore the risk of having to reinvest in yields below
the current levels.
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BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Like 2023, 2024 was also a year of fierce competition in the home loan market. Although we observed
a slight improvement in numbers and volume, they are still 30% below the average for 2021 and 2022.
Home loans are one of the focal points of the sustainability component of our strategy, and in this
context, we were able to expand our rental and purchase offering at HappyNest. After a successful
launch in Flanders in 2023, with around 3,000 potential tenant-buyers, we also launched HappyNest
in Wallonia in 2024, in collaboration with Matexi.
In Corporate Banking we maintained our leading position with an integrated approach combining
global reach, local knowledge and sectorial expertise, including Private Equity and working capital
optimisation in our Transaction Banking businesses.
This annual report is more voluminous than the previous years because we have included Corporate
Sustainability Reporting Directive (CSRD) reporting in our report for the first time. In the Sustainability
Statements part of the report, we elaborate on our environmental, social and governance policies,
the impact of our business activities, and the measures we take to prepare for future challenges in
the area of CSR.
We are convinced that an important component to overcome these challenges is to ensure that equal
opportunities and diversity are not just words on paper, but a daily commitment, within and outside
the bank. Since 2024, seven of the thirteen members of the BNP Paribas Fortis Executive Committee
are women. It is also central to our commitment to DigitAll, the ecosystem created by BNP Paribas
Fortis to promote digital inclusion in Belgium.
A good example of a DigitAll project we sponsor is MolenGeek, which aims to make technology
accessible to everyone, with support for starters from experts in business management, finance,
marketing and business development, training courses in artificial intelligence, cybersecurity, coding
and digital marketing, and the organisation of technology-related events such as hackathons or
start-up weekends. Two years ago, MolenGeek successfully launched the ‘Women in Tech’ initiative
and the share of women as digital starters immediately increased from 30% to 40% over the course
of one year.
Customer satisfaction among retail clients, which is measured by the Net Promotor Score (NPS),
improved in terms of both relationship and transactional indicators in 2024. The NPS for private
banking and corporate clients remained very high, rising even further from a high baseline. This
shows our customers’ appreciation for our services in 2024 and proves that we are on the right track.
Our commercial and financial performance - in a highly competitive and fast-moving market - gives
BNP Paribas Fortis a strong position from which to address new customer trends and expectations as
well as technological developments in the best possible way. We received both Euromoney’s ‘Best Bank
in Belgium’ and The Banker’s ‘Bank of the Year’ awards for the quality of our service to our customers
in 2024. As the leading bank, we will maintain our role in offering a wide range of payment, savings
and investment solutions in order to support our customers and the Belgian economy.
We would like to thank our staff members for their efforts and our customers for their continued
trust in our bank.
Max Jadot Michael Anseeuw
Chairman of the Board of Directors Chief Executive Officer
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BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Economic context
In 2024, the Belgian economy grew by 1%, very similar to the
eurozone average. After a sharp slowdown in 2022, resulting
from the inflationary shock caused by the war in Ukraine,
growth bottomed out in the third quarter of 2023, when
GDP rose by only 0.6% on an annualised basis. Since then,
the economic situation has improved slightly and growth
strengthened each quarter in 2024. Consumer spending was
the main growth driver last year, partly because real incomes
in Belgium have been maintained by the automatic index-
linking of wages since 2022, but also because of high levels
of consumer confidence. However, that confidence weakened
during the year because of growing concern about the jobs
market and the economic outlook in general.
In 2024, business investment was particularly volatile.
Although there were several large one-off investments in
the early part of the year, growth was otherwise modest in
2024 due to restrictive financial conditions and the gloomy
situation in the manufacturing sector. Nevertheless, business
investment growth remained positive because of companies
investing in digitalisation, as well as efforts to improve pro-
ductivity and reduce energy consumption. In general, Belgian
businesses do not regard current financing conditions, either
internal or external, as a barrier to investment. However,
economic conditions are less favourable, particularly in the
manufacturing sector where demand is weak and production
capacity remains significantly underutilised. Some Belgian
manufacturers are still having to restructure, while others
are facing bankruptcy because of international competition
and high energy costs. Since Donald Trump won the US
presidential election in November, threats of tariffs on US
imports have had a chilling effect on the European economy,
worsening the outlook and raising concerns. The business
climate has deteriorated rapidly in many countries, including
Belgium, which is highly exposed to the economic context in
Europe and worldwide.
Belgium’s construction industry, which accounts for a large
proportion of the country’s GDP, had another difficult year,
with investment by households falling throughout 2024.
Building costs have risen sharply since the inflationary surge
of 2022, and interest rates are still higher than before that
time. Together, these factors have prompted many people to
put their construction projects on hold, while investors have
found other opportunities since interest rates started rising.
Surprisingly, the gloom in the construction sector did not
prevent residential property prices from rising throughout
2024. Belgium is known for the stability of its real-estate
market, and that stability was confirmed last year. Prices have
fallen in many countries since interest rates jumped in 2022,
but not in Belgium. Overall, prices rose by around 4% in 2024.
Interest rates increased after war broke out in Ukraine in
2022 but fell slightly in 2024, with lower inflation allowing
the European Central Bank to cut its official rates four times.
However, interest rates are not yet back to where they were
before the war in Ukraine, and that war is still having major
repercussions in the markets: activity has slowed in the real-
estate sector, bankruptcies have risen among the weakest
and most indebted companies and there is concern about
the deterioration in Belgian’s public finances, especially given
that the country currently lacks a federal government. The
financial markets are expecting further rate cuts in 2025,
because inflation appears to be under control in Europe.
However, inflation has followed a different path in Belgium
compared with the European average: after peaking at almost
10% in 2022, Belgian inflation fell sharply in 2023, reaching a
low of less than 1% in October of that year. It then increased
again in 2024, rising back above 3% in December. Service price
inflation has barely dipped below the 4% level in Europe, which
is unhelpful in a country like Belgium, which depends more
on services than manufacturing.
In 2024, the Belgian economy faced a depressed international
economic environment, with very limited growth in the
eurozone economy. Belgium’s exports of goods and services
fell sharply in 2023 and again in 2024. Imports of goods and
services into Belgium also declined significantly throughout
last year. As a result, net exports made a negligible contri-
bution to growth, because both imports and exports fell by
similar amounts.
Employment rose in Belgium in 2024, but only slightly and
by a much smaller degree than had been seen during the
post-COVID recovery. A large number of jobs were lost through
bankruptcies in 2024, while recruitment was held back by
uncertainty about the economic outlook and the sharp rise
in nominal wage costs. Recent economic survey results
show that companies’ hiring intentions were modest in late
2024 in the main sectors of the Belgian economy, with the
notable exception of construction which has significant labour
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BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
shortages judging by the challenges involved in refurbishing
existing buildings. Unsurprisingly, Belgium’s unemployment
rate increased in 2024, rising to 5.8% in December as opposed
to its recent low of 5.3% in September 2023.
Finally, the Belgian banking sector continued to play its role
in financing the economy, especially among households. In
the first 11 months of the year, household lending growth
1
Excluding Fintro customers.
remained stable at around 2% annualised, and total loans
outstanding rose to 257 billion euro. As regards businesses,
worsening economic conditions since the autumn prompted
lenders to take a more cautious approach to granting loans. As
of the end of November, total business loans outstanding had
fallen to 150 billion euro, down 5% compared with end-2023.
Core Businesses
BNP Paribas Fortis
BNP Paribas Fortis includes an important part of the
Commercial, Personal Banking & Services (CPBS) as well as
the Corporate & Institutional Banking (CIB) activities of the
BNP Paribas Group in Belgium. On 31 December 2024, the
bank employed a total of 10,304 FTEs in Belgium.
Commercial & Personal Banking in Belgium
BNP Paribas Fortis’ Commercial & Personal Banking activities
comprise banking services to a range of client types, including
individual customers, self-employed people and those in the
liberal professions, small and medium-sized companies, local
businesses, corporate clients and non-profit organisations.
BNP Paribas Fortis is the number-one bank for retail custom-
ers in Belgium in terms of market share and it has a strong
market position among professionals and small businesses.
BNP Paribas Fortis is also the leading private bank in Belgium.
It ranks number one in Corporate Banking, offering a full range
of financial services to corporate clients, public-sector entities
and local authorities. With its dedicated teams, BNP Paribas
Fortis aims to fund the specific needs of its customers and
make an active contribution to the development of the
Belgian economy.
BNP Paribas Fortis has a commercial organisation organised
in three segments to meet customer expectations more
effectively:
Retail Banking, with 3.4 million customers
1
, serves
individual customers, self-employed people and small
businesses with a multi-disciplinary team;
Affluent & Private Banking, with 0.36 million active clients,
serves individuals with more than 85,000 euros of assets,
along with self-employed people and firms in the liberal
professions, through dedicated relationship managers.
Private Banking services are aimed at individual customers
with invested assets of more than 250,000 euros. Within
Private Banking, the Wealth Management department
caters to customers with invested assets of more than
5 million euros;
Corporate Banking, with 87,000 clients, serves businesses
with more complex needs through dedicated relationship
managers. The Enterprises business line serves small
and medium-sized businesses while Corporate Coverage
handles large corporations, public-sector entities and
institutional clients.
BNP Paribas Fortis serves its customers through various
networks, as part of a hybrid banking strategy that combines
physical branches and digital channels:
275 branches (including 120 independent branches)
organised into four regions, handling individual customers,
self-employed people and small businesses. In addition,
there are 182 Fintro branches operated under franchise,
and 656 sales points in the bpost post office network;
31 dedicated private banking centres including one remote
centre and two Wealth Management centres;
Specialist teams in Brussels dealing with large corpora-
tions, public-sector companies and institutional clients,
along with a network of 14 Business Centres across
Belgium for medium-sized companies and dedicated
relationship managers in the branch network for small
Corporate Banking customers;
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BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
A digital platform comprising online banking services (Easy
Banking) and the Easy Banking App (3.25 million active
users in total, including Fintro). Easy Banking Business
is the online banking platform for businesses and self-
employed people. PaxFamilia, a secure platform offering
customers tools for managing, monitoring and passing
on their wealth, has 32,046 active contracts. This offer-
ing is supplemented by digital bank Hello Bank!, which
has 557,000 active customers. These digital platforms
are constantly improved through active collaborations
with fintechs, an example being the development of a
high-performance budget management tool with TINK;
A network of 266 ATMs (including Fintro), supplemented
by 1.461 cash machines run by Batopin, a joint venture
between BNP Paribas Fortis, KBC, ING and Belfius, each
of which owns a 25% stake. Batopin is installing bank-
neutral CASH points across Belgium in locations with high
customer footfall.
BNP Paribas Fortis makes itself available to its customers
through the Easy Banking Centre, which handles up to 70,000
customer calls per week.
The quality of the service BNP Paribas Fortis provides to its
customers was acknowledged several times in 2024. The bank
was voted ‘Best bank in Belgium’, ‘Best investment bank in
Belgium’ and ‘Belgium’s best bank for ESG’ by Euromoney,
‘Bank of the year in Belgium’ by The Banker, and ‘Best bank in
Belgium’ by Global Finance.
Retail Banking
In 2024, Retail Banking officially launched two service
models: Easy Go, in which customers’ main physical point of
contact is a post office branch, and Easy Guide, in which it
is a BNP Paribas Fortis branch. For all its customers, Retail
Banking continued to pursue its commercial priorities, while
focusing on living up to our brand promise of being a trusted
partner to our customers.
A more accessible and proactive bank
Throughout 2024, BNP Paribas Fortis continued its efforts to
support both individual and business customers, aiming to be
more accessible and proactive. Those efforts included:
supporting our new customers after the integration
of bpost bank and BNP Paribas Fortis customers who
use post offices by sending them a welcome letter and
service guide;
informing customers about changes in fees and charges
relating to Easy Go and Easy Guide pack options that
became chargeable in January 2025, via personalised
emails and letters addressing each customer’s indi-
vidual situation;
making contact with customers in a proactive, personalised
way via invitations in the retail networks and personalised
external communications, i.e. emails and banners in the
Easy Banking App and Easy Banking Web. As part of those
initiatives, we contacted customers with maturing Belgian
‘state bond’ savings certificates and looking for customised
investment solutions, to help give them the best guidance.
We also clarified information about how to book appointments
online by overhauling the structure and content of the Easy
Banking Web site and the Easy Banking App.
Protecting our customers, today and tomorrow
As regards insurance and pensions, we concentrated on
increasing take-up among individual customers of non-life
insurance products such as Top Home, Top Familiale and Top
Auto, but also on promoting Homiris, a solution that allows
customers to install an alarm system at an attractive price
and also entitles them to a discount on their home insurance.
For business customers, we focused on business starters by
promoting our Protect Tool, which provides an overview of
recommended insurance products based on customers’ spe-
cific business activity. We also continued our media campaigns
about the advantages of Modulis, which combines non-life
business insurance policies within a single package – including
tailored packs for certain professions that cover their specific
business activities – and offers discounts when customers take
out several products.
We maintained efforts to encourage customers to take out
pension products via customer acquisition campaigns and
additional efforts to reach a wider audience via social media.
In pensions we focused on optimising contracts and premiums
for business customers, ensuring that they receive the largest
possible pension according to their current income, while
our campaigns for individual customers emphasised digital
solutions allowing them to apply for products easily online.
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BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Helping customers move towards a more sustain-
able futures
To help customers with the transition to a more sustainable
world while taking into account their individual needs and
financial means, we focused on ‘Financial Well Being’, offering
them financing solutions for works to refurbish and insulate
their homes. We also provided specific support for property
owners’ associations, including a webinar with our experts.
We paid particular attention to customers who are young
adults and those in financial difficulties, contacting them
proactively in order to offer them appropriate solutions. To do
that, we developed and honed predictive data mining models.
Transport was also the theme of a number of campaigns and
initiatives to help customers find the most suitable solution
taking into account changes in taxation. They involved our
subsidiary Arval as well as Touring CarSelect, a new digital
platform on which customers can find a wide range of reli-
able second-hand or in-stock new cars, offered exclusively
by approved dealers.
Giving a boost to business starters
In line with the strategy we have been pursuing in the last
two years, we continued efforts to help and encourage entre-
preneurs setting up their own business. BNP Paribas Fortis
has a responsibility to be a driving force in the local economy,
particularly by helping young entrepreneurs set up their own
businesses. As part of that effort, we finalised a partnership
with non-profit MolenGeek, which has bases in Brussels,
Antwerp and Charleroi in which it provides training for young
people seeking to move into the digital professions. Many of
those young people start work as freelancers after completing
their training. Through our partnership, MolenGeek offers its
students a financial training module and brings BNP Paribas
Fortis closer to those young people through links with their
local branches.
We developed a major partnership with Partena Professional
– a provider of business administration services – to make it
easier for entrepreneurs to start a business.
In addition, we continued our media strategy, investing in both
the BNP Paribas Fortis and Hello bank! brands, in order to
promote our solutions and approaches in an integrated way
among pre-starters and starters. We paid close attention to
young people by producing videos providing financial advice
in a language they can understand and making them available
on the social media platforms they use the most.
The bank’s marketing and communications aimed at business
starters resulted in a bronze Effie Award, which acknowledged
the successful positioning of our services through the concept
of the ‘independent freelancer’.
Focus on investment solutions
The Belgian ‘state bond’ savings certificate launched in
September 2023 proved very popular with investors. The key
challenge for our investment activities in 2024 was to convince
customers to reinvest the proceeds of their maturing one-year
certificates in our products. To achieve that, we held a number
of campaigns and our staff informed customers about the
various investment options available, depending on their risk
tolerance, their ability to tie up their savings for a certain
period and their desire to maintain yields while limiting the tax
and investment fees they pay. We also offered new products
to encourage customers to reinvest with us.
We began to discontinue Investment Advice and Portfolio
Advice contracts in 2023, and the process was completed
in 2024. They have been replaced with Serenity and IRIS
contracts, which offer a better digital experience for custom-
ers and our staff because contract set-up and advice largely
take place digitally. Customers receive quarterly reports via
Easy Banking Web. We contacted customers concerned by the
changeover several times in order to discuss it with them.
Affluent & Private Banking
In 2024, we maintained our efforts to build partnerships with
our customers and strengthen our position as a trusted finan-
cial partner. We completely overhauled the way we onboard
Priority Banking customers in light of the new way in which
business customers are organised and included within this
segment. Customer events such as Expertise Days and an
Economic Outlook event were held to build relationships with
Priority, Private Banking and Wealth Management customers.
There was a particular focus on strengthening ties with the
children of our Wealth Management customers. We launched
two programmes in pursuit of that goal. The first was aimed
at young people aged 18-24. A series of videos was produced,
offering an entertaining introduction to the world of finance
with themes such as ‘a bank’s role in the economy’, ‘targeted
investing’ and ‘how to start investing’. Older children were
invited to two events addressing themes likely to interest
them, with the aim of building a community.
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BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Corporate Banking
With its well-developed, diversified and integrated business
model and services, the BNP Paribas Fortis Corporate Banking
division is well equipped to serve a wide range of clients,
including small and medium-sized companies, corporates
in Belgium and elsewhere in Europe, financial institutions,
institutional investors, public-sector entities and local authori-
ties. Corporate Banking (CB) has an extensive and diversified
clientele among large and medium-sized companies and is
the market leader in these two categories.
Our Relationship Managers are central to Corporate Banking’s
relationship model. They can call upon a wide variety of
experts in all kinds of banking solutions in order to provide
bespoke services to their clients. Within the Corporate Banking
division, the Enterprises team serves small and medium-sized
companies through a network of 14 Business Centres and a
presence across our Belgian branch network. Relationships
with large corporates, financial institutions and public-sector
entities are handled by dedicated central teams based at our
head office in Brussels.
Corporate Banking provides a wide range of specialised solu-
tions and services – both traditional and bespoke – and draws
on the BNP Paribas group’s international network across more
than 60 countries, enabling it to continue meeting the specific
financing, transaction, investment and insurance needs of its
clients in Belgium and abroad.
A financial partner that helps corporates during
uncertain times
In 2024, Corporate Banking continued to play a major role in
providing support to the Belgian economy. Our Transaction
Banking unit was able to provide robust assistance to clients
seeking to navigate supply-chain disruptions brought about
by geopolitical events, while our Global Markets specialists
helped clients hedge their risks with regard to interest rates,
exchange rates and inflation. Our Global Banking teams of
experts also helped our clients with mergers and acquisitions
as well as strategic financing through both equity and debt.
Our Private Equity teams, meanwhile, continued to invest
in Belgian companies throughout the year, in line with our
2025 Strategy.
2
Source: Frost & Sullivan as of the end of December 2023.
An organisation that adapts to achieve con-
tinuous growth
During the year, the Corporate Banking division pursued its
roadmap for achieving digital transformation and improving
the efficiency of its processes. CB also enhanced its service
model by accelerating the rollout of digital features and
remote contact channels.
A trusted partner that supports businesses in moving
towards more sustainable business models
With its Sustainable Business Competence Centre, Corporate
Banking is firmly positioning itself as a Sustainable Corporate
Bank. During the year, CB stepped up its efforts to help clients
make the transition to more sustainable practices and busi-
ness models. It also supported them in investing in the
transformative projects needed to address the huge chal-
lenges of climate change and biodiversity loss, with specific
attention to the areas of energy transition, decarbonisation,
biochemicals and the circular and regenerative economy. In
addition, CB enhanced its expertise regarding the EU Green
Deal regulatory framework and in the environmental, social
and governance (ESG) field.
In 2024, for the fifth consecutive year, Corporate Banking was
named ‘Best Investment Bank in Belgium’ by Euromoney.
Arval
Arval is a major player in long-term vehicle leasing and an
expert in mobility solutions. As a specialised business within
the Commercial, Personal Banking & Services division of
BNP Paribas, Arval is positioned at the heart of the group’s
integrated model. The company provides bespoke services to
meet the needs of its corporate clients, including large mul-
tinationals, small and medium-sized enterprises, its partners,
their employees, and individuals.
At the end of 2024, Arval had more than 8,500 employees
in the 29 countries where it operates. The company leased
1,796,396 vehicles to 400,000 customers, who also have
access to a range of alternative mobility solutions, including
car sharing, mobility cards, and bicycle rentals.
Arval ranks second overall in the European multi-brand long-
term vehicle leasing sector. The company is a market leader
in several countries, including Poland, and holds second place
in France, Spain, Italy, and Belgium, and third place in the
Netherlands
2
.
17
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Arval is the founding member of the Element-Arval Global
Alliance. The fleets of all the Alliance’s members comprise
more than 4.4 million vehicles in 55 countries worldwide.
Arval’s CSR strategy was awarded the EcoVadis Platinum
medal in 2025, placing it in the top 1% of evaluated companies.
BNP Paribas Leasing Solutions
BNP Paribas Leasing Solutions offers capital-efficient busi-
ness equipment financing solutions in key sectors including
agriculture, construction, transportation, materials handling,
ICT, healthcare and green tech. It helps both companies and
professionals to develop their businesses by providing them
with leasing and financing solutions, together with a range of
services designed to meet their specific needs.
The teams of experts at BNP Paribas Leasing Solutions support
and assist:
Equipment manufacturers and business software pub-
lishers, providing them with exclusive, comprehensive
solutions designed to support and boost the sales achieved
by their distribution networks and/or dealerships;
Distributors, dealers and integrators of business equip-
ment, providing them with sales support solutions plus a
wide range of financial products and services designed to
meet the needs of their customers;
Businesses, local authorities, professionals and craftspeo-
ple, providing solutions for financing their investments
in equipment.
With 70 years of experience, BNP Paribas Leasing Solutions
offers market expertise, asset know-how and advisory services
to help its partners and clients propel their growth, transform
their businesses and make the transition to a low-carbon
circular economy.
BNP Paribas Leasing Solutions operates in 17 countries across
Europe and Turkey, employing over 3,000 experts. It also offers
vendor finance solutions in the USA and Canada in partner-
ship with Bank of Montreal, and in China through Jiangsu
Financial Leasing.
In 2024, BNP Paribas Leasing Solutions advanced over
16.3 billion euros in asset finance and presently manages a
40.4 billion euros leased asset portfolio.
BNP Paribas Leasing Solutions works directly with corporate
clients, leveraging the extensive BNP Paribas network to offer
tailored leasing solutions.
It also works with manufacturers and their distribu-
tion networks to provide seamless financing options for
their customers.
BGL BNP Paribas
In Luxembourg, BNP Paribas offers a comprehensive range of
financial products and services tailored to the needs of all its
customers in the country and is the largest employer in the
Luxembourg financial sector.
BGL BNP Paribas activities
The Retail Banking business line offers its clients (private
individuals, professionals and entrepreneurs) a set of products
and services ranging from day-to-day banking to financing, as
well as savings, insurance and investment products. It has one
of the widest ranges of retail banking products in Luxembourg,
including private leasing.
BGL BNP Paribas Banque Privée provides clients who live in
Luxembourg or the Greater Region with a comprehensive range
of customised financial and wealth management solutions.
Wealth Management serves an international client base, in
particular business owners and families, helping them meet
their specific needs through tailored asset and financial
management solutions, in addition to a suite of high-quality
services: investment advice, discretionary wealth manage-
ment, wealth planning and organisation, asset diversification
and financing.
Global General Partner SA, a wholly-owned subsidiary of
BGL BNP Paribas, is a Luxembourg-based asset management
company that was founded in 2014. It supports the strategic
development of BNP Wealth Management’s alternative invest-
ment offering, through private equity, private real estate and
private infrastructure funds. Its services are available to all
BNP Wealth Management clients worldwide, giving them
access to a wide selection of alternative investment funds.
Through its Corporate Banking business line, BGL BNP Paribas
is Luxembourg’s number one banking partner for large
corporations, public-sector entities and institutions, social
organisations, real-estate businesses and start-ups. The
product range is structured around areas such as financing
(traditional, project finance, transfers and acquisitions, real
estate), trade finance (e.g. letters of credit), cash manage-
ment (cash pooling, multi-bank cash management tools, cards
programs), hedging (exchange rate, interest rate) and escrow
accounts. As part of the BNP Paribas Group, BGL BNP Paribas
also allows its corporate clients to access all of the Group’s
specialist business expertise and services.
18
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Corporate and institutional Banking provides products and
services related to the capital and financing markets in
Luxembourg to corporate and institutional clients.
BGL BNP Paribas Development was created in 2021 to support
Luxembourg businesses by acquiring minority interests in
them. By investing directly in unlisted commercial, industrial
and technology companies based in Luxembourg, the bank
aims to support their organic growth and acquisition plans
and to help them with business transfers.
More information about the businesses and history of BGL
BNP Paribas is available in the BGL BNP Paribas Annual Report,
which is available at https://www.bgl.lu/en/official-documents/
financial-results.html
Türk Ekonomi Bankası A.Ş. (TEB)
BNP Paribas Fortis operates in Turkey through TEB, in which
it holds a 48.7% stake via TEB Holding and BNP Paribas Fortis
Yatırımlar Holding A.Ş. On 30 September 2024, TEB, which
provides the full range of BNP Paribas retail products and
services in Turkey, was the country’s tenth-largest bank in
terms of market share in deposits and loans.
Retail Banking
In 2024 TEB acquired more than one million new custom-
ers, invested in its digital infrastructure and developed new
products to enhance the customer experience. TEB’s digital
channels prioritised simplifying day-to-day banking and
increasing product accessibility. The proportion of custom-
ers actively using digital channels rose to 84% by the end
of the year, and 68% of new retail customers were digitally
onboarded via CEPTETEB Mobile. The CEPTETEB Mobile app
was redesigned with a user-friendly interface, QR codes,
tracking features, quicker transactions and more visibility for
campaigns, while retailer discounts (in CEPTETEB Süper) have
improved the customer experience.
CEPTETEB Mobile now offers a more personalised digital expe-
rience, with customised areas in which customers can easily
and quickly access products and services that match their
needs. Personalised interest rates are prominently displayed
on the Fixed Deposit Account opening screen to ensure that
customers benefit from advantageous interest rates. TEB also
introduced the ‘payment request’ function, giving customers
an easy way to track, approve or reject incoming payment
requests through CEPTETEB Mobile, and to monitor all past
payment transactions.
The Marifetli account is a daily term account which allows
capital and interest to be reinvested each day. TEB offered
attractive welcome interest rates to its Marifetli clients
throughout the year, resulting in a 229% increase in deposits
in 2024 and a market share of more than 20% in the third
quarter of 2024.
Individual clients who want to invest have a choice between
44 different customised TEB Portfolio Investment Funds in
all asset classes and in three currencies (TRY, USD and EUR).
TEB Retail Banking also focuses on certain occupational
groups. With its dedicated service and package for lawyers,
for example, TEB achieved a market share of 21% among active
lawyers in 2024.
To examine customer expectations and identify areas for
improvement, TEB conducted customer relationship surveys
targeting more than 500,000 customers, and processed more
than 200,000 responses. TEB achieved second place in the
countrywide Benchmark NPS (Net Promoter Score) survey
among its peer group, hitting its target of a top three position.
This yearly NPS survey consists of face-to-face interviews
during which customers are asked how likely they are to
recommend their bank to their friends and family.
TEB continued its sustainability campaigns with its various
partners, across four themes: transport, the circular economy,
the environment, and social responsibility. As in previous years,
a portion of the income generated through the CEPTETEB
Marifetli account was donated to globally recognised organi-
sations that make sustainability efforts as part of the ‘1% for
the Planet’ initiative.
Private Banking
TEB Private Banking continued to develop its Angel Investment
Platform, which is designed to offer clients advisory services
that include alternative investment products and innovative
ideas. The platform brings entrepreneurs and potential inves-
tors together at face-to-face client events, helping to raise
mutual awareness and unlock business potential. TEB also
launched ‘E-Private services’ for Private Banking clients who
only use the digital channel. Services include regular updates
about financial markets from experienced advisors.
In 2024, TEB Private Banking won several prestigious awards,
including ‘Most Innovative Private Banking in Turkey’ from
International Finance and ‘Best Private Bank in Turkey’ for the
sixth time at the World Finance Banking Awards.
19
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
SME Banking
TEB’s SME banking approach follows the BNP Paribas group’s
Growth, Technology and Sustainability (GTS) approach. TEB is
seeking growth by increasing its market share, with a special
focus on high-quality assets, collateralised and secured loans,
local government banking and start-up banking. Greater auto-
mation, process optimisation and digitalisation are harnessed
to create more effective and comprehensive digital tools and
services. TEB’s multi-award-winning mobile app, CEPTETEB
İŞTE, provides quick and easy financial transactions for SMEs,
Corporate and Business customers. CEPTETEB İŞTE gives cus-
tomers an easy way to carry out their day-to-day banking,
cash management and investment transactions through digital
channels without having to visit a branch.
As regards sustainable finance, TEB offers financing solutions
to SMEs and municipalities for the financing of green projects
in areas such as renewable energy, energy efficiency, circular
economy, waste management and renewal projects to reduce
carbon emissions.
TEB uses a ‘consultant banking’ approach for its SME banking
activities, offering tailor-made financial and non-financial
products and services, including foreign trade services,
derivatives, supplier financing and support for SMEs in their
efforts to gain a competitive advantage over their domestic
and global peers by helping them with their business manage-
ment. Since 2008, TEB has provided a consulting service (SME
Consultants), which analyses SMEs not only from a financial
perspective but also in terms of their production methods,
sales and marketing, organisational structure, management
strategy and human resources.
TEB also provides SMEs with innovative financing instruments
that enable them to achieve both economic and environmental
sustainability. As part of that service, TEB has launched the
Sustainability Finance Product Package, which includes special
offers on products, to help SMEs minimise their environmental
footprint while growing their businesses.
In 2024 TEB launched an SME Digital Transformation Financing
Programme in conjunction with KOSGEB (a government institu-
tion that provides support to entrepreneurs and SMEs) and the
European Bank for Reconstruction and Development (EBRD).
The programme aims to help SMEs with their digital trans-
formation processes. Together with the funds provided under
this programme, SMEs were informed about how digitalisation
can help them increase productivity and competitiveness
and improve their business processes at meetings held in
industrial zones and chambers of industry and commerce.
TEB offers alternative financing solutions as part of its Global
Trade Solutions. Through ongoing co-operation with Turkey’s
Export Development Corporation (İhracatı Geliştirme A.Ş.
or İGE), loans with an 80% İGE guarantee were provided to
exporting SMEs in need of collateral, making it easier for SMEs
to access financing and significantly contributing to Turkey’s
foreign trade.
TEB Start-up Business Banking was launched in 2013 and
has matched hundreds of start-ups with corporates, bringing
them together at demonstration events, conferences and
special Start-up to Corporate (S2C) events aimed at finding
collaboration opportunities.
TEB has also extended its matchmaking efforts to the inter-
net and created the online platform startteb.com to inspire,
connect and match technology start-ups, SMEs, innovative
corporates and investors. On the platform, start-ups offer their
products and services while corporates post their projects and
needs, allowing each side to identify potential collaborations.
The bank has also established TEB Start-up Houses: the first
was set up in 2013 in Istanbul and two years later, more were
established in seven other large cities, in conjunction with the
Turkish Exporters Assembly TİM. At these TİM-TEB Start-up
Houses, start-ups and technology companies have access to
consulting, mentorship and networking services as well as the
opportunity to meet with potential investors and customers.
As the end of 2024, the total number of start-ups supported
by the TİM-TEB Start-up Houses had reached 2,200.
Corporate Banking
TEB Corporate and Corporate Investment Banking offers
products and services to medium and large companies, both
domestic and international, conglomerates and holding com-
panies with an annual turnover of over TRY 1.2bn. Services
include investment and working capital loans, trade finance,
structured finance and cash management, as well as currency,
interest-rate and commodity risk hedging. Those services are
provided through 11 corporate branches, five of which are
in İstanbul, including dedicated business centres for mul-
tinational corporations, large conglomerates and holding
companies.
20
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Changes in the scope of consolidation
Information on the changes in the scope of consolidation
is provided in note 7.b ‘Business combinations and other
changes of the consolidation scope’ and note 7.k ‘Scope of
consolidation’.
BNP Paribas Fortis credit ratings at 18/02/2025
Long-term Outlook Short-term
Standard & Poor’s A+ Stable outlook A-1
Moody’s A2 Stable outlook P-1
Fitch Ratings AA- Stable outlook F1+
The table above shows the main BNP Paribas Fortis credit
ratings and outlook on 18 February 2025.
Each of these ratings reflects the view of the rating agency
specifically at the moment when the rating was issued; any
explanation of the significance of a given rating is to be
obtained from the rating agency which issued it.
Forward-looking Statements
It should be noted that any statement of future expectations
and other forward-looking elements are based on the com-
pany’s current views and assumptions including a certain
degree of risk and uncertainty, especially given the current
general economic and market conditions.
Comments on the evolution of the results
BNP Paribas Fortis realised a consolidated net income
attibuable to equity holders of 2,919 million euros in 2024,
compared to 3,095 million euros in 2024, down by (176)
million euros or (6%).
Please note that the comments in the present section have
been written by referring to the financial statements and the
respective notes. For a business oriented analysis, please refer
to the Press Release of BNP Paribas Fortis available on the
corporate website. This analysis focuses on the underlying
evolution, which excludes scope changes (acquisition, sale and
transfer of activities), foreign exchange impacts and one-off
results. By excluding these effects, BNP Paribas Fortis showed
a decreasing underlying net income attributable to equity
holders by (6%) compared to 2023. In the comments in the
present section, we will refer to the scope changes and foreign
exchange impacts when deemed necessary.
Operating income amounted to 4,262 million euros in
2024, down by (513) million euros or (11%) compared to
4,775 million euros in 2023. The decrease was the result of
slightly lower revenues by (259) million euros or (2%), higher
costs by (144) million euros or 3% and an increase in the cost
of risk by (110) million euros.
Non-operating items (share of earnings of equity-method enti-
ties, net gain on non-current assets and goodwill) were down
by (65) million euros. The corporate income tax decreased by
322 million euros and the minority interests decreased by
(80) million euros.
The comparison between the 2024 and 2023 results was
impacted by the following elements:
few scope changes, including mainly (1) the acquisition
and full consolidation of Creation Financial Services and
Creation Consumer Finance, acquired by Alpha Credit, as
from 1
st
April 2023, (2) the sale of BNP Paribas Factor
GmbH as from the first quarter of 2024.
foreign exchange variations, mostly the depreciation of
the Turkish lira against euro (from 32.6 EUR/TRY in Q4 of
2023 to 36.6 EUR/TRY in Q4 of 2024).
Based on the segment information, 42% of the revenues
were generated by banking activities in Belgium (mainly
BNP Paribas Fortis and other legal entities of Commercial &
Personal Banking), 35% by Arval & Leasing Solutions, 9% by
banking activities in Luxembourg (mainly BGL BNP Paribas)
and 9% by banking activities in Turkey (mainly Turk Ekonomi
Bankasi (“TEB”)).
21
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Net interest income reached 4,706 million euros in 2024,
a decrease of (51) million euros or (1%) compared to 2023.
Excluding the scope changes (48 million euros) and the foreign
exchange effect ((27) million euros), the net interest income
decreased by (72) million euros.
In banking activities in Belgium, the net interest income
decreased mainly impacted by a strong pressure on margins
on loans (despite increasing volumes), lower margins on
deposits with lower deposit volumes (driven by the nega-
tive impact of the issuance of a Belgian government bond in
the third quarter of 2023), and the non-remuneration of the
mandatory reserves, partly mitigated by the one-off impact of
the loss on the TLTRO hedging swap in the first half of 2023.
In banking activities in Luxembourg, the net interest income
increased slightly thanks to higher margins on deposits and
despite lower volumes. In banking activities in Turkey, the
net interest income increased driven by higher volumes on
deposits and on loans despite lower commercial margins. At
Arval, there was an overall decrease in the net interest income
driven by the increasing interest expenses (while most of its
revenues are posted in the ‘net income from other activities’);
the net interest income increased at Leasing Solutions thanks
to the volume and business growth at higher margins.
Net commission income amounted to 1,571 million euros
in 2024, up by 132 million euros or 9% compared to 2023.
Excluding the scope changes ((5 million euros) and the foreign
exchange effect ((13) million euros), net commission income
increased by 150 million euros.
In banking activities in Belgium, the net commissions slightly
decreased with higher financial fees and lower banking fees.
The net commissions increased in all other segments, except
at Leasing Solutions, with a strong increase in banking activi-
ties in Turkey.
Net results on financial instruments at fair value through
profit or loss stood at 41 million euros in 2024, down by
(477) million euros compared to 2023. Excluding the foreign
exchange effect ((47) million euros), net results on financial
instruments at fair value through profit or loss decreased by
(430) million euros.
The decrease was mainly driven by the banking activities in
Turkey, with lower revenues from market activities servicing
clients and compared with very high results in 2023 during
which the market activities benefited from a context of high
volatility in currency exchange rates and interest rates, exac-
erbated by the presidential elections of mid-2023.
Net results on financial instruments at fair value through
equity remained stable at 20 million euros in 2024 and 2023
respectively.
Net results on the derecognition of financial assets at amor-
tised cost amounted to (4) million euros in 2024, decreasing
by (67) million euros compared to 2023 mainly due to gains
realised in 2023 arising from the sale of government bonds
in banking activities in Belgium and Turkey.
Net income from insurance activities totalled 70 million euros
in 2024 compared to 68 million euros in 2023.
Net income from other activities totalled 3,888 million
euros in 2024, increasing by 202 million euros or 5% com-
pared to 2023.
The main contributor remained Arval thanks to results sup-
ported by a further robust expansion of the financed fleet
(+5.6%). However, this increase was more than compensated
by a decrease of revenues on used cars impacted by the used
car prices’ normalisation and the increase of the financing
costs posted in the ‘net interest income’.
Operating expenses amounted to (5,236) million euros in
2024, increasing by (115) million euros or 2% compared to
2023. Excluding the scope changes ((18) million euros) and
the foreign exchange effect (47million euros), there was an
increase of (144) million euros.
The staff expenses were higher, with the impact of inflation,
especially in banking activities in Turkey still in hyperinflation.
The increase in other operating expenses was more contained
and mainly attributable to the development of the activities
combined with the impact of the inflation. In banking activi-
ties in Belgium and Luxembourg, the increase in operating
expenses was compensated by a decrease in the banking taxes.
22
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Depreciation charges stood at (404) million euros in 2024
compared to (375) million euros in 2023, i.e. an increase of
(29) million euros.
Cost of risk totalled (390) million euros in 2024, i.e. an increase
of (110) million euros compared to 2023. Excluding the scope
changes ((30) million euros) and the foreign exchange effect
((5) million euros), there was an increase of (75) million euros.
In banking activities in Belgium and in Luxembourg, the cost
of risk decreased, with an overall net release in 2024, mainly
thanks to lower stage 1 and 2 provisions that more than
compensated the evolution of specific files in stage 3. The
cost of risk increased at Arval & Leasing Solutions driven by
higher provisions in stage 3 partly offset by net releases of
provisions in stage 1 and 2. In banking activities in Turkey, the
increase is due to higher stage 3 provisions.
Share of earnings of equity-method entities amounted to
465 million euros in 2024, compared to 311 million euros
during 2023.
The increase was mainly attributable to higher results
at BNP Paribas Bank Polska and at BNP Paribas Asset
Management partly offset by lower results at AG Insurance.
Net gain or loss on non-current assets amounted to (281)
million euros in 2024 compared to (62) million euros
during 2023.
The decrease was mainly driven by the banking activities in
Turkey and at Arval & leasing Solutions and explained by the
application of IAS 29. According to IAS 29 in connection with
the hyperinflation situation of the economy in Turkey, the line
Results from monetary positions reported in Net gain or loss
on non-current assets mainly includes the effect of the evolu-
tion of the consumer price index in Turkey on the valuation of
non-monetary assets and liabilities and accrued income from
the Turkish government bonds portfolio indexed on inflation
and held by TEB.
Corporate income tax in 2024 totalled (1,160) million euros
compared to (1,482) million euros, a decrease of 322 million
euros. Excluding the share of earnings of equity-method enti-
ties (reported net of income taxes), the effective tax rate stood
at 29% in 2024 compared to 31% in 2023.
Net income attribuable to minority interests amounted
367 million euros in 2024, compared to 447 million
euros in 2023.
Comments on the evolution of the balance sheet
The total balance sheet of BNP Paribas Fortis amounted to
379.8 billion euros as at 31 December 2024, up by 5.9 billion
euros or 2% compared with 373.9 billion euros as at
31 December 2023.
Based on the segment information, 62% of the assets were
contributed by banking activities in Belgium, 21% by Arval &
Leasing Solutions, 8% by banking activities in Luxembourg, and
5% by banking activities in Turkey.
Assets
Cash and amounts due from central banks amounted to
26.5 billion euros, decreased by (11.9) billion euros compared
to 31 December 2023, with a decrease driven by banking
activities in Belgium and Luxembourg in overnight deposits
at the National Banks.
Financial instruments at fair value through profit or loss
stood at 11.0 billion euros, up by 1.6 billion euros compared
to 31 December 2023. The increase was mainly driven by
an increase in the reverse repos activity in banking activi-
ties in Belgium.
Derivatives used for hedging purposes decreased by (1.0)
billion euros and amounted to 4.4 billion euros. The derivatives
used for hedging purposes on the liability side decreased by
(1.0) billion euros and amounted to 7.3 billion euros.
Financial assets at fair value through Other Comprehensive
income amounted to 13.0 billion euros as at 31 December
2024, up by 2.2 billion euros compared with 10.8 billion euros
at 31 December 2023.
Financial assets at amortised cost amounted to 264.0 billion
euros as at 31 December 2024, up by 13.1 billion euros com-
pared with 250.9 billion euros at 31 December 2023.
‘Loans and advances to customers’ amounted to 228.8 billion
euros, up by 9.5 billion euros. In banking activities in Belgium,
the increase was mainly related to term loans and to a lesser
extent mortgage and consumer loans. Loans and advances to
customers also increased in all other segments mainly driven
by the growth in banking activities in Turkey especially with
the increase in term loans, and by consumer loans in the
segment ‘Other’.
In addition, ‘Loans and advances to credit institutions’
increased by 0.8 billion euros.
23
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Debt securities at amortised cost increased by 2.8 billion
euros especially in banking activities in Belgium related to
acquisitions of government bonds.
Remeasurement adjustment on interest-rate risk hedged
portfolios amounted to (0.5) billion euros compared to (0.8)
billion euros at 31 December 2023. This evolution is mainly in
banking activities in Belgium and in relation with the evolution
of interest rates.
investments and other assets related to insurance activities
amounted to 0.5 billion euros, up by 0.2 billion euros compared
to 0.3 billion euros at 31 December 2023.
Current and deferred tax assets amounted to 0.8 billion euros,
down by (0.3) billion euros compared to 1.1 billion euros at
31 December 2023.
Accrued income and other assets stood at 13.5 billion euros
as at 31 December 2024, decreased by (0.2) billion euros
compared to 13.7 billion euros at 31 December 2023.
Equity-method investments amounted to 3.1 billion euros,
up by 0.5 billion euros compared to 2.6 billion euros at
31 December 2023.
Property, plant and equipment and investment property
amounted to 42.0 billion euros as at 31 December 2024,
up by 5.5 billion euros compared to 36.5 billion euros at
31 December 2023, mainly related to the growth of the
financed fleet at Arval.
Assets held for sale and Liabilities associated with assets
held for sale, respectively, amounted to 0.0 billion euros
as at 31 December 2024 compared to 4.0 billion euros
at 31 December 2023. The amount as at 31 December
2023 was related to the assets and liabilities of the entity
BNP Paribas Factor GmbH, which was a fully owned subsidi-
ary of BNP Paribas Fortis Factor NV. The sale of the entity
BNP Paribas Factor GmbH was completed during the first
quarter of 2024.
Liabilities and Equity
Deposits from central banks stood at 2.0 billion euros, stable
compared to 31 December 2023.
Financial instruments at fair value through profit or loss
decreased by (2.4) billion euros, totalling 18.9 billion euros
as at 31 December 2024 compared to 21.3 billion euros at
31 December 2023. The decrease is mainly explained by the
repos activity evolution in banking activities in Belgium.
Financial liabilities at amortised cost amounted to
303.9 billion euros as at 31 December 2024, up by 11.1 billion
euros compared to 292.8 billion euros at 31 December 2023.
‘Deposits from customers’ stood at 212.9 billion euros,
up by 9.0 billion euros compared to 203.9 billion euros at
31 December 2023. There was an increase in banking activities
in Belgium, mostly attributable to an increase in the term
deposits and an increase in banking activities in Turkey with
an increase in the demand deposits and term deposits.
‘Deposits from credit institutions’ increased by 0.5 billion euros
mainly driven by an increase of interbank borrowings offset
by a decrease in Repos.
‘Debt securities’ decreased by (3) billion euros, mainly due to
decrease in Arval partly offset by the issuance of debt securi-
ties in banking activities in Belgium.
‘Subordinated debt’ stood at 6.9 billion euros as at
31 December 2024, up by 4.7 billion compared to 2.2 billion
euros at 31 December 2023. The increase is mainly due to the
issuance of Tier 2 instruments in banking activities in Belgium.
Remeasurement adjustment on interest-rate risk hedged port-
folios amounted to (3.0) billion euros compared to (3.9) billion
euros at 31 December 2023. This evolution was in banking
activities in Belgium due to the evolution of interest rates.
Current and deferred tax liabilities amounted to 1.5 billion
euros as at 31 December 2024, compared to 1.4 billion euros
as at 31 December 2023.
Accrued expenses and other liabilities stood at 10.5 billion
euros as at 31 December 2024, down by (1.8) billion euros
compared to 12.3 billion euros at 31 December 2023. The
decrease in accrued expenses and other liabilities is due to
the banking activities in Belgium.
Liabilities related to insurance contracts amounted to
0.3 billion euros as at 31 December 2024 stable compared to
31 December 2023.
Provisions for contingencies and charges came in at 3.6 billion
euros, decreased by (0.7) billion euros compared with the
4.3 billion euros at 31 December 2023. The decrease is mainly
driven by Arval, in relation with the reversal of provisions for
uncertainty on the residual value of vehicles.
24
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Shareholders’ equity amounted to 28.8 billion euros as at 31 December 2024, up by 3.4 billion euros
compared with 25.4 billion euros at 31 December 2023. Share capital and Retained earnings increased
by 3.1 billion euros. Share capital increased due to the issuance of additional perpetual Tier 1 floating
rate notes of 3 billion euros. Retained earnings were mainly impacted by the net income attributable to
shareholders for the year 2024 which contributed for 2.9 billion euros and by the dividend distributed
by BNP Paribas Fortis in this first half of the year of 2024 amounting to (2.8) billion euros.
Minority interests stood at 6.1 billion euros as at 31 December 2024 compared to 5.8 billion euros
as at 31 December 2023.
Liquidity and solvency
BNP Paribas Fortis’ liquidity remained sound, with customer deposits standing at 213 billion euros
and customer loans at 229 billion euros.
Customer deposits consist of the ‘due to customers’ figure excluding ‘repurchase agreements’.
Customer loans are loans and receivables due from customers excluding ‘debt securities at amortised
cost’ and ‘reverse repurchase agreements’.
BNP Paribas Fortis’ solvency stood well above the minimum regulatory requirements. At 31 December
2024, BNP Paribas Fortis’ Basel III Common Equity Tier 1 ratio (CET1 ratio) stood at 14.0%. Total
risk-weighted assets amounted to 172.5 billion euros at 31 December 2024, of which 145.6 billion
euros are related to credit risk, 2.0 billion euros to market risk and 13.2 billion euros to operational
risk, while counterparty risk, securitisation and equity risk worked out at 1.8 billion euros, 0.8 billion
euros and 9.1 euros billion respectively.
Principal risks and uncertainties
BNP Paribas Fortis’ activities are exposed to a number of risks, such as credit risk, market risk,
liquidity risk and operational risk. To ensure that these risks are identified and adequately controlled
and managed, the bank adheres to a number of internal control procedures and refers to a whole
array of risk indicators, which are further described in the Chapter ‘Risk management and capital
adequacy’ of the BNP Paribas Fortis consolidated financial statements 2024 and in the BNP Paribas
Fortis ‘Pillar 3 disclosure’ 2024.
BNP Paribas Fortis is involved as a defendant in various claims, disputes and legal proceedings in
Belgium and in some foreign jurisdictions, arising in the ordinary course of its banking business,
as further described in note 7.a ‘Contingent liabilities: legal proceedings and arbitration’ to the
BNP Paribas Fortis consolidated Financial Statements 2024.
25
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
The Board of Directors of BNP Paribas Fortis declares that,
to the best of its knowledge, the BNP Paribas Fortis con-
solidated financial statements and the BNP Paribas Fortis
non-consolidated financial statements give a true and fair
view of the assets, liabilities, financial position and profit and
loss of BNP Paribas Fortis and the undertakings included in
the consolidation and that the information herein contains
no omissions likely to modify significantly the scope of any
statements made.
The Board of Directors of BNP Paribas Fortis also declares
that, to the best of its knowledge, the report of the Board of
Directors includes a fair review of the development, results and
position of BNP Paribas Fortis and the undertakings included in
the consolidation, together with a description of the principal
risks and uncertainties with which they are confronted.
The BNP Paribas Fortis consolidated financial statements and
the BNP Paribas Fortis non-consolidated financial statements
as at 31 December 2024 will be submitted to the annual
General Meeting of Shareholders for information and for
approval on 24 April 2025.
Brussels, 13 March 2025
The Board of Directors of BNP Paribas Fortis
26
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Corporate Governance Statement
BNP Paribas Fortis complies with the ‘2020 Belgian Code on Corporate Governance’ (hereafter referred to as the ‘Code’). The
Code can be consulted on https://www.corporategovernancecommittee.be/en.
1. Compliance with the Code
BNP Paribas Fortis is of the opinion that it complies with
the large majority of the requirements of the Code. The main
remaining deviation relates to principle 8 of the Code “The
company shall treat all shareholders equally and respect
their rights“. The reason that makes the company unable to
comply with all the provisions of principle 8 of the Code lies
within the structure of the shareholdership of BNP Paribas
Fortis. Specifically, BNP Paribas SA, a public limited company
(‘société anonyme’/’naamloze vennootschap’), having its
registered office address at Boulevard des Italiens 16, 75009
Paris, France, registered under number 662 042 449 RCS
Paris, holds 99.94% of the shares of BNP Paribas Fortis. The
remaining 0.06% of the shares is held by minority sharehold-
ers. Nevertheless, BNP Paribas Fortis communicates on an
ongoing basis with its various stakeholders through its website
and other media and actively answers to the questions raised
by its minority shareholders in the framework of the general
shareholders’ meetings.
BNP Paribas Fortis’ Corporate Governance Charter is available
on its public website.
BNP Paribas SA itself is a Euronext-listed company, which
implies that BNP Paribas Fortis, its directors and its staff, must
take into account certain legal provisions on the disclosure of
sensitive information to the market. The Board of Directors
of BNP Paribas Fortis is anyway determined to protect the
interests of all shareholders of BNP Paribas Fortis at all times
and will provide them with the necessary information and
facilities to exercise their rights, in compliance with the Code
on companies and associations.
BNP Paribas Fortis did not receive any transparency declara-
tions within the meaning of the Law of 2 May 2007 on the
disclosure of significant shareholdings.
2. Governing bodies
Board of Directors
Role and responsibilities
In general, the Board of Directors is responsible for BNP Paribas
Fortis in accordance with the applicable law. In particular,
and in accordance with article 23 of the law of 25 April 2014
on the legal status and supervision of credit institutions and
stockbroking firms (the ‘Banking Law’), the Board of Directors
defines and supervises among others:
the strategy and goals of BNP Paribas Fortis;
the risk policy (including the risk tolerance) of
BNP Paribas Fortis;
the organization of BNP Paribas Fortis for the provision of
investment services and activities;
the integrity policies;
the BNP Paribas Fortis’ Internal Governance Memorandum,
Corporate Governance Charter and the Policy on Suitability
assessments;
the Remuneration policy; and
the financial reporting.
Size and membership criteria
The Board of Directors of BNP Paribas Fortis consists of no
less than five (5) and no more than thirty-five (35) directors
(legal persons cannot be members of the Board of Directors).
Directors are appointed for one (1) or more renewable periods,
each individual period covering no more than four (4) full
accounting years of BNP Paribas Fortis.
27
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
The composition of the Board of Directors of BNP Paribas Fortis
has to be balanced in terms of (i) skills and competences, (ii)
gender, (iii) age, and (iv) executive and non-executive directors,
whether independent or not. The Board of Directors cannot
consist of a majority of executive directors.
As at 13 March 2025, the Board of Directors of BNP Paribas
Fortis is made up of fifteen (15) members, six (6) of which
are women.
It moreover includes ten (10) non-executive directors, four (4)
of them being independent directors within the meaning of
the Banking law and five (5) executive directors.
All directors must at all times be fit (‘passende
deskundigheid’/‘expertise adéquate’) and proper (‘profes-
sionele betrouwbaarheid’//‘honorabilité professionelle’) for
the exercise of their function. All are preselected and assessed
based on a predefined list of selection criteria. In general,
a director is considered to be ‘fit’ if he has the knowledge,
experience, skills and professional behaviour suitable for the
exercise of his director’s mandate. A director is considered
to be ‘proper‘ if there are no elements suggesting differently
and if there is no reason to question the reputation of the
concerned director.
BNP Paribas Fortis will assess and determine the suitability
of each nominee director (including in case of a mandate
renewal) prior to his (re-)appointment. BNP Paribas Fortis
will assess all directors continuously during their directorship,
at least once a year at the occasion of the periodic suitability
assessment, and every time a new element requires so.
The decision is subject to a separate suitability assessment,
performed by the competent supervisor.
Composition
As at 13 March 2025, the composition of the Board of Directors
is as follows:
JADOT Maxime
Chairman of the Board of Directors. Non-executive director.
Member of the Board of Directors since 13 January 2011.
The current board member mandate has been renewed on
20 April 2023. It will expire at the end of the 2027 annual
general meeting of shareholders.
3
Subject to the relevant authority’s approval.
ANSEEUW Michael
Chairman of the Executive Board. Executive director.
Member of the Board of Directors since 19 April 2018.
The current board member mandate has been renewed on
21 April 2022. It will expire at the end of the 2026 annual
general meeting of shareholders.
BEAUVOiS Didier
Non-executive director.
3
Member of the Board of Directors since 12 June 2014.
The current board member mandate has been renewed on
20 April 2023.
It will expire at the end of the 2027 annual general meeting
of shareholders.
BORDENAVE Philippe
Vice-chairman of the Board of Directors and non-execu-
tive director.
Member of the Board of Directors since 20 April 2023.
The board member mandate will expire at the end of the
2027 annual general meeting of shareholders.
de CLERCK Daniel
Executive director.
Member of the Board of Directors since 12 December 2019.
The current board member mandate has been renewed on
20 April 2023.
It will expire at the end of the 2027 annual general meeting
of shareholders.
de l’ESCAiLLE Laurence
Independent non-executive director. Member of the Board of
Directors since 18 April 2024. The board member mandate
will expire at the end of the 2028 annual general meeting of
shareholders.
DE PLOEY Wouter
Independent non-executive director.
Member of the Board of Directors since 1 December 2022.
The current board member mandate has been confirmed and
renewed on 20 April 2023.
It will expire at the end of the 2026 annual general meeting
of shareholders.
28
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
HARTMANN Nathalie
Non-executive director.
Member of the Board of Directors since 20 April 2023.
The board member mandate will expire at the end of the
2027 annual general meeting of shareholders.
LECLERCQ Anne
Independent non-executive director.
Member of the Board of Directors since 21 April 2022.
The board member mandate will expire at the end of the
2026 annual general meeting of shareholders.
MERLO Sofia
Non-executive director.
Member of the Board of Directors since 21 April 2016.
The current board member mandate has been renewed on
18 April 2024.
It will expire at the end of the 2028 annual general meeting
of shareholders.
VAN AKEN Piet
Executive director.
Member of the Board of Directors since 3 June 2016.
The current board member mandate has been renewed on
18 April 2024. It will expire at the end of the 2028 annual
general meeting of shareholders.
VAN WAEYENBERGE Titia
Independent non-executive director.
Member of the Board of Directors since 18 April 2019.
The current board member mandate has been renewed on
20 April 2023. It will expire at the end of the 2027 annual
general meeting of shareholders.
VARÈNE Thierry
Non-executive director.
Member of the Board of Directors since 14 May 2009.
The current board member mandate has been renewed on
18 April 2024. It will expire at the end of the 2028 annual
general meeting of shareholders.
VERMEiRE Stéphane
Executive director. Member of the Board of Directors since
19 April 2018. The current board member mandate has been
renewed on 21 April 2022.
It will expire at the end of the 2026 annual general meeting
of shareholders.
4
Subject to the relevant authority’s approval.
WiLiKENS Sandra
Executive director.
Member of the Board of Directors since 21 April 2022.
The board member mandate will expire at the end of the
2026 annual general meeting of shareholders.
Between 1 January 2024 and 31 December 2024, the composi
-
tion of the Board of Directors was as follows:
JADOT, Maxime
Chairman of the Board of Directors
ANSEEUW, Michael
Executive director and chairman of the Executive Board
d’ASPREMONT LYNDEN, Antoinette
Independent non-executive director until 18 April 2024
AUBERNON, Dominique
Non-executive director until 18 April 2024
BEAUVOiS, Didier
4
Executive director until 1 November 2024, non-executive
director since that date
BOOGMANS, Dirk
Independent non-executive director until 18 April 2024
BORDENAVE, Philippe
Non-executive director and vice-president of the Board
of Directors
de CLERCK, Daniel
Executive director
de l’ESCAiLLE, Laurence
Independent non-executive director since 18 April 2024
DE PLOEY, Wouter
Independent non-executive director
HARTMANN, Nathalie
Non-executive director
LECLERCQ, Anne
Independent non-executive director
29
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
MERLO, Sofia
Non-executive director
VAN AKEN, Piet
Executive director
VAN WAEYENBERGE, Titia
Independent non-executive director
VARÈNE, Thierry
Non-executive director
VERMEiRE, Stéphane
Executive director
WiLiKENS, Sandra
Executive director
Attendance at meetings
The Board of Directors held eighteen (18) meetings in 2024.
Attendance at these meetings was as follows:
Director
Number of
meetings attended
JADOT, Maxime 15
ANSEEUW, Michael 18
d’ASPREMONT LYNDEN, Antoinette (until
April 18, 2024)
6
AUBERNON, Dominique (until April 18, 2024) 6
BEAUVOIS, Didier 17
BOOGMANS, Dirk (until April 18, 2024) 6
BORDENAVE, Philippe 17
de CLERCK, Daniel 17
de l’ESCAILLE, Laurence (since April 18,
2024)
12
DE PLOEY, Wouter 17
HARTMANN, Nathalie 16
LECLERCQ, Anne 17
MERLO, Sofia 14
VAN AKEN, Piet 17
VAN WAEYENBERGE, Titia 17
VARENE, Thierry 16
VERMEIRE, Stéphane 17
WILIKENS, Sandra 18
Assessment of the Board of Directors and of
the directors
At least once a year, the Governance and Nomination
Committee and the Board of Directors perform an evaluation
of the Board of Directors and of all directors. At the occasion
of this evaluation, any element that may impact the suit-
ability assessment performed previously, as well as the time
dedicated and the efforts delivered to perform one’s mandate
properly, is reviewed. As part of this annual evaluation, recom-
mendations on how to manage and resolve any identified
weaknesses are formulated.
The last evaluation process of the Board of Directors ended in
October 2024 and the one of the directors individually ended
in February 2025.
Remuneration
Information regarding the total remuneration for the cor-
porate year 2024, including the remunerations, benefits in
kind and pension plans, of all directors, paid and payable by
BNP Paribas Fortis, can be found in note 7.g ‘Compensation
and benefits awarded to BNP Paribas Fortis’ corporate officers’
to the BNP Paribas Fortis Consolidated Financial Statements.
Executive Board
Role and responsibilities
In accordance with article 24 of the Banking Law and
article 21 of the Articles of association of BNP Paribas
Fortis, the Board of Directors has set up an Executive Board
(‘Directiecomité’/’Comité de Direction’). The members of
the Executive Board are hereafter referred to as the ‘execu-
tive directors’.
Size and membership criteria
The Executive Board is exclusively composed out of executive
directors of BNP Paribas Fortis. Taking into account article 24,
§2 of the Banking Law, the total number of members of the
Executive Board must be inferior to half of the total number
of directors. In addition, the Executive Board must keep the
number of its members within limits, ensuring that it operates
effectively and with the requisite flexibility.
Since all members of the Executive Board are to be considered
as effective leaders, certain suitability criteria apply in addition
to the suitability criteria generally imposed upon directors.
The decision whether or not to appoint a member of the
Executive Board belongs to the competence of the Board of
30
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Directors. It will rely on a recommendation of the Governance
and Nomination Committee. The decision will be subject to a
separate suitability assessment subsequently performed by
the competent supervisor.
Composition
As at 13 March 2025, the composition of the Executive Board
is as follows:
ANSEEUW Michael
Executive director and chairman of the Executive Board
de CLERCK Daniel
Executive director
VAN AKEN Piet
Executive director
VERMEiRE Stéphane
Executive director
WiLiKENS Sandra
Executive director
Other Board of Directors’ committees
Article 27 of the Banking Law provides that the Board of
Directors must set up four (4) board committees: an audit
committee, a risk committee, a remuneration committee and
a nomination committee.
The existence of these committees does not in any way impinge
upon the Board’s right to set up further ad hoc committees
to deal with specific matters, as and when the need arises.
The Board of Directors has used this right to set up a.o. an
ad hoc board committee composed of three (3) directors and
chaired by an independent director to assess, if and when
necessary, whether an intended transaction falls within the
scope of article 72 of the Banking Law and ascertain that the
requirements of said article are complied with.
This right is also used by the Board of Directors when, in the
context of intra-group transactions, it sets up a special board
committee in accordance with its internal corporate govern-
ance policies (for more information reference is made to the
chapter ‘Information regarding related party transactions’).
Each board committee has an advisory function towards the
Board of Directors.
Besides the ad hoc committee that convenes within the frame-
work of article 72 of the Banking Law and of which the Chief
Risk Officer is a member while being an executive director, all
members of the other committees are non-executive direc-
tors. In addition to the criteria applicable to non-executive
directors, the chairperson of a committee must also meet the
requirements of his function.
The criteria to be met by directors composing a board com-
mittee are similar to those of the other directors.
The appointment of these committees’ members is further
based on (i) their specific competencies and experience, in
addition to the general competency requirements for any
board members, and (ii) the requirement that each committee
must, as a group, possess the competencies and experience
needed to perform its tasks.
A specific committee (the Governance and Nomination
Committee – see further) will assess whether the suitability
requirements applicable to the members and chairperson of
each committee are met. For this assessment, the Governance
and Nomination Committee will take into account the induc-
tion program that BNP Paribas Fortis will provide to any new
member of these committees.
The four (4) committees function in accordance with the
organisation set out below.
Audit committee (AC)
In accordance with article 27 of the Banking Law, BNP Paribas
Fortis is required to set up a separate AC to assist the Board
of Directors with audit related matters.
Role and responsibilities
The competences of the AC are set forth in the Banking Law
and are listed in the Code on companies and associations. It
concerns, in general, the following domains: finance, internal
control and risk management, internal and external audit. The
AC shall, upon request of the Board of Directors, assist (and
make recommendations to) the Board of Directors in all audit
and accounting related matters.
Membership criteria
In addition to the suitability requirements for non-executive
directors, the members of the AC must collectively have the
necessary skills and competences relating to BNP Paribas Fortis’
activities and to audit and accounting. At least one (1) member
of the AC must have an expertise in audit and/or accounting. Both
independent directors, currently members of the BNP Paribas
Fortis AC, have a specific expertise in audit and accounting.
31
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Composition
The AC is composed of at least three (3) non-executive direc-
tors, of which at least two (2) directors are independent within
the meaning of the Banking law.
The chairperson of the AC must be an independent director.
The chairpersons of the AC and RC (see below) meet on a
regular basis with the chairpersons of the AC’s and RC’s of
the most important entities within the governance perimeter
of BNP Paribas Fortis.
Composition as at 13 March 2025:
Wouter De Ploey (non-executive, independent direc-
tor), chairman
Laurence de l’Escaille (non-executive, independ-
ent director)
Nathalie Hartmann (non-executive director)
Anne Leclercq (non-executive, independent director)
Attendance at meetings
The AC met eight (8) times in 2024, of which two (2) times
together with the Risk Committee (i.e. Joint Audit and Risk
Committee meetings). Attendance was as follows:
Committee Member
Number of
meetings attended
DE PLOEY, Wouter 8
AUBERNON, Dominique (until April 18, 2024) 2
LECLERCQ, Anne 8
de l’ESCAILLE, Laurence (since April 18,
2024)
6
HARTMANN, Nathalie (since April 18, 2024) 6
Risk committee (RC)
In accordance with article 27 of the Banking Law, BNP Paribas
Fortis is required to set up a separate RC to assist the Board
of Directors with risk related matters.
Role and responsibilities
The competences of the RC are set forth in the Banking Law
and concern: (i) the strategy and risk appetite, (ii) the price
setting, and (iii) the remuneration policy. The RC shall, upon
request of the Board of Directors, assist (and make recommen-
dations to) the Board of Directors in all risk related matters.
Membership criteria
In addition to the suitability requirements for non-executive
directors, the members of the RC must individually have the
required knowledge, expertise, experience and skills in order
to be able to understand and apprehend BNP Paribas Fortis’
risk strategy and tolerance.
Composition
The RC is composed of at least three (3) non-executive direc-
tors, of which at least two (2) directors are independent within
the meaning of the Banking law.
The chairperson of the RC must be an independent director.
The chairpersons of the AC and RC meet on a regular basis with
the chairpersons of the AC’s and RC’s of the most important
entities within the governance perimeter of BNP Paribas Fortis.
Composition as at 13 March 2025:
Anne Leclercq (non-executive, independent direc-
tor), chairwoman
Philippe Bordenave (non-executive director)
Titia Van Waeyenberge (non-executive, independent
director)
Attendance at meetings
The RC met eight (8) times in 2024, of which two (2) times
together with the Audit Committee (i.e. Joint Audit and Risk
Committee meetings). Attendance was as follows:
Committee Member
Number of
meetings attended
LECLERCQ, Anne 8
AUBERNON, Dominique (until April 18, 2024) 2
VAN WAEYENBERGE, Titia 8
BORDENAVE, Philippe (since April 18, 2024) 5
Governance and nomination committee
(GNC)
In accordance with article 27 of thse Banking Law, BNP Paribas
Fortis is required to set up a separate GNC to assist the Board
of Directors with governance and nomination related matters.
Role and responsibilities
The competences of the GNC are set forth in the Banking Law
and the regulations of the Belgian National Bank. They concern
the expression of a relevant and independent judgment on
the composition and functioning of the Board of Directors
32
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
and the other management bodies of BNP Paribas Fortis, and
specifically on the individual and collective expertise of their
members, their integrity, reputation, independence of mind
and time commitment.
Membership criteria
In addition to the suitability requirements for non-executive
directors, the members of the GNC have collectively and
individually the necessary skills and competences in the field
of governance and nomination regulation and practices within
the Belgian banking sector.
Composition
The GNC is composed of at least three (3) non-executive
directors, of which at least two (2) directors are independent
within the meaning of the Banking law.
The chairperson of the GNC must be an independent director.
Composition as at 13 March 2025:
Titia Van Waeyenberge (non-executive, independent direc-
tor), chairwoman
Maxime Jadot (non-executive director)
Laurence de l’Escaille (non-executive, independ-
ent director)
Attendance at meetings
The GNC met ten (10) times in 2024. Attendance was
as follows:
Committee Member
Number of
meetings attended
d’ASPREMONT LYNDEN, Antoinette (until
April 18, 2024)
2
JADOT, Maxime 9
VAN WAEYENBERGE, Titia 10
de l’ESCAILLE, Laurence (since April 18,
2024)
8
Remuneration committee (RemCo)
In accordance with article 27 of the Banking Law, BNP Paribas
Fortis is required to set up a separate RemCo to assist the
Board of Directors with remuneration related matters.
Role and responsibilities
The competences of the RemCo are set forth in the Banking
Law. They concern the expression of a relevant and independ-
ent judgement on the remuneration policies, reward practices
and related incentives, taking into account BNP Paribas Fortis’
risk management, equity needs and liquidity position.
Membership criteria
In addition to the suitability criteria for non-executive direc-
tors, the members of the RemCo individually and collectively
have the necessary skills, competences and expertise in the
field of remuneration, and in particular those applicable to
the Belgian banking sector.
Composition
The RemCo is composed of at least three (3) non-executive
directors, of which at least two (2) directors are independent
within the meaning of the Banking law.
The chairperson of the RemCo must be an independent director.
Composition as at 13 March 2025:
Titia Van Waeyenberge (non-executive, independent direc-
tor), chairwoman
Sofia Merlo (non-executive director)
Laurence de l’Escaille (non-executive, independ-
ent director)
Attendance at meetings
The RemCo met five (5) times in 2024. Attendance was
as follows:
Committee Member
Number of
meetings attended
d'ASPREMONT LYNDEN, Antoinette (until
April 18, 2024)
2
MERLO, Sofia 5
VAN WAEYENBERGE, Titia 5
de l’ESCAILLE, Laurence 3
Executive Committee
BNP Paribas Fortis has set up an Executive Committee, in
order to assist the Executive Board with the fulfilment of its
missions and responsibilities and to advise the Executive Board
as the case may be.
33
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
The Executive Committee currently consists of thirteen (13)
members, of which five (5) are executive directors. It brings
together the Executive Board and the eight (8) key heads of
businesses and support functions.
Composition as at 13 March 2025:
Michael ANSEEUW
Executive director, chairman of the Executive Board/
Executive Committee, chief executive officer
Daniel de CLERCK
Executive director, member of the Executive Committee,
chief operating officer
Lieve DE MOL
Member of the Executive Committee, head of client
service center
Stéphanie GRYSOLLE
Member of the Executive Committee, head of
human resources
Emilie JACQUEROUX
Member of the Executive Committee, chief transforma-
tion officer
Laurent LONCKE
Member of the Executive Committee, chief retail banking
Virginie MARTENS
Member of the Executive Committee, head of corporate
coverage and CIB Belgium
Khatleen PAUWELS
Member of the Executive Committee, chief compli-
ance officer
Franciane RAYS
Member of the Executive Committee, chief financial officer
Piet VAN AKEN
Executive director, member of the Executive Committee,
chief risk officer
Laurent VAN LANCKER
Member of the Executive Committee, chief informa-
tion officer
Stephane VERMEiRE
Executive director, member of the Executive Committee,
head of corporate banking
Sandra WiLiKENS
Executive director, member of the Executive Committee,
head of affluent & private banking
3. Internal Control Procedures
Missions and Activities of the Finance
Department – Finance Charter
The Finance Function, under the authority of the Chief
Financial Officer, reporting to the Chief Executive Officer, is
responsible for preparing and processing accounting and
financial information. This responsibility is further defined in
a specific Charter and mainly consists of:
Elaborating financial and sustainability information and
ensuring that published financial, prudential and sus-
tainability information is accurate and fairly stated, in
accordance with regulatory framework and standards;
Providing Executive Management with the necessary infor-
mation for the financial steering at organizational levels;
Defining accounting, performance management and
selected prudential policies and lead their opera-
tional insertion;
Defining, deploying and supervising the permanent control
framework associated with financial information;
Managing the own funds of the entity;
Proceeding to the analysis and the financial structuring
of the external and internal acquisition, partnership and
divestment projects;
Managing the financial communications, ensuring a high
quality and a clear perception by the markets;
34
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Coordinating banking supervisory issues, notably relation-
ship with the ECB;
Defining/running the Finance function’s organization and
monitor its resources and costs;
Driving the Target Operating Model implementation,
contribute to the definition of the functional architec-
ture and the design of Finance systems and proceed to
their deployment
Producing financial information
Policies and rules
The local financial statements for each entity are prepared
under local GAAP while the BNP Paribas Fortis Consolidated
Financial Statements are prepared under International
Financial Reporting Standards (IFRS) as endorsed by the
European Union.
A dedicated team within Accounting & Reporting (A&R), section
of the Finance department, draws up the accounting policies
based on IFRS as endorsed by the European Union and to be
applied by all BNP Paribas Fortis entities. These are aligned
with BNP Paribas Group accounting policies. This A&R team
monitors regulatory changes and prepares new internal
accounting policies in line with the level of interpretation
necessary to adapt them to the operations carried out by
BNP Paribas Fortis. A BNP Paribas Group accounting manual
is available, together with additional documentation and
guidance related to the specific BNP Paribas Fortis products
and scope. This IFRS accounting manual is distributed to
all accounting and reporting teams. It is regularly updated
to reflect regulatory changes. The dedicated A&R team also
handles requests for specific accounting analysis made by the
local entities and the Core Businesses/Business Lines.
The Management Control department follows up the manage-
ment accounting and reporting rules as determined by BNPP
Group Finance.
At Finance level, the changes in the prudential reporting are
followed up by the Capital Planning department and discussed
during the Prudential Affairs Coordination Committee. The
reporting principles and rules associated with solvency are
within the remit of Risk Management, and those associated
with liquidity are within the remit of ALM – Treasury.
Preparation of financial information
There are two distinct reporting channels involved in the
process of preparing financial information:
the financial accounting and reporting channel: the
particular responsibility of this channel is to perform the
entities’ financial and cost accounting, and to prepare the
BNP Paribas Fortis’ consolidated financial statements in
compliance with the policies and standards. It also pro-
duces information on solvency and liquidity, ensuring that
it is consistent with the accounting at each level. This
channel certifies the reliability of the information produced
by using dedicated control tools and by applying internal
certification procedures (described below) at the first level
of control;
the management accounting and reporting channel: this
channel prepares the management information (from
the Divisions/OEs/business lines compiled from the data
per entity) that is relevant to the economic management
of activities, complying with the established internal
principles and standards. It ensures the consistency of
the management data with the accounting data, at every
level. This channel is also responsible for the preparation
of solvency and liquidity ratios and for their analysis. This
channel certifies the reliability of the information produced
by applying internal certification procedures (described
below) at the first level of control.
Group Finance designs, distributes and administers the
reporting tools for the two channels. These tools are designed
to suit the channels’ individual objectives and necessary
complementarity, and provide information for the entire
BNP Paribas Group. In particular, Group Finance promotes
the use of standard accounting and reporting systems in the
Group entities. The systems are designed at Group level and
progressively rolled out. This approach promotes the sharing
of information and facilitates the implementation of cross-
functional projects in the context of the development of pooled
account processing and synthesis within the Group.
For the preparation of liquidity-related data as well as sol-
vency data, the Bank has adopted the principle of integrating
internal management data and those required for regulatory
reporting, based on the following building blocks:
governance involving Finance, ALM-Treasury and Risk
Management;
policies and methodologies applicable as required by
regulations;
dedicated tools ensuring data collection and the produc-
tion of internal and regulatory reports.
35
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Permanent control - Finance
internal control within the Finance Function
Internal control at Finance is certified by a dedicated second
level of control team that is supported by specialized tools,
encompassing accounting controls, financial, prudential,
sustainability and other operational permanent control areas
of the Finance department. The basis of their controls is the
control results and certification of the first level of control
done in the operational departments and other functions.
Related to the sustainability controls, a tactical implementa-
tion for 2024 has been executed which will further evolve in
2025 to a more strategic control process.
The mission of this team is to ensure, on a permanent basis,
the reliability of the processes used for producing and validat-
ing the financial figures for BNP Paribas Fortis, and to ensure
compliance with the other legal and regulatory reporting
requirements of the Finance department. Next to perform-
ing this second level of control, the department’s activities
consist of maintaining relations with the external auditors and
ensuring that their recommendations are correctly applied
throughout BNP Paribas Fortis.
internal Certification Process
BNP Paribas Fortis monitors the accounting and reporting risks
through a certification process, whose purpose is to report
on the quality of the information provided in the different
reporting systems. The results of the certification process
related to the financial reporting are presented quarterly to
the BNP Paribas Fortis Audit Committee.
Based on general rules, set by BNP Paribas Group, each entity
submitting a reporting package is required to certify the accu-
racy of the reporting package on a quarterly basis, using the
Finance Accounting Control Tool, an application designed to
support the certification process across the BNP Paribas Group.
Certificates are made up of standardized questions, included
in a generic control plan, addressing the main accounting,
financial and prudential risk areas, as well as sustainability
reporting risk areas.
Permanent control within Finance provides a level of comfort
to the CFO, Group Finance, the BNP Paribas Fortis Audit
Committee, the external auditors and also the National Bank of
Belgium that the internal control measures are being properly
maintained, by performing a second level of control on these
certificates and ensuring the final validation by the CFO.
The certification process encompasses:
the certification that the accounting and reporting data are
reliable and comply with the BNP Paribas Group account-
ing and reporting policies;
the certification that the accounting and reporting internal
control system designed to ensure the quality of data is
operating effectively.
This internal certification process forms part of the overall
permanent control monitoring system and enables the
BNP Paribas Fortis Finance department to be informed of
any incidents relating to the preparation of the financial
statements, to monitor the implementation by the accounting
entities of appropriate corrective measures and, if necessary, to
book appropriate provisions. As regards BNP Paribas Fortis in
Belgium, the certification process is supported by an extensive
set of sub-certificates which cover all activities that may gen-
erate accounting and financial, prudential and sustainability
reporting risks for the company.
The certification system is also used in liaison with Risk
Management for information forming part of the regulatory
reporting on credit risk and solvency ratios. Those contributing
to the reports attest that they have complied with the stand-
ards and procedures and that the data used are of appropriate
quality. They further describe the results of the controls carried
out at the various stages of producing the reports, including
the accounting data to credit-risk data reconciliation. On the
same principles, a certification system has been installed
for liquidity-related data. The various contributors report on
compliance with standards and the results of key controls
performed to ensure the quality of the reporting.
Periodic control – General Inspection
General Inspection has a team of inspectors who are special-
ists in accounting and other finance related audit subjects.
This reflects its strategy of strengthening audit capability,
as regards both the technical complexity of its work and its
coverage of the risks.
Its action plan is based on the remote internal control tools
available to BNP Paribas Fortis and the risk evaluation chart
set up by General Inspection.
36
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
The core aims of the team are as follows:
to constitute a hub of accounting and financial expertise
in order to reinforce the capability of General Inspection
when carrying out inspections in such areas;
to identify via risk assessments and inspect risk areas at
the level of BNP Paribas Fortis.
Relations with the statutory auditors
In 2024, the accredited statutory auditor was:
Deloitte Bedrijfsrevisoren bv / Deloitte Réviseurs
d’Entreprises srl, represented by Mr. Yves DEHOGNE, since
the Annual General Meeting of Shareholders.
The statutory auditor is appointed by the Annual General
Meeting of Shareholders, based on advice from the Audit
Committee, proposal by the Board of Directors and after
approval of the Works Council. The Annual General Meeting
of Shareholders for this appointment took place on the 20th
of April 2023.
The statutory auditor is required to issue an audit report every
financial year, in which he gives his opinion regarding the
true and fair view of the consolidated financial statements
of BNP Paribas Fortis and its subsidiaries. A summary of the
control findings and recommendations is presented to the
Audit Committee.
The statutory auditor also carries out specified procedures
for the group auditors and audit/review procedures for the
prudential regulator.
As part of their statutory audit assignment and based on his
audit tasks, he:
examines any significant changes in accounting standards
and presents his recommendations to the Audit Committee
regarding choices that have a material impact;
presents his findings, observations and recommendations
for improving the internal control system to the relevant
Bank entities and to Finance.
The Audit Committee of the Board of Directors is informed
about any choice that a material impact on the financial state-
ments, so that they can submit these choices to the Board of
Directors for a final decision.
37
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
4. Conflicts of Interest
In addition to the legal provisions on conflicts of interest in
the Code on companies and associations, BNP Paribas Fortis
is required to comply with the provisions of the Banking Law
and the substance of a number of circular letters issued by the
National Bank of Belgium whose purpose is to avoid conflicts
of interest between BNP Paribas Fortis and its directors or
executive management, inter alia in relation to external func-
tions exercised; as well as to contracts, transactions and loans.
In addition, BNP Paribas Fortis has in place a general Code
of conduct and specific codes of conduct regarding conflicts
of interest, which state that the attainment of commercial,
financial, professional or personal objectives must not stand
in the way of compliance with the following basic principles:
1.
customers’ interests (this includes understanding custom
-
ers’ needs, ensuring the fair treatment of customers and
protecting the customers’ interests, …);
2.
financial security (this includes fighting against money
laundering, against external bribery & corruption and
terrorist financing, sanctions & embargoes…);
3.
market integrity (this includes promoting free and fair
competition, complying with market abuse rules,…);
4.
professional ethics (this includes avoiding conflicts of
interests in outside activities, taking measures against
internal bribery and corruption,…);
5.
respect for colleagues (this includes applying best
standards in professional behavior, rejecting any forms of
discrimination and ensuring the safety of the workplace);
6.
group protection (this includes building and protecting
the BNP Paribas Group’s long-term value, protecting the
Group’s information, communicating responsibly,…);
7.
involvement with society (this includes promoting the
respect for human rights, protecting the environment and
combating climate change and acting responsibly in public
representation).
Finally, BNP Paribas Fortis directors have been assessed by
the relevant supervisor before their formal appointment, in
accordance with the Banking Law. Before issuing its approval
for an appointment, the relevant supervisor conducts an
assessment which involves verifying that certain conflicts of
interest do not exist.
38
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
BNP PARIBAS FORTIS
CONSOLIDATED FINANCIAL
STATEMENTS 2024
Prepared in accordance with International Financial
Reporting Standards as adopted by the European Union
40
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Profit and loss account for the year ended 31 December 2024
In millions of euros | Note | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
Interest income | 2.a | ||
Interest expense | 2.a | ( | ( |
Commission income | 2.b | ||
Commission expense | 2.b | ( | ( |
Net gain or loss on financial instruments at fair value through profit or loss | 2.c | ||
Net gain or loss on financial instruments at fair value through equity | 2.d | ||
Net gain or loss on the derecognition of financial assets at amortised cost | ( | ||
Net income from insurance activities | |||
Income from other activities | 2.e | ||
Expense on other activities | 2.e | ( | ( |
REVENUES | |||
Other operating expenses | 2.f | ( | ( |
| Depreciation, amortisation and impairment of property, plant and equipment | 4.l | ( | ( |
| and intangible assets | |||
GROSS OPERATiNG iNCOME | |||
Cost of risk | 2.g | ( | ( |
OPERATiNG iNCOME | |||
Share of earnings of equity-method entities | 4.k | ||
Net gain or loss on non-current assets | 2.h | ( | ( |
PRE-TAX iNCOME | |||
Corporate income tax | 2.i | ( | ( |
NET iNCOME | |||
of which net income attributable to minority interests | |||
NET iNCOME ATTRiBUTABLE TO EQUiTY HOLDERS |
41
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Statement of net income and change in assets and liabilities recognised directly in equity
| In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
NET iNCOME FOR THE PERiOD | ||
CHANGES iN ASSETS AND LiABiLiTiES RECOGNiSED DiRECTLY iN EQUiTY | ||
items that are or may be reclassified to profit or loss | ||
Changes in exchange rate items | ||
Changes in fair value of financial assets at fair value through Other Comprehensive Income | ||
Changes in fair value recognised in equity | ( | ( |
Changes in fair value reported in net income | ( | |
| Changes in fair value of investments of insurance activities | ||
Changes in fair value recognised in equity | ||
Changes in fair value reported in net income | ( | |
| Changes in fair value of hedging instruments | ||
Changes in fair value recognised in equity | ||
Changes in fair value reported in net income | ( | ( |
Income tax | ||
Changes in equity-method investments | ||
items that will not be reclassified to profit or loss | ||
Changes in fair value of financial assets at fair value through Other Comprehensive Income | ||
Changes in fair value recognised in equity | ||
Debt remeasurement effect arising from BNP Paribas Fortis issuer risk | ( | ( |
Remeasurement gains (losses) related to post-employment benefit plans | ( | |
Income tax | ( | |
Changes in equity-method investments | ||
Total | ||
Attributable to equity shareholders | ||
Attributable to minority interests |
42
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Balance sheet at 31 December 2024
In millions of euros | Note | 31 December 2024 | 31 December 2023 |
| Assets | |||
Cash and balances at central banks | |||
Financial instruments at fair value through profit or loss | |||
Securities | 4.a | ||
Loans and repurchase agreements | 4.a | ||
Derivative financial instruments | 4.a | ||
Derivatives used for hedging purposes | 4.b | ||
Financial assets at fair value through Other Comprehensive Income | |||
Debt securities | 4.c | ||
Equity securities | 4.c | ||
Financial assets at amortised cost | |||
Loans and advances to credit institutions | 4.e | ||
Loans and advances to customers | 4.e | ||
Debt securities | 4.e | ||
Remeasurement adjustment on interest-rate risk hedged portfolios | ( | ( | |
Investments and other assets related to insurance activities | |||
Current and deferred tax assets | 4.i | ||
Accrued income and other assets | 4.j | ||
Equity-method investments | 4.k | ||
Property, plant and equipment and Investment property | 4.l | ||
Intangible assets | 4.l | ||
Goodwill | 4.m | ||
Non-current assets held for sale | 7.d | ||
Total assets | |||
| Liabilities | |||
Deposits from central banks | |||
Financial instruments at fair value through profit or loss | |||
Securities | 4.a | ||
Deposits and repurchase agreements | 4.a | ||
Issued debt securities and subordinated debts | 4.a | ||
Derivative financial instruments | 4.a | ||
Derivatives used for hedging purposes | 4.b | ||
Financial liabilities at amortised cost | |||
Deposits from credit institutions | 4.g | ||
Deposits from customers | 4.g | ||
Debt securities | 4.h | ||
Subordinated debt | 4.h | ||
Remeasurement adjustment on interest-rate risk hedged portfolios | ( | ( | |
Current and deferred tax liabilities | 4.i | ||
Accrued expenses and other liabilities | 4.j | ||
Liabilities related to insurance contracts | |||
Provisions for contingencies and charges | 4.n | ||
Liabilities associated with non-current assets held for sale | 7.d | ||
Total liabilities | |||
| Equity | |||
Share capital, additional paid-in capital and retained earnings | |||
Net income for the period attributable to shareholders | |||
Total capital, retained earnings and net income for the period attributable to shareholders | |||
Changes in assets and liabilities recognised directly in equity | ( | ( | |
SHAREHOLDERS' EQUiTY | |||
MiNORiTY iNTERESTS | 7.c | ||
Total equity | |||
Total liabilities & equity |
43
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Cash flow statement for the year ended 31 December 2024
In millions of euros | Note | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
PRE-TAX iNCOME | |||
NON-MONETARY iTEMS iNCLUDED iN PRE-TAX NET iNCOME AND OTHER ADJUSTMENTS | |||
Net depreciation/amortisation expense on property, plant and equipment and intangible assets | |||
Impairment of goodwill and other non-current assets | ( | ( | |
Net addition to provisions | ( | ||
Variation of assets/liabilities related to insurance contracts | |||
Share of earnings of equity-method entities | ( | ( | |
Net income from investing activities | ( | ||
Net income from financing activities | ( | ||
Other movements** | ( | ||
| NET iNCREASE iN CASH RELATED TO ASSETS AND LiABiLiTiES GENERATED BY OPERATiNG | ( | ( | |
| ACTiViTiES | |||
Net decrease in cash related to transactions with customers and credit institutions | ( | ( | |
Net decrease in cash related to transactions involving other financial assets and liabilities | ( | ( | |
Net decrease in cash related to transactions involving non-financial assets and liabilities | ( | ( | |
Taxes paid | ( | ( | |
Net decrease in cash and equivalents generated by operating activities | ( | ( | |
Net decrease in cash related to acquisitions and disposals of consolidated entities | |||
Net increase related to property, plant and equipment and intangible assets | ( | ( | |
Net decrease in cash and equivalents related to investing activities | 7.m | ( | ( |
Net increase (decrease) in cash and equivalents related to transactions with shareholders | ( | ( | |
Net decrease in cash and equivalents generated by other financing activities | |||
Net increase in cash and equivalents related to financing activities* | 7.m | ||
Effect of movement in exchange rates on cash and equivalents | ( | ( | |
Net decrease in cash and equivalents | ( | ( | |
BALANCE OF CASH AND EQUiVALENT ACCOUNTS AT THE START OF THE PERiOD | |||
Cash and amounts due from central banks | |||
Due to central banks | ( | ( | |
On-demand deposits with credit institutions | |||
On-demand loans from credit institutions | 4.g | ( | ( |
Deduction of receivables and accrued interest on cash and equivalents | ( | ( | |
Cash and cash equivalent accounts classified as 'Assets held for sale' | |||
BALANCE OF CASH AND EQUiVALENT ACCOUNTS AT THE END OF THE PERiOD | |||
Cash and amounts due from central banks | |||
Due to central banks | ( | ( | |
On-demand deposits with credit institutions | |||
On-demand loans from credit institutions | 4.g | ( | ( |
Deduction of receivables and accrued interest on cash and equivalents | ( | ( | |
Cash and cash equivalent accounts classified as 'Assets held for sale' | |||
Net decrease in cash and equivalents | ( | ( | |
| ADDiTiONAL iNFORMATiON: | |||
Interest paid | ( | ( | |
Interest received | |||
Dividend paid/received | ( | ( |
* Changes in liabilities arising from financing activities other than those arising from cash flows amount to 247 million euros, due to foreign exchange and
revaluation effect, for respectively (11 ) million euros and 198 million euros.
** Other movements for the year 2023 include 3.8 billion euros disposals of operating lease fixed assets from the Arval business line. In 2024 the respective
amount of 7.5 billion euros has been reclassified to net decrease in cash related to transactions involving non financial assets and liabilities.
44
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Statement of changes in shareholders’ equity
Capital and retained earnings
Changes in assets and liabilities recognised directly in
equity that will not be reclassified to profit or loss
| Remea- | ||||||||
| Financial | surement | |||||||
| instruments | Own-credit valuation | gains (losses) | ||||||
| Total | designated as | adjustment of debt | related | |||||
| Subordinated | Non | capital and | at fair value | securities designated | to post- | |||
| Share | equity | distributed | retained | through | as at fair value | employment | ||
| In millions of euros | capital | instruments | reserves | earnings | equity | through profit or loss | benefits plans | Total |
| Capital and retained | ||||||||
| earnings at 31 | ( | ( | ||||||
| December 2022 | ||||||||
Other movements | ( | ( | ||||||
Acquisitions | ||||||||
Dividends | ( | ( | ||||||
| Realised gains or losses | ||||||||
| reclassified to retained | ( | ( | ||||||
| earnings | ||||||||
Changes in assets and liabilities recognised | ( | ( | ||||||
| directly in equity | ||||||||
Net income for 2023 | ||||||||
| Capital and retained | ||||||||
| earnings at 31 | ( | ( | ( | |||||
| December 2023 | ||||||||
Other movements | ( | ( | ||||||
| Share capital increase | ||||||||
| and emissions | ||||||||
Dividends | ( | ( | ||||||
Changes in assets and liabilities recognised | ( | |||||||
| directly in equity | ||||||||
Net income for 2024 | ||||||||
| Capital and retained | ||||||||
| earnings at 31 | ( | ( | ( | |||||
| December 2024 |
45
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Changes in assets and liabilities recognised directly in equity
that may be reclassified to profit or loss
| Financial | Financial | Derivatives | ||||||
| instruments | investments | used for | Total | Minority | Total | |||
| Exchange | at fair value | of insurance | hedging | Shareholders’ | interests | consolidated | ||
| In millions of euros | rate | through equity | activities | purposes | Total | equity | (note 7.c) | equity |
| Capital and retained | ||||||||
| earnings at 31 December | ( | ( | ( | ( | ||||
| 2022 | ||||||||
Other movements | ( | ( | ( | |||||
Acquisitions | ||||||||
Dividends | ( | ( | ( | |||||
| Realised gains or losses | ||||||||
| reclassified to retairned | ||||||||
| earnings | ||||||||
Changes in assets and liabilities recognised | ( | ( | ( | ( | ||||
| directly in equity | ||||||||
Net income for 2023 | ||||||||
| Capital and retained | ||||||||
| earnings at 31 December | ( | ( | ( | ( | ||||
| 2023 | ||||||||
Other movements | ( | |||||||
Share capital increase and emissions | ||||||||
Dividends | ( | ( | ( | |||||
Changes in assets and liabilities recognised | ( | ( | ||||||
| directly in equity | ||||||||
Net income for 2024 | ||||||||
| Capital and retained | ||||||||
| earnings at 31 December | ( | ( | ( | ( |
2024
46
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 2024
Prepared in accordance with International Financial
Reporting Standards as adopted by the European Union
48
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
49
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
the presentation of specific categories (operating, invest-
50
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
51
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
52
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
53
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
54
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
55
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
56
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
57
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
58
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
59
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
60
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
61
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
62
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
63
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
64
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
65
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
66
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
67
68
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
69
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
70
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
71
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
72
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
73
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
74
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
75
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
2 Notes to the profit and loss
account for the year ended
31 December 2024
2.a Net interest income
BNP Paribas Fortis includes in ‘interest income’ and ‘interest
expense’ all income and expense calculated using the effec-
tive interest method (interest, fees and transaction costs)
from financial instruments measured at amortised cost and
financial instruments measured at fair value through equity.
These items also include the interest income and expense
of non-trading financial instruments, the characteristics of
which do not allow for recognition at amortised cost or at
fair value through equity, as well as of financial instruments
that the bank has designated as at fair value through profit
or loss. The change in fair value on financial instruments at
fair value through profit or loss (excluding accrued interest)
is recognised under ‘Net gain on financial instruments at fair
value through profit or loss’.
Interest income and expense on derivatives accounted for as
fair value hedges are included with the revenues generated
by the hedged item. Similarly, interest income and expense
arising from derivatives used to hedge transactions designated
as at fair value through profit or loss is allocated to the same
accounts as the interest income and expense relating to the
underlying transactions.
In the case of a negative interest rates related to loans and
receivables or deposits from customers and credit institutions,
they are accounted for in interest expense or interest income
respectively.
Year to 31 Dec. 2024 | Year to 31 Dec. 2023 | |||||
| In millions of euros | income | Expense | Net | income | Expense | Net |
FiNANCiAL iNSTRUMENTS AT AMORTiSED COST | 15,241 | (10,128) | 5,113 | 12,412 | (6,921) | 5,491 |
Deposits, loans and borrowings | 12,338 | (7,575) | 4,763 | 10,249 | (4,944) | 5,305 |
Repurchase agreements | 781 | (1,270) | (489) | 604 | (1,167) | (563) |
Finance leases | 1,623 | (108) | 1,515 | 1,342 | (101) | 1,241 |
Debt securities | 499 | - | 499 | 217 | - | 217 |
Issued debt securities and subordinated debts | - | (1,175) | (1,175) | - | (709) | (709) |
FiNANCiAL iNSTRUMENTS AT FAiR VALUE THROUGH EQUiTY | 509 | - | 509 | 275 | - | 275 |
FiNANCiAL iNSTRUMENTS AT FAiR VALUE THROUGH PROFiT OR LOSS (TRADiNG SECURiTiES EXCLUDED) | 36 | (96) | (60) | 10 | (80) | (70) |
CASH FLOW HEDGE iNSTRUMENTS | 294 | (371) | (77) | 273 | (299) | (26) |
iNTEREST RATE PORTFOLiO HEDGE iNSTRUMENTS | 1,863 | (2,623) | (760) | 2,071 | (2,969) | (898) |
LEASE LiABiLiTiES | - | (19) | (19) | - | (15) | (15) |
Net interest income/expense | 17,943 | (13,237) | 4,706 | 15,041 | (10,284) | 4,757 |
Interest income on individually impaired loans amounted
to 72 million euros in the year ending 31 December
2024, compared with 47 million euros in the year ending
31 December 2023.
76
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
2.b Commission income and expense
Year to 31 Dec. 2024 | Year to 31 Dec. 2023 | |||||
| In millions of euros | income | Expense | Net | income | Expense | Net |
Customer transactions | 142 | (49) | 93 | 138 | (62) | 76 |
Securities and derivatives transactions | 1,404 | (494) | 910 | 1,098 | (332) | 766 |
Financing and guarantee commitments | 196 | (18) | 178 | 191 | (26) | 165 |
Asset management and other services | 685 | (11) | 674 | 659 | (11) | 648 |
Others | 311 | (595) | (284) | 355 | (571) | (216) |
Net Commission income/expense | 2,738 | (1,167) | 1,571 | 2,441 | (1,002) | 1,439 |
Of which net commission income related to trust and similar activities through which BNP Paribas Fortis | 485 | (4) | 481 | 460 | (7) | 453 |
holds or invests assets on behalf of clients, trusts, pension and personal risk funds or other institutions | ||||||
Of which commission income and expense on financial instruments not measured at fair value through profit or loss | 369 | (75) | 294 | 373 | (92) | 281 |
77
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
TRADiNG BOOK | 76 | 570 |
Interest rate and credit instruments | 60 | 86 |
Equity financial instruments | 91 | 106 |
Foreign exchange financial instruments | 98 | 512 |
Loans and repurchase agreements | (173) | (134) |
Other financial instruments | - | - |
FiNANCiAL iNSTRUMENTS DESiGNATED AS AT FAiR VALUE THROUGH PROFiT OR LOSS | (152) | (144) |
OTHER FiNANCiAL iNSTRUMENTS AT FAiR VALUE THROUGH PROFiT AND LOSS | 120 | 90 |
iMPACT OF HEDGE ACCOUNTiNG | (3) | 2 |
Fair value hedging derivatives | 164 | 383 |
Hedged items in fair value hedge | (167) | (381) |
Net gain or loss on financial instruments at fair value through profit or loss | 41 | 518 |
.
78
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
2.d Net gain on financial instruments at fair value
through equity
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
NET GAiN ON DEBT iNSTRUMENTS (1) | 11 | 14 |
Dividend income on equity instruments | 9 | 6 |
Net gain or loss on financial instruments at fair value through equity | 20 | 20 |
(1) Interest income from debt instruments is included in ‘Net interest income’ (Note 2.a), and impairment losses related to potential issuer default are included
in ‘Cost of risk’ (Note 2.g).
Unrealised gains and losses on debt securities previously
recorded under ‘Changes in assets and liabilities recog-
nised directly in equity that may be reclassified to profit or
loss’ and included in the pre-tax income, amount to a net
gain of 10 million euros for the year ended 31 December
2024 compared with (3) million euros for the year ended
31 December 2023.
2.e Net income from other activities
Year to 31 Dec. 2024 | Year to 31 Dec. 2023 | |||||
| In millions of euros | income | Expense | Net | income | Expense | Net |
Net income from investment property | 32 | (7) | 25 | 39 | (8) | 31 |
Net income from assets held under operating leases | 19,402 | (15,602) | 3,800 | 15,684 | (12,046) | 3,638 |
Other net income | 961 | (898) | 63 | 974 | (957) | 17 |
Total net income from other activities | 20,395 | (16,507) | 3,888 | 16,697 | (13,011) | 3,686 |
The amount in Net Income from assets held under operating leases are almost fully linked to the vehicle lease activity.
Including the funding costs linked to this activity (reported in note 2.a Net Interest Margin), 31% (2023: 23%) of the revenues
are attributable to the Lease Contract Margin, 38% (2023: 30%) are attributable to the Lease Services Margin and 31% (2023:
47%) are linked to the result on the cars sales and revaluation.
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
Salary and employee benefit expenses (note 6.a) | (3,007) | (2,895) |
External services and other operating expenses | (1,756) | (1,740) |
Taxes and contributions (1) | (473) | (486) |
Other operating expenses | (5,236) | (5,121) |
79
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
80
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
81
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
82
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
Annual averages | 2024 | 2025 | 2026 | 2027 |
| GDP growth rate | ||||
Eurozone | 0.8% | 1.1% | 1.5% | 1.6% |
France | 1.2% | 0.8% | 1.3% | 1.6% |
Italy | 0.5% | 0.7% | 1.3% | 1.3% |
Belgium | 1.1% | 1.3% | 1.5% | 1.5% |
United States | 2.7% | 1.9% | 1.9% | 1.7% |
| Unemployment rate | ||||
Eurozone | 6.4% | 6.6% | 6.4% | 6.0% |
France | 7.6% | 7.7% | 7.4% | 6.7% |
Italy | 6.6% | 6.7% | 6.8% | 6.7% |
Belgium | 5.6% | 5.8% | 5.7% | 5.6% |
United States | 4.0% | 4.2% | 4.0% | 4.0% |
| inflation rate | ||||
Eurozone | 2.4% | 1.9% | 2.0% | 2.1% |
France | 2.3% | 1.4% | 1.9% | 1.9% |
Italy | 1.1% | 1.9% | 2.0% | 2.1% |
Belgium | 4.3% | 2.8% | 2.2% | 2.2% |
United States | 2.9% | 2.1% | 2.3% | 2.3% |
| 10-year sovereign bond yields | ||||
Germany | 2.37% | 2.45% | 2.50% | 2.50% |
France | 2.99% | 3.20% | 3.25% | 3.25% |
Italy | 3.75% | 3.75% | 3.80% | 3.80% |
Belgium | 2.95% | 3.05% | 3.10% | 3.10% |
United States | 4.19% | 4.25% | 4.25% | 4.25% |
83
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
Net allowances to impairment | (360) | (265) |
Recoveries on loans and receivables previously written off | 33 | 25 |
Losses on irrecoverable loans | (63) | (40) |
Total cost of risk for the period | (390) | (280) |
84
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
Cash and balances at central banks | 2 | (8) |
Financial instruments at fair value through profit or loss | 1 | 2 |
Financial assets at fair value through Other Comprehensive Income | (1) | 4 |
Financial assets at amortised cost | (444) | (326) |
of which loans and receivables | (446) | (325) |
of which debt securities | 2 | (1) |
Other assets | (3) | (3) |
Financing and guarantee commitments and other items | 55 | 51 |
Total cost of risk for the period | (390) | (280) |
Cost of risk on unimpaired assets and commitments | 200 | 39 |
of which Stage 1 | 12 | 24 |
of which Stage 2 | 188 | 15 |
Cost of risk on impaired assets and commitments - Stage 3 | (590) | (319) |
| Net | impairment | Effect of exchange | |||
| allowance to | provisions | rate movements | |||
In millions of euros | 31 December 2023 | impairment | used | and other items | 31 December 2024 |
| Assets impairment | |||||
Amounts due from central banks | 17 | (2) | - | (2) | 13 |
Financial instruments at fair value through profit or loss | 6 | - | - | - | 6 |
Financial assets at fair value through Other Comprehensive Income | 14 | - | - | - | 14 |
Financial assets at amortised cost | 3,232 | 416 | (469) | 73 | 3,252 |
of which loans and receivables | 3,226 | 418 | (469) | 74 | 3,249 |
of which debt securities | 6 | (2) | - | (1) | 3 |
Other assets | 11 | 2 | - | - | 13 |
Total impairment of financial assets | 3,280 | 416 | (469) | 71 | 3,298 |
of which Stage 1 | 375 | - | - | (2) | 373 |
of which Stage 2 | 498 | (151) | - | (3) | 344 |
of which Stage 3 | 2,407 | 567 | (469) | 76 | 2,581 |
| Provisions recognised as liabilities | |||||
Provisions for commitments | 212 | (60) | - | 1 | 153 |
Other provisions | 35 | 1 | (1) | 1 | 36 |
| Total provisions recognised for credit | 247 | (59) | (1) | 2 | 189 |
| commitments | |||||
of which Stage 1 | 63 | (17) | - | 2 | 48 |
of which Stage 2 | 69 | (38) | - | - | 31 |
of which Stage 3 | 115 | (4) | (1) | - | 110 |
Total impairment and provisions | 3,527 | 357 | (470) | 73 | 3,487 |
85
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
| Effect of exchange | |||||
| Net allowance | impairment | rate movements | |||
In millions of euros | 31 December 2022 | to impairment | provisions used | and other items | 31 December 2023 |
| Assets impairment | |||||
Amounts due from central banks | 15 | 8 | - | (6) | 17 |
Financial instruments at fair value through profit or loss | 8 | (1) | - | (1) | 6 |
Financial assets at fair value through Other Comprehensive Income | 19 | (4) | - | (1) | 14 |
Financial assets at amortised cost | 3,067 | 318 | (343) | 190 | 3,232 |
of which loans and receivables | 3,060 | 317 | (343) | 192 | 3,226 |
of which debt securities | 7 | 1 | - | (2) | 6 |
Other assets | 9 | 2 | (1) | 1 | 11 |
Total impairment of financial assets | 3,118 | 323 | (344) | 183 | 3,280 |
of which Stage 1 | 356 | (10) | - | 29 | 375 |
of which Stage 2 | 477 | 7 | - | 14 | 498 |
of which Stage 3 | 2,285 | 326 | (344) | 140 | 2,407 |
| Provisions recognised as liabilities | |||||
Provisions for commitments | 256 | (51) | - | 7 | 212 |
Other provisions | 29 | (4) | - | 10 | 35 |
| Total provisions recognised for credit | 285 | (55) | - | 17 | 247 |
| commitments | |||||
of which Stage 1 | 76 | (17) | - | 4 | 63 |
of which Stage 2 | 89 | (24) | - | 4 | 69 |
of which Stage 3 | 120 | (14) | - | 9 | 115 |
Total impairment and provisions | 3,403 | 268 | (344) | 200 | 3,527 |
| impairment on | ||||
| impairment on assets | assets subject to | |||
| subject to 12-month | lifetime Expected | impairment on | ||
| Expected Credit | Credit Losses | doubtful assets | ||
| In millions of euros | Losses | (Stage 2) | (Stage 3) | Total |
At Year to 31 Dec. 2023 | 356 | 487 | 2,390 | 3,233 |
NET ALLOWANCES TO iMPAiRMENT | - | (149) | 565 | 416 |
Financial assets purchased or originated during the period | 157 | 64 | 1 | 222 |
Financial assets derecognised during the period (1) | (41) | (59) | (188) | (288) |
Transfer to Stage 2 | (42) | 239 | (39) | 158 |
Transfer to Stage 3 | (32) | (131) | 527 | 364 |
Transfer to Stage 1 | 28 | (161) | (9) | (142) |
Other allowances/reversals without stage transfer (2) | (70) | (101) | 273 | 102 |
iMPAiRMENT PROViSiONS USED | - | - | (469) | (469) |
EFFECT OF EXCHANGE RATE MOVEMENTS AND OTHER iTEMS | - | (4) | 76 | 72 |
At 31 December 2024 | 356 | 334 | 2,562 | 3,252 |
86
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
| impairment on | ||||
| impairment on assets | assets subject to | |||
| subject to 12-month | lifetime Expected | impairment on | ||
| Expected Credit | Credit Losses | doubtful assets | ||
| In millions of euros | Losses | (Stage 2) | (Stage 3) | Total |
At 31 December 2022 | 338 | 462 | 2,267 | 3,067 |
NET ALLOWANCES TO iMPAiRMENT | (16) | 11 | 323 | 318 |
Financial assets purchased or originated during the period | 147 | 72 | 1 | 220 |
Financial assets derecognised during the period (1) | (56) | (41) | (155) | (252) |
Transfer to Stage 2 | (50) | 304 | (45) | 209 |
Transfer to Stage 3 | (4) | (88) | 378 | 286 |
Transfer to Stage 1 | 26 | (130) | (15) | (119) |
Other allowances/reversals without stage transfer (2) | (79) | (106) | 159 | (26) |
iMPAiRMENT PROViSiONS USED | - | - | (343) | (343) |
EFFECT OF EXCHANGE RATE MOVEMENTS AND OTHER iTEMS | 34 | 14 | 143 | 191 |
At 31 December 2022 | 356 | 487 | 2,390 | 3,233 |
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
Net gain on investments in consolidated undertakings | - | - |
Net gain on tangible and intangible assets | 5 | 191 |
Result from monetary position | (286) | (253) |
Net gain on non-current assets | (281) | (62) |
87
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
Year to 31 Dec. 2024 | Year to 31 Dec. 2023 | |||
| Reconciliation of the effective tax expense to the theoretical tax expense | in millions | in millions | ||
| at standard tax rate in Belgium | of euros | Tax rate | of euros | Tax rate |
Corporate income tax expense on pre-tax income at standard tax rate (1) | (995) | 25.00% | (1,178) | 25.00% |
Impact of differently taxed foreign profits | (25) | 0.6% | (41) | 0.9% |
Impact of dividends and disposals taxed at reduced rate | 12 | (0.3%) | 14 | (0.3%) |
Impact of the hyperinflation in Turkey | (149) | 3.7% | (157) | 3.3% |
Other items | (3) | 0.1% | (120) | 2.5% |
Corporate income tax expense | (1,160) | 29.10% | (1,482) | 31.40% |
of which Current tax expense for the year to 31 December | (732) | (864) | ||
Deferred tax expense for the year to 31 December (Note 4.i) | (428) | (618) |
88
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
89
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
3 Segment information
3.a Operating segments
Until 2023, the operating segment ‘Specialised Businesses”
was composed out of Arval, Leasing Solutions and Personal
Finance. Following a review conducted in the course of 2024
and in order to reflect the fact that Arval and Leasing Solutions
share similar economic characteristics, the operating segment
“Specialised Businesses” has been renamed as of 2024 to
“Arval and Leasing Solutions”. At the same time, Personal
Finance, which does not meet the quantitative thresholds
defined by IFRS 8 – Operating Segments and which shares
less economic characteristics with the activities of Arval
and Leasing Solutions is moved towards the already existing
segment “Others”. Following IFRS 8, comparative figures were
adapted to reflect this modification.
Banking activities in Belgium
In Belgium, BNP Paribas Fortis offers a comprehensive package
of financial services to private individuals, the self-employed,
members of the professions and SMEs. The bank also provides
high net worth individuals, corporations and public and finan-
cial institutions with customised solutions, for which it is able
to draw on the know-how and international network of the
mother company, BNP Paribas.
Retail Banking serves personal and self-employed customers,
helped by a multidisciplinary team; Affluent & Private Banking
serves personal and self-employed customers with more than
85,000 euros of assets, who each have a dedicated relationship
manager. BNP Paribas Fortis has a very strong presence in the
local market, through a network of 275 branches, plus other
channels such as ATMs and online banking facilities, including
mobile banking. In its retail banking activities, BNP Paribas
Fortis operates under three complementary brands: the
main brand BNP Paribas Fortis, plus Fintro and Hello bank!,
a 100% digital mobile banking service. In the insurance sector,
BNP Paribas Fortis works in close cooperation with the Belgian
market leader, AG Insurance.
Corporate Banking (CB) serves business clients with a
dedicated relationship manager (Enterprises for small and
medium-sized businesses; Corporate Coverage for large cor-
porations, public-sector entities and institutional clients). CB
serves a wide range of clients, including small and medium-
sized companies, Belgian and European corporates, financial
institutions, institutional investors, public entities and local
authorities. It has a strong client base among large and
medium-sized companies and is the market leader in these
two categories, as well as a strong challenger in the public
sector. Providing a wide range of both traditional and bespoke
specialised solutions and services, and drawing on the inter-
national network of the BNP Paribas Group in 63 countries, CB
continues to meet the precise financing, transaction banking,
investment banking and insurance needs of its clients.
Banking activities in Luxembourg
BGL BNP Paribas ranks among the leading banks operat-
ing in the Luxembourg financial marketplace. It has made
a significant contribution to the country’s emergence as a
major international financial center and is deeply rooted in
Luxembourg’s economic, cultural, sporting and social life.
As a partner with a longstanding commitment to the national
economy, BGL BNP Paribas offers a wide range of products
both for individuals and for professional and institutional
clients. Ranked as the number one bank for corporates and
the number two bank for resident individuals in the Grand
Duchy of Luxembourg, BGL BNP Paribas is also the leader in
bancassurance, providing combined offerings of insurance
and banking services.
Banking activities in Turkey
BNP Paribas Fortis operates in Turkey via Türk Ekonomi Bankasi
(TEB), in which it has a 48.7% stake. Retail Banking products
and services consist of debit and credit cards, personal loans,
and investment and insurance products distributed through
the TEB branch network and via internet and phone banking.
Corporate banking services include international trade finance,
asset and cash management, credit services, currency hedging,
interest and commodity risk, plus factoring and leasing.
Through its commercial and SME banking departments, the
bank offers an array of banking services to small and medium-
sized enterprises.
90
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
Arval and Leasing Solutions
Fully owned by BNP Paribas Fortis, Arval specialises in full
service vehicle leasing. Arval offers its customers – large
international corporates, SMEs and professionals – tailored
solutions that optimise their employees’ mobility and out-
source the risks associated with fleet management. Expert
advice and service quality, which are the foundations of Arval’s
customer promise, are delivered in 29 countries.
BNP Paribas Leasing Solutions is a European leader in leasing
for corporate and small business clients. It specialises in rental
and finance solutions, ranging from professional equipment
leasing to fleet outsourcing.
Other
This segment mainly comprises Personal Finance, BNP Paribas
Asset Management, AG Insurance, BNP Paribas Bank Polska,
Cardif Lux Vie and the foreign branch of BNP Paribas Fortis.
Personal Finance comprises Alpha Credit, a wholly-owned
subsidiary of BNP Paribas Fortis and the leading provider
of consumer credits in Belgium and the Grand Duchy of
Luxembourg, as well as Creation Consumer Finance and
Creation Financial Services in the United Kingdom. They
market all types of instalment loans (personal loans, car
loans, motorbike loans, kitchen loans, etc.), as well as payment
cards with a permanent cash reserve (revolving credit).
Year to 31 Dec. 2024 | Year to 31 Dec. 2023 | |||||||||||
| Banking | Banking | Banking | ||||||||||
| activities | activities | Banking | Arval & | Banking | activities | Banking | Arval & | |||||
| In millions | in | in Luxem- | activities | Leasing | activities | in Luxem- | activities | Leasing | ||||
| of euros | Belgium | bourg | in Turkey | Solutions | Other | Total | in Belgium | bourg | in Turkey | Solutions | Other | Total |
| Net | ||||||||||||
| commission | 1,118 | 176 | 255 | 59 | (37) | 1,571 | 1,134 | 169 | 139 | 56 | (59) | 1,439 |
| Income | ||||||||||||
| Net Interest | ||||||||||||
| income | 3,218 | 740 | 661 | 3,585 | 516 | 8,721 | 3,322 | 709 | 842 | 3,838 | 401 | 9,112 |
& other revenues | ||||||||||||
Revenues | 4,336 | 916 | 916 | 3,644 | 479 | 10,292 | 4,456 | 878 | 981 | 3,894 | 342 | 10,551 |
| Operating | (2,798) | (431) | (666) | (1,530) | (215) | (5,640) | (2,920) | (435) | (511) | (1,467) | (163) | (5,496) |
| expense | ||||||||||||
Cost of risk | 38 | (3) | (69) | (196) | (160) | (390) | (10) | (9) | 4 | (146) | (119) | (280) |
| Operating | 1,577 | 483 | 181 | 1,918 | 104 | 4,262 | 1,526 | 434 | 474 | 2,281 | 60 | 4,775 |
| income | ||||||||||||
Non- operating | 89 | - | (223) | (61) | 379 | 184 | 4 | 182 | (232) | (14) | 309 | 249 |
| items | ||||||||||||
| Pre-tax | 1,665 | 483 | (42) | 1,857 | 483 | 4,446 | 1,530 | 616 | 242 | 2,267 | 369 | 5,024 |
| income |
91
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
31 December 2024 | 31 December 2023 | |||||||||||
| Banking | Banking | Banking | Banking | |||||||||
| activities | activities | Banking | Arval & | activities | activities | Banking | Arval & | |||||
| In millions | in | in Luxem- | activities | Leasing | in | in Luxem- | activities | Leasing | ||||
| of euros | Belgium | bourg | in Turkey | Solutions | Other | Total | Belgium | bourg | in Turkey | Solutions | Other | Total |
Assets | 233,672 | 31,940 | 18,472 | 78,066 | 17,696 | 379,846 | 236,267 | 32,759 | 13,948 | 74,056 | 16,850 | 373,880 |
of which invest- ments in associates | 822 | 98 | 5 | 104 | 2,052 | 3,081 | 738 | 97 | 5 | 43 | 1,748 | 2,631 |
| and Joint | ||||||||||||
| ventures | ||||||||||||
Liabilities | 216,088 | 25,369 | 17,010 | 71,149 | 15,423 | 345,039 | 221,029 | 26,310 | 12,670 | 67,791 | 14,901 | 342,701 |
92
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
| FTE (**) as at | |||||||
| In millions of euros, | Pre-tax | Current | Deferred | Corporate | 31 December | Nature of | |
Year to 31 Dec. 2024(*) | Revenues | income | tax | tax | income tax | 2024 | activities |
Belgium | 4,629 | 1,697 | (239) | (231) | (470) | 11,725 | |
| of which: BNP Paribas Fortis NV/ | Credit | ||||||
| SA (Including Bass & Esmée Master | 4,116 | 1,474 | (183) | (244) | (427) | 10,304 | institution |
| Issuer NV) | |||||||
Turkey | 1,021 | 8 | (86) | 13 | (73) | 8,801 | |
of which: Türk Ekonomi Bankası AS | 734 | (90) | (57) | (5) | (62) | 8,007 | Credit |
| institution | |||||||
Luxembourg | 945 | 500 | (111) | 5 | (107) | 2,054 | |
of which: BGL BNP Paribas | 910 | 482 | (119) | 4 | (115) | 1,959 | Credit |
| institution | |||||||
France | 861 | 292 | (36) | (49) | (86) | 3,526 | |
of which: Arval Service Lease | 360 | 82 | (5) | (27) | (32) | 2,061 | Leasing firm |
Germany | 357 | 217 | (24) | (44) | (67) | 745 | |
Poland | 90 | 47 | (5) | (5) | (9) | 613 | |
United Kingdom | 616 | 176 | (40) | (8) | (48) | 1,939 | |
Spain | 427 | 300 | (47) | (29) | (76) | 1,026 | |
The Netherlands | 205 | 107 | (14) | (13) | (27) | 564 | |
italy | 614 | 371 | (90) | (35) | (126) | 1,150 | |
Other | 527 | 266 | (40) | (32) | (71) | 2,527 | |
Total | 10,292 | 3,981 | (732) | (428) | (1,160) | 34,671 |
31 December 2024 | 31 December 2023 | ||||||||
| Financial | |||||||||
| instruments | Other | Financial | Other | ||||||
| designated | financial | instruments | financial | ||||||
| Financial | as at fair | assets at | Financial | designated | assets at | ||||
| instru- | value | fair value | instru- | as at fair | fair value | ||||
| ments | through | through | ments | value through | |||||
| held for | profit or | profit or | held for | through | profit or | ||||
| In millions of euros | trading | loss | loss | Total | trading | profit or loss | loss | Total | |
Securities | 529 | - | 1,235 | 1,764 | 535 | - | 1,069 | 1,604 | |
Loans and repurchase agreements | 2,718 | - | 225 | 2,943 | 1,597 | - | 77 | 1,674 | |
Financial assets at fair value through profit or loss | 3,247 | - | 1,460 | 4,707 | 2,132 | - | 1,146 | 3,278 | |
Securities | 786 | - | - | 786 | 697 | - | - | 697 | |
Deposits and repurchase agreements | 7,725 | 119 | - | 7,844 | 11,654 | 134 | - | 11,788 | |
Issued debt securities (note 5.h) | - | 4,170 | - | 4,170 | - | 2,721 | - | 2,721 | |
Of which subordinated debt | - | 816 | - | 816 | - | 735 | - | 735 | |
Of which non subordinated debt | - | 3,354 | - | 3,354 | - | 1,986 | - | 1,986 | |
Financial liabilities at fair value through profit or loss | 8,511 | 4,289 | - | 12,800 | 12,351 | 2,855 | - | 15,206 | |
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
93
94
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
31 December 2024 | 31 December 2023 | |||
| In millions of euros | Positive market value | Negative market value | Positive market value | Negative market value |
Interest rate derivatives | 4,053 | 4,313 | 4,552 | 4,762 |
Foreign exchange derivatives | 1,771 | 1,735 | 1,176 | 1,310 |
Credit derivatives | - | 3 | - | 23 |
Equity derivatives | 486 | 15 | 413 | 46 |
Other derivatives | - | - | - | - |
Derivative financial instruments | 6,310 | 6,066 | 6,141 | 6,141 |
31 December 2024 | 31 December 2023 | |||||||
| Over-the-counter, | Over-the-counter, | |||||||
| cleared through | cleared through | |||||||
| Exchange- | central clearing | Over-the- | Exchange- | central clearing | Over-the- | |||
| In millions of euros | traded | houses | counter | Total | traded | houses | counter | Total |
Interest rate derivatives | 55,747 | 61,610 | 201,762 | 319,119 | 49,214 | 55,294 | 195,269 | 299,777 |
Foreign exchange derivatives | 842 | - | 99,403 | 100,245 | - | - | 102,795 | 102,795 |
Credit derivatives | - | - | 259 | 259 | - | - | 250 | 250 |
Equity derivatives | - | - | 725 | 725 | 69 | - | 763 | 832 |
Other derivatives | - | - | - | - | - | - | - | - |
| Derivative financial | 56,589 | 61,610 | 302,149 | 420,348 | 49,283 | 55,294 | 299,077 | 403,654 |
| instruments | ||||||||
95
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
31 December 2024 | 31 December 2023 | |||||
| Notional | Positive fair | Negative | Notional | Positive fair | Negative | |
| In millions of euros | amounts | value | fair value | amounts | value | fair value |
Fair value hedges | 181,297 | 4,272 | 7,055 | 205,835 | 5,198 | 8,070 |
Interest rate derivatives | 181,100 | 4,269 | 7,030 | 205,589 | 5,194 | 8,049 |
Foreign exchange derivatives | 197 | 3 | 25 | 246 | 4 | 21 |
Cash flow hedges | 23,971 | 142 | 263 | 22,282 | 220 | 201 |
Interest rate derivatives | 6,039 | 36 | 53 | 5,004 | 44 | 96 |
Foreign exchange derivatives | 17,932 | 106 | 210 | 17,278 | 176 | 105 |
Other derivatives | - | - | - | - | - | - |
Net foreign investment hedges | - | - | - | - | - | - |
Foreign exchange derivatives | - | - | - | - | - | - |
Derivatives used for hedging purposes | 205,268 | 4,414 | 7,318 | 228,117 | 5,418 | 8,271 |
Hedging instruments | Hedged instruments | |||||||
| Cumulated | ||||||||
| changes in fair | ||||||||
| value used as | Cumulated | Cumulated | ||||||
| Positive | the basis for | Carrying | changes in | Carrying | changes in | |||
| 31 December 2024 | Notional | fair | Negative | recognising | amount - | fair value - | amount - | fair value - |
| In millions of euros | amounts | value | fair value | ineffectiveness | asset | asset | liability | liability |
Fair value hedges of identified instruments | 28,953 | 565 | 1,478 | (982) | 20,497 | 937 | 8,607 | (17) |
| interest rate derivatives hedging | 28,756 | 563 | 1,453 | (981) | 20,457 | 938 | 8,447 | (15) |
the interest rate risk related to Loans and receivables | 1,236 | 18 | 140 | (118) | 1,221 | 118 | - | - |
Securities | 19,171 | 454 | 1,236 | (857) | 19,236 | 820 | - | - |
Deposits | 1,748 | 5 | 2 | 4 | - | - | 1,783 | 4 |
Debt securities | 6,601 | 86 | 75 | (10) | - | - | 6,664 | (19) |
| Foreign exchange derivatives hedging | ||||||||
| the interest rate and foreign exchange | 197 | 2 | 25 | (1) | 40 | (1) | 160 | (2) |
risks related to Loans and receivables | - | - | - | - | - | - | - | - |
Securities | 39 | 1 | 1 | 1 | 40 | (1) | - | - |
Deposits | - | - | - | - | - | - | - | - |
Debt securities | 158 | 1 | 24 | (2) | - | - | 160 | (2) |
interest-rate risk hedged portfolios | 152,344 | 3,707 | 5,577 | (1,466) | 28,456 | (1,451) | 17,990 | (2,915) |
interest rate derivatives hedging the (1) | 152,344 | 3,707 | 5,577 | (1,466) | 28,456 | (1,451) | 17,990 | (2,915) |
Loans and receivables | 43,433 | 2,075 | 431 | 1,447 | 28,456 | (1,451) | - | - |
Deposits | 108,911 | 1,632 | 5,146 | (2,913) | - | - | 17,990 | (2,915) |
| Foreign exchange derivatives hedging | ||||||||
| the interest rate and foreign exchange | - | - | - | - | - | - | - | - |
risks related to Loans and receivables | - | - | - | - | - | - | - | - |
Deposits | - | - | - | - | - | - | - | - |
Total fair value hedge | 181,297 | 4,272 | 7,055 | (2,448) | 48,953 | (514) | 26,597 | (2,932) |
96
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
97
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
Hedging instruments | Hedged instruments | |||||||
| Cumulated | Cumulated | Cumulated | ||||||
| change in fair | amount of | amount of | ||||||
| value used as | fair value | fair value | ||||||
| Positive | the basis for | Carrying | hedge | Carrying | hedge | |||
| 31 December 2023 | Notional | fair | Negative | recognising | amount - | adjustments | amount - | adjustments |
| In millions of euros | amounts | value | fair value | ineffectiveness | asset | - assets | liabilities | - liabilities |
Fair value hedges of identified instruments | 33,755 | 579 | 1,291 | (758) | 15,787 | 651 | 17,925 | (65) |
| interest rate derivatives hedging | 33,509 | 575 | 1,270 | (756) | 15,747 | 653 | 17,715 | (61) |
the interest rate risk related to Loans and receivables | 1,886 | 19 | 152 | (128) | 1,876 | 129 | - | - |
Securities | 13,904 | 498 | 1,001 | (568) | 13,871 | 524 | - | - |
Deposits | 11,695 | 4 | 8 | (3) | - | - | 11,892 | (3) |
Debt securities | 6,024 | 54 | 109 | (57) | - | - | 5,823 | (58) |
| Foreign exchange derivatives hedging | ||||||||
| the interest rate and foreign exchange | 246 | 4 | 21 | (2) | 40 | (2) | 210 | (4) |
risks related to Loans and receivables | - | - | - | - | - | - | - | - |
Securities | 38 | 2 | 20 | 2 | 40 | (2) | - | - |
Deposits | - | - | - | - | - | - | - | - |
Debt securities | 208 | 2 | 1 | (4) | - | - | 210 | (4) |
interest-rate risk hedged portfolios | 172,080 | 4,619 | 6,779 | (1,862) | 29,273 | (1,943) | 38,864 | (3,807) |
| interest rate derivatives hedging | 172,080 | 4,619 | 6,779 | (1,862) | 29,273 | (1,943) | 38,864 | (3,807) |
the interest rate risk related to (1) | Loans and receivables 48,427 | 2,450 | 318 | 1,939 | 29,273 | (1,943) | - | - |
Securities | - | - | - | - | - | - | - | - |
Deposits | 123,653 | 2,169 | 6,461 | (3,801) | - | - | 38,864 | (3,807) |
| Foreign exchange derivatives hedging | ||||||||
| the interest rate and foreign exchange | - | - | - | - | - | - | - | - |
risks related to Loans and receivables | - | - | - | - | - | - | - | - |
Deposits | - | - | - | - | - | - | - | - |
Total fair value hedge | 205,835 | 5,198 | 8,070 | (2,620) | 45,060 | (1,292) | 56,789 | (3,872) |
98
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
| 31 December 2024 | Maturity date | ||
| In millions of euros | Less than 1 year | Between 1 to 5 years | Over 5 years |
Fair value hedges | 93,265 | 54,097 | 33,936 |
Interest rate derivatives | 93,138 | 54,027 | 33,936 |
Foreign exchange derivatives | 127 | 70 | - |
Cash flow hedges | 16,440 | 7,531 | - |
Interest rate derivatives | 2,601 | 3,438 | - |
Foreign exchange derivatives | 13,839 | 4,093 | - |
Other derivatives | - | - | - |
Net foreign investments hedges | - | - | - |
Foreign exchange derivatives | - | - | - |
| 31 December 2023 | Maturity date | ||
| In millions of euros | Less than 1 year | Between 1 to 5 years | Over 5 years |
Fair value hedges | 56,856 | 91,486 | 57,493 |
Interest rate derivatives | 56,809 | 91,287 | 57,493 |
Foreign exchange derivatives | 47 | 199 | - |
Cash flow hedges | 16,970 | 4,762 | 550 |
Interest rate derivatives | 1,833 | 2,621 | 550 |
Foreign exchange derivatives | 15,137 | 2,141 | - |
Other derivatives | - | - | - |
Net foreign investments hedges | - | - | - |
Foreign exchange derivatives | - | - | - |
99
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
| Comprehensive Income | ||||
31 December 2024 | 31 December 2023 | |||
| of which changes in value | Fair | of which changes in value | ||
| In millions of euros | Fair value | taken directly to equity | value | taken directly to equity |
Debt securities | 12,863 | (378) | 10,651 | (120) |
Governments | 3,700 | (194) | 2,716 | (50) |
Other public administrations | 4,984 | (126) | 4,245 | (24) |
Credit institutions | 3,861 | (47) | 3,020 | (22) |
Other | 318 | (11) | 670 | (24) |
Equity securities | 170 | 127 | 151 | 108 |
Total financial assets at fair value through Other Comprehensive income | 13,033 | (251) | 10,802 | (12) |
100
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
101
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
| 31 December 2024 | ||||||||||||
| Financial assets at fair value | ||||||||||||
| instruments at fair value through | through Other Comprehensive | |||||||||||
| Trading Book | profit or loss not held for trading | income | ||||||||||
| In millions of euros | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total |
Securities | 476 | 53 | - | 529 | 207 | 46 | 982 | 1,235 | 12,576 | 372 | 85 | 13,033 |
Governments | 318 | - | - | 318 | - | - | - | - | 3,583 | 14 | 72 | 3,669 |
Asset Backed Securities | - | - | - | - | - | 42 | - | 42 | - | 267 | - | 267 |
Other debt securities | 158 | 53 | - | 211 | - | (4) | 140 | 136 | 8,830 | 91 | 6 | 8,927 |
| Equities and other equity | - | - | - | - | 207 | 8 | 842 | 1,057 | 163 | - | 7 | 170 |
| securities | ||||||||||||
| Loans and repurchase | - | 2,718 | - | 2,718 | - | 128 | 97 | 225 | - | - | - | - |
| agreements | ||||||||||||
Loans | - | - | - | - | - | 128 | 97 | 225 | - | - | - | - |
Repurchase agreements | - | 2,718 | - | 2,718 | - | - | - | - | - | - | - | - |
Financial assets at fair value | 476 | 2,771 | - | 3,247 | 207 | 174 | 1,079 | 1,460 | 12,576 | 372 | 85 | 13,033 |
Securities | 786 | - | - | 786 | - | - | - | - | ||||
Governments | 684 | - | - | 684 | - | - | - | - | ||||
Other debt securities | 102 | - | - | 102 | - | - | - | - | ||||
| Equities and other equity | - | - | - | - | - | - | - | - | ||||
| securities | ||||||||||||
Borrowings and repurchase agreements | - | 7,725 | - | 7,725 | - | 119 | - | 119 | ||||
Borrowings | - | 15 | - | 15 | - | 119 | - | 119 | ||||
Repurchase agreements | - | 7,710 | - | 7,710 | - | - | - | - | ||||
| issued debt securities | - | - | - | - | - | 3,535 | 635 | 4,170 | ||||
| (Note 4.h) | ||||||||||||
| Subordinated debt | - | - | - | - | - | 816 | - | 816 | ||||
| (Note 4.h) | ||||||||||||
| Non subordinated debt | - | - | - | - | - | 2,719 | 635 | 3,354 | ||||
| (Note 4.h) | ||||||||||||
Financial liabilities at fair value | 786 | 7,725 | - | 8,511 | - | 3,654 | 635 | 4,289 |
102
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
| 31 December 2023 | ||||||||||||
| Financial assets at fair value | ||||||||||||
| instruments at fair value through | through other comprehensive | |||||||||||
| Trading Book | profit or loss not held for trading | income | ||||||||||
| In millions of euros | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total |
Securities | 499 | 37 | - | 536 | 159 | 51 | 858 | 1,068 | 10,298 | 446 | 58 | 10,802 |
Governments | 383 | - | - | 383 | - | - | - | - | 2,612 | 34 | 48 | 2,694 |
Asset Backed Securities | - | - | - | - | - | 51 | - | 51 | - | 325 | - | 325 |
Other debt securities | 39 | 37 | - | 76 | - | (5) | 140 | 135 | 7,545 | 87 | - | 7,632 |
| Equities and other equity | 77 | - | - | 77 | 159 | 5 | 718 | 882 | 141 | - | 10 | 151 |
| securities | ||||||||||||
| Loans and repurchase | - | 1,499 | 97 | 1,596 | - | 5 | 73 | 78 | - | - | - | - |
| agreements | ||||||||||||
Loans | - | - | - | - | - | 5 | 73 | 78 | - | - | - | - |
Repurchase agreements | - | 1,499 | 97 | 1,596 | - | - | - | - | - | - | - | - |
Financial assets at fair value | 499 | 1,536 | 97 | 2,132 | 159 | 56 | 931 | 1,146 | 10,298 | 446 | 58 | 10,802 |
Securities | 697 | - | - | 697 | - | - | - | - | ||||
Governments | 626 | - | - | 626 | - | - | - | - | ||||
Other debt securities | 71 | - | - | 71 | - | - | - | - | ||||
| Equities and other equity | - | - | - | - | - | - | - | - | ||||
| securities | ||||||||||||
Borrowings and repurchase agreements | - | 11,654 | - | 11,654 | - | 134 | - | 134 | ||||
Borrowings | - | 13 | - | 13 | - | 134 | - | 134 | ||||
Repurchase agreements | - | 11,641 | - | 11,641 | - | - | - | - | ||||
| issued debt securities | - | - | - | - | - | 2,114 | 607 | 2,721 | ||||
| (Note 4.h) | ||||||||||||
| Subordinated debt | - | - | - | - | - | 735 | - | 735 | ||||
| (Note 4.h) | ||||||||||||
| Non subordinated debt | - | - | - | - | - | 1,379 | 607 | 1,986 | ||||
| (Note 4.h) | ||||||||||||
Financial liabilities at fair value | 697 | 11,654 | - | 12,351 | - | 2,248 | 607 | 2,855 |
| 31 December 2024 | ||||||||
Positive market value | Negative market value | |||||||
| In millions of euros | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total |
Interest rate derivatives | 335 | 3,635 | 83 | 4,053 | 356 | 3,842 | 115 | 4,313 |
Foreign exchange derivatives | - | 1,771 | - | 1,771 | - | 1,726 | 9 | 1,735 |
Credit derivatives | - | - | - | - | - | 3 | - | 3 |
Equity derivatives | - | 486 | - | 486 | - | 15 | - | 15 |
Other derivatives | - | - | - | - | - | - | - | - |
Derivative financial instruments not used for hedging purposes | 335 | 5,892 | 83 | 6,310 | 356 | 5,586 | 124 | 6,066 |
| Derivative financial instruments | - | 4,414 | - | 4,414 | - | 7,318 | - | 7,318 |
| used for hedging purposes |
103
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
| 31 December 2023 | ||||||||
Positive market value | Negative market value | |||||||
| In millions of euros | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total |
Interest rate derivatives | 379 | 4,014 | 159 | 4,552 | 438 | 4,200 | 124 | 4,762 |
Foreign exchange derivatives | - | 1,176 | - | 1,176 | - | 1,303 | 7 | 1,310 |
Credit derivatives | - | - | - | - | - | 23 | - | 23 |
Equity derivatives | - | 413 | - | 413 | - | 46 | - | 46 |
Other derivatives | - | - | - | - | - | - | - | - |
Derivative financial instruments not used for hedging purposes | 379 | 5,603 | 159 | 6,141 | 438 | 5,572 | 131 | 6,141 |
| Derivative financial instruments | - | 5,418 | - | 5,418 | - | 8,271 | - | 8,271 |
| used for hedging purposes |
104
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
105
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
106
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
| Balance Sheet | Range of | ||||||
| valuation | unobservable | ||||||
| (In millions | Main unobservable | input across | |||||
| of euros) | Main product types | Valuation technique | inputs for | Level 3 | |||
| composing the Level 3 stock | used for the product | the product types | population | Weighted | |||
| Risk classes | Asset | Liability | within the risk class | types considered | considered | considered | average |
| Correlation between | |||||||
| Hybrid Forex / Interest | Hybrid Forex interest | FX rate and interest | |||||
| rates derivatives | rate option pricing | rates. Main currency | 3% to 56% | 9% (a) | |||
| model | pairs are EUR/JPY, | ||||||
| USD/JPY, AUD/JPY | |||||||
| Hybrid inflation interest | Correlation between | ||||||
| Hybrid inflation rates / | rate option pricing | interest rates and | 19% to 45% | 35% | |||
| Interest rates derivatives | model | inflation rates | |||||
| mainly in Europe | |||||||
| Floors and caps on | Volatility of | 1.3% to 11.6% | |||||
| interest rate | inflation rate or on the | cumulative inflation | |||||
| derivatives | 83 | 115 | cumulative inflation (such | Inflation pricing model | Volatility of the year | (b) | |
| as redemption floors), | |||||||
| predominantly on European | on year inflation | 0.3% to 2.6% | |||||
| and Belgian inflation | rate | ||||||
| Forward volatility products | Interest rates option | Forward volatility of | |||||
| such as volatility swaps, | pricing model | interest rates | 0.5% to 0.8% | (b) | |||
| mainly in euro | |||||||
| Balance-guaranteed | |||||||
| fixed rate, basis or | Prepayment modeling | Constant | |||||
| cross currency swaps, | Discounted cash flows | prepayment rates | 0% to 25% | 0.2% (a) | |||
| predominantly on European | |||||||
| collateral pools | |||||||
107
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
Financial assets | Financial liabilities | ||||||
Finan- | |||||||
cial | Financial | ||||||
| Financial | assets | Financial | instruments | ||||
| instru- | Financial | at fair | instru- | designated | |||
| ments at | assets at | value | ments at | as at fair | |||
| fair value | fair value through | fair value | value | ||||
| through | through | other | through | through | |||
| profit or | profit or loss | compre- | profit or | profit or loss | |||
| loss held | not held for | hensive | loss held | not held for | |||
| In millions of euros | for trading | trading | income | Total | for trading | trading | Total |
At 31 December 2023 | 256 | 931 | 58 | 1,245 | 131 | 607 | 738 |
Purchases | - | 127 | - | 127 | - | - | - |
Issues | - | - | - | - | - | 31 | 31 |
Sales | - | (46) | (6) | (52) | - | - | - |
Settlements (1) | (168) | 35 | 14 | (119) | (19) | (32) | (51) |
Transfers to Level 3 | - | - | 28 | 28 | - | 11 | 11 |
Transfers from Level 3 | - | (4) | - | (4) | - | (2) | (2) |
Gains or (losses) recognised in profit or loss with respect to transactions expired or terminated during the period | - | 39 | - | 39 | - | 20 | 20 |
Gains or (losses) recognised in profit or loss with respect to unexpired instruments at the end of the period | (5) | - | - | (5) | 12 | - | 12 |
| Changes in fair value of assets and liabilities | - | - | - | - | - | - | - |
| recognised directly in equity | |||||||
- Items related to exchange rate movements | - | (3) | (8) | (11) | - | - | - |
- Changes in assets and liabilities recognised in equity | - | - | (1) | (1) | - | - | - |
At 31 December 2024 | 83 | 1,079 | 85 | 1,247 | 124 | 635 | 759 |
108
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
31 December 2024 | 31 December 2023 | |||
| Potential impact | Potential impact | Potential impact | Potential impact | |
| In millions of euros | on income | on equity | on income | on equity |
Debt securities | +/-1 | +/-0 | +/-1 | +/-0 |
Equities and other equity securities | +/-9 | +/-0 | +/-7 | +/-0 |
Loans and repurchase agreements | +/-1 | +/-0 | ||
Derivative financial instruments | +/-4 | +/-2 | ||
Interest rate and foreign exchange derivatives | +/-4 | +/-6 | ||
Credit derivatives | +/-0 | +/-6 | ||
Equity derivatives | +/-0 | +/-0 | ||
Other derivatives | +/-0 | +/-0 | ||
Sensitivity of Level 3 financial instruments | +/-15 | +/-0 | +/-16 | +/-0 |
109
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
31 December 2024 | 31 December 2023 | |||||
| impairment | Carrying | impairment | Carrying | |||
| In millions of euros | Gross value | (note 2.g) | amount | Gross value | (note 2.g) | amount |
Loans and advances to credit institutions | 19,958 | (61) | 19,897 | 19,173 | (57) | 19,116 |
On demand accounts | 3,047 | (1) | 3,046 | 2,999 | (1) | 2,998 |
Loans | 888 | (60) | 828 | 3,226 | (56) | 3,170 |
Repurchase agreements | 16,023 | - | 16,023 | 12,948 | - | 12,948 |
Loans and advances to customers | 232,026 | (3,188) | 228,838 | 222,472 | (3,169) | 219,303 |
On demand accounts | 4,496 | (661) | 3,835 | 4,589 | (592) | 3,997 |
Loans to customers | 203,503 | (1,917) | 201,586 | 194,883 | (2,038) | 192,845 |
Finance leases | 24,027 | (610) | 23,417 | 23,000 | (539) | 22,461 |
Repurchase agreements | - | - | - | - | - | - |
Total loans and advances at amortised cost | 251,984 | (3,249) | 248,735 | 241,645 | (3,226) | 238,419 |
31 December 2024 | 31 December 2023 | |||||
| impairment | Carrying | impairment | Carrying | |||
| In millions of euros | Gross value | (note 2.g) | amount | Gross value | (note 2.g) | amount |
Governments | 11,223 | (3) | 11,220 | 9,229 | (5) | 9,224 |
Other public administrations | 2,677 | - | 2,677 | 2,070 | - | 2,070 |
Credit institutions | 1,291 | - | 1,291 | 774 | - | 774 |
Other | 95 | - | 95 | 440 | (1) | 439 |
Total debt securities at amortised cost | 15,286 | (3) | 15,283 | 12,513 | (6) | 12,507 |
110
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
31 December 2024 | 31 December 2023 | |||||
| impairment | Carrying | impairment | Carrying | |||
| In millions of euros | Gross value | (note 2.g) | amount | Gross value | (note 2.g) | amount |
Loans and advances to credit institutions | 19,958 | (61) | 19,897 | 19,173 | (57) | 19,116 |
Stage 1 | 19,874 | (1) | 19,873 | 18,985 | (1) | 18,984 |
Stage 2 | 21 | (1) | 20 | 121 | (1) | 120 |
Stage 3 | 63 | (59) | 4 | 67 | (55) | 12 |
Loans and advances to customers | 232,026 | (3,188) | 228,838 | 222,472 | (3,169) | 219,303 |
Stage 1 | 210,335 | (352) | 209,983 | 197,548 | (349) | 197,199 |
Stage 2 | 15,940 | (333) | 15,607 | 20,235 | (485) | 19,750 |
Stage 3 | 5,751 | (2,503) | 3,248 | 4,689 | (2,335) | 2,354 |
Debt securities | 15,286 | (3) | 15,283 | 12,513 | (6) | 12,507 |
Stage 1 | 15,284 | (3) | 15,281 | 12,492 | (5) | 12,487 |
Stage 2 | - | - | - | 21 | (1) | 20 |
Stage 3 | 2 | - | 2 | - | - | - |
Total financial assets at amortised cost | 267,270 | (3,252) | 264,018 | 254,158 | (3,232) | 250,926 |
In millions of euros | 31 December 2024 | 31 December 2023 |
Gross investment | 26,487 | 25,198 |
Receivable within 1 year | 8,423 | 7,578 |
Receivable after 1 year but within 5 years | 15,641 | 15,243 |
Receivable beyond 5 years | 2,423 | 2,377 |
UNEARNED iNTEREST iNCOME | (2,460) | (2,198) |
Net investment before impairment | 24,027 | 23,000 |
Receivable within 1 year | 7,408 | 6,679 |
Receivable after 1 year but within 5 years | 14,363 | 14,087 |
Receivable beyond 5 years | 2,256 | 2,234 |
iMPAiRMENT PROViSiONS | (610) | (539) |
Net investment after impairment | 23,417 | 22,461 |
111
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
4.f Impaired financial assets (Stage 3)
The following tables present the carrying amounts of impaired
financial assets carried at amortised cost and of impaired
financing and guarantee commitments, as well as related
collateral and other guarantees.
The amounts shown for collateral and other guarantees cor-
respond to the lower of the value of the collateral or other
guarantee and the value of the secured assets.
| 31 December 2024 | ||||
| Stage 3 assets | ||||
| In millions of euros | Gross value | impairment | Net | Collateral received |
Loans and advances to credit institutions (note 4.e) | 63 | (59) | 4 | - |
Loans and advances to customers (note 4.e) | 5,751 | (2,503) | 3,248 | 2,392 |
Debt securities at amortised cost (note 4.e) | 2 | - | 2 | - |
Total amortised cost impaired assets (Stage 3) | 5,816 | (2,562) | 3,254 | 2,392 |
Financing commitments given | 220 | (4) | 216 | 73 |
Guarantee commitments given | 202 | (70) | 132 | 78 |
Total off-balance sheet impaired commitments (Stage 3) | 422 | (74) | 348 | 151 |
| 31 December 2023 | ||||
| Stage 3 assets | ||||
| In millions of euros | Gross value | impairment | Net | Collateral received |
Loans and advances to credit institutions (note 4.e) | 67 | (55) | 12 | - |
Loans and advances to customers (note 4.e) | 4,689 | (2,335) | 2,354 | 1,813 |
Debt securities at amortised cost (note 4.e) | - | - | - | - |
Total amortised cost impaired assets (Stage 3) | 4,756 | (2,390) | 2,366 | 1,813 |
Financing commitments given | 194 | (20) | 174 | 75 |
Guarantee commitments given | 138 | (60) | 78 | 53 |
Total off-balance sheet impaired commitments (Stage 3) | 332 | (80) | 252 | 128 |
The table below shows information regarding the variations of the gross outstandings in Stage 3 :
| Gross value impaired financial assets (Stage 3) | ||
In millions of euros | 31 December 2024 | 31 December 2023 |
Opening balance | 4,756 | 4,336 |
Transfer to Stage 3 | 2,707 | 1,653 |
Transfer to Stage 1 or Stage 2 | (409) | (518) |
Amounts Written offs | (526) | (359) |
Other changes | (712) | (356) |
Closing balance | 5,816 | 4,756 |
112
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
In millions of euros | 31 December 2024 | 31 December 2023 |
Deposits from credit institutions | 63,292 | 62,845 |
On demand accounts | 1,690 | 1,565 |
Interbank borrowings | 42,589 | 32,636 |
Repurchase agreements | 19,013 | 28,644 |
Deposits from customers | 212,937 | 203,931 |
On demand deposits | 78,270 | 78,779 |
Savings accounts | 88,342 | 81,310 |
Term accounts and short-term notes | 44,829 | 43,181 |
Repurchase agreements | 1,496 | 661 |
In millions of euros | 31 December 2024 | 31 December 2023 |
Debt securities | 3,354 | 1,986 |
Subordinated debt | 816 | 735 |
Total debt securities and subordinated debt at fair value through profit or loss | 4,170 | 2,721 |
In millions of euros | 31 December 2024 | 31 December 2023 |
Negotiable certificates of deposit and other debt securities | 7,076 | 10,331 |
Bond issues | 13,682 | 13,470 |
Total debt securities at amortised cost | 20,758 | 23,801 |
113
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
In millions of euros | 31 December 2024 | 31 December 2023 |
Redeemable subordinated debt | 6,662 | 2,235 |
Undated subordinated debt | 284 | - |
Total subordinated debt measured at amortised cost | 6,946 | 2,235 |
In millions of euros | 31 December 2024 | 31 December 2023 |
Current taxes | 208 | 217 |
Deferred taxes | 623 | 847 |
Current and deferred tax assets | 831 | 1,064 |
Current taxes | 256 | 278 |
Deferred taxes | 1,215 | 1,084 |
Current and deferred tax liabilities | 1,471 | 1,362 |
114
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
| Changes | Changes | Changes in the | ||||
| recognised | recognised | consolidation | ||||
| Changes | through equity | through equity | scope, in | |||
| recognised | that may be | that will not be | exchange rate | |||
| through | reclassified to | reclassified to | movements and | |||
In millions of euros | 31 December 2023 | profit or loss | profit or loss | profit or loss | other items | 31 December 2024 |
Financial instruments | (22) | (203) | 51 | - | 2 | (172) |
| Provisions for employee benefit | 116 | 183 | - | (19) | (5) | 275 |
| obligations | ||||||
| Unrealised finance lease | (290) | (48) | - | - | 21 | (317) |
| reserve | ||||||
Credit risk impairment | 535 | (67) | - | - | (14) | 454 |
Tax loss carryforwards | 290 | (129) | - | - | (3) | 158 |
Other items | (866) | (164) | - | - | 40 | (990) |
Net deferred taxes | (237) | (428) | 51 | (19) | 41 | (592) |
Deferred tax assets | 847 | 623 | ||||
Deferred tax liabilities | 1,084 | 1,215 |
| In millions of euros | 31 December 2024 | 31 December 2023 |
Guarantee deposits and bank guarantees paid | 4,320 | 4,898 |
Collection accounts | 71 | 126 |
Accrued income and prepaid expenses | 1,649 | 1,276 |
Other debtors and miscellaneous assets | 7,410 | 7,368 |
Total accrued income and other assets | 13,450 | 13,668 |
Guarantee deposits received | 315 | 731 |
Collection accounts | 546 | 621 |
Accrued expense and deferred income | 2,460 | 2,302 |
Lease liabilities | 293 | 309 |
Other creditors and miscellaneous liabilities | 6,904 | 8,288 |
Total accrued expense and other liabilities | 10,518 | 12,251 |
115
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
| 31 December | 31 December | ||||||||
| Year to 31 Dec. 2024 | 2024 | Year to 31 Dec. 2023 | 2023 | ||||||
| Share of | Share of | ||||||||
| changes in | Share of net | changes in | Share of net | ||||||
| assets and | income and | assets and | income and | ||||||
| liabilities | changes in assets | liabilities | changes in assets | ||||||
| Share | recognised | and liabilities | Share | recognised | and liabilities | ||||
| of net | directly in | recognised directly | Equity-method | of net | directly in | recognised | Equity-method | ||
| In millions of euros | income | equity | in equity | investments | income | equity | directly in equity | investments | |
Joint ventures | - | 3 | 3 | 90 | (2) | (1) | (3) | 29 | |
Associates | 465 | 139 | 604 | 2,991 | 313 | 125 | 438 | 2,602 | |
| Total equity-method | 465 | 142 | 607 | 3,081 | 311 | 124 | 435 | 2,631 | |
| entities | |||||||||
31 December 2024 | 31 December 2023 | |||||
| Country of | Equity-method | Equity-method | ||||
| In millions of euros | registration | Activity | interest % | investments | interest % | investments |
| Associates | ||||||
AG Insurance | Belgium | Insurance | 25% | 739 | 25% | 607 |
BNP Paribas Asset Management | France | Asset management | 30.9% | 990 | 30.9% | 915 |
BNPP Bank Polska | Poland | Retail banking | 24.0% | 857 | 24.0% | 705 |
116
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
Total net income | 614 | 674 |
Changes in assets and liabilities recognised directly in equity | 559 | 343 |
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
Total assets | 74,843 | 71,594 |
Total liabilities | 72,233 | 69,519 |
Net assets of the equity associate | 2,610 | 2,075 |
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
Total net income | 245 | 138 |
Changes in assets and liabilities recognised directly in equity | (23) | 200 |
| In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
Total assets | 3,041 | 3,291 |
Total liabilities | 1,748 | 2,235 |
Net assets of the equity associate | 1,293 | 1,056 |
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
Total net income | 521 | 211 |
Changes in assets and liabilities recognised directly in equity | 27 | 127 |
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
Total assets | 38,040 | 35,911 |
Total liabilities | 34,553 | 33,055 |
Net assets of the equity associate | 3,487 | 2,856 |
117
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
| 31 December 2024 | |||
| BNP Paribas Asset | |||
| In millions of euros | Management | BNP Paribas Bank Polska SA | AG insurance |
| Cost of capital | |||
Adverse change (+10 basis points) | (16) | (34) | (34) |
Positive change (-10 basis points) | 16 | 35 | 35 |
| Cost/income ratio | |||
Adverse change (+1 %) | (22) | (40) | - |
Positive change (-1 %) | 22 | 40 | - |
| Cost of risk | |||
Adverse change (+5 %) | - | (11) | - |
Positive change (-5 %) | - | 11 | - |
| Long-term growth rate | |||
Adverse change (-50 basis points) | (52) | (92) | (123) |
Positive change (+50 basis points) | 59 | 106 | 143 |
118
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
31 December 2024 | 31 December 2023 | |||||
| Accumulated | Accumulated | |||||
| depreciation, | depreciation, | |||||
| amortisation and | Carrying | amortisation and | Carrying | |||
In millions of euros | Gross value | impairment | amount | Gross value | impairment | amount |
investment property | 228 | (116) | 112 | 217 | (106) | 111 |
Land and buildings | 2,610 | (1,515) | 1,095 | 2,558 | (1,398) | 1,160 |
Equipment, furniture and fixtures | 778 | (608) | 170 | 634 | (449) | 185 |
Plant and equipment leased as lessor under operating leases | 51,121 | (11,080) | 40,041 | 45,242 | (10,586) | 34,656 |
Other property, plant and equipment | 736 | (182) | 554 | 534 | (171) | 363 |
Property, plant and equipment | 55,245 | (13,385) | 41,860 | 48,968 | (12,604) | 36,364 |
of which right of use | 753 | (480) | 273 | 729 | (417) | 312 |
Purchased software | 475 | (371) | 104 | 323 | (235) | 88 |
Internally-developed software | 1,238 | (750) | 488 | 1,346 | (898) | 448 |
Other intangible assets | 55 | (25) | 30 | 113 | (78) | 35 |
intangible assets | 1,768 | (1,146) | 622 | 1,782 | (1,211) | 571 |
In millions of euros | 31 December 2024 | 31 December 2023 |
Future minimum lease payments receivable under non-cancellable leases | 12,673 | 10,708 |
Payments receivable within 1 year | 5,321 | 4,568 |
Payments receivable after 1 year but within 5 years | 7,326 | 6,097 |
Payments receivable beyond 5 years | 26 | 43 |
119
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
In millions of euros | 31 December 2024 | 31 December 2023 |
Carrying amount at start of period | 872 | 848 |
Acquisitions | - | 22 |
Divestments | - | - |
Impairment recognised during the period | - | - |
Exchange rate adjustments | 8 | 2 |
Other movements | - | - |
Carrying amount at end of period | 880 | 872 |
Gross value | 1,004 | 1,004 |
Accumulated impairment recognised at the end of period | (124) | (132) |
| impairment recognised | ||||||
| Carrying amount | during the period | Acquisitions of the period | ||||
| 31 December | 31 December | Year to 31 | Year to | Year to 31 | Year to | |
| In millions of euros | 2024 | 2023 | Dec. 2024 | 31 Dec. 2023 | Dec. 2024 | 31 Dec. 2023 |
Alpha Credit | 22 | 22 | - | - | - | - |
CPBB | 34 | 34 | - | - | - | - |
BNP Paribas Leasing Solutions | 145 | 145 | - | - | - | - |
Wealth Management Luxemburg | 38 | 38 | - | - | - | - |
Arval | 641 | 633 | - | - | - | 22 |
Total goodwill | 880 | 872 | - | - | - | 22 |
120
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
121
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
| 31 December 2024 | |||||
| BNP Paribas | Wealth | ||||
| Leasing | Management | ||||
In millions of euros | Alpha Credit | Solutions | Arval | Luxembourg | CPBB |
| Cost of capital | |||||
Adverse change (+10 basis points) | (27) | (82) | (229) | (5) | (140) |
Positive change (-10 basis points) | 28 | 84 | 236 | 5 | 143 |
| Cost/income ratio | |||||
Adverse change (+1 %) | (50) | (100) | (228) | (13) | (294) |
Positive change (-1 %) | 50 | 100 | 228 | 13 | 294 |
| Cost of risk | |||||
Adverse change (+5 %) | (90) | (55) | (37) | - | (49) |
Positive change (-5 %) | 90 | 55 | 37 | - | 49 |
| Long-term growth rate | |||||
Adverse change (-50 basis points) | (55) | (366) | (672) | (10) | (197) |
Positive change (+50 basis points) | 63 | 501 | 777 | 11 | 224 |
4.n Provisions for contingencies and charges
| Changes | Effect of | |||||
| in value | movements | |||||
| Net | Use/ | recognised | in exchange | |||
| 31 December | additions to | Reversal of | directly in | rates and other | 31 December | |
| In millions of euros | 2023 | provisions | provisions | equity | movements | 2024 |
Provisions for employee benefits | 3,037 | 126 | (222) | (114) | (8) | 2,819 |
of which post-employment benefits (Note 6.b) | 2,777 | 121 | (173) | (107) | (6) | 2,612 |
| of which post-employment healthcare benefits | 56 | 5 | (2) | (7) | - | 52 |
| (Note 6.b) | ||||||
| of which provision for other long-term benefits | 68 | 18 | (16) | - | (1) | 70 |
| (Note 6.c) | ||||||
| of which provision for voluntary departure, early | ||||||
| retirement plans, and headcount adaptation plan | 120 | (30) | (29) | - | (1) | 60 |
| (Note 6.d) | ||||||
of which provision for share-based payment | 16 | 12 | (2) | - | - | 26 |
Provisions for home savings accounts and plans | - | - | - | - | - | - |
Provisions for credit commitments | 246 | - | (1) | - | (56) | 189 |
Provisions for litigation | 38 | 12 | (17) | - | (1) | 32 |
Other provisions for contingencies and charges | 1,004 | 111 | (526) | - | 1 | 590 |
Total provisions for contingencies and charges | 4,325 | 249 | (766) | (114) | (64) | 3,630 |
The decrease in Other Provisions for contingencies and
charges is related to the reversal of provisions in Arval for
the uncertainty on the residual value of vehicles.
122
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
4.o Offsetting of financial assets and liabilities
The following tables present the amounts of financial assets
and liabilities before and after offsetting. This information,
required by IFRS 7 aims to enable the comparability with the
accounting treatment applicable in accordance with generally
accepted accounting principles in the United States (US GAAP),
which are less restrictive than IAS 32 as regards offsetting.
‘Amounts set off on the balance sheet’ have been determined
according to IAS 32. Thus, a financial asset and a financial
liability are offset and the net amount presented on the
balance sheet when and only when, BNP Paribas Fortis has
a legally enforceable right to offset the recognised amounts
and intends either to settle on a net basis, or to realise the
asset and settle the liability simultaneously. The amounts
offset derive mainly from repurchase agreements traded with
clearing houses.
The ‘Impacts of Master Netting Agreements and similar agree-
ments’ are relative to outstanding amounts of transactions
within an enforceable agreement, which do not meet the offset-
ting criteria defined by IAS 32. This is the case of transactions
for which offsetting can only be performed in case of default,
insolvency or bankruptcy of one of the contracting parties.
‘Financial instruments given or received as collateral’ include
guarantee deposits and securities collateral recognised at
fair value. These guarantees can only be exercised in case
of default, insolvency or bankruptcy of one of the contract-
ing parties.
Regarding Master Netting Agreements, the guarantee deposits
received or given in compensation for the positive or nega-
tive fair values of financial instruments are recognised in the
balance sheet in ‘Accrued income or expenses’ and ‘Other
assets or liabilities’.
| Net | impact of | |||||
| Gross | amounts | Master Netting | ||||
| Gross | amounts | presented | Agreements | Financial | ||
| amounts | set off on | on the | (MNA) and | instruments | ||
| 31 December 2024 | of financial | the balance | balance | similar | received as | Net |
| In millions of euros | assets | sheet | sheet | agreements | collateral | amounts |
| Assets | ||||||
Financial instruments at fair value through profit or loss | 16,062 | (631) | 15,431 | (11,043) | (867) | 3,521 |
Securities | 1,764 | - | 1,764 | - | - | 1,764 |
Loans and repurchase agreements | 3,574 | (631) | 2,943 | (2,234) | (707) | 2 |
| Derivative financial instruments (including | 10,724 | - | 10,724 | (8,809) | (160) | 1,755 |
| derivatives used for hedging purposes) | ||||||
Financial assets at amortised cost | 264,559 | (541) | 264,018 | (12,163) | (3,849) | 248,006 |
of which repurchase agreements | 16,564 | (541) | 16,023 | (12,163) | (3,849) | 11 |
Accrued income and other assets | 13,450 | - | 13,450 | - | (3,130) | 10,320 |
of which guarantee deposits paid | 4,320 | - | 4,320 | - | (3,130) | 1,190 |
Other assets not subject to offsetting | 86,947 | - | 86,947 | - | - | 86,947 |
Total assets | 381,018 | (1,172) | 379,846 | (23,206) | (7,846) | 348,794 |
123
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
| Net | impact of | |||||
| Gross | amounts | Master Netting | ||||
| Gross | amounts | presented | Agreements | Financial | ||
| amounts | set off on | on the | (MNA) and | instruments | ||
| 31 December 2024 | of financial | the balance | balance | similar | received as | Net |
| In millions of euros | liabilities | sheet | sheet | agreements | collateral | amounts |
| Liabilities | ||||||
Financial instruments at fair value through profit or loss | 26,815 | (631) | 26,184 | (12,792) | (6,484) | 6,908 |
Securities | 786 | - | 786 | - | - | 786 |
Deposits and repurchase agreements | 8,475 | (631) | 7,844 | (3,983) | (3,323) | 538 |
Issued debt securities | 4,170 | - | 4,170 | - | - | 4,170 |
| Derivative financial instruments (including | 13,384 | - | 13,384 | (8,809) | (3,161) | 1,414 |
| derivatives used for hedging purposes) | ||||||
Financial liabilities at amortised cost | 276,770 | (541) | 276,229 | (10,414) | (8,688) | 257,127 |
of which repurchase agreements | 21,050 | (541) | 20,509 | (10,414) | (8,688) | 1,407 |
Accrued expense and other liabilities | 10,518 | - | 10,518 | - | (202) | 10,316 |
of which guarantee deposits received | 315 | - | 315 | - | (202) | 113 |
Other liabilities not subject to offsetting | 32,108 | - | 32,108 | - | - | 32,108 |
Total liabilities | 346,211 | (1,172) | 345,039 | (23,206) | (15,374) | 306,459 |
| Net | impact of | |||||
| Gross | amounts | Master Netting | ||||
| Gross | amounts | presented | Agreements | Financial | ||
| amounts of | set off on | on the | (MNA) and | instruments | ||
| 31 December 2023 | financial | the balance | balance | similar | received as | Net |
| In millions of euros | assets | sheet | sheet | agreements | collateral | amounts |
| Assets | ||||||
Financial instruments at fair value through profit or loss | 15,959 | (1,122) | 14,837 | (10,870) | (346) | 3,621 |
Securities | 1,604 | - | 1,604 | - | - | 1,604 |
Loans and repurchase agreements | 2,796 | (1,122) | 1,674 | (1,591) | (74) | 9 |
| Derivative financial instruments (including | 11,559 | - | 11,559 | (9,279) | (272) | 2,008 |
| derivatives used for hedging purposes) | ||||||
Financial assets at amortised cost | 251,327 | (401) | 250,926 | (12,305) | (570) | 238,051 |
of which repurchase agreements | 13,348 | (400) | 12,948 | (12,305) | (570) | 73 |
Accrued income and other assets | 13,668 | - | 13,668 | - | (1,390) | 12,278 |
of which guarantee deposits paid | 4,898 | - | 4,898 | - | (1,390) | 3,508 |
Other assets not subject to offsetting | 94,449 | - | 94,449 | - | - | 94,449 |
Total assets | 375,403 | (1,523) | 373,880 | (23,175) | (2,306) | 348,399 |
124
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
| Net | impact of | |||||
| Gross | amounts | Master Netting | ||||
| Gross | amounts | presented | Agreements | Financial | ||
| amounts | set off on | on the | (MNA) and | instruments | ||
| 31 December 2023 | of financial | the balance | balance | similar | received as | Net |
| In millions of euros | liabilities | sheet | sheet | agreements | collateral | amounts |
| Liabilities | ||||||
Financial instruments at fair value through profit or loss | 30,740 | (1,122) | 29,618 | (13,265) | (8,162) | 8,191 |
Securities | 697 | - | 697 | - | - | 697 |
Deposits and repurchase agreements | 12,910 | (1,122) | 11,788 | (3,986) | (7,651) | 151 |
Issued debt securities | 2,721 | - | 2,721 | - | - | 2,721 |
| Derivative financial instruments (including | 14,412 | - | 14,412 | (9,279) | (511) | 4,622 |
| derivatives used for hedging purposes) | ||||||
Financial liabilities at amortised cost | 267,177 | (401) | 266,776 | (9,909) | (19,020) | 237,847 |
of which repurchase agreements | 29,705 | (400) | 29,305 | (9,909) | (19,020) | 376 |
Accrued expense and other liabilities | 12,251 | - | 12,251 | - | (296) | 11,955 |
of which guarantee deposits received | 731 | - | 731 | - | (296) | 435 |
Other liabilities not subject to offsetting | 34,056 | - | 34,056 | - | - | 34,056 |
Total liabilities | 344,224 | (1,523) | 342,701 | (23,174) | (27,478) | 292,049 |
4.p Transfers of financial assets
BNP Paribas Fortis enters into transactions in which it trans-
fers financial assets held on the balance sheet and as a result
may either be eligible to derecognise the transferred asset in
its entirely or must continue to recognise the transferred asset
to the extent of any continuing involvement. More informa-
tion is included in Note 1. ‘Summary of significant accounting
policies applied by BNP Paribas Fortis’.
Financial assets that have been transferred but not derecog-
nised by BNP Paribas Fortis are mainly composed of securities
sold temporarily under repurchase agreements or securities
lending transactions, as well as securitised assets. The liabili-
ties associated to securities sold under repurchase agreements
consist of debts recognised under the ‘Repurchase agreements’
heading. The liabilities associated to securitised assets consist
of the securitisation notes purchased by third parties.
125
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
Securities lending, repurchase agreements and other transactions
31 December 2024 | 31 December 2023 | |||
| Carrying amount of | Carrying amount of | Carrying amount of | Carrying amount of | |
| In millions of euros | transferred assets | associated liabilities | transferred assets | associated liabilities |
| Securities lending operations | ||||
Financial instruments at fair value through profit or loss | - | - | - | - |
Financial assets at amortised cost | 3,690 | - | 2,449 | - |
Financial assets at fair value through Other Comprehensive Income | - | - | - | - |
| Repurchase agreements | ||||
Financial instruments at fair value through profit or loss | 77 | 77 | 406 | 406 |
Financial assets at amortised cost | 4,539 | 4,539 | 6,922 | 6,929 |
Financial assets at fair value through Other Comprehensive Income | 1,327 | 1,327 | 3,936 | 3,966 |
Total | 9,633 | 5,943 | 13,713 | 11,301 |
Securitisation transactions partially refinanced by external investors, whose recourse is
limited to the transferred assets
| 31 December 2024 | |||||
| Carrying amount | Carrying amount | Fair value of | Fair value of | ||
| of transferred | of associated | transferred | associated | ||
| In millions of euros | assets | liabilities | assets | liabilities | Net position |
| Securitisation | |||||
Financial instruments at fair value through profit or loss | - | - | - | - | - |
Financial assets at amortised cost | 31,961 | 1,373 | 31,160 | 1,378 | 29,781 |
Financial assets at fair value through Other Comprehensive Income | - | - | - | - | - |
Total | 31,961 | 1,373 | 31,160 | 1,378 | 29,781 |
| 31 December 2023 | |||||
| Carrying amount | Carrying amount | Fair value of | Fair value of | ||
| of transferred | of associated | transferred | associated | ||
| In millions of euros | assets | liabilities | assets | liabilities | Net position |
| Securitisation | |||||
Financial instruments at fair value through profit or loss | - | - | - | - | - |
Financial assets at amortised cost | 31,865 | 1,487 | 29,197 | 1,464 | 27,733 |
Financial assets at fair value through Other Comprehensive Income | - | - | - | - | - |
Total | 31,865 | 1,487 | 29,197 | 1,464 | 27,733 |
| There have been no significant transfers leading to partial or full derecognition of the financial assets where the bank has a |
continuing involvement in them.
126
NOTES TO THE CONSOLiDATED FiNANCiAL STATEMENTS 2024
127
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
In millions of euros | 31 December 2024 | 31 December 2023 |
| Financing commitments given | ||
- to credit institutions | 217 | 289 |
- to customers | 63,234 | 59,240 |
Confirmed financing commitments | 51,555 | 46,948 |
Other commitments given to customers | 11,679 | 12,292 |
Total financing commitments given | 63 451 | 59 529 |
of which Stage 1 | 60,160 | 55,396 |
of which Stage 2 | 3,071 | 3,939 |
of which Stage 3 | 220 | 194 |
| Financing commitments received | ||
- from credit institutions | 12,350 | 11,299 |
- from customers | 914 | 231 |
Total financing commitments received | 13 264 | 11 530 |
In millions of euros | 31 December 2024 | 31 December 2023 |
| Guarantee commitments given | ||
- to credit institutions | 5,189 | 2,419 |
- to customers | 13,121 | 15,384 |
Financial guarantees | 9,958 | 12,644 |
Other guarantees | 3,163 | 2,740 |
Total guarantee commitments given | 18,310 | 17,803 |
of which Stage 1 | 16,547 | 15,572 |
of which Stage 2 | 1,561 | 2,093 |
of which Stage 3 | 202 | 138 |
128
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
In millions of euros | 31 December 2024 | 31 December 2023 |
Securities to be delivered | 131 | 235 |
Securities to be received | 140 | 284 |
In millions of euros | 31 December 2024 | 31 December 2023 |
| Financial instruments (negotiable securities and private receivables) | ||
lodged with central banks and eligible for use at any time as collateral for refinancing transactions after haircut | 11,358 | 13,628 |
Used as collateral with central banks | - | 3,191 |
Available for refinancing transactions | 11,358 | 10,437 |
Securities sold under repurchase agreements | 27,406 | 42,294 |
| Other financial assets pledged as collateral for transactions with credit | 20,449 | 21,169 |
| institutions, financial customers |
In millions of euros | 31 December 2024 | 31 December 2023 |
| Financial instruments received as collateral (excluding repurchase | 6,322 | 5,929 |
| agreements) | ||
of which instruments that BNP Paribas Fortis is authorised to sell and reuse as collateral | 58 | 240 |
Securities received under repurchase agreements | 19,681 | 16,280 |
129
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
6 Salaries and employee benefits
6.a Salary and employee benefit expenses
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
Fixed and variable remuneration, incentive bonuses and profit-sharing | (2,352) | (2,224) |
Employee benefit expense | (638) | (655) |
Payroll taxes | (17) | (16) |
Total salary and employee benefit expenses | (3,007) | (2,895) |
| Contribution amount | ||
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
Belgium | 3 | 3 |
France | 58 | 55 |
Eurozone (except Belgium and France) | 28 | 27 |
United Kingdom | 8 | 7 |
Turkey | 50 | 39 |
Other | 2 | 2 |
TOTAL | 149 | 133 |
130
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
| of which | |||||||||||
| Defined- | of which | obligation | |||||||||
| benefit | Defined- | asset rec- | recognised | ||||||||
| obligation | benefit | Present | ognised in | of which | of which | in the | |||||
| arising from | obligation | value of | Fair | the balance | net as- | fair value | balance | ||||
| In millions | wholly or | arising | defined- | Fair value of | sheet for | sets of | of reim- | sheet for | |||
| of euros, at | partially | from | benefit | value | reimburse- | Effect | defined- | defined- | burse- | defined- | |
| 31 Decem- | funded | unfunded | obliga- | of plan | ment rights | of asset | Net obli- | benefit | benefit | ment | benefit |
| ber 2024 | plans | plans | tion | assets | (1) | ceiling | gation | plans | plans | rights | plans |
Belgium | 2,593 | 15 | 2,608 | (85) | (2,456) | - | 67 | (2,457) | (1) | (2,456) | 2,524 |
| United | 133 | - | 133 | (166) | - | - | (33) | (33) | (33) | - | - |
| Kingdom | |||||||||||
Turkey | 346 | 32 | 378 | (347) | - | 1 | 32 | 32 | - | - | 32 |
Others | 122 | 32 | 154 | (102) | (1) | - | 51 | (5) | (4) | (1) | 56 |
TOTAL | 3,194 | 79 | 3,273 | (700) | (2,457) | 1 | 117 | (2,463) | (38) | (2,457) | 2,612 |
131
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
| I | |||||||||||
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
Present value of defined-benefit obligation at start of period | 3,350 | 3,172 |
Current service cost | 115 | 109 |
Interest cost | 113 | 111 |
Past service costs | - | 6 |
Settlements | 1 | - |
Actuarial (gains)/losses on change in demographic assumptions | (1) | (2) |
Actuarial (gains)/losses on change in financial assumptions | (45) | 37 |
Actuarial (gains)/losses on experience gaps | 119 | 310 |
Actual employee contributions | 12 | 11 |
Benefits paid directly by the employer | (59) | (50) |
Benefits paid from assets/reimbursement rights | (299) | (241) |
Exchange rate (gains)/losses on the obligation | (29) | (115) |
(Gains)/losses on the obligation related to changes in the consolidation scope | (4) | 2 |
Present value of defined-benefit obligation at end of period | 3,273 | 3,350 |
132
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Plan assets | Reimbursement rights | |||
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
Fair value of assets at start of period | 613 | 655 | 2,503 | 2,396 |
Expected return on assets | 28 | 30 | 77 | 84 |
Settlements | - | - | - | - |
Actuarial (gains)/losses on assets | 103 | 45 | 21 | 99 |
Actual employee contributions | 1 | 1 | 11 | 10 |
Employer contributions | 21 | 21 | 98 | 131 |
Benefits paid from assets | (42) | (22) | (257) | (219) |
Exchange rate (gains)/losses on assets | (23) | (130) | - | - |
| Gains/(losses) on assets related to changes | (1) | 13 | 2 | 2 |
| in the consolidation scope | ||||
Other | - | - | 2 | - |
Fair value of assets at end of period | 700 | 613 | 2,457 | 2,503 |
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
Administration fees | 2 | 1 |
Service costs | 116 | 115 |
Current service cost | 115 | 109 |
Past service cost | - | 6 |
Settlements | 1 | - |
Net financial expense | 10 | 9 |
Interest cost | 113 | 111 |
Interest income on plan assets | 4 | (31) |
Interest income on reimbursement rights | (30) | (84) |
Return on Asset Limitation | (77) | 13 |
Total recognised in ‘Salary and employee benefit expense’ | 128 | 125 |
In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
Other items recognised directly in equity | 78 | (80) |
Actuarial (losses)/gains on plan assets or reimbursement rights | 124 | 144 |
| Actuarial (losses)/gains of demographic assumptions on the present value | 1 | 2 |
| of obligations | ||
Actuarial (losses)/gains of financial assumptions on the present value of obligations | 45 | (37) |
Experience (losses)/gains on obligations | (119) | (310) |
Variation of the effect of asset limitation | 27 | 121 |
133
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
31 December 2024 | 31 December 2023 | |||
| Compensation | Compensation | |||
| In % | Discount rate | increase rate (1) | Discount rate | increase rate (1) |
Eurozone | 2.60% - 3.60% | 2.10% - 4.10% | 3.00% - 3.60% | 2.40% - 4.07% |
United Kingdom | 5.30% | 3.60% | 4.40% - 4.50% | 3.40% |
Turkey | 30.51% | 26.25% | 23.13% | 18.77% |
31 December 2024 | 31 December 2023 | |||
| Change in the present value of obligations | Discount rate | Discount rate | Discount rate | Discount rate |
| In millions of euros | -100bp | +100bp | -100bp | +100bp |
Eurozone | 261 | (195) | 254 | (187) |
United Kingdom | 19 | (16) | 18 | (15) |
Turkey | 15 | (12) | 11 | (9) |
| Change in the present value of obligations | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
| In millions of euro | inflation rate +100bp | inflation rate +100bp |
Eurozone | 130 | 141 |
United Kingdom | 9 | 8 |
Turkey | 15 | 11 |
134
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Year to 31 Dec. 2024 | 31 December 2023 | |
| Range of value | Range of value | |
In % (1) | (existence of several plans in the same country) | (existence of several plans in the same country) |
Belgium | (9.80%) - 12.42% | (0.18%) - 13.21% |
United Kingdom | 4.20% - 6.10% | (10.50%) - (8.40%) |
Turkey | 35.94% | 44.92% |
31 December 2024 | 31 December 2023 | |||||||||||
| Non- | Non- | |||||||||||
| Govern- | Govern- | Govern- | Govern- | |||||||||
| mental | mental | Real- | Deposit | mental | mental | Real- | Deposit | |||||
| In % | Shares | bonds | bonds | estate | account | Others | Shares | bonds | bonds | estate | account | Others |
Belgium | 8% | 48% | 20% | 1% | 0% | 23% | 8% | 47% | 19% | 1% | 2% | 23% |
United Kingdom | 7% | 66% | 26% | 0% | 1% | 0% | 10% | 76% | 12% | 0% | 1% | 1% |
Turkey | 0% | 73% | 0% | 18% | 8% | 1% | 0% | 68% | 0% | 6% | 21% | 5% |
Others | 11% | 38% | 22% | 4% | 1% | 24% | 6% | 31% | 20% | 5% | 1% | 37% |
BNP Paribas Fortis | 8% | 51% | 18% | 3% | 1% | 19% | 7% | 50% | 17% | 2% | 4% | 20% |
135
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
In millions of euros | 31 December 2024 | 31 December 2023 |
Net provisions for other long-term benefits | 70 | 68 |
Asset recognised in the balance sheet under ‘Other long-term benefits’ | - | - |
Obligation recognised in the balance sheet under ‘Other long-term benefits’ | 70 | 68 |
In millions of euros | 31 December 2024 | 31 December 2023 | |
| Provision for voluntary departure and early retirement plans, | 60 | 120 | |
| and headcount adaptation plans |
136
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
137
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
| Changes in assets and | Changes in assets and | |||
| liabilities recognised | liabilities recognised | |||
| Capital and | directly in equity that | directly in equity that | ||
| retained | will not be reclassified | may be reclassified to | Minority | |
| In millions of euros | earnings | to profit or loss | profit or loss | interests |
Capital and retained earnings at 31 December 2022 | 6,373 | 47 | (748) | 5,672 |
Other movements | (111) | - | - | (111) |
Acquisitions | 11 | - | - | 11 |
Dividends | (313) | - | - | (313) |
Changes in assets and liabilities recognised directly in equity | - | 4 | 56 | 60 |
NET iNCOME FOR 2023 | 447 | - | - | 447 |
Capital and retained earnings at 31 December 2023 | 6,407 | 51 | (692) | 5,766 |
Other movements | 46 | - | - | 46 |
Acquisitions | - | - | - | - |
Dividends | (338) | - | - | (338) |
Changes in assets and liabilities recognised directly in equity | - | 17 | 192 | 209 |
NET iNCOME FOR 2024 | 367 | - | - | 367 |
Capital and retained earnings at 31 December 2024 | 6,481 | 68 | (500) | 6,050 |
138
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
| 31 December | ||||||||
2024 | Year to 31 Dec. 2024 | |||||||
| Net income | Net income and | |||||||
| and changes | changes in assets | |||||||
| Total assets | in assets and | and liabilities | ||||||
| before | liabilities | Net income | recognised | Dividends | ||||
| elimination of | recognised | attributable | directly in equity | paid to | ||||
| intra-group | Net | directly in | interest | to minority | - attributable to | minority | ||
| In millions of euros | transactions | Revenues | income | equity | (%) | interests | minority interests | shareholders |
Contribution of the entities belonging to the | 63,048 | 1,936 | 641 | 663 | 50% | 403 | 430 | 318 |
Other minority interests | (36) | 146 | 20 | |||||
TOTAL | 367 | 576 | 338 |
| 31 December | ||||||||
2023 | Year to 31 Dec. 2023 | |||||||
| Net income | Net income and | |||||||
| and changes | changes in assets | |||||||
| Total assets | in assets and | and liabilities | ||||||
| before | liabilities | Net income | recognised | Dividends | ||||
| elimination of | recognised | attributable | directly in equity | paid to | ||||
| intra-group | Net | directly in | interest | to minority | - attributable to | minority | ||
| In millions of euros | transactions | Revenues | income | equity | (%) | interests | minority interests | shareholders |
Contribution of the entities belonging to the BGL BNP Paribas Group | 63,241 | 1,839 | 727 | 796 | 50% | 438 | 487 | 282 |
Other minority interests | 9 | 20 | 31 | |||||
TOTAL | 447 | 507 | 313 |
139
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
In millions of euros | 31 December 2024 | 31 December 2023 |
| ASSETS | ||
Financial assets at amortised cost | - | 4,025 |
Accrued income and other assets | - | 2 |
Property, plant and equipment | - | 2 |
TOTAL ASSETS | - | 4,029 |
| LiABiLiTiES | ||
Financial liabilities at amortised cost | - | 3,971 |
Current and deferred tax liabilities | - | 26 |
Accrued expenses and other liabilities | - | 14 |
TOTAL LiABiLiTiES | - | 4,011 |
140
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
141
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
| Interests on BNP Paribas Fortis balance sheet | 31 December 2024 | |||
| In millions of euros | Securitisation | Funds | Others | Total |
| ASSETS | ||||
Financial instruments at fair value through profit and loss | - | - | - | - |
Derivatives used for hedging purposes | - | 49 | 3 | 52 |
Financial assets at fair value through Other Comprehensive Income | - | - | - | - |
Financial assets at amortised cost | - | - | 6 | 6 |
Other assets | - | - | - | - |
TOTAL ASSETS | - | 49 | 9 | 58 |
| LiABiLiTiES | ||||
Financial instruments at fair value through profit and loss | - | - | 14 | 14 |
Derivatives used for hedging purposes | - | - | 4 | 4 |
Financial liabilities at amortised cost | 37 | - | 206 | 243 |
Other liabilities | 1 | - | - | 1 |
TOTAL LiABiLiTiES | 38 | - | 224 | 262 |
FUNDED EXPOSURE | - | 49 | 9 | 58 |
UNFUNDED EXPOSURE | - | - | 39 | 39 |
Financing commitments | - | - | 39 | 39 |
Guarantee commitments and derivatives | - | - | - | - |
MAXiMUM EXPOSURE TO LOSS | - | 49 | 48 | 97 |
SiZE OF STRUCTURED ENTiTiES (1) | 29 | 10 | 549 | 588 |
142
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
| Interests on BNP Paribas Fortis balance sheet | 31 December 2023 | |||
| In millions of euros | Securitisation | Funds | Others | Total |
| ASSETS | ||||
Financial instruments at fair value through profit and loss | - | - | - | - |
Derivatives used for hedging purposes | - | 57 | - | 57 |
Financial assets at fair value through Other Comprehensive Income | - | - | - | - |
Financial assets at amortised cost | - | - | 7 | 8 |
Other assets | - | - | - | - |
TOTAL ASSETS | - | 57 | 7 | 65 |
| LiABiLiTiES | ||||
Financial instruments at fair value through profit and loss | - | - | 14 | 14 |
Derivatives used for hedging purposes | - | - | - | - |
Financial liabilities at amortised cost | 89 | - | 243 | 332 |
Other liabilities | 2 | - | - | 2 |
TOTAL LiABiLiTiES | 91 | - | 257 | 348 |
FUNDED EXPOSURE | - | 57 | 7 | 65 |
UNFUNDED EXPOSURE | - | - | 39 | 39 |
Financing commitments | - | - | 39 | 39 |
Guarantee commitments and derivatives | - | - | - | - |
MAXiMUM EXPOSURE TO LOSS | - | 57 | 46 | 104 |
SiZE OF STRUCTURED ENTiTiES (1) | 88 | 18 | 605 | 711 |
143
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
2024 | 2023 | |||
Annual fixed salary Chairman Board of Directors | EUR | 400,000 | 400,000 | (gross) |
Annual fixed salary Board Members | EUR | 25,000 | 25,000 | (gross) |
Attendance fee Chairman Board of Directors | EUR | 4,400 | 4,400 | (gross) |
Attendance fee Members Board of Directors | EUR | 2,200 | 2,200 | (gross) |
Attendance fee Chairman Board Committees | EUR | 4,800 | 4,800 | (gross) |
Attendance fee Members Board Committees | EUR | 2,400 | 2,400 | (gross) |
144
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
| Attendance | ||||
In euros | Fixed fees | fees board* | Total 2024 | |
Maxime JADOT | Chairman | 400,000 | 122,400 | 522,400 |
Michael ANSEEUW | Executive director | 25,000 | 30,800 | 55,800 |
Didier BEAUVOIS | Executive director (until 31 October 2024) | 20,833 | 24,200 | 45,033 |
| Dirk BOOGMANS (until GSM 18 April | Non-executive director | 6,250 | 16,000 | 22,250 |
| 2024) | ||||
| Antoinette d'ASPREMONT LYNDEN | Non-executive and independent director | 6,250 | 32,800 | 39,050 |
| (until GSM 18 April 2024) | ||||
Daniel de CLERCK | Executive director | 25,000 | 28,600 | 53,600 |
| Laurence de l’Escaille (as from GSM | Non-executive director | 18,750 | 71,233 | 89,983 |
| 18 April 2024) | ||||
Wouter DE PLOEY | Non-executive and independent director | 25,000 | 62,200 | 87,200 |
Anne LECLERCQ | Non-executive and independent director | 25,000 | 98,000 | 123,000 |
Piet VAN AKEN | Executive director | 25,000 | 30,800 | 55,800 |
Titia VAN WAEYENBERGE | Non-executive and independent director | 25,000 | 105,400 | 130,400 |
Stéphane VERMEIRE | Executive director | 25,000 | 30,800 | 55,800 |
Sandra WILIKENS | Executive director | 25,000 | 30,800 | 55,800 |
652,083 | 684,033 | 1,336,116 |
145
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
2024 | 2023 | |||
| Chief Executive | Other Members of | Chief Executive | Other Members of | |
| In euros | Officer | the Executive Board | Officer | the Executive Board |
| Remuneration | ||||
Fixed | 806,250 | 2,086,583 | 750,000 | 2,094,000 |
Cash part of variable | 173,502 | 445,120 | 168,128 | 499,000 |
Deferred part of variable | 141,252 | 377,880 | 133,192 | 341,000 |
Multi-annual variable compensation (1) | 119,000 | 246,400 | 119,000 | 308,000 |
Director's fees (2) | 55,800 | 338,193 | 51,400 | 339,016 |
Benefits in Kind (3) | 3,945 | 13,155 | 4,188 | 16,804 |
Pension, life insurance and orphan's pension (4) | 204,792 | 366,144 | 201,097 | 330,313 |
Total | 1,504,541 | 3,873,475 | 1,427,005 | 3,928,133 |
146
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
147
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
7.h Other related parties
Other related parties of the BNP Paribas Fortis comprise:
BNP Paribas (and all its subsidiaries) which has control
over BNP Paribas Fortis;
entities consolidated under the equity method);
and entities managing post-employment benefit plans
offered to BNP Paribas Fortis’ employees.
Transactions between BNP Paribas Fortis and related parties
are carried out on an arm’s length basis.
Relations between consolidated companies
A list of companies consolidated by BNP Paribas Fortis is
provided in note 7.k ‘Scope of consolidation’. Transactions
and outstanding balances between fully-consolidated entities
of BNP Paribas Fortis are eliminated.
Tables below show transactions carried out with entities
consolidated under the equity method and entities of the
BNP Paribas Group.
148
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Outstanding balances of related party transactions
31 December 2024 | 31 December 2023 | |||||
| Entities of the | Entities of the | |||||
| BNP Paribas | BNP Paribas | |||||
| In millions of euros | Group | Joint ventures | Associates | Group | Joint ventures | Associates (1) |
| ASSETS | ||||||
Demand accounts | 2,062 | - | 36 | 2,153 | - | 40 |
Loans | 13,889 | 57 | 137 | 15,339 | 59 | 221 |
Securities | 24 | - | 140 | 38 | - | 140 |
Other assets | 299 | - | 100 | 1,269 | - | 113 |
Total assets | 16,274 | 57 | 413 | 18,799 | 59 | 514 |
| LiABiLiTiES | ||||||
Demand accounts | 565 | - | 434 | 705 | 101 | 545 |
Other borrowings | 59,468 | - | 482 | 44,764 | - | 590 |
Other liabilities | 455 | - | 33 | 688 | - | 23 |
Total liabilities | 60,488 | - | 949 | 46,157 | 101 | 1,158 |
FiNANCiNG COMMiTMENTS AND GUARANTEE COMMiTMENTS | ||||||
Financing commitments given | 45 | - | 15 | 49 | 19 | 55 |
Guarantee commitments given | 5,995 | - | 80 | 5,857 | 7 | 60 |
Total | 6,040 | - | 95 | 5,906 | 26 | 115 |
BNP Paribas Fortis also carries out trading transactions with related parties involving derivatives (swaps, options and forwards,…)
and financial instruments (equities, bonds,….).
Related-party profit and loss items
Year to 31 Dec. 2024 | Year to 31 Dec. 2023 | |||||
| Entities of the | Entities of the | |||||
| BNP Paribas | BNP Paribas | |||||
| In millions of euros | Group | Joint ventures | Associates | Group | Joint ventures | Associates (1) |
Interest income | 2,099 | 6 | 15 | 1,702 | 6 | 19 |
Interest expense | (3,704) | - | (35) | (2,626) | (3) | (30) |
Commission income | 108 | - | 617 | 135 | - | 578 |
Commission expense | (103) | - | (40) | (124) | - | (23) |
Services provided | 91 | - | 46 | 88 | - | 46 |
Services received | (494) | - | (80) | (387) | - | (79) |
Lease income | 52 | - | 16 | 44 | - | 14 |
Total | (1,951) | 6 | 539 | (1,168) | 3 | 525 |
149
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
BNP Paribas Fortis entities managing certain post-employment benefit plans offered
to employees
BNP Paribas Fortis funds a number of pension schemes
managed by AG Insurance in which BNP Paribas Fortis has a
25% equity interest.
| In millions of euros | Not | Overnight | Up to 1 month | 1 to 3 | 3 months | 1 to 5 | More than | |
| at 31 December 2024 | determined | or demand | (excl. overnight) | months | to 1 year | years | 5 years | TOTAL |
Cash and balances at central banks | - | 26,538 | - | - | - | - | - | 26,538 |
Financial instruments at fair value through profit or loss | 8,108 | - | 809 | 740 | 1,160 | 160 | 39 | 11,017 |
Derivatives used for hedging purposes | 4,414 | - | - | - | - | - | - | 4,414 |
Remeasurement adjustment on interest- rate risk hedged portfolios | (468) | - | - | - | - | - | - | (468) |
Financial assets at fair value through other comprehensive income | 170 | - | - | 104 | 402 | 3,423 | 8,933 | 13,033 |
Financial assets at amortised cost | - | 8,479 | 16,648 | 16,579 | 35,202 | 98,531 | 88,578 | 264,018 |
Financial assets by maturity | 12,224 | 35,017 | 17,457 | 17,423 | 36,764 | 102,114 | 97,550 | 318,552 |
Deposits from central banks | - | 2,020 | - | - | - | - | - | 2,020 |
Financial instruments at fair value through profit or loss | 6,852 | - | 6,794 | 290 | 2,223 | 2,624 | 84 | 18,866 |
Derivatives used for hedging purposes | 7,318 | - | - | - | - | - | - | 7,318 |
Remeasurement adjustment on interest- rate risk hedged portfolios | (2,996) | - | - | - | - | - | - | (2,996) |
Financial liabilities at amortised cost | - | 168,912 | 26,265 | 28,292 | 29,460 | 36,559 | 14,445 | 303,933 |
Financial liabilities by maturity* | 11,174 | 170,932 | 33,059 | 28,582 | 31,683 | 39,183 | 14,529 | 329,141 |
150
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
| Up to 1 | ||||||||
| In millions of euros | Not | Overnight | month (excl. | 1 to 3 | 3 months | 1 to 5 | More than | |
| at 31 December 2023 | determined | or demand | overnight) | months | to 1 year | years | 5 years | TOTAL |
Cash and balances at central banks | - | 38,467 | - | - | - | - | - | 38,467 |
Financial instruments at fair value through profit or loss | 7,752 | - | 1,101 | 126 | 326 | 83 | 31 | 9,419 |
Derivatives used for hedging purposes | 5,418 | - | - | - | - | - | - | 5,418 |
Remeasurement adjustment on interest- rate risk hedged portfolios | (804) | - | - | - | - | - | - | (804) |
Financial assets at fair value through other comprehensive income | 149 | 35 | 225 | 20 | 146 | 2,486 | 7,741 | 10,802 |
Financial assets at amortised cost | - | 7,791 | 11,402 | 14,733 | 30,281 | 96,317 | 85,790 | 246,314 |
Financial assets by maturity | 12,515 | 46,293 | 12,728 | 14,879 | 30,753 | 98,886 | 93,562 | 309,616 |
Deposits from central banks | - | 1,971 | - | - | - | - | - | 1,971 |
Financial instruments at fair value through profit or loss | 6,835 | - | 10,630 | 527 | 767 | 2,491 | 97 | 21,347 |
Derivatives used for hedging purposes | 8,271 | - | - | - | - | - | - | 8,271 |
Remeasurement adjustment on interest- rate risk hedged portfolios | (3,895) | - | - | - | - | - | - | (3,895) |
Financial liabilities at amortised cost | - | 160,733 | 26,046 | 32,555 | 34,918 | 15,185 | 960 | 270,397 |
Financial liabilities by maturity* | 11,211 | 162,704 | 36,676 | 33,082 | 35,685 | 17,676 | 1,057 | 298,091 |
151
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
| 31 December 2024 | Estimated fair value | ||||
| In millions of euros | Level 1 | Level 2 | Level 3 | Total | Carrying value |
| FiNANCiAL ASSETS | |||||
Loans and advances to credit institutions and customers (1) | - | 23,896 | 199,162 | 223,058 | 225,318 |
Debt securities at amortised cost (note 4.e) | 13,451 | 249 | 204 | 13,904 | 15,283 |
| FiNANCiAL LiABiLiTiES | |||||
Deposits from credit institutions and customers | - | 276,222 | - | 276,222 | 276,229 |
Debt securities (note 4.h) | - | 20,822 | - | 20,822 | 20,758 |
Subordinated debt (note 4.h) | - | 6,930 | - | 6,930 | 6,946 |
| 31 December 2023 | Estimated fair value | ||||
| In millions of euros | Level 1 | Level 2 | Level 3 | Total | Carrying value |
| FiNANCiAL ASSETS | |||||
Loans and advances to credit institutions and customers (1) | - | 21,712 | 189,027 | 210,739 | 215,958 |
Debt securities at amortised cost (note 4.e) | 10,940 | 694 | 86 | 11,720 | 12,507 |
| FiNANCiAL LiABiLiTiES | |||||
Deposits from credit institutions and customers | - | 266,966 | - | 266,966 | 266,776 |
Debt securities (note 4.h) | - | 23,889 | - | 23,889 | 23,801 |
Subordinated debt (note 4.h) | - | 2,235 | - | 2,235 | 2,235 |
152
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
31 December 2024 | 31 December 2023 | ||||||||||
| Voting | interest | Voting | interest | ||||||||
Name | Country | Method | (%) | (%) | Ref. | Method | (%) | (%) | Ref. | ||
| Consolidating company | |||||||||||
BNP Paribas Fortis | |||||||||||
| Belgium | |||||||||||
AG Insurance | Belgium | Equity | 25.0% | 25.0% | Equity | 25.0% | 25.0% | ||||
Alpha Credit SA | Belgium | Full | 100.0% | 99.9% | Full | 100.0% | 99.9% | ||||
Arval Belgium NV SA | Belgium | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
Axepta BNPP Benelux | Belgium | Full | 100.0% | 99.9% | Full | 100.0% | 99.9% | ||||
Bancontact Payconiq Company | Belgium | Equity | 22.5% | 22.5% | Equity | 22.5% | 22.5% | ||||
Batopin | Belgium | Equity | 25.0% | 25.0% | Equity | 25.0% | 25.0% | ||||
Belgian Mobile ID | Belgium | Equity | 12.2% | 12.2% | Equity | 12.2% | 12.2% | ||||
BNP Paribas 3 Step IT (Belgium Branch) | Belgium | Full | 100.0% | 12.8% | Full | 100.0% | 12.8% | ||||
BNP Paribas Fortis Factor NV SA | Belgium | Full | 100.0% | 99.9% | Full | 100.0% | 99.9% | ||||
BNP Paribas Fortis Private Equity Belgium NV | Belgium | Full | 100.0% | 99.9% | Full | 100.0% | 99.9% | ||||
| BNP Paribas Fortis Private Equity Expansion | Belgium | S3 | Full | 100.0% | 99.9% | ||||||
| BNP Paribas Fortis Private Equity | Belgium | Full | 100.0% | 99.9% | Full | 100.0% | 99.9% | ||||
| Management | |||||||||||
| BNP Paribas Lease Group Belgium | Belgium | Full | 100.0% | 25.0% | Full | 100.0% | 25.0% | ||||
BNPP Fortis Film Finance | Belgium | Full | 99.9% | 99.9% | Full | 99.9% | 99.9% | ||||
bpost bank | Belgium | S4 | Full | 100.0% | 100.0% | ||||||
| CNH Industrial Capital Europe Belgium | Belgium | Full | 100.0% | 12.5% | Full | 100.0% | 12.5% | ||||
| Branch | |||||||||||
| Credissimo | Belgium | Full | 100.0% | 99.9% | Full | 100.0% | 99.9% | ||||
Credissimo Hainaut SA | Belgium | Full | 99.7% | 99.7% | Full | 99.7% | 99.7% | ||||
Crédit pour Habitations Sociales | Belgium | Full | 81.7% | 81.7% | Full | 81.7% | 81.7% | ||||
| BNP Paribas Fortis Credit Broker (ex | Belgium | Full | 99.9% | 99.9% | Full | 99.9% | 99.9% | ||||
| Demetris NV) | |||||||||||
Eos Aremas Belgium S.A./N.V. | Belgium | Equity | 49.9% | 49.9% | Equity | 49.9% | 49.9% | ||||
Es-Finance | Belgium | Full | 100.0% | 99.9% | Full | 100.0% | 99.9% | ||||
Fortis Lease Belgium | Belgium | Full | 100.0% | 25.0% | Full | 100.0% | 25,0% | ||||
FScholen | Belgium | Equity | 1 | 50.0% | 50.0% | Equity | 1 | 50.0% | 50.0% | ||
Immobilière Sauvenière S.A. | Belgium | Full | 100.0% | 99.9% | Full | 100.0% | 99.9% | ||||
153
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
31 December 2024 | 31 December 2023 | |||||||||
| Voting | interest | Voting | interest | |||||||
Name | Country | Method | (%) | (%) | Ref. | Method | (%) | (%) | Ref. | |
Private Equity Investments (a) | BE/FR/LU | FV | FV | |||||||
Isabel SA NV | Belgium | Equity | 25.3% | 25.3% | Equity | 25.3% | 25.3% | |||
Locadif | Belgium | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | ||
Microstart | Belgium | Full | 42.3% | 77.5% | Full | 42.3% | 76.8% | |||
Sowo Invest SA NV | Belgium | Full | 87.5% | 87.5% | Full | 87.5% | 87.5% | |||
Terberg Leasing Justlease Belgium BV | Belgium | Full | 99.9% | 100.0% | Full | 2 | 99.9% | 100.0% | ||
| Belgium - Special Purpose Entities | ||||||||||
Bass Master Issuer NV | Belgium | Full | Full | |||||||
Esmée Master Issuer | Belgium | Full | Full | |||||||
FL Zeebrugge | Belgium | Full | Full | |||||||
| Belgium - Structured Entities | ||||||||||
Epimede | Belgium | Equity | Equity | |||||||
| Luxembourg | ||||||||||
Arval Luxembourg SA | Luxembourg | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | ||
BGL BNP Paribas | Luxembourg | Full | 50.0% | 50.0% | Full | 50.0% | 50.0% | |||
BNP Paribas Fortis Funding S.A. | Luxembourg | Full | 100.0% | 99.9% | Full | 100.0% | 99.9% | |||
BNP Paribas Lease Group Luxembourg S.A. | Luxembourg | Full | 100.0% | 50.0% | Full | 100.0% | 50.0% | |||
BNP Paribas Leasing Solutions | Luxembourg | Full | 50.0% | 25.0% | Full | 50.0% | 25.0% | |||
Cardif Lux Vie | Luxembourg | Equity | 33.3% | 16.7% | Equity | 33.3% | 16.7% | |||
Cofhylux S.A. | Luxembourg | S4 | ||||||||
Luxhub SA | Luxembourg | Equity | 28.0% | 14.0% | Equity | 28.0% | 14.0% | |||
Visalux | Luxembourg | Equity | 25.3% | 12.6% | Equity | 25.3% | 12.6% | |||
Volantis SARL | Luxembourg | Full | 95.2% | 47.6% | E1 | |||||
| Rest of the world | ||||||||||
Aprolis Finance | France | Full | 51.0% | 12.8% | Full | 51.0% | 12.8% | |||
Artegy | France | Full | 100.0% | 25.0% | Full | 100.0% | 25.0% | |||
Artel | France | S4 | Full | 2 | 100.0% | 99.9% | ||||
Arval AB | Sweden | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% |
154
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
31 December 2024 | 31 December 2023 | ||||||||||
| Voting | interest | Voting | interest | ||||||||
Name | Country | Method | (%) | (%) | Ref. | Method | (%) | (%) | Ref. | ||
Arval AS | Denmark | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
Arval AS Norway | Norway | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
Arval Austria GmbH | Austria | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
Arval Brasil LTDA | Brazil | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
| Arval BV | The | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
| Netherlands | |||||||||||
| Arval CZ SRO | Czech | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
| Republic | |||||||||||
Arval Deutschland GmbH | Germany | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
Arval Fleet Services | France | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
Arval Hellas Car Rental SA | Greece | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
Arval LLC | Russia | Full | 99.9% | Full | 2 | 100.0% | 99.9% | ||||
| 100.0% | |||||||||||
Arval Magyarorszag KFT | Hungary | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
Arval Maroc SA | Morocco | Full | 66.7% | 66.7% | Full | 2 | 66.7% | 66.7% | |||
Arval Oy | Finland | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
Arval Relsa SPA | Chile | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | V1 | ||
| Arval Relsa Colombia SAS | Colombia | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | V1 | ||
Arval Schweiz AG | Switzerland | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
Arval Service Lease | France | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
| Arval Service Lease Aluger Operational | Portugal | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
| Automoveis SA | |||||||||||
Arval Service Lease Italia SPA | Italy | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
Arval Service Lease Polska SP ZOO | Poland | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
Arval Service Lease Romania SRL | Romania | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
Arval Service Lease SA | Spain | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
Arval Slovakia SRO | Slovakia | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
Arval Trading | France | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
| Arval UK Group Ltd | United | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
| Kingdom | |||||||||||
| Arval UK Leasing Services Ltd | United | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
| Kingdom | |||||||||||
| Arval UK Ltd | United | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
| Kingdom | |||||||||||
Bantas Nakit AS | Türkiye | Equity | 1 | 33.3% | 16.7% | Equity | 1 | 33.3% | 16.7% | ||
BGL BNP Paribas S.A. (Germany Branch) | Germany | Full | 100.0% | 50.0% | Full | 100.0% | 50.0% | ||||
BNL Leasing SPA | Italy | Equity | 26.2% | 6.5% | Equity | 26.2% | 6.5% | ||||
BNP Paribas 3 STEP IT | France | Full | 51.0% | 12.8% | Full | 51.0% | 12.8% | ||||
BNP Paribas 3 Step IT (Germany Branch) | Germany | Full | 100.0% | 12.8% | Full | 100.0% | 12.8% | ||||
BNP Paribas 3 Step IT (Italy Branch) | Italy | Full | 100.0% | 12.8% | Full | 100.0% | 12.8% | ||||
155
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
31 December 2024 | 31 December 2023 | |||||||||
| Voting | interest | Voting | interest | |||||||
Name | Country | Method | (%) | (%) | Ref. | Method | (%) | (%) | Ref. | |
| BNP Paribas 3 Step IT (Netherlands Branch) | The | Full | 100.0% | 12.8% | Full | 100.0% | 12.8% | |||
| Netherlands | ||||||||||
BNP Paribas 3 Step IT (Spain Branch) | Spain | Full | 100.0% | 12.8% | Full | 100.0% | 12.8% | E2 | ||
| BNP Paribas3 Step It (United kingdom Branch) | United | Full | 100.0% | 12.8% | Full | 100.0% | 12.8% | |||
| Kingdom | ||||||||||
| BNP Paribas Commercial Finance Limited | United | Full | 100.0% | 99.9% | Full | 100.0% | 99.9% | |||
| Kingdom | ||||||||||
BNP Paribas Factor AS | Denmark | Full | 100.0% | 99.9% | Full | 100.0% | 99.9% | |||
BNP Paribas Factor Gmbh | Germany | Full | S2 | Full | 100.0% | 99.9% | ||||
BNP Paribas Finansal Kiralama A.S. | Türkiye | Full | 100.0% | 26.1% | Full | 100.0% | 26.1% | |||
BNP Paribas Fortis (Spain branch) | Spain | Full | S1 | Full | 100.0% | 100.0% | ||||
| BNP Paribas Fortis (U.S.A branch) | United | Full | 100.0% | 100.0% | Full | 100.0% | 100.0% | |||
| States | ||||||||||
BNP Paribas Fortis Yatirimlar Holding AS | Türkiye | Full | 100.0% | 100.0% | Full | 100.0% | 100.0% | |||
BNP Paribas Lease Group | France | Full | 100.0% | 25.0% | Full | 100.0% | 25.0% | |||
BNP Paribas Leasing Solutions IFN S.A. | Romania | Full | 99.9% | 24.9% | Full | 99.9% | 24.9% | |||
| BNP Paribas Lease Group Leasing Solutions | Italy | Equity | 26.2% | 6.5% | Equity | 26.2% | 6.5% | |||
| S.P.A. | ||||||||||
BNP Paribas Lease Group Milan Branch | Italy | Full | 100.0% | 25.0% | Full | 100.0% | 25.0% | |||
| BNP Paribas Lease Group PLC | United | Full | 100.0% | 25.0% | Full | 100.0% | 25.0% | |||
| Kingdom | ||||||||||
BNP Paribas Lease Group (Germany Branch) | Germany | Full | 100.0% | 25.0% | Full | 100.0% | 25.0% | |||
| BNP Paribas Lease Group Sa (Portugal | Portugal | Full | 100.0% | 25.0% | Full | 100.0% | 25.0% | |||
| Branch) | ||||||||||
BNP Paribas Lease Group Sa (Spain Branch) | Spain | Full | 100.0% | 25.0% | Full | 100.0% | 25.0% | |||
BNP Paribas Lease Group Sp. Z.O.O | Poland | Full | 100.0% | 25.0% | Full | 100.0% | 25.0% | |||
| BNP Paribas Leasing Solutions Ltd. | United | Full | 100.0% | 25.0% | Full | 100.0% | 25.0% | |||
| Kingdom | ||||||||||
BNP Paribas Leasing Solutions A.S | Denmark | Full | 100.0% | 25.0% | Full | 100.0% | 25.0% | |||
| BNP Paribas Leasing Solutions N.V. | The | Full | 100.0% | 25.0% | Full | 100.0% | 25.0% | |||
| Netherlands | ||||||||||
BNP Paribas Leasing Solutions Suisse SA | Switzerland | Full | 100.0% | 25.0% | Full | 100.0% | 25.0% | |||
BNPP Asset Management Holding | France | Equity | 33.3% | 30.9% | Equity | 33.3% | 30.9% | |||
BNPP Bank Polska SA | Poland | Equity | 24.0% | 24.0% | Equity | 24.0% | 24.0% | V3 | ||
| BNPP Factoring Support | The | Full | 100.0% | 99.9% | Full | 100.0% | 99.9% | |||
| Netherlands | ||||||||||
| BNPP Fleet Holdings Ltd | United | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | ||
| Kingdom | ||||||||||
BNPP Leasing Solution AS | Norway | Full | 100.0% | 25.0% | Full | 100.0% | 25.0% | |||
BNPP Leasing Solutions AB | Sweden | Full | 100.0% | 25.0% | Full | 100.0% | 25.0% | |||
BNPP Leasing Solutions GmbH (Ex - All In One Vermietung GmbH) | Austria | Full | 100.0% | 25.0% | Full | 100.0% | 25.0% |
156
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
31 December 2024 | 31 December 2023 | ||||||||||
| Voting | interest | Voting | interest | ||||||||
Name | Country | Method | (%) | (%) | Ref. | Method | (%) | (%) | Ref. | ||
| BNPP Rental Solutions Ltd | United | S3 | |||||||||
| Kingdom | |||||||||||
BNPP Rental Solutions SPA | Italy | Full | 100.0% | 25.0% | Full | 100.0% | 25.0% | ||||
Claas Financial Services | France | Full | 51.0% | 12.8% | Full | 51.0% | 12.8% | ||||
Claas Financial Services (Germany Branch) | Germany | Full | 100.0% | 12.8% | Full | 100.0% | 12.8% | ||||
Claas Financial Services (Italy Branch) | Italy | Full | 100.0% | 12.8% | Full | 100.0% | 12.8% | ||||
| Claas Financial Services Ltd | United | Full | 51.0% | 12.8% | Full | 51.0% | 12.8% | ||||
| Kingdom | |||||||||||
Claas Financial Services (Poland Branch). | Poland | Full | 100.0% | 12.8% | Full | 100.0% | 12.8% | ||||
Claas Financial Services (Spain Branch) | Spain | Full | 100.0% | 12.8% | Full | 100.0% | 12.8% | ||||
Cent ASL | France | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
CNH Industrial Capital Europe Gmbh | Austria | Full | 100.0% | 12.5% | Full | 100.0% | 12.5% | ||||
CNH Industrial Capital Europe | France | Full | 50.1% | 12.5% | Full | 50.1% | 12.5% | ||||
| CNH Industrial Capital Europe BV | The | Full | 100.0% | 12.5% | Full | 100.0% | 12.5% | ||||
| Netherlands | |||||||||||
CNH Industrial Capital Europe (Italy Branch) | Italy | Full | 100.0% | 12.5% | Full | 100.0% | 12.5% | ||||
| CNH Industrial Capital Europe Ltd | United | Full | 100.0% | 12.5% | Full | 100.0% | 12.5% | ||||
| Kingdom | |||||||||||
| CNH Industrial Capital Europe (Poland Branch) | Poland | Full | 100.0% | 12.5% | Full | 100.0% | 12.5% | ||||
| CNH Industrial Capital Europe (Germany | Germany | Full | 100.0% | 12.5% | Full | 100.0% | 12.5% | ||||
| Branch) | |||||||||||
| CNH Industrial Capital Europe (Spain Branch) | Spain | Full | 100.0% | 12.5% | Full | 100.0% | 12.5% | ||||
Cofiparc | France | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
Comercializadora de Vehiculos SA | Chile | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | V1 | ||
| Creation Consumer Finance Ltd | United | Full | 100.0% | 99.9% | Full | 100.0% | 99.9% | E3 | |||
| Kingdom | |||||||||||
| Creation Financial Services Ltd | United | Full | 100.0% | 99.9% | Full | 100.0% | 99.9% | E3 | |||
| Kingdom | |||||||||||
FCT Pulse France 2022 | France | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | |||
Fortis Lease | France | Full | 100.0% | 25.0% | Full | 100.0% | 25.0% | ||||
Fortis Lease Deutschland Gmbh | Germany | S3 | |||||||||
Fortis Lease Iberia SA | Spain | S1 | |||||||||
Fortis Lease Portugal | Portugal | S1 | |||||||||
| Fortis Lease Uk Ltd | United | Full | 100.0% | 25.0% | Full | 100.0% | 25.0% | ||||
| Kingdom | |||||||||||
| Fortis Vastgoedlease B.V. | The | S3 | Full | 100.0% | 25.0% | ||||||
| Netherlands | |||||||||||
Greenval Insurance DAC | Ireland | Full | 2 | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | ||
| Heffiq Heftruck Verhuur BV | The | Full | 50.1% | 12.5% | Full | 50.1% | 12.5% | ||||
| Netherlands | |||||||||||
JCB Finance | France | Full | 100.0% | 12.5% | Full | 100.0% | 12.5% |
157
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
31 December 2024 | 31 December 2023 | |||||||||
| Voting | interest | Voting | interest | |||||||
Name | Country | Method | (%) | (%) | Ref. | Method | (%) | (%) | Ref. | |
| JCB Finance Holdings Ltd | United | Full | 50.1% | 12.5% | Full | 50.1% | 12.5% | |||
| Kingdom | ||||||||||
JCB Finance (Italy Branch) | Italy | Full | 100.0% | 12.5% | Full | 100.0% | 12.5% | |||
JCB Finance (Germany Branch) | Germany | Full | 100.0% | 12.5% | Full | 100.0% | 12.5% | |||
| JFL BNP Paribas Agriculture And Technology | China | Equity | 100% | 99.9% | E2 | |||||
| Financial Leasing Co Ltd | ||||||||||
Louveo | France | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | ||
| Manitou Finance Ltd. | United | Full | 51.0% | 12.8% | Full | 51.0% | 12.8% | |||
| Kingdom | ||||||||||
MGF | France | Full | 51.0% | 12.8% | Full | 51.0% | 12.8% | |||
MGF (Germany Branch) | Germany | Full | 100.0% | 12.8% | Full | 100.0% | 12.8% | |||
| MGF (Italy Branch) | Italy | Full | 100.0% | 12.8% | Full | 100.0% | 12.8% | |||
| Personal Car Lease BV | The | S4 | ||||||||
| Netherlands | ||||||||||
Public Location Longue Durée | France | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | ||
| Pulse UK 2024 PLC | United | Full | 100.0% | 99.9% | E1 | |||||
| Kingdom | ||||||||||
Rentaequipos Leasing SA | Chile | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | V1 | |
Rentaequipos Leasing Peru SA | Peru | Full | 100.0% | 99.9% | Full | 2 | 100.0% | 99.9% | V1 | |
Same Deutz Fahr Finance | France | Full | 100.0% | 25.0% | Full | 100.0% | 25.0% | |||
TEB Arval Arac Filo Kiralama A.S. | Türkiye | Full | 100.0% | 74.9% | Full | 2 | 100.0% | 74.9% | ||
TEB ARF Teknoloji Anonim Sirketi | Türkiye | Full | 100.0% | 48.7% | Full | 100.0% | 48.7% | |||
TEB Faktoring A.S. | Türkiye | Full | 100.0% | 48.7% | Full | 100.0% | 48.7% | |||
TEB Finansman AS | Türkiye | Full | 100.0% | 48.7% | Full | 100.0% | 48.7% | E3 | ||
TEB Holding A.S. | Türkiye | Full | 50.0% | 49.9% | Full | 50.0% | 49.9% | |||
| TEB SH A | Serbia | Full | 100.0% | 49.9% | Full | 100.0% | 49.9% | |||
| TEB YATIRIM MENKUL DEGERLER A.S. | Türkiye | Full | 100.0% | 48.7% | Full | 100.0% | 48.7% | |||
| Terberg Business Lease Group BV | The | Full | Full | S4 | ||||||
| Netherlands | ||||||||||
Turk Ekonomi Bankasi A.S. | Türkiye | Full | 76.2% | 48.7% | Full | 76.2% | 48.7% | |||
| Rest of the world - Special Purpose Entities | ||||||||||
Pixel 2021 | France | Full | Full |
158
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
| Year to 31 Dec. 2024 | ||||||
| Excluding tax, | Deloitte | Others | Total | |||
| in thousands of euros | Amount | % | Amount | % | Amount | % |
| Audit | ||||||
| Statutory audit | 7,170 | 90% | 2,399 | 80% | 9,569 | 87% |
| engagement | ||||||
- BNP Paribas Fortis | 1,742 | 22% | - | 0% | 1,742 | 16% |
| - Consolidated | 5,428 | 68% | 2,399 | 80% | 7,827 | 71% |
| subsidiaries | ||||||
Services other than those required for the statutory | 837 | 10% | 583 | 20% | 1,420 | 13% |
| audit engagement | ||||||
- BNP Paribas Fortis | 54 | 1% | 68 | 2% | 122 | 1% |
| - Consolidated | 783 | 9% | 515 | 18% | 1,298 | 12% |
| subsidiaries | ||||||
TOTAL | 8,007 | 100% | 2,982 | 100% | 10,989 | 100% |
| Year to 31 Dec. 2023 | ||||||||
| Excluding tax, | Deloitte | PwC | Others | Total | ||||
| in thousands of euros | Amount | % | Amount | % | Amount | % | Amount | % |
| Audit | ||||||||
| Statutory audit | 4,959 | 84% | 876 | 80% | 3,024 | 94% | 8,859 | 87% |
| engagement | ||||||||
- BNP Paribas Fortis | 1,276 | 22% | 161 | 15% | 12 | 0% | 1,449 | 14% |
| - Consolidated | 3,683 | 62% | 715 | 65% | 3,012 | 94% | 7,410 | 72% |
| subsidiaries | ||||||||
Services other than those required for the statutory | 959 | 16% | 216 | 20% | 199 | 6% | 1,374 | 13% |
| audit engagement | ||||||||
- BNP Paribas Fortis | 160 | 3% | 53 | 5% | 65 | 2% | 278 | 3% |
| - Consolidated | 799 | 14% | 163 | 15% | 134 | 4% | 1,096 | 10% |
| subsidiaries | ||||||||
TOTAL | 5,918 | 100% | 1,092 | 100% | 3,223 | 100% | 10,233 | 100% |
159
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
7.m Cash Flow Statement - Detail on investing and
financing activities
| In millions of euros | Year to 31 Dec. 2024 | Year to 31 Dec. 2023 |
Net decrease in cash related to acquisitions and disposals of consolidated entities | 157 | 46 |
Net increase related to property, plant and equipment and intangible assets | (357) | (74) |
of which acquisitions | (510) | (447) |
of which disposals | 153 | 373 |
Net decrease in cash and equivalents related to investing activities | (200) | (28) |
Net increase in cash and equivalents related to transactions with shareholders | (183) | (3,341) |
of which dividends paid | (3,170) | (3,223) |
of which subordinated debts acquisition | 3,000 | - |
of which other | (13) | (118) |
Net decrease in cash and equivalents genereated by other financing activities | 4,778 | 6,847 |
of which Long term subordinated borrowings repayment | - | (1,030) |
of which Long term subordinated securities issuance | 4,657 | 1,000 |
of which Long term subordinated securities repayment | (19) | (93) |
of which bond debt issuance | 6,148 | 4,992 |
of which bond debt repayment | (6,010) | (570) |
of which Non-preferred senior debt issuance | - | 2,500 |
of which other | 2 | 48 |
Net increase in cash and equivalents related to financing activities | 4,595 | 3,506 |
7.n Events after the reporting period
There have been no material events since the balance sheet date that would require adjustments to the Consolidated Financial
Statements as at 31 December 2024.
160
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
RISK MANAGEMENT AND
CAPITAL ADEQUACY
162
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Introduction
The information presented in this chapter reflects the risks
carried by BNP Paribas Fortis. It provides a description of
BNP Paribas Fortis’ risk management organisation and a
quantitative and qualitative overview of BNP Paribas Fortis’
risk exposure at year-end 2024.
BNP Paribas Fortis’ risk measures are presented according
to the Basel III principles under the prudential scope of con-
solidation. These risks, calculated using methods approved
by the Belgian banking supervisor, i.e. the National Bank of
Belgium (NBB) and the European banking supervisor, i.e. the
European Central Bank (ECB), are measured and managed
as consistently as possible with the BNP Paribas Group Risk
methodologies.
A more detailed picture of BNP Paribas Fortis’ risk manage-
ment and risk exposure according to Pillar 3 requirements is
provided in the ‘Pillar 3 disclosure’.
Further details on the BNP Paribas Group’s approach to the
measuring and managing of risks resulting from banking
activities can be found in the Universal Registration Document
and the BNP Paribas Annual Financial Report 2024.
163
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
164
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Transaction Approval Committees (TAC): The role and
process requirements of the TAC are set out in the TAC/
NAC Policy, Exceptional transactions are non-recurring,
outstanding, often composite or structured transactions,
which are not covered by the bank’s risk policies or cannot
fit in a longstanding and accepted practice, because of
significantly unusual or complex features and, hence,
cannot be handled through the approval framework. Such
transactions must be reviewed and approved through a
validation process before they are concluded. The TAC
is the decision-making forum in which the business or
function approves execution of the transaction or activity
considering the opinion of Compliance, RISK, Legal and the
relevant functions.
New Activity Committee (NAC): The role and process
requirements of the NAC are likewise set out in the TAC/
NAC Policy. A new activity is one that cannot be instigated,
monitored or administered within the bank’s existing
written guidelines, policies, procedures or systems and
hence, does not fit in the approval framework. A new
activity, a generic term standing also for new products or
services, must be validated through a formal validation
process before being launched. The NAC is the decision-
making forum in which the business or function approves
execution of the transaction or activity considering the
opinion of Compliance, RISK, Legal, Finance and the rel-
evant functions.
Committee retains an overview of all preventive and
remedial measures regarding fraud, monitors the evolu-
tion of the fraud incidents (numbers and losses) and the
underlying causes, and where necessary ensures remedia-
tion actions are taken and arbitrates on priority setting.
Organisation:
Supervisory Level
In accordance with article 27 of the Banking Law, BNP Paribas
Fortis is required to set up a separate Risk Committee to assist
the Board of Directors with risk related matters. The Risk
Committee shall, upon request of the Board of Directors, assist
(and make recommendations to) the Board of Directors in all
risk related matters. In addition, several special competences
of the Risk Committee are set forth in article 29 of the Banking
Law and are listed herewith: (i) risk tolerance, (ii) price setting
and (iii) remuneration policy.
Executive Level
Specific delegations of authority have been given by the
Executive Board to a number of management committees
specifically composed for the handling of risk management.
The main risk committees at the executive management level
are as follows:
Credit Committee and is the representative entity of the
bank’s ExBo on credit and counterparty matters, and
more specifically: on credit and counterparty risk expo-
sures originated by all Businesses within the bounds of
granted delegations, approved Credit Policies and within
the lending limit of the bank: ensuring that the quality of
the commitments made correspond to an “acceptable”
risk level for the bank, coherent between Businesses and
ultimately within its rating, stated risk appetite and risk-
reward objectives;
Financial Markets Risk Committee: (FMRC): defines and
enforces the market and counterparty credit risk strategy,
policies, methods and limits of, but not restricted to, Global
Markets but excluding ALM/Treasury;
liquidity position of the bank and the interest rate risk and
foreign exchange risk in the banking book;
the risk strategy and the bank’s risk policy and defines
and enforces investment and credit policies, methods and
thresholds at business/ portfolio/ steering center level; and
Committee on impairments and Provisions (CiP): together
with the Finance department): consolidates provisions
and impairments.
iSSC: Information Security Steering Committee steers
the implementation of a proper Information Security
Management System and enables sound risk decision
making to ensure that the organization’s Information
Assets are adequately protected against information
security threats.
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BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Chief Risk Officer (CRO): The RISK function is headed by
the Chief Risk Officer. The CRO is appointed by the Board
of Directors upon recommendation by the Governance and
Nomination Committee and subject to prior approval by the
relevant supervisor. S/he is in principle appointed for the
duration of his/her term as member of the Executive Board
and Board of Directors.
Being responsible for an independent control function, the
CRO can abide from his/her function only upon prior approval
by the Board of Directors and upon prior notification to the
relevant supervisor
1
. The CRO functionally reports to the CEO.
The CRO heads the various RISK functions:
BNP Paribas Fortis RiSK BRB: RISK Belgian Retail Banking,
part of RISK Commercial Public Banking & Services, is
responsible for the management of credit risks arising
from all Business Lines within the perimeter of BNP Paribas
Fortis (Retail, Affluent and Private Banking Belgium,
Corporate Banking excl. CIB).
BNP Paribas Fortis RiSK CiB: RISK Corporate & Institutional
Banking, part of RISK CIB, is tasked to provide full transpar-
ency and a dynamic analysis of market & counterparty
risks to all BNP Paribas Fortis businesses excluding ALM/
Treasury and is responsible for the management of credit
risks on Financial Institutions, on Sovereigns and on
Corporates belonging to BNP Paribas Fortis CIB.
BNP Paribas Fortis RiSK ORM: RISK Operational Risk
Management defines in consultation with the other
Functions exercising second level controls the framework
of operational risk and permanent control to be applied by
1
Article 61 of the Banking Law.
the first and second lines of defence. Furthermore, RISK
ORM acts as second line of defence on the operational risks
domains defined in the Organisational Framework and
Governance Framework for Operational Risk Management
and Permanent Control.
BNP Paribas Fortis RiSK ERA: RISK Enterprise Risk
Architecture is responsible for the Regulatory Affairs, RISK
analytics and modelling, RISK strategic analysis, reporting
and provisioning, RISK ALM–treasury and liquidity.
Chief Operating Office is responsible for Operational
Permanent Control (ensuring first-line control of the
RISK function), the management of IT-accesses and of the
continuity of the RISK activities (managed by the Business
Security and Continuity Office), the RISK Operating Office
(coordinating the non-core support functions), projects
related to change management and communication.
BNP Paribas Fortis DPO: the Data Protection Office is
responsible for monitoring compliance with personal data
privacy and protection regulatory requirements.
Control is responsible for model risk management and the
independent review of models in the area of (1) credit risk,
(2) market- and counterparty risk and (3) operational risk.
Tribe Risk & Credits: is responsible for products, processes,
IT assets and Data related to credit and risk manage-
ment. The Tribe Risk & Credits is not part of the integrated
RISK function.
Oversight responsibilities:
Outside Belgium, alongside the existing local and global
reporting lines, the CROs of companies that remain within the
BNP Paribas Fortis Governance Perimeter inform the CRO of
BNP Paribas Fortis in order to ensure compliance with internal
and external rules.
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BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
2 Risk measurement and categories
2.a Risk measurement
To assess and measure risks, BNP Paribas Fortis uses several
qualitative and/or quantitative methodologies. These range
from regular reporting on matters such as concentration
and quantitative and qualitative portfolio overviews to more
sophisticated quantitative risk models for estimating internal
risk parameters. The latter include probability of default, loss
given default, exposure at default and expected loss (for credit
risk) and Value at Risk (for market risk).
The development and review of these models, and their
validation, are subject to bank-wide standards in order to
ensure adequacy and consistency.
The monitoring of the observed risk parameters, stress tests
and model-based expectations are then compared to a frame-
work of limits and risk guidelines.
Ultimately, all these risk measurements, together with stress
tests, are then consolidated in Risk dashboards, which provide
a general overview for senior management. These summary
documents are intended to provide a basis for well-founded
decisions and are subject to on-going improvements.
167
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
Operational risk
Operational risk is the risk of incurring a loss due to inadequate
or failed internal processes, or due to external events, whether
deliberate, accidental or natural occurrences. Management of
operational risk is based on an analysis of the ‘cause-event-
effect’ chain.
Internal processes giving rise to operational risk may involve
employees and/or IT systems. External events include, but are
not limited to: floods, fire, earthquakes, terrorist attacks and
health risks related to a pandemic such as the coronavirus
outbreak. Credit or market events such as default or fluctua-
tions in value do not fall within the scope of operational risk.
Operational risk encompasses fraud, human resources risks,
legal risks, non-compliance risks, tax risks, information
system risks, conduct risks (risks related to the provision of
inappropriate financial services), risks relating to failures in
operating processes, including loan procedures or model risks,
as well as any potential financial implications resulting from
the management of reputational risk.
Compliance and reputational risk
Compliance risk is the risk of legal, administrative or disci-
plinary sanctions, together with the significant financial loss
that a bank may suffer as a result of its failure to comply with
all the laws, regulations, codes of conduct and standards of
good practice applicable to banking and financial activities,
including instructions given by an executive body, particularly
in the application of guidelines issued by a supervisory body.
By definition, compliance risk is a sub-category of operational
risk. However, as certain implications of compliance risk
involve more than a purely financial loss and may actually
damage the institution’s reputation, the bank treats compli-
ance risk separately.
Reputational risk is the risk of damaging the trust placed in
a corporation by its customers, counterparties, suppliers,
employees, shareholders, regulators and any other stake
-
holder whose trust is an essential condition for the corporation
to carry out its day-to-day operations.
Reputational risk is primarily contingent on all the other risks
borne by the bank.
Asset-liability management risk
Asset-liability management risk is the risk of incurring a loss as
a result of mismatches in interest rates, maturities or nature
between assets and liabilities. Asset-liability management
risk arises in non-trading portfolios and primarily relates to
global interest rate risk.
Environmental risk
Environmental risks and, more particularly, those associated
with climate change are a financial risk for the bank. They may
affect it, either directly on its own operations, or indirectly via
its financing and investment activities. There are two main
types of risks related to climate change: (i) transition risks,
which result from changes in the behaviour of economic and
financial actors in response to the implementation of energy
policies or technological changes; (ii) physical risks, which
result from the direct impact of climate change on people
and property through extreme weather events or long-term
risks such as rising water levels or increasing temperatures. In
addition, liability risks may arise from both categories of risk.
They correspond to the damages that a legal entity would have
to pay if it were found to be responsible for global warming.
168
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
169
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
| 31 December 2024 | |
| In millions of euros | Basel iii |
| Common Equity Tier 1 (CET1) capital: instruments and reserves | |
Capital instruments and the related share premium accounts | 11,905 |
Retained earnings | 12,913 |
Accumulated other comprehensive income (and other reserves) | (2,447) |
Minority interests (amount allowed in consolidated CET 1) | 1,873 |
Independently reviewed interim profits net of any foreseeable charge or dividend | 2,864 |
COMMON EQUiTY TiER 1 (CET1) CAPiTAL BEFORE REGULATORY ADJUSTMENTS | 27,107 |
Common Equity Tier 1 (CET1): regulatory adjustments | (2,880) |
COMMON EQUiTY TiER 1 (CET1) CAPiTAL | 24,227 |
Additional Tier 1 (AT1) capital: instruments | 3,669 |
Additional Tier 1 (AT1) capital: regulatory adjustments | - |
ADDiTiONAL TiER 1 (AT1) CAPiTAL | 3,669 |
TiER 1 CAPiTAL (T1 = CET1 + AT1) | 27,895 |
Tier 2 (T2) capital: instruments and provisions | 4,989 |
Tier 2 (T2) capital: regulatory adjustments | (183) |
TiER 2 (T2) CAPiTAL | 4,806 |
TOTAL CAPiTAL (TC = T1 + T2) | 32,701 |
In millions of euros | 31 December 2024 | 31 December 2023 |
Common equity Tier 1 Capital (CET1) | 24,227 | 20,947 |
Tier 1 Capital | 27,895 | 21,715 |
Total Capital | 32,701 | 22,701 |
| Risk weighted commitments | ||
Credit risk | 145,617 | 103,065 |
Securitisation | 763 | 969 |
Counterparty Risk | 1,819 | 1,372 |
Equity Risk | 9,095 | 13,203 |
Market risk | 2,016 | 1,579 |
Operational risk | 13,197 | 8,785 |
TOTAL RiSK WEiGHTED COMMiTMENTS | 172,505 | 128,972 |
CET 1 ratio | 14.04% | 16.24% |
Tier 1 ratio | 16.17% | 16.84% |
Total capital ratio | 18.96% | 17.60% |
170
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
In millions of euros | 31 December 2024 | 31 December 2023 |
ON-BALANCE EXPOSURE (EXCL. REPO & DERiVATiVES) | 344,843 | 320,310 |
REPO'S AND DERiVATiVES | 24,005 | 19,884 |
Repurchase agreements and securities lending/borrowing | 18,782 | 15,494 |
Replacement cost of derivatives transactions | 3,411 | 2,785 |
Add-on for potential future risk derivatives | 2,179 | 1,933 |
Cash variation margins | (367) | (327) |
| OFF-BALANCE EXPOSURE | 32,453 | 24,474 |
| (ADJUSTED FOR CONVERSiON TO CREDiT EQUiVALENT. ART.429 CRR) | ||
TOTAL EXPOSURE | 401,300 | 364,668 |
REGULATORY ADJUSTMENTS | (2,883) | (2,498) |
TiER 1 CAPiTAL | 27,895 | 21,715 |
LEVERAGE RATiO | 7.00% | 6.00% |
171
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
31 December 2024 | 31 December 2023 | |||||
| Standardised | Standardised | |||||
| In millions of euros | iRBA | Approach | Total | iRBA | Approach | Total |
Central governments and central banks | 45,650 | 7,601 | 53,251 | 51,291 | 8,021 | 59,312 |
Corporates | 122,501 | 36,894 | 159,395 | 131,333 | 22,147 | 153,480 |
Institutions ** | 13,722 | 7,503 | 21,225 | 12,913 | 5,888 | 18,802 |
Retail | 95,510 | 52,174 | 147,684 | 93,971 | 46,742 | 140,713 |
Securitisation positions | 2,906 | 366 | 3,271 | 4,022 | 491 | 4,513 |
Other non-credit-obligation assets *** | - | 36,810 | 36,810 | - | 4,975 | 4,975 |
TOTAL EXPOSURE | 280,289 | 141,348 | 421,637 | 293,530 | 88,264 | 381,794 |
172
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
31 December 2024 | 31 December 2023 | |||
| In millions of euros | Exposure | % | Exposure | % |
Agriculture, Food, Tobacco | 15,264 | 4% | 13,693 | 4% |
Financial services | 53,145 | 12% | 54,752 | 14% |
Chemicals excluding Pharmaceuticals | 3,538 | 1% | 4,111 | 1% |
Construction | 10,073 | 2% | 11,513 | 3% |
Retailers | 4,726 | 1% | 6,605 | 2% |
Equipment excluding IT | 6,085 | 1% | 6,705 | 2% |
Real estate | 33,417 | 8% | 31,994 | 8% |
Metals & Mining | 7,369 | 1% | 5,687 | 1% |
Wholesale & Trading | 13,012 | 3% | 11,967 | 3% |
Business services | 23,763 | 6% | 40,346 | 11% |
Transportation & Logistics | 12,677 | 3% | 10,155 | 3% |
Utilities (electricity, gas, water, etc.) | 10,269 | 2% | 11,122 | 3% |
Retail | 120,641 | 30% | 103,872 | 26% |
Sovereign & public sector | 28,017 | 7% | 22,837 | 6% |
Other | 76,370 | 19% | 41,924 | 11% |
TOTAL | 418,365 | 100% | 377,283 | 100% |
| 31 December 2024 | ||||||
| Basel iii | ||||||
| Central | ||||||
| governments | ||||||
| and central | ||||||
| In millions of euros | banks | Corporates | institutions | Retail | Total | % |
Europe | 45,969 | 142,596 | 17,626 | 171,852 | 378,043 | 90% |
Belgium | 27,613 | 75,954 | 9,544 | 97,422 | 210,533 | 50% |
Netherlands | 21 | 6,274 | 1,378 | 4,949 | 12,622 | 3% |
Luxembourg | 13,041 | 13,460 | 853 | 10,222 | 37,577 | 9% |
France | 704 | 7,552 | 2,331 | 11,709 | 22,296 | 5% |
Other European countries | 4,589 | 39,356 | 3,520 | 47,551 | 95,016 | 23% |
North America | 306 | 2,766 | 310 | 219 | 3,600 | 1% |
Asia & Pacific | 218 | 1,127 | 239 | 113 | 1,698 | 0% |
Rest of the World | 6,758 | 12,906 | 3,049 | 12,310 | 35,023 | 8% |
TOTAL | 53,251 | 159,395 | 21,225 | 184,494 | 418,365 | 100% |
* Credit risk exposure excludes DTA’s risk weighted at 250%, default fund contributions to CCPs and securitisation positions
173
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
| 31 December 2023 | ||||||
| Basel iii | ||||||
| Central | ||||||
| governments | ||||||
| and central | ||||||
| In millions of euros | banks | Corporates | institutions | Retail | Total | % |
Europe | 52,436 | 137,806 | 16,737 | 138,360 | 345,340 | 92% |
Belgium | 34,018 | 73,066 | 9,663 | 95,938 | 212,684 | 56% |
Netherlands | 5 | 4,820 | 1,431 | 3,412 | 9,667 | 3% |
Luxembourg | 14,759 | 12,658 | 226 | 9,699 | 37,343 | 10% |
France | 503 | 13,938 | 2,801 | 4,987 | 22,228 | 6% |
Other European countries | 3,151 | 33,323 | 2,617 | 24,325 | 63,417 | 17% |
North America | 1,058 | 3,691 | 195 | 199 | 5,143 | 1% |
Asia & Pacific | 54 | 1,213 | 289 | 115 | 1,672 | 0% |
Rest of the World | 5,763 | 10,771 | 1,581 | 7,013 | 25,128 | 7% |
TOTAL | 59,312 | 153,480 | 18,802 | 145,689 | 377,283 | 100% |
174
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
175
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
RWAs | Capital requirements | |||
| 31 December | 31 December | 31 December | 31 December | |
| In millions of euros | 2024 | 2023 | 2024 | 2023 |
internal model | 778 | 752 | 62 | 60 |
VAR | 158 | 154 | 13 | 12 |
Stressed VAR | 566 | 518 | 45 | 41 |
Incremental Risk Charge (IRC) | 54 | 81 | 4 | 6 |
Comprehensive Risk Measure (CRM) | - | - | - | - |
Standardised approach | 1,238 | 827 | 99 | 66 |
Trading book securitisation positions | - | - | - | - |
MARKET RiSK | 2,016 | 1,579 | 161 | 126 |
176
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
177
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
31 December 2024 | 31 December 2023 | |||||
| In millions of euros | Average | Minimum | Maximum | End of Year | Average | End of Year |
Interest rate risk | 1.0 | 0.7 | 1.5 | 1.3 | 1.5 | 1.4 |
Credit risk | 0.3 | 0.1 | 0.5 | 0.2 | 0.4 | 0.4 |
Foreign exchange risk | 0.2 | 0.1 | 0.4 | 0.1 | 0.4 | 0.2 |
Equity risk | - | - | - | - | - | - |
Commodity price risk | - | - | - | - | - | - |
Netting effect | (0.4) | (0.2) | (0.9) | (0.4) | (0.6) | (0.6) |
TOTAL VALUE AT RiSK | 1.1 | 0.7 | 1.6 | 1.3 | 1.6 | 1.4 |
31 December 2024 | 31 December 2023 | |||||
| In millions of euros | Average | Minimum | Maximum | End of Year | Average | End of Year |
STRESSED VALUE AT RiSK | 3.7 | - | 5.0 | 3.8 | 2.5 | 2.8 |
178
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
179
BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
| Banking Book | ||
In millions of euros | 31 December 2024 | 31 December 2023 |
| Eurozone | ||
Belgium | 9,858 | 8,188 |
Italy | 605 | 624 |
Spain | 561 | 265 |
Luxembourg | 542 | 542 |
Austria | 526 | 380 |
France | 39 | 25 |
Finland | 25 | 75 |
Cyprus | 21 | 1 |
Germany | 2 | 2 |
The Netherlands | - | - |
Total eurozone | 12,179 | 10,102 |
Other countries in European Economic Area (EEA) | - | |
Czech Republic | 39 | 38 |
Others | 25 | 1 |
Total other EEA | 64 | 39 |
Other countries | - | - |
Turkey | 2,667 | 1,750 |
Others | 16 | 36 |
Total other countries | 2,683 | 1,786 |
TOTAL | 14,926 | 11,927 |
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BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
7 Operational risk
Risk management framework
Regulatory framework
In line with the BNP Paribas Group framework, BNP Paribas
Fortis has implemented an all-embracing, single, operational
Risk Management framework for the entire bank, which com-
plies with the Banking Regulation. This approach supports the
organisation by offering better management of risk through
heightened operational risk awareness. It ensures effective
measurement and monitoring of the operational risk profile.
Key players and governance
An appropriate risk management structure has been created
around a model with three levels of defense, which places the
primary responsibility for operational risk management and
mitigation with the Businesses. Within BNP Paribas Fortis, the
main control functions providing the second line of defence
are Compliance, Legal and RISK. Their role is to ensure that
the operational Risk Management framework is properly
embedded, that the operational risks that are identified,
assessed, measured and managed reflect the true risk profile
and that the resulting levels of own funds are adequate. The
third line of defense is provided by the General Inspection
(internal audit) department, which provides assurance that
risk structures and policies are being properly implemented.
The main governance bodies for the areas of Operational Risk
& Internal Control are the Internal Control Committees (ICC’s)
who bring together the key stakeholders from the three lines
of defence to discuss and agree on the main topics pertaining
to operational risks, including operational and organisa-
tional aspects.
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BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
8 Compliance and reputational risk
Compliance mission
The overall mission of the Compliance department is to
provide reasonable assurance of the consistency and effective-
ness of the compliance of BNP Paribas Fortis’ activities and
to safeguard the bank’s reputation through binding advices,
oversight and independent controls. More specifically, the
compliance function gives reasonable assurance that com-
pliance, regulatory and reputational risks are monitored,
controlled and mitigated as relevant.
The Compliance department’s role, as a second line of defense,
is to supervise the effective management of compliance risk.
This involves policy-setting, providing advice, performing
controls, providing assurance that the bank is complying with
rules and regulations and raising the awareness of colleagues
of the need to follow key compliance principles:
financial security: customer due diligence, anti-money
laundering, combating the financing of terrorism, financial
sanctions/embargoes and disclosure to financial intel-
ligence units; fiscal deontology, prevention of corruption
and bribery;
customer protection: compliance of the bank’s organisation
and processes with the customer protection regulatory
obligations regarding invest, lending, insurance and daily
banking services;
employee integrity: covers the codes of conduct, gifts &
invitations policy, conflicts of interest, whistleblowing
policy and a personal transactions policy;
market integrity: market abuse, banking laws, conflicts
of interest.
The Compliance department sets policies and gives binding
advice in these areas. The advice from Compliance may be
escalated to a higher level until consensus is found, so as to
ensure appropriate issue resolution.
Compliance organisational setup
The Compliance function is organised as an independent,
integrated and decentralised function.
Compliance has direct, independent access to the Board’s
Risk Committee, Audit Committee and Remediation Monitoring
Committee and is a permanent invitee to these Committees.
Compliance also has a direct and independent access to the
Board of Directors.
The Chief Compliance Officer is a member of the bank’s
Executive Committee.
Basic principles
The management of compliance risks is based on the following
fundamental principles:
individual responsibility: compliance is everyone’s respon-
sibility, not solely the responsibility of the Compliance
department;
exhaustive and comprehensive approach: the scope of
compliance extends to all the bank’s activities. In this
respect, the Compliance department has unrestricted
access to all required information;
independence: compliance staff exercise their mission in a
context which guarantees their independence of thought
and action; Group policies prevail over local policies as far
as these Group policies are consistent with national law.
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BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
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BNP PARiBAS FORTiS CONSOLiDATED FiNANCiAL STATEMENTS 2024
REPORT OF THE ACCREDITED
STATUTORY AUDITOR
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REPORT OF THE ACCREDiTED STATUTORY AUDiTOR
Statutory auditor’s report to the shareholders’ meeting
of BNP Paribas Fortis SA/NV for the year ended
31 December 2024 - Consolidated financial statements
In the context of the statutory audit of the consolidated finan-
cial statements of BNP Paribas Fortis SA/NV (“the company”)
and its subsidiaries (jointly “the group”), we hereby submit
our statutory audit report. This report includes our report on
the consolidated financial statements and the other legal and
regulatory requirements. These parts should be considered as
integral to the report.
We were appointed in our capacity as statutory auditor by the
shareholders’ meeting of 20 April 2023, in accordance with
the proposal of the board of directors (“bestuursorgaan” /
“organe d’administration”) issued upon recommendation of the
audit committee and presentation of the works council. Our
mandate will expire on the date of the shareholders’ meeting
deliberating on the financial statements for the year ending
31 December 2025. We have performed the statutory audit of
the consolidated financial statements of BNP Paribas Fortis
SA/NV for 2 consecutive periods.
Report on the consolidated
financial statements
Unqualified opinion
We have audited the consolidated financial statements of
the group, which comprise the profit and loss account for the
year ended 31 December 2024, the statement of net income
and change in assets and liabilities recognised directly in
equity, the balance sheet at 31 December 2024, the con-
solidated cash flow statement for the year then ended, the
consolidated statement of changes in shareholder’s equity
between 1 January 2023 and 31 December 2024, as well as
the summary of significant accounting policies and other
explanatory notes. The consolidated balance sheet shows
total assets of 379 846 million EUR and the consolidated profit
and loss account shows a profit for the year then ended of
3 286 million EUR.
In our opinion, the consolidated financial statements give a
true and fair view of the group’s net equity and financial posi-
tion as of 31 December 2024 and of its consolidated results
and its consolidated cash flow for the year then ended, in
accordance with International Financial Reporting Standards
(IFRS Accounting Standards) as adopted by the European
Union and with the legal and regulatory requirements appli-
cable in Belgium
Basis for the unqualified opinion
We conducted our audit in accordance with International
Standards on Auditing (ISA), as applicable in Belgium. In
addition, we have applied the International Standards on
Auditing approved by the IAASB applicable to the current
financial year, but not yet approved at national level. Our
responsibilities under those standards are further described
in the “Responsibilities of the statutory auditor for the audit of
the consolidated financial statements” section of our report.
We have complied with all ethical requirements relevant to
the statutory audit of consolidated financial statements in
Belgium, including those regarding independence.
We have obtained from the board of directors and the com-
pany’s officials the explanations and information necessary
for performing our audit.
We believe that the audit evidence obtained is sufficient and
appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the con-
solidated financial statements of the current period. These
matters were addressed in the context of our audit of the
consolidated financial statements as a whole and in forming
our opinion thereon, and we do not provide a separate opinion
on these matters.
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REPORT OF THE ACCREDiTED STATUTORY AUDiTOR
Key audit matters How our audit addressed the key audit matters
impairment allowances for loans and advances
BNP Paribas Fortis SA/NV’s consolidated accounts show loans and advances
for an amount of 248 735 million EUR at year-end 2024. IFRS 9 imposes
an expected loss model of provisioning and requires credit exposures to be
classified according to three stages. Impairment allowances are posted on all
loans and receivables to address an expected loss event that has an impact on
the estimated future cash flows of these loans and receivables.
For defaulted loans, the identification and determination of the recoverable
amount are part of an estimation process which includes, among others,
assessing the existence of a default event and of the financial position of the
counterparty, estimating the expected future cash flows and assessing the value
of collateral received.
The determination of the impairment allowances involves judgement in
determining assumptions, methodology, modelling techniques and parameters.
Due to the substantial amount of loans and advances recognized in the
balance sheet, of the cost of risk recognized in the income statement (390
million EUR), the significant impact of the judgments applied on the carrying
amount of loans and advances and the increased uncertainty linked to the
current macroeconomic environment, auditing the process described above is
considered a Key Audit Matter.
We refer to Notes 4.e and 2.g to the consolidated accounts. In addition, the
Board of Directors has described the process for managing credit risks and
for reviewing impairment losses in more detail in its directors’ report on the
consolidated accounts and in the credit risk section in the risk management
and capital adequacy disclosures.
Based on our risk assessment, we have examined the
impairment losses and challenged the methodology
applied as well as the assumptions made by
management as described in the next column:
• We have evaluated the governance process of
assessing the stage of credit risk (as defined by
IFRS 9) and downgrading, including the result of
back testing of the default models Midcap SME and
Individuals, the back testing of the Significant Increase
of Credit risk model and the continuous re-assessment
of the appropriateness of assumptions used in the
impairment models for determining the loan losses;
• We have tested the design, implementation and
operating effectiveness of the key controls over
the models, including the backtesting and model
recalibration, and manual processes for identification
of impairment events or significant changes in credit
risk, collateral valuation, estimates of recovery on
default and determination of the impairment;
• Together with our experts, and based on our risk
assessment, we have audited the underlying
models including the model approval and validation
process. We have challenged, the methodologies
applied by using our industry knowledge and
experience, focusing on potential changes since the
implementation of IFRS 9 including the adequacy of
macro economic assumptions used in the forward
looking scenario;
• We have assessed the appropriateness of
impairments on loans on an individual basis: we
verified that a periodic review of the counterparties
under surveillance was carried out and assessed, on
the basis of samples, the assumptions and data used
by management to estimate the impairments;
• Finally, we assessed the completeness and accuracy
of the disclosures and determined whether the
disclosures are in compliance with the requirements
of the IFRS as adopted by the European Union.
Valuation of goodwill and of goodwill embedded in investments consolidated
by applying the equitymethod
The Company’s 31 December 2024 consolidated accounts show a ‘Goodwill’
caption amounting to 880 million EUR, and an ‘Equity-method investments’
caption of 3 081 million EUR. These intangible and financial assets have arisen
as a result of the acquisitions of some of BNP Paribas Fortis SA/NV’s (direct
and indirect) subsidiaries in the current and previous accounting periods. The
IFRS standards prescribe that goodwill is subject to an annual impairment
assessment.
We identified these intangible and financial assets and the embedded goodwill
included in the equity-method consolidated investments as a Key Audit Matter
due to the significance of the balance and because the impairment assessment
requires significant judgement of management with regards to the valuation
methodology applied and the underlying assumptions used, mainly those
relating to the ability to generate future free cash flows, and to the discount
factor applied to these cash flows, taking into account the appropriate risk
factors.
We refer to the consolidated accounts, including the Note 4.m ‘Goodwill’, the
Note 4.k ‘Equity-method investments’ and the Note 7.c ‘Minority Interests’.
We focused our audit effort on (i) the valuation models
used for the valuation of the underlying business, (ii)
the appropriateness of the discount rates and terminal
growth rates used in the models and (iii) the future
cash flow forecasts:
• Together with our valuation experts, we have
assessed the appropriateness of the valuation
methods used by management and discussed the
underlying hypotheses to the use of these models
with management;
• We have evaluated the governance process over the
future cash flow forecasts used for the valuations,
i.e. the development and approval of the financial
plan and management’s annual comparison of
previous forecasts to actual performance;
• Based on our risk assessment, together with
our valuation experts, we challenged the main
management’s assumptions in their forecasts such
as the long-term growth rates and the discount
rates. We challenged management on the adequacy
of their sensitivity calculations;
• Finally, we assessed the completeness and accuracy
of the disclosures and assessed the compliance of
the disclosures with the requirements of the IFRS as
adopted by the European Union.
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REPORT OF THE ACCREDiTED STATUTORY AUDiTOR
Key audit matters How our audit addressed the key audit matters
Estimation uncertainty with respect to the valuation of financial instruments
accounted for at fair value defined as Level 3
The economic conditions impact the fair value measurements of financial
instruments. Valuation techniques and models used for certain financial
instruments are inherently subjective and involve various assumptions regarding
pricing. The use of different valuation techniques and assumptions could
produce significantly different estimates of fair value. Furthermore, market value
adjustments (reserves) are recognized on all positions measured at fair value
with fair value changes reported in the income statement or in equity.
The IFRS require the use af fair value for the determination of the carrying
amount of many assets and liabilities, and generally require the disclosure of
the fair value of those items not valued at fair value. Financial instruments
defined as Level 3 within the group’s IFRS 13 fair value hierarchy disclosure
present a higher exposure to risk of incorrect valuation.
The consolidated accounts show Instruments at fair value through profit or loss
not held for trading for an amount of 1 079 million EUR and Financial assets at
fair value through equity for an amount of 85 million EUR.
As the use of different assumptions could produce different estimates of fair
value and considering the significance of fair values in the determination of
the carrying amount of certain balance sheet captions and of the result, we
consider this a Key Audit Matter.
Please refer to Notes 4.d ‘Measurement of the fair value of financial
instruments’ and 1 ‘Summary of significant accounting policies applied by
BNP Paribas Fortis’.
• We obtained an understanding of the internal
control framework related to the valuation of
financial instruments, including price testing, model
validation and value adjustments (value allowances)
methodologies. On a cyclical basis, we tested the
design and operating effectiveness of those controls
we assessed to be key for our audit;
• We assessed and challenged the appropriateness
of the model validation methodology with the
assistance of our valuation experts and we
performed a recalculation of the fair valuation on
a sample basis. This includes the assessment of
market data, inputs and key assumptions as critical
factors used in the fair value models, based on our
experience and market practice;
• Finally, we assessed the completeness and accuracy
of the disclosures relating to the fair values of these
financial instruments to determine compliance with
the disclosure requirements of the IFRS as adopted
by the European Union.
General iT Controls
The reliability and security of IT systems plays a key role in the preparation of
BNP Paribas Fortis SA’s consolidated financial statements.
We deemed the assessment of the general IT controls of the infrastructures
and applications that contribute to the preparation of accounting and financial
information to be a key audit matter.
In particular, a system for controlling access rights to IT systems and
authorisation levels based on employee profiles represents a key control for
limiting the risk of inappropriate changes to application settings or underlying
data.
For the main systems used to prepare accounting and
financial information, assisted by our IT specialists, our
work consisted primarily in:
• obtaining an understanding of the systems,
processes and controls which underpin accounting
and financial data;
• assessing the general IT controls (application and
data access management, application changes/
developments management and IT operations
management) on key systems (in particular
accounting, consolidation and automatic
reconciliation applications);
• examining the control for the authorisation of
manual accounting entries;
• performing , where appropriate, additional audit
procedures and alternative to ensure the reaching of
the objectives of the controls;
• taking into account the cybersecurity risk.
Valuation of the residual value of of vehicles given for lease
The residual values of the vehicles making up the group’s fleet are defined at
the start of the leasing contracts. At each closing date, they are reviewed in
order to obtain an estimate close to the estimated resale value of the vehicle.
The methods for determining these residual values are common to all group
entities. These estimates are based on a statistical model based on historical
used vehicle sales data while taking into account the specific context of the
different geographic areas.
In an environment still marked by significant uncertainty linked to the macro-
economic context and to the technological changes in the automobile market, the
group has observed a reduction in vehicle delivery times as well as a decrease in
resale values. In the same way, the automobile market is gradually transforming
towards the electrification of vehicles driven by changes in regulations which are
moving. These changes led management to make estimate adjustments intended
to maintain the consistency of the data included in the models.
The residual value estimated during the fleet revaluation process may be
different from the initial residual value, which may lead to an adjustment of the
depreciation of the vehicles over the remaining duration of the contract.
We considered that the revaluation of residual values is a key point of the audit
due to the fact that it is based on the estimation of the resale values of the
vehicles recorded on the balance sheet, that it is based on a statistical model
and that it incorporates assumptions based on the judgment of management.
We appreciated the relevance of the group’s internal
control system which governs the estimates
contributing to the determination of residual values and
in particular its adaptation to the evolving context. We
reviewed the system which led to adjusting the models
according to market developments and changes in
regulations. On a sample of the fleet, we reviewed the
controls relating to the revaluation of residual values
while integrating the new hypotheses and parameters
which served as the basis for the model.
With the help of our experts, we examined the relevance
of the statistical model implemented as well as the main
parameters. Our work also consisted, by sampling, to:
• Reperform the consistency of data from revaluation
models through a data analysis approach;
• Compare the correspondence between the
accounting information and that from the fleet
management system;
• Check that the estimates used are based on
documented methods that comply with the
principles described in the appendix.
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REPORT OF THE ACCREDiTED STATUTORY AUDiTOR
Responsibilities of the board of directors
for the preparation of the consolidated
financial statements
The board of directors is responsible for the preparation and
fair presentation of the consolidated financial statements in
accordance with International Financial Reporting Standards
(IFRS Accounting Standards) as adopted by the European Union
and with the legal and regulatory requirements applicable in
Belgium and for such internal control as the board of direc-
tors determines is necessary to enable the preparation of
consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the board
of directors is responsible for assessing the group’s ability to
continue as a going concern, disclosing, as applicable, matters
to be considered for going concern and using the going concern
basis of accounting unless the board of directors either intends
to liquidate the group or to cease operations, or has no other
realistic alternative but to do so.
Responsibilities of the statutory auditor
for the audit of the consolidated
financial statements
Our objectives are to obtain reasonable assurance about
whether the consolidated financial statements as a whole
are free from material misstatement, whether due to fraud or
error, and to issue a statutory auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance
with ISA will always detect a material misstatement when
it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic
decisions of users taken on the basis of these consolidated
financial statements.
During the performance of our audit, we comply with the legal,
regulatory and normative framework as applicable to the audit
of consolidated financial statements in Belgium. The scope
of the audit does not comprise any assurance regarding the
future viability of the company nor regarding the efficiency
or effectiveness demonstrated by the board of directors in
the way that the company’s business has been conducted or
will be conducted.
As part of an audit in accordance with ISA, we exercise
professional judgment and maintain professional skepticism
throughout the audit. We also:
identify and assess the risks of material misstatement
of the consolidated financial statements, whether due
to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from
an error, as fraud may involve collusion, forgery, inten-
tional omissions, misrepresentations, or the override of
internal control;
obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the group’s
internal control;
evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by the board of directors;
conclude on the appropriateness of the use of the going
concern basis of accounting by the board of directors and,
based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may
cast significant doubt on the group’s ability to continue
as a going concern. If we conclude that a material uncer-
tainty exists, we are required to draw attention in our
statutory auditor’s report to the related disclosures in the
consolidated financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the date
of our statutory auditor’s report. However, future events
or conditions may cause the group to cease to continue
as a going concern;
evaluate the overall presentation, structure and content
of the consolidated financial statements, and whether the
consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair
presentation.
obtain sufficient appropriate audit evidence regarding the
financial information of the entities and business activities
within the group to express an opinion on the consolidated
financial statements. We are responsible for the direc-
tion, supervision and performance of the group audit. We
remain solely responsible for our audit opinion.
We communicate with the audit committee regarding, amongst
other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies
in internal control that we identify during our audit.
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REPORT OF THE ACCREDiTED STATUTORY AUDiTOR
We also provide the audit committee with a statement that we
have complied with relevant ethical requirements regarding inde-
pendence, and we communicate with them about all relationships
and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated to the audit committee, we
determine those matters that were of most significance in the
audit of the consolidated financial statements of the current
period and are therefore the key audit matters. We describe
these matters in our report unless law or regulation precludes
any public disclosure about the matter.
Other legal and regulatory requirements
Responsibilities of the board of directors
The board of directors is responsible for the preparation
and the content of the directors’ report on the consolidated
financial statements, including the sustainability statement
and other matters disclosed in the annual report on the
consolidated financial statements.
Responsibilities of the statutory auditor
As part of our mandate and in accordance with the Belgian
standard complementary to the International Standards on
Auditing (ISA) as applicable in Belgium, our responsibility is
to verify, in all material respects, the director’s report on the
consolidated financial statements and other matters disclosed
in the annual report on the consolidated financial statements,
as well as to report on these matters.
Aspects regarding the directors’ report on the
consolidated financial statements and other
information disclosed in the annual report on
the consolidated financial statements
The annual report contains the sustainability statement which
is the subject of our separate limited assurance report on
the sustainability statement. This section does not pertain to
the assurance on the consolidated sustainability statement
included in the annual report. For this part of the annual
report on the consolidated financial statements, we refer to
our report on the matter.
In our opinion, after performing the specific procedures on the
directors’ report on the consolidated financial statements, this
report is consistent with the consolidated financial statements
for that same year and has been established in accordance
with the requirements of article 3:32 of the Code of companies
and associations.
In the context of our statutory audit of the consolidated finan-
cial statements we are responsible to consider, in particular
based on information that we became aware of during the
audit, if the directors’ report on the consolidated financial
statements and other information disclosed in the annual
report on the consolidated financial statements, i.e.:
The Statement of the Board of Directors
The Risk Management and Capital Adequacy chapter; and
The other information chapter
are free of material misstatements, either by information that
is incorrectly stated or otherwise misleading. In the context
of the procedures performed, we are not aware of such a
material misstatement.
Statements regarding independence
Our audit firm and our network have not performed any
prohibited services and our audit firm has remained
independent from the group during the performance of
our mandate.
The fees for the additional non-audit services compat-
ible with the statutory audit, as defined in article 3:65
of the Code of companies and associations, have been
properly disclosed and disaggregated in the notes to the
consolidated financial statements.
Single European Electronic Format (ESEF)
In accordance with the draft standard on the audit of the com-
pliance of the financial statements with the Single European
Electronic Format (“ESEF”), we have also performed the audit
of the compliance of the ESEF format and of the tagging with
the technical regulatory standards as defined by the European
Delegated Regulation No. 2019/815 of 17 December 2018
(“Delegated Regulation”).
The board of directors is responsible for the preparation, in
accordance with the ESEF requirements, of the consolidated
financial statements in the form of an electronic file in ESEF
format (“digital consolidated financial statements”) included
in the annual financial report.
Our responsibility is to obtain sufficient and appropriate
evidence to conclude that the format and the tagging of the
digital consolidated financial statements comply, in all mate-
rial respects, with the ESEF requirements as stipulated by the
Delegated Regulation.
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REPORT OF THE ACCREDiTED STATUTORY AUDiTOR
Based on our work, in our opinion, the format and the tagging of information in the official languages version of the digital
consolidated financial statements included in the annual financial report of BNP Paribas Fortis SA/NV as of 31 December 2024
are, in all material respects, prepared in accordance with the ESEF requirements as stipulated by the Delegated Regulation.
Other statements
This report is consistent with our additional report to the audit committee referred to in article 11 of Regulation (EU) No 537/2014.
Signed at Zaventem, on 28 March 2025.
The statutory auditor
Deloitte Bedrijfsrevisoren/Réviseurs d’Entreprises BV/SRL
Represented by Yves Dehogne
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REPORT OF THE ACCREDiTED STATUTORY AUDiTOR
BNP PARIBAS FORTIS
ANNUAL REPORT 2024
(NON-CONSOLIDATED)
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BNP PARiBAS FORTiS ANNUAL REPORT 2024 (NON-CONSOLiDATED)
Report of the Board of Directors
In conformity with Article 3:32 of the Belgian companies’
and associations’ Code and to avoid repetition, BNP Paribas
Fortis has combined the non-consolidated report and the
consolidated report of the Board of Directors. The consolidated
report of the Board of Directors can be found at the beginning
of this annual report.
Comments on the evolution of the balance sheet
The total balance sheet as of 31 December 2024 amounted to
266.9 billion euros, up by 11.4 billion euros or 4% compared
with 31 December 2023. As of 31 December 2024, the yield
on assets was 1%. After the closure of its foreign branch
in Madrid, BNP Paribas Fortis has still one foreign branch,
located in New York.
The comparison between the 2024 and 2023 was impacted
by the merger between BNP Paribas Fortis and bpost bank
(merger by absorption). Excluding the impact of the merger,
the total balance sheet would have increased by 0.9 billion
euros. In the below comments, we will highlight for the mate-
rial captions the impact of the merger on the balance sheet.
Assets
Cash in hand, balances with central banks and giro offices
(Heading i) and Amounts receivable from credit institutions
(Heading iii) decreased by (10.7) billion euros and stood at
32.8 billion euros. This decrease is mainly linked to a decrease
in the overnight deposit to the National Bank of Belgium partly
offset by an increase in the reverse repo activity.
Amounts receivable from customers (Heading iV) increased
by 18.9 billion euros and stood at 161.0 billion euros as of
31 December 2024. Excluding the impact of the merger with
bpost bank, the amounts receivable from customers would
have increased by 9.9 billion euros.
In Belgium, the amount of term loans increased by 8.5 billion
euros, spread over different type of loans such as investment
loans and funding given to subsidiaries.
Bonds and other fixed-income securities (Heading V) stood
at 51.4 billion euros as of 31 December 2024, up by 4.2 billion
euros. Excluding the impact of the merger with bpost bank,
bonds and other fixed-income securities would have increased
by 2.5 billion euros.
The amount of 51.4 billion euros consists mostly of bonds
issued by public bodies (15.5 billion euros, up by 2.2 billion
euros compared with 2023 mainly following additional invest-
ments in government bonds), by ‘Special Purpose Vehicles’
and by other issuers.
Financial fixed assets (Heading Vii) amounted to 8.2 billion
euros as of 31 December 2024, a decrease of (0.8) billion
euros compared to December 2023. This decrease is mainly
due to the disappearance of the bpost bank’s participation as
a result of the merger.
Formation expenses and intangible fixed assets (Heading Viii)
amount to 4 million euros as of 31 December 2024.
Tangible fixed assets (Heading iX) amounted to 0.9 billion
euros as of 31 December 2024, in line with the situation at
the end of 2023.
Other assets (Heading Xi) stayed stable at 1.8 billion euros
as of 31 December 2024. They consist mainly of transitory
accounts and other debtors.
Deferred charges and accrued income (Heading Xii) stood
at 10.8 billion euros as of 31 December 2024, down by (0.3)
billion euros compared to 31 December 2023.
Liabilities and Equity
Amounts owed to credit institutions (Heading i) totalled
43.3 billion euros as of 31 December 2024, down by (10.1)
billion euros compared with 31 December 2023. The evolution
is mainly attributable to the decrease of repos activity.
Amounts payable to clients (Heading ii) stood at 158.5 billion
euros as of 31 December 2024, up by 10.1 billion euros
compared to 31 December 2023. Excluding the impact of
the merger with bpost bank, the amounts payable to clients
increased by 0.3 billion euros.
Debts evidenced by certificates (Heading iii) amounted to
21.2 billion euros as of 31 December 2024, representing an
increase of 6.3 billion euros mainly due to the issuance of
saving certificates and debt securities partly compensated
by reimbursements.
Other liabilities (Heading iV) stood at 3.4 billion euros, down
by (4.1) billion euros compared with 31 December 2023. This
decrease is mainly due to the payment of the dividend of
2,8 billion euros on the financial result of 2023 in April 2024.
Accrued charges and deferred income (Heading V) stood at
10.3 billion euros stable compared with 31 December 2023.
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BNP PARiBAS FORTiS ANNUAL REPORT 2024 (NON-CONSOLiDATED)
Subordinated liabilities (Heading Viii) stood at 10.3 billion
euros as of 31 December 2024 and increased by 6.9 billion
euros due to the issuance of Tier 1 and 2 notes
Shareholders’ equity (Headings iX, X, Xi, Xii and Xiii) stood at
19.4 billion euros as of 31 December 2024, up by 2,4 billion
euros compared with 31 December 2023.
This increase is explained by the appropriation of the result
for the financial year 2024.
Comments on the evolution of the income statement
BNP Paribas Fortis realized a net profit of the year 2024 of
2,437 million euros, compared to 2,584 million euros in 2023,
or a decrease of (147) million euros.
The comparison between the 2024 and 2023 was impacted
by the merger between BNP Paribas Fortis and bpost bank
(merger by absorption). Excluding the impact of the merger,
the net profit of the year would have decreased by (230)
million euros. In the below comments, the impact of the
merger will be highlighted for material captions.
The interest margin (Headings i and ii) amounted to
2,774 million euros in 2024, up by 130 million euros compared
to 2023. Excluding the impact of the merger with bpost bank,
the interest margin decreased by 192 million euros.
The negative impacts are linked to the strong pressure on margins
on loans (despite increasing volumes), lower margins on deposits
with lower deposit volumes driven by the negative impact of
the issuance of a Belgian government bond in the third quarter
of 2023, and the non-remuneration of the mandatory reserves.
income from variable-yield securities (Heading iii) amounted
to 1,120 million euros in 2024, down by 81 million euros com-
pared to 2023, mainly due to a decrease in dividends received
from enterprises linked by participating interests.
Commissions (Headings iV and V) amounted to 1,019 million
euros in 2024, down by (54) million euros compared to 2023.
Excluding the impact of the merger with bpost bank, the
commissions decreased by (28) million euros. This is mainly
due to higher financial fees more than compensated by lower
banking fees.
Profit on financial operations (Heading Vi) amounted to
149 million euros, down by (31) million euros compared to
previous year, mainly due to the disposal of variable and fixed
income securities.
General administrative expenses (Heading Vii) came to
(2,429) million euros, a decrease of 88 million euros compared
to 2023. Excluding the impact of the merger with bpost bank,
the decrease was 181 mIllion euros.
In Belgium, staff expenses decreased as the increase of sala-
ries and wages due to inflation was more than offset by the
decrease of pension expenses.
Other administrative expenses decreased by 76 million euros
compared to previous year.
Excluding the impact of the merger with bpost bank, the
decrease was 135 million euros. This evolution is mainly
attributable to the decrease in the banking taxes and other
marketing expenses and professional fees.
Depreciation and amounts written off on formation expenses,
intangible and tangible fixed assets (Heading Viii) amounted
to (48) million euros compared to (49) million euros in 2023.
Amounts written off on the amounts receivable and the
investment portfolio (Headings iX and X) totalled (89,6)
million euros, compared to (12,2) million euros in 2023 due
to an increase in provisioning in specific files.
Provisions for risks and charges (Headings Xi and Xii) showed
a net dotation of 66 million euros in 2024 against a net release
of (12,1) million euros in 2023.
The fund for general banking risks (Heading Xiii) showed a
release of 88 million euros in 2024 compared to a release of
459 million euros in 2023. The Fund covers since 2023 the
expected credit losses on the credit portfolio and bonds that
are not considered credit impaired or doubtful.
Other operating income (Heading XiV) amounted to
188 million euros in 2024, up by 9 million euros compared
to previous year. Excluding the impact of the merger with
bpost bank, the other operating income decreased by (22)
million euros.
Other operating charges (Heading XV) amounted to (475)
million euros in 2024, up by 87 million euros compared to
2023. Excluding the merger with bpost bank, the other oper-
ating charges increased by 46 million euros. This is mainly
attributable to the increase of the new single banking tax.
Extraordinary income (Heading XVii) came to 346 million
euros in 2024, up by 305 million euros compared to 2023.
This evolution can be explained by the net impact from the
merger of bpost bank for an amount of 299 million euros in
the beginning of 2024.
Extraordinary charges (Heading XViii) came to (74) million
euros in 2024, An increase by (45) million euros compared to
2023 due to write down of financial fixed assets.
income taxes (Heading XX) amounted to (197) million euros
in 2024, an increase by (12) million euros compared to 2023.
Excluding the merger with bpost bank, the income taxes
decreased by 24 million euros.
196
BNP PARiBAS FORTiS ANNUAL REPORT 2024 (NON-CONSOLiDATED)
197
BNP PARiBAS FORTiS ANNUAL REPORT 2024 (NON-CONSOLiDATED)
Information regarding related party
transactions
Board of Directors’ Procedure
Background
Article 7:97 of the Code on companies and associations
imposes a specific procedure for listed companies in the
context of transactions between related parties. Even if this
provision does not apply to BNP Paribas Fortis, its Board of
Directors, upon advice of the GNC and in line with its internal
governance principles, adopted on 15 December 2011 a ‘Board
of Directors’ Procedure for intra-group transactions’ (the
‘Procedure’) that is inspired on, but not identical to article
7:97 of the Code on companies and associations.
In the course of 2024 no transaction required the application
of this ‘Procedure’.
198
BNP PARiBAS FORTiS ANNUAL REPORT 2024 (NON-CONSOLiDATED)
BNP PARIBAS
FORTIS FINANCIAL
STATEMENTS 2024
(NON-CONSOLIDATED)
200
BNP PARiBAS FORTiS FiNANCiAL STATEMENTS 2024 (NON-CONSOLiDATED)
N° BE 0403.199.702 F-estb 3.1
BALANCE SHEET AFTER APPROPRIATION
In thousands of euros
Codes Current period Previous period
ASSETS
i. Cash in hand, balances with central banks and giro offices 10100 409,323 1,235,303
ii. Government securities eligible for refinancing with the central bank 10200 - -
iii. Amounts receivable from credit institutions 10300 32,428,030 42,302,964
A. At sight 10310 13,990,349 22,357,348
B. Other amounts receivable (at fixed term or period of notice) 10320 18,437,681 19,945,616
iV. Amounts receivable from customers 10400 160,960,138 142,090,886
V. Bonds and other fixed-income securities 10500 51,354,027 47,118,873
A. Issued by public bodies 10510 15,529,161 11,687,511
B. Issued by other borrowers 10520 35,824,866 35,431,362
Vi. Shares and other variable-yield securities 10600 42,913 51,557
Vii. Financial fixed assets 10700 8,151,861 8,958,311
A. Participating interests in affiliated enterprises 10710 5,348,925 5,665,280
B.
Participating interests in other enterprises linked by participating
interests
10720 2,585,380 2,576,983
C. Other shares held as financial fixed assets 10730 162,272 158,453
D.
Subordinated loans to affiliated enterprises and to other
enterprises linked by participating interests
10740 55,284 557,595
Viii. Formation expenses and intangible fixed assets 10800 4,265 5,576
iX. Tangible fixed assets 10900 884,966 919,259
X. Own shares 11000 - -
Xi. Other assets 11100 1,834,947 1,741,918
Xii. Deferred charges and accrued income 11200 10,816,362 11,072,656
TOTAL ASSETS 19900 266,886,832 255,497,303
201
BNP PARiBAS FORTiS FiNANCiAL STATEMENTS 2024 (NON-CONSOLiDATED)
N° BE 0403.199.702 F-estb 3.2
In thousands of euros
Codes Current period Previous period
LiABiLiTiES
BORROWiNGS 201/208 247,458,547 238,488,477
i. Amounts owed to credit institutions 20100 43,256,933 53,398,403
A. At sight 20110 730,444 873,068
B. Amounts owed as a result of the rediscounting of trade bills 20120 - -
C. Other debts with agreed maturity dates or periods of notice 20130 42,526,489 52,525,335
ii. Amounts payable to clients 20200 158,534,526 148,407,754
A. Savings deposits 20210 67,766,651 61,834,454
B. Other debts 20220 90,767,875 86,573,300
1. At sight 20221 65,017,892 61,411,797
2. At fixed term or period of notice 20222 25,749,983 25,161,503
3. As a result of the rediscounting of trade bills 20223 - -
iii. Debts evidenced by certificates 20300 21,227,854 14,939,355
A. Debt securities and other fixed-income securities in circulation 20310 17,067,579 10,766,266
B. Other 20320 4,160,275 4,173,089
iV. Other amounts payable 20400 3,350,665 7,439,045
V. Accrued charges and deferred income 20500 10,266,730 10,240,402
Vi. Provisions and deferred taxes 20600 139,165 219,415
A. Provisions for risks and charges 20610 139,165 219,415
1. Pensions and similar obligations 20611 - -
2. Fiscal charges 20612 - -
3. Other risks and charges 20613 139,165 219,415
B. Deferred taxes 20620 - -
Vii. Fund for general banking risks 20700 356,174 412,602
Viii. Subordinated liabilities 20800 10,326,500 3,431,500
SHAREHOLDERS' EQUiTY 209/213 19,428,285 17,008,826
iX. CAPiTAL 20900 10,964,768 10,964,768
A. Subscribed capital 20910 10,964,768 10,964,768
B. Uncalled capital (-) 20920 - -
X. Share premium account 21000 940,582 940,582
Xi. Revaluation surpluses 21100 - -
Xii. Reserves 21200 1,637,546 1,637,546
A. Statutory reserve 21210 1,096,477 1,096,477
B. Reserves not available for distribution 21220 36,988 36,988
1. In respect of own shares held 21221 - -
2. Other 21222 36,988 36,988
C. Untaxed reserves 21230 150,790 150,790
D. Reserves available for distribution 21240 353,291 353,291
Xiii. Profits (losses (-)) brought forward (+)/(-) 21300 5,885,389 3,465,931
TOTAL LiABiLiTiES 29900 266,886,832 255,497,303
202
BNP PARiBAS FORTiS FiNANCiAL STATEMENTS 2024 (NON-CONSOLiDATED)
N° BE 0403.199.702 F-estb 4
INCOME STATEMENT (presentation in vertical form)
In thousands of euros
Codes Current period Previous period
i. interest receivable and similar income 40100 7,809,302 6,504,795
A. Of which: from fixed-income securities 40110 1,049,475 820,703
ii. interest payable and similar charges 40200 5,035,549 3,860,927
iii. income from variable-yield securities 40300 1,120,070 1,200,569
A. From shares and other variable-yield securities 40310 22,548 2,459
B. From participating interests in affiliated enterprises 40320 899,371 972,610
C.
From participating interests in other enterprises linked by
participating interests
40330 197,940 225,104
D. From other shares held as financial fixed assets 40340 211 397
iV. Commissions receivable 40400 1,559,025 1,535,349
A. Brokerage and related commissions 40410 569,053 559,836
B. Management, consultancy and conservation commissions 40420 411,706 401,530
C. Other commissions received 40430 578,266 573,982
V. Commissions paid 40500 539,568 461,417
Vi. Profit (loss) on financial transactions (+)/(-) 40600 148,590 179,618
A. On trading of securities and other financial instruments 40610 174,426 174,054
B. On disposal of investment securities 40620 (25,836) 5,564
Vii. General administrative expenses 40700 2,429,197 2,517,629
A. Remuneration, social security costs and pensions 40710 1,251,348 1,262,981
B. Other administrative expenses 40720 1,177,849 1,254,648
Viii.
Depreciation/amortization of and other write-downs on
formation expenses, intangible and tangible fixed assets.
40800 47,861 49,053
iX.
Decrease in write downs on receivables and in provisions for
off-balance sheet captions ‘i. Contingent liabilities’ and
‘ii. Commitments which could give rise to a credit risk’.
(+)/(-) 40900 113,358 20,387
X.
Decrease in write-downs on the investment portfolio of bonds,
shares and other fixed-income or
variable-yield securities.
(+)/(-) 41000 (23,714) (8,197)
Xi.
Utilization and write-backs of provisions for liabilities and
charges other than those included in the off-balance sheet
captions.
(+)/(-) 41100 (79,526) (27,623)
Xii.
Provisions for risks and charges other than those included in
the off-balance sheet captions.
41200 13,776 39,691
Xiii.
Transfer from (Appropriation to) the fund for general banking
risks.
(+)/(-) 41300 88,348 459,079
XiV. Other operating income 41400 188,368 178,970
XV. Other operating charges 41500 475,132 387,886
XVi. Profits (losses) on ordinary activities before taxes. (+)/(-) 41600 2,362,502 2,757,210
203
BNP PARiBAS FORTiS FiNANCiAL STATEMENTS 2024 (NON-CONSOLiDATED)
N° BE 0403.199.702 F-estb 4
In thousands of euros
Codes Current period Previous period
XVii. Extraordinary income 41700 345,544 40,173
A.
Adjustments to depreciation/amortization of and to other
write-downs on intangible and
and tangible fixed assets
41710 438 1,449
B. Adjustments to write-downs on financial fixed assets 41720 36,867 29,421
C.
Adjustments to provisions for extraordinary risks and
charges
41730 - -
D. Capital gains on disposal of fixed assets 41740 308,239 9,302
E. Other extraordinary income 41750 - -
XViii. Extraordinary charges 41800 74,220 29,031
A.
Extraordinary depreciation/amortization of and
extraordinary write-downs on formation expenses
and intangible and tangible fixed assets
41810 - -
B. Write-downs on financial fixed assets 41820 65,281 10,704
C. Provisions for extraordinary risks and charges (+)/(-) 41830 - -
D. Capital losses on disposal of fixed assets 41840 8,939 13,466
E. Other extraordinary charges 41850 - 4,861
XiX. Profits (Losses) for the period before taxes (+/-) 41910 2,633,826 2,768,351
XiXbis.
A. Transfer to deferred taxes 41921 - -
B. Transfer from deferred taxes 41922 - -
XX. income taxes (+)/(-) 42000 196,937 184,660
A. Income taxes 42010 202,486 199,311
B. Adjustment of income taxes and write-back of tax provisions 42020 5,549 14,651
XXi. Profits (Losses) for the period (+)/(-) 42100 2,436,889 2,583,691
XXii. Transfer to (or from) untaxed reserves (+)/(-) 42200 - -
XXiii. Profit (Losses) for the period available for appropriation (+)/(-) 42300 2,436,889 2,583,691
204
BNP PARiBAS FORTiS FiNANCiAL STATEMENTS 2024 (NON-CONSOLiDATED)
N° BE 0403.199.702 F-estb 5.18
XVIII. STATEMENT OF CAPITAL AND SHAREHOLDING STRUCTURE
In thousands of euros
Codes Current period Previous period
A. Capital statement
1. Shareholders equity
a. Subscribed capital
at the end of the previous financial year 20910P xxxxxxxxxxxxxx 10,964,768
at the end of the financial year (20910) 10,964,768
Codes Amounts Number of shares
Changes during the financial year
b. Structure of the capital
Categories of shares
Common 10,964,768 565,194,208
Registered shares 51801 xxxxxxxxxxxxxx 565,021,816
Bearer and or dematerialized shares 51802 xxxxxxxxxxxxxx 173,392
Codes Uncalled capital
Called but unpaid
capital
2. Capital not paid up
a. Uncalled capital (20920) - xxxxxxxxxxxxxx
b. Called but unpaid capital 51803 xxxxxxxxxxxxxx -
c. Shareholders still owing capital payment
Codes Current period
3. Own shares
a. Held by the reporting institution itself
* Amount of capital held 51804 -
* Corresponding number of shares 51805 -
b. Held by its subsidiaries
* Amount of capital held 51806 -
* Corresponding number of shares 51807 -
4. Share issuance commitments
a. Following the exercise of conversion rights
* Amount of convertible loans outstanding 51808 -
* Amount of capital to be subscribed 51809 -
* Maximum corresponding number of shares to be issued 51810 -
b. Following the exercise of subscription rights
* Number of subscription rights outstanding 51811 -
* Amount of capital to be subscribed 51812 -
* Maximum corresponding number of shares to be issued 51813 -
5. Authorized capital not issued 51814 10,964,768
6. Shares not representing capital
a. Repartition
* Number of parts 51815 -
* Number of votes 51816 -
b. Breakdown by shareholder
* Number of parts held by the reporting institution itself 51817 -
* Number of parts held by its subsidiaries 51818 -
B. Shareholders structure of the institution at year end according to the notifications received by the institution
- Pursuant to article 7:225 and article 7:83 of the companies and associations Code;
- Pursuant to article 14, paragraph 4, of the law of 2 May 2007 on the disclosure of major shareholdings
or pursuant to article 5 of the Royal Decree of 21 August 2008 on the rules for certain multilateral trading facilities
After verification, BNP Paribas Fortis did not receive any notifications
OTHER INFORMATION
206
OTHER iNFORMATiON
Monthly high and low prices for BNP Paribas Fortis
shares at the weekly auctions in 2024
The monthly high and low prices for BNP Paribas Fortis shares
at the weekly auctions of Euronext Brussels (Euronext Expert
Market) in 2024 were as follows (in euros):
Month Low High
January 42.0 42.2
February 46.0 46.0
March 37.8 46.0
April 36.4 40.0
May 36.0 40.0
June 36.6 36.6
July 36.2 38.0
August 35.0 35.0
September 31.4 35.0
October 30.4 31.6
November 29.2 29.2
December 31.0 32.0
External functions held by directors and effective
leaders on the 31
st
of December 2024 that are subject
to a disclosure requirement
Pursuant to the Regulation of the National Bank of Belgium
of 9 November 2021 on the exercise of external functions
by managers and heads of independent control functions of
regulated companies (‘Reglement van de Nationale Bank van
België van 9 november 2021 met betrekking tot de uitoefening
van externe functies door leiders en verantwoordelijken van
de onafhankelijke controlefuncties van gereglementeerde
ondernemingen’ / ‘Règlement de la Banque Nationale de
Belgique du 9 novembre 2021 concernant l’exercice de
fonctions extérieures par les dirigeants et responsables
d’une fonction de contrôle indépendante d’entreprises
réglementées’) (the ‘Regulation’), ), the Board of Directors
of BNP Paribas Fortis has adopted its ‘Internal rules govern-
ing the exercise of external functions by effective leaders of
BNP Paribas Fortis (‘Internal Rules’).
This Regulation, as well as the Internal Rules, stipulate a.o.
that certain external functions held by the directors and effec
-
tive leaders must be disclosed in the annual report.
The effective leaders of BNP Paribas Fortis are set forth in a
list submitted to the Belgian National Bank, which is kept up
to date in accordance with the applicable regulations. This list
includes the members of the Executive Board of BNP Paribas
Fortis, the CFO and the heads of its foreign branches.
According to the Regulation and the Internal Rules, the
external functions subject to disclosure are the executive or
non-executive directorships and the functions involving taking
part in the management or running of a company, exercised
by a board member or effective leader of BNP Paribas Fortis
in a commercial company or in a company with a commercial
legal form, in an undertaking with another Belgian or foreign
legal form or in a Belgian or foreign public institution with an
industrial, commercial or financial activity, apart from those
exercised within the BNP Paribas group.
207
OTHER iNFORMATiON
Name, Surname
(Post)
Company Business Activity (Post) Listed
Max JADOT
(Chairman of the Board of Directors)
Baltisse SA/NV Investment Company (Non-executive director) -
Sibelco SCR SA/NV Mining company (Non-executive director and member of the Audit
Committee)
-
Laurence de l’ESCAiLLE
(independent director)
Elia Group SA/NV Electric power transmission (Independent director and member of the
Nomination & Remuneration Committee)
Euronext
Brussels
Elia Transmission Belgium SA/NV Electric power transmission (Independent director, member of the
Corporate Governance Committee and member of the Remuneration
Committee)
-
Elia Asset SA/NV Electric power transmission (Independent director, member of the
Corporate Governance Committee and member of the Remuneration
Committee)
-
Beyond Complexity BV Consulting (Executive director) -
Wouter DE PLOEY
(independent director)
Unibreda SA/NV Holding company (Non-executive director) -
Vanbreda Risk & Benefits SA/NV Insurance broker (Non-executive director and member of the
Remuneration Committee)
-
Anne LECLERCQ
(independent director)
WDP SA/NV Logistics (Independent director, member of the Audit Committee and
Remuneration and Nomination Committee)
Euronext
Brussels
Fluxys Belgium SA/NV Energy infrastructure (Independent director, member of the Audit and
Risk Committee and Corporate Governance Committee)
-
Titia VAN WAEYENBERGE
(independent director)
De Eik SA/NV Investment company (Chairwoman of the Board of Directors and
member of the Nomination and Remuneration Committee)
-
Paratodos SA/NV Agribusiness (CEO and executive director) -
Estancia Montania SA Agribusiness (Non-executive director) -
Ganadera El Roble SA Agribusiness (Non-executive director) -
Pikyry SA Agribusiness (Non-executive director) -
Industria San Cosme SA Agribusiness (Non-executive director) -
Zinner NV/SA Real estate company (Non-executive director) -
Tattersal Leasing SA Leasing company (Non-executive director) -
Indufin Investment fund SA/NV Investment fund (Chairwoman of the Board of Directors) -
Sandra WiLiKENS
(Executive director)
Vanbreda Risk & Benefits SA/NV Insurance broker (Non-executive director) -
208
OTHER iNFORMATiON
SUSTAINABILITY
STATEMENTS
210
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
211
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Introduction
The following chapters present BNP Paribas Fortis’ sustainability statements in accordance with
the publication requirements of the European Directive 2022/2464 of 14 December 2022 amending
Regulation (EU) No. 537/2014 and Directives 2004/109/EC, 2006/43/EC and 2013/34/EU as regards
corporate sustainability reporting (also known as the Corporate Sustainability Reporting Directive
or CSRD), as transposed into Belgian law. This directive aims to increase transparency in terms of
corporate sustainability by imposing stricter environmental, social and governance (ESG) reporting
requirements.
In particular, the CSRD requires a description of all material impacts, risks and opportunities (IROs) for
BNP Paribas Fortis relating to sustainability issues. The double materiality assessment (DMA) identified
the following material topics detailed in this report: climate change, own workforce, consumers and
end-users, business conduct including market integrity and financial security, and cybersecurity.
WARNING RELATING TO THE SUSTAINABILITY STATEMENTS AND EXPLANATORY NOTE
These sustainability statements have been prepared in application of the CSRD (as transposed into
Belgian law) and European sustainability reporting standards as applicable at the date of publication
of these sustainability statements. Accordingly, only cross-cutting and topic-related standards
have been adopted as of the date of this document. Despite the lack of industry standards in force,
BNP Paribas Fortis has endeavoured to take into account the specific features of its business sector
in order to provide the most relevant and accurate information possible.
Significance
These sustainability statements only contain information that, in the opinion of BNP Paribas Fortis,
is of importance in relation to both the impacts of the bank’s activities on the population and the
environment, and the way in which sustainability issues affect the bank. The methodological choices
made in the double materiality assessment of BNP Paribas Fortis’ ESG topics are explained in this
document. Some information collected by the bank has not been included in these sustainability
statements because it is of minor importance, although it may remain relevant.
Use of assumptions and estimates
In a context where certain information, essentially relating to the BNP Paribas Fortis’ value chain,
is still hard to obtain or not sufficiently reliable, the preparation of these sustainability statements
is partly based on reasonable assumptions and estimates in accordance with CSRD requirements.
Some of those assumptions or estimates may present a high level of measurement uncertainty,
and are presented to the extent that they provide useful and high-quality information. In that case,
the associated narrative sets out the methods and definitions used, as well as any limitations and
uncertainties surrounding them. The bank pays constant attention to the quality of the information
published and so has referred, wherever possible, to European regulatory definitions and recognised
standards to develop and present the information concerned. Where this was not possible, the
information was prepared in good faith on the basis of internal definitions and estimates.
Forward-looking information
In accordance with the provisions of the CSRD, these sustainability statements contain forward-looking
information that includes projections and estimates based on current opinions and assumptions
regarding future events. No guarantee can be given with regard to these projections and estimates,
which are subject to inherent risks and uncertainties, some of which are beyond the bank’s control.
They relate to matters including BNP Paribas Fortis, its subsidiaries and its investments, the
development of the business activities of the bank and its subsidiaries, trends in the sector, future
investments and acquisitions, changes in the economic, social, ecological and environmental situa-
tion and applicable regulations. In particular, due to these risks and uncertainties, forward-looking
information should not be considered as a representation or guarantee by BNP Paribas Fortis or any
other person that the bank will achieve its objectives, plans, targets or indicators within a given
timeframe or that it will achieve them in the shortest possible time. Any forward-looking statement
contained in these sustainability statements are made on the date of these sustainability statements.
BNP Paribas Fortis does not undertake under any circumstances to publish any changes or updates
to this forward-looking information, except where required by applicable regulations.
Inherent uncertainty in climate information
The information, data, indicators and methodologies used regarding climate change are constantly
evolving. Climate indicators are complex and are based on many opinions and assumptions about
climate policies, technologies and other uncertain or unknown factors. Any significant change in
these variables could render the assumptions, and therefore the resulting climate indicators and
data, incorrect. Consequently, the climate information contained in these sustainability statements,
whether historical or prospective, presents an inherent uncertainty, which may make it less relevant
for decision-making than historical financial data. Regarding greenhouse gas (GHG) emissions, there
is a lack of standardisation and comparability of estimation and calculation methods due to the
diversity of frameworks and methodologies available. The methodological choices used to prepare
these sustainability statements are explained in this document. However, due to this lack of harmo-
nisation, there is a risk that indicators may be overestimated or underestimated. Scope 3 emissions,
in particular, covering emissions associated with the activities of clients to whom BNP Paribas Fortis
provides financing, are subject to a high degree of measurement uncertainty. By definition, these issues
result from the activities of the bank’s customers and, unlike BNP Paribas Fortis’ direct emissions,
depend on external factors over which the bank has no control.
Information from third parties
Some statistical information and other data contained in this document comes from third-party
sources. BNP Paribas Fortis accepts no responsibility for this information and makes no representations
or warranties as to its accuracy, precision or completeness.
212
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
213
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
214
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
CONTENTS
215
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
1 General disclosures 217
1.a Governance 217
1.b Strategy, business model and stakeholders 221
1.c Material impacts, risks and opportunities 228
2 Climate change 237
2.a Strategy 237
2.b Impact, risk and opportunity management 244
2.c Metrics and targets 253
3 Activities aligned with the European Taxonomy 263
3.a Overview of the regulatory framework and disclosure obligations for
financial institutions 263
3.b Scope of financial assets subject to alignment analysis 263
3.c Methodology for alignment qualification under the European Taxonomy 264
3.d Alignment indicator amounts at 31 December 2024 265
3.e Limits of the regulatory ratios for alignment with the European Taxonomy 266
3.f Share of assets aligned with climate performance criteria in eligible assets 267
4 Own workforce 269
4.a Strategy 269
4.b Impacts, risks and opportunities management 272
4.c Metrics and targets 284
5 Consumers and end-users 293
5.a Strategy 293
5.b Impact, risk, and opportunity management 295
5.c Metrics and targets 302
6 Business conduct 303
6.a Governance 303
6.b Impact, risk and opportunity management 304
6.c Metrics and targets 312
7 Additional information specific to the entity 313
7.a Market integrity and financial security 313
7.b Cybersecurity 315
8 Annex 319
8.a General disclosures 319
8.b Climate change 328
8.c List of acronyms and abbreviations 363
BNP Paribas Fortis Sustainability statements
Report of the accredited statutory auditor 365
216
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
217
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
1 General disclosures
BNP Paribas Fortis prepares its sustainability statements on a
consolidated basis. The scope of the reporting entities in the
consolidated sustainability statements is the same as that
of the consolidated financial statements prepared in accord-
ance with international accounting standards: it includes
BNP Paribas Fortis SA/NV and the entities it exclusively
controls. The scope and accounting consolidation principles
are presented in note 1.c ‘Consolidation’ and note 7.k ‘Scope of
consolidation’ of the consolidated financial statements chapter
of the BNP Paribas Fortis 2024 annual report.
The sustainability statements cover the entire bank’s value
chain, i.e. its operational scope but also its upstream and
downstream value chain. The BNP Paribas Fortis’ value chain
is described in this chapter section 1.b ‘Strategy, business
model and stakeholders’.
1.a Governance
1.a.1 The role of the administrative,
management and
supervisory bodies
The sustainability strategy is integrated at the highest level
within the governance bodies. These bodies address the
impacts, risks and opportunities related to ESG topics of all
BNP Paribas Fortis’ activities as part of their mandates as
described in the following paragraphs.
FIGURE No.1: BNP PARIBAS FORTIS’ GOVERNANCE IN RELATION TO THE SUSTAINABILITY STRATEGY
Board of Directors
Executive Board/Executive Committee
Remuneration
Committee
Governance and
Nomination Committee
Audit CommitteeRisk Committee
Sustainable
Business Board
Public Affairs
Business Board
Social Bank
Board
Green Bank
Board
ESG Action Plan
Board
Transversal Sustainability Committee
The Executive Board is informed via the committees and/or
boards presented above, and via occasional meetings with the
functions and business lines that monitor BNP Paribas Fortis’
impacts, risks and opportunities. If necessary, it reports to the
Board of Directors on sustainability matters.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Board of Directors
The Board of Directors determines BNP Paribas Fortis’ business
strategy and ensures its implementation by the Executive
Board (consisting of five executive directors), in accordance
with its corporate interests, taking into account ESG issues
involved in BNP Paribas Fortis’ activities.
The role of the Board of Directors is described in
BNP Paribas Fortis’ articles of association and in the Corporate
Governance Charter
1
.
On 31 December 2024, the Board of Directors was composed
of 15 members, and was chaired by Mr Maxime Jadot. The
composition and diversity of the Board of Directors is described
in the chapter ‘Governance Statement’ of BNP Paribas Fortis’
2024 consolidated annual report.
With regard to impacts, risks and opportunities linked to
sustainability and ESG topics, BNP Paribas Fortis relies on
the BNP Paribas Group’s risk strategy and policy. The Board of
Directors of BNP Paribas Fortis is responsible for implementing
the Group’s policies and procedures, as well as local legal and
regulatory standards on sustainability.
The BNP Paribas Fortis’ Board of Directors, together with the
Executive Board, monitors the bank’s ESG issues.
The Board of Directors is informed of the progress made in the
implementation of BNP Paribas Fortis’ sustainability strategy.
It meets a minimum of 12 times a year and as often as the
circumstances or the interests of BNP Paribas Fortis require.
Within BNP Paribas Fortis, the Board of Directors monitors
sustainability topics with support from each of the four spe-
cialised committees:
The Risk Committee;
The Audit Committee;
The Governance and Nomination Committee;
The Remuneration Committee.
1
Corporate Governance Charter
The specialised committees of the
BNP Paribas Fortis’ Board of Directors
The Risk Committee
In 2024, legal and regulatory developments as well as legal
risks concerning ESG topics were included in the regular legal
risk report presented quarterly to the Risk Committee. The
Committee reviews the overall risk strategy, including ESG
aspects. ESG indicators are in implementation phase in the
bank’s Risk Appetite Statement (RAS) and the Risk Committee
approves changes to the RAS before they are submitted to the
Board of Directors.
The Risk Committee meets at least five times a year.
The Audit Committee
The Audit Committee assists the BNP Paribas Fortis’ Board of
Directors in the annual review of local adaptations made to
the BNP Paribas Group’s Code of Conduct and related policies.
It also monitors the preparation of the CSRD report, ensuring
that the information published in the sustainability part is
reflected in the financial part.
The Audit Committee meets at least five times a year.
The Governance and Nomination Committee
Each year, the Governance and Nomination Committee
assesses the skills of the Board members and checks their ESG
knowledge. It also ensures diversification of the composition
of the Board of Directors. In addition, the Governance and
Nomination Committee reviews BNP Paribas Fortis’ integrity
policies annually and submits its conclusions to the Board
of Directors.
The Governance and Nomination Committee meets at least
four times a year.
The Remuneration Committee
The Remuneration Committee reviews BNP Paribas Fortis’
remuneration policy annually and assists the Board of
Directors in formulating any changes. As part of that work,
it factors ESG objectives into the calculation of manag-
ers’ variable remuneration (cfr. point 1.a.2 ‘Integration of
sustainability-related performance in incentive schemes’).
In addition, BNP Paribas Fortis implements the BNP Paribas
Group’s compensation policy.
The Remuneration Committee generally meets five times a year.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Experience, skills and training of
BNP Paribas Fortis’ directors
All the directors have a diversity of skills, including skills
related to sustainability issues, and experiences they have
acquired throughout their professional careers. Summaries of
their careers are available on the BNP Paribas Fortis’ website
2
.
The individual and collective expertise of BNP Paribas Fortis’
Board members is ensured by regular suitability assessments
conducted by the Governance and Nomination Committee.
In addition, the supervisory authority is notified each time a
director is appointed or has their term of office renewed, and
assesses their appointment/reappointment in the light of the
‘fit and proper person’ criteria.
In general, the Board of Directors ensures that the directors
maintain their knowledge in all areas related to the evolving
strategy of BNP Paribas Fortis and BNP Paribas Group.
BNP Paribas Fortis devotes the necessary human and financial
resources to the training of directors. They receive individual
training as part of the induction programme following their
appointment. They also receive regular (collective) training
sessions from those responsible for the topics presented and
regularly participate in strategic meetings. In those sessions,
in-house experts give presentations on current sustainabil-
ity topics.
In addition, all members of the Board of Directors received
training focusing on ESG regulations in 2024. The Board of
Directors may call on internal and external experts if necessary.
The main administrative, management and supervisory bodies
are thus composed of people with the knowledge and skills
suited to monitor BNP Paribas Fortis’ material impacts, risks
and opportunities.
Sustainability management bodies
The Executive Board implements the sustainability strategy
and is accountable to the Board of Directors for it.
The Executive Committee, composed of the members of the
Executive Board and certain other managers of functions and
business lines, assists the Executive Board in fulfilling its role
and responsibilities and advises it if necessary. Unless other-
wise decided by the Executive Board, the Executive Committee
is convened at the same time as the Executive Board.
The BNP Paribas Fortis’ governance is overseen by a set of
specialised bodies described below.
2
Corporate Governance
The Transversal Sustainability Committee
This body is responsible for the overall ESG strategy and ensures
consistency between the five specialised bodies presented
below. It establishes and maintains the BNP Paribas Fortis’
Sustainability Dashboard and sustainability trajectory.
The Transversal Sustainability Committee reports directly to
the BNP Paribas Fortis’ Executive Committee via the chairs of
the five bodies, each of whom specialises in their own aspect
of ESG. Each body is chaired by at least one member of the
Executive Committee. In 2024, the Transversal Sustainability
Committee met three times.
The Sustainable Business Board
This body is in charge of preparing the Sustainable Business
Development Plan. It monitors key performance indicators, dis-
cusses possible corrective measures and future objectives, and
consolidates business-line initiatives relating to sustainability.
The Sustainable Business Board is chaired by the Head of
Corporate Banking, the Head of Affluent & Private Banking and
the Head of Retail Banking and meets three to four times a year.
The Public Affairs Board
In sustainability-related matters, the Public Affairs Board
focuses on dialogue and protecting BNP Paribas Fortis’
interests with respect to the various external stakehold-
ers, as well as on integrating stakeholder perceptions into
BNP Paribas Fortis’ strategy.
The Chief Compliance Officer (CCO) chairs the Public Affairs
Board and meets generally five times a year.
The Social Bank Board
The Social Bank Board oversees and consolidates all
BNP Paribas Fortis’ commitments to society, including financial
support to non-profit organisations, support for volunteering
initiatives and donations in kind. It puts forward a clear and
consistent strategy by specifically supporting non-profit organi-
sations focusing on the inclusion of disadvantaged children and
young people through educational projects.
The Social Bank Board is chaired by the Chief Operating Officer
(COO) and meets twice a year.
220
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
The Green Bank Board
The Green Bank Board defines and implements action plans
for each business line/support function in order to help reduce
the carbon footprint of BNP Paribas Fortis’ infrastructure
and activities.
The Green Bank Board is chaired by the Chief Human Resources
Officer (CHRO) and meets on a quarterly basis.
The ESG Action Plan Board
This body manages the implementation of the ESG Data
Management initiative, as well as overseeing the ESG
strategies of BNP Paribas Fortis’ clients and monitoring
their ESG risks.
It is chaired by the Chief Risk Officer (CRO) and the Chief
Financial Officer (CFO) and meets once a month.
Monitoring and checking impacts, risks and
opportunities
The BNP Paribas Fortis’ Board of Directors is responsible for
monitoring sustainability impacts, risks and opportunities.
The BNP Paribas Fortis’ Executive Board relies on the control
and supervisory bodies, and on the internal control system
in place to control, manage, monitor and suggest objectives
in terms of impacts, risks and opportunities. It reports to the
Board of Directors.
The Executive Board of BNP Paribas Fortis is responsible for
the internal control organisation and procedures and for all
information required by law under the internal control report
as described in the BNP Paribas Fortis’ articles of association.
1.a.2 Integration of sustainability-
related performance in
incentive schemes
If they receive remuneration, the 10 non-executive members
of the BNP Paribas Fortis’ Board of Directors only receive fixed
remuneration and attendance fees. They do not receive any
variable remuneration.
The five executive members of the BNP Paribas Fortis’ Board
of Directors in Belgium, who also form the Executive Board,
receive variable remuneration, which is partly based on
sustainability-related criteria. Variable remuneration consists
of two parts: a bonus and a loyalty plan.
The bonus depends on predefined quantitative financial
and operational targets and various qualitative targets.
Those targets are validated to be in line with the strategic
objectives of the company.
The loyalty plan is for key BNP Paribas Group’s employees,
including executive members of the BNP Paribas Fortis’
Board of Directors, and is based on specific sustainability
objectives. The plan includes targets related to the four
key aspects of the BNP Paribas Group’s responsibility:
economic, social, civic and environmental. Those targets
include numerical climate objectives linked to helping
customers with the transition to a low-carbon economy
and reducing the bank’s environmental footprint.
Between 3% and 5% of the total variable remuneration is
determined by climate targets.
1.a.3 Risk management and
internal controls over
sustainability reporting
The internal control framework for sustainability reporting is
mainly based on:
A target operating model, which includes existing data
production process flows, data collection governance
arrangements and the RACI (Responsible, Accountable,
Consulted, Informed) responsibility assignment matrix
implemented under the CSRD;
A monitoring process by function covering reporting, gap
analysis between regulatory disclosure requirements and
published sustainability information, and the validation
and control framework based on generic controls appli-
cable and certified by sustainability information sources.
The Finance Department is the second line of defence.
Information relating to the main characteristics of
BNP Paribas Fortis’ internal controls is detailed in the chapter
‘Corporate Governance Statement’ of BNP Paribas Fortis 2024
consolidated annual report. The risk management system
related to the sustainability reporting process follows the
same process as the risk management system.
The Audit Committee monitors the process of preparing
corporate sustainability reporting published under Directive
(EU) 2022/2464. It examines issues relating to sustainability
statements, including the double materiality assessment,
the results of indicators and any issue likely to generate
potential risks.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
1.a.4 Statement on due diligence
BNP Paribas Group is subject to Law No. 2017-399 of March
27, 2017 on the duty of vigilance. This Law applies to the Group
as a whole, including BNP Paribas Fortis. The Group publishes
a vigilance plan every year in response of this legal obligation.
TABLE No. 1: KEY ELEMENTS OF DUE DILIGENCE
Key elements of due diligence Sections in the sustainability statements
a) Integrate due diligence into
governance, strategy and the
business model
Chapter 1 ‘General disclosures’
1.a.1 ‘The role of the administrative, management and supervisory bodies’ and 1.b.1 ‘Strategy,
business model and value chain’
b) Dialogue with assigned stakeholders
at all stages of the due diligence
process
Chapter 1 ‘General disclosures’
1.b.2 ‘Stakeholder interest and views’
c) Identify and assess negative impacts
Chapter 1 ‘General disclosures’
1.c.1 ‘Description of the processes to identify material impacts, risks and opportunities’
d) Take action to address negative
impacts
All ‘Actions’ or ‘Management of Impacts, Risks and Opportunities’ sections of the following
chapters: 2 ‘Climate change’, 4 ‘Own workforce’, 5 ‘Consumers and end-users’ and 6 ‘Business
conduct’
e) Monitor the effectiveness of these
efforts and communicate
Chapter 1 ‘General disclosures’
1.a.1 ‘The role of the administrative, management and supervisory bodies’ and 1.b.1 ‘Strategy,
business model and value chain’
1.b Strategy, business model and stakeholders
1.b.1 Strategy, business model
and value chain
A diversified and integrated business model
BNP Paribas Fortis covers a wide range of activities being
part of the Commercial, Personal Banking & Services (CPBS)
and the Corporate & Institutional Banking (CIB) divisions of
BNP Paribas Group:
CPBS, which includes banking services provided to multiple
types of clients, including individual clients, self-employed
people and professionals, small and medium-sized enter-
prises, local businesses, large corporates, institutional
clients and non-profit organisations;
CIB, which provides sophisticated high-value financial
services to corporations and institutional clients, with a
focus on capital markets, mergers & acquisitions consulting
and risk management.
BNP Paribas Fortis’ integrated model is characterised by a
broad diversification in terms of customer segments, geogra-
phies, sectors and business lines. The model results in a strong
cohesion between the bank’s business lines and improves
their resilience.
The bank offers a wide range of financial solutions to private
individuals, through its digital channels and an extensive
network of branches, strengthened by the integration of
bpost bank in Belgium. In addition, BNP Paribas Fortis has
developed partnerships to meet its customers’ key needs, for
example to facilitate the purchase or renovation of energy-
efficient properties.
The bank also maintains a strong presence in the corporate
segment, providing both large companies and SMEs (small and
medium-sized enterprises) with specialised financial services,
including lending, leasing and investment products.
Companies (large and medium-sized) have access to
dedicated products and services to support and accelerate
their transition to a carbon-neutral model, such as specific
financing products and support from the Sustainable Business
Competence Centre (SBCC), as well as specialized teams of
BNP Paribas Group such as the Low Carbon Transition Group
and the Climate Analytics and Alignment team.
In a complex and often uncertain context, this integrated
model allows customers to receive long-term support to
realise their projects in particular their transition to a more
sustainable business model through advice and products
related specifically to that transition (for more information
on the bank’s business model, cfr. chapter ‘Report of the Board
222
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
of Directors’, section ‘Core businesses’ of the BNP Paribas
Fortis 2024 annual report.
BNP Paribas Fortis operates in an economic and financial
environment that is very broad in scope, both in terms of
financial activities and geographical presence, in Europe, the
Middle East, Africa (EMEA), and Americas.
TABLE No. 2: EMPLOYEE BREAKDOWN BY GEOGRAPHICAL AREA
2024 2023
EMEA 35,411 35,948
Americas 367 356
Total Employees 35,778 36,304
With its various entities and their human, financial and techni-
cal resources, BNP Paribas Fortis covers several sectors of
activity by creating and distributing products and services, as
presented in the following table. The table reflects the bank’s
organisation into two divisions (CPBS and CIB, shown on sepa-
rate rows of the table), and anticipates the implementation
of the regulatory nomenclature on sectors of activity (shown
on separate columns of the table).
TABLE No. 3: PRESENTATION OF THE PRODUCTS AND SERVICES OF THE BANK’S OPERATING DIVISIONS ACCORDING TO THE
NOMENCLATURE OF EUROPEAN ACTIVITIES
ESRS sectors Credit institutions Capital markets
Operational motor
vehicle leasing
CPBS
Deposit-taking
Long-term vehicle
rental (Arval)
Distribution of banking services (daily
banking, cash management solutions)
Distribution of savings, investment (including
life insurance) and pension solutions
Distribution of insurance products covering
people and property
Distribution of financing solutions (loans,
leasing, factoring)
CIB
Financial services (loans, bond issues,
securitisation)
Primary and secondary activity in the
fixed-income, foreign exchange, credit and
commodity markets
Derivatives and equity services
Cash management for corporates and
financial institutions
Mergers and acquisitions consulting
Brokerage, clearing and custody activities
These products and services are distributed in the downstream
part of the BNP Paribas Fortis’ value chain by specialised
business lines (retail banking, for example), which there-
fore constitute the commercial activity within the bank’s
integrated model. The bank’s upstream value chain and its
internal operations constitute its operational scope, which
is essential for the performance of its commercial activities.
The bank carried out a double materiality assessment on
the value chain of its integrated model, through the direct
business relationships (with customers and counterparties in
particular) it maintains within the framework of its activities
(operational scope and commercial activities with a priority
placed on financing activities).
223
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
FIGURE No.2: THE VALUE CHAIN OF THE BNP PARIBAS FORTIS’ INTEGRATED BUSINESS MODEL
Operational scope
Upstream
Internal operations Downstream
Commercial activities
Suppliers &
Subcontractors
Bank employees
Credit institutions
Investors
Clients & Counterparties
Individuals / companies /
institutions
Distributors
Internal or external
Capital markets
Operational leasing of
motor vehicles
Services
Purchases of
BNP Paribas
Fortis securities
Product &
Services
Buildings & datacenters
Actors
Legend:
Activity
This figure shows the bank’s value chain without any distinc-
tion by activity or business line. It reflects the diversity of
services offered to clients by the bank’s various business lines,
along with the scope of application of its sustainability policies.
This value chain therefore includes non-bank subsidiaries and
participations such as Arval (long-term vehicle rental) and AG
Insurance (insurer).
Presentation of the sustainability strategy
BNP Paribas Fortis’ sustainability strategy is to support all
customers – individuals, companies and institutions – in their
transition to a carbon-neutral economy that uses the planet’s
resources in a reasonable way and fosters the inclusion of
those who are most fragile, while conducting business respon-
sibly. To achieve this, the bank relies on all its employees.
The strategy is part of a continuous improvement process and
aims to help building a more sustainable world while ensur-
ing the stability and performance of the bank. This ambition
is reflected in the GAS (Growth, Accessibility, Sustainability)
strategic plan for Commercial and Personal Banking in
Belgium (CPBS) being part of the wider BNP Paribas Group’
GTS (Growth, Technology, Sustainability) strategic plan, of
which sustainability is one of the three key pillars. The deploy-
ment of that plan involves all bank’s business lines, functions,
subsidiaries and geographies, and is supervised at the highest
level of BNP Paribas Fortis as described above.
Objectives
BNP Paribas Fortis is concerned and contributes to seven of
the quantitative objectives of the BNP Paribas Group’s sustain-
ability strategy. These objectives are linked to key performance
indicators and reflect the ambition of BNP Paribas Group
to cover broad areas such as the energy transition, social
inclusion, employee trainings, etc. The indicators are listed
in the Corporate Social Responsibility (CSR) dashboard (cfr.
below) and enable BNP Paribas Fortis to monitor and assess
the effectiveness of its sustainability strategy and efforts to
accelerate the transition. These objectives are divided into
four responsibilities:
Economic responsibility: as a major provider of financing,
BNP Paribas Fortis provides financial solutions dedicated
to the transition, in particular through loans that the bank
offers. It also fulfils its responsibility by promoting the best
ethical standards and integrating the management of ESG
issues in its risk management processes.
Social responsibility: faced with the major societal,
environmental and technological challenges of today,
BNP Paribas Fortis has the responsibility, more than ever,
to support its clients in their transition towards sustain-
able and practical solutions. To fulfill that responsibility,
BNP Paribas Fortis places people at the heart of its strat-
egy and aims to develop all the expertise that underpins
its collective performance. This ambition is supported by
the Group’s People Strategy and is implemented by the
Human Resources (HR) function within BNP Paribas Fortis,
focusing on three key aspects: Ethics & Inclusion, Employee
Experience and Human Capital.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Civic responsibility: the bank wants to be a committed
player in society. BNP Paribas Fortis is therefore developing
actions to promote the financial inclusion of customers
distant from banking services.
Environmental responsibility: the main driver of the bank’s
action is supporting the environmental transition among
participants in the economy. To this end, BNP Paribas Fortis
3
This figure includes BNP Paribas Fortis in Belgium, Arval and BGL.
4
This figure only represents the “MicroStart” beneficiaries contribution at Q3 2024 (reporting on running year from 1 October to 30 September). The number of
Nickel accounts opened since the start of the offer on Belgian territory is not included in this result.
directs the financing and investments the bank grants
or facilitates towards creating an economy compatible
with planetary boundaries, and supports the clients of
its various operational entities with their environmental
transition. The bank also takes action to reduce its direct
environmental impacts, with the aim of continuously
improving its own operations and involving its employees.
TABLE No. 4: CSR DASHBOARD
Responsibility Indicator Result 2024
Economic Amount of sustainable loans (in billions of euro) 35.9
Social
Percentage of women among the Senior Management Positions (SMP) population 35%
Number of solidarity hours performed by employees over two rolling years (#1MillionHours2Help)
66,165
3
Percentage of employees who completed at least four training courses in the year 99%
Civic Number of beneficiaries of products and services promoting financial inclusion
3,301
4
Environmental
Amount of support for customers in the transition to a low-carbon economy (in billions of euro) 16.5
GHG emissions in tCO
2
e per FTE 1.54
Dashboard definitions
Amount of sustainable loans: amount of loans at the end of the
year drawn, identified as sustainable by an internal classification
system and granted by the bank to its customers. The BNP Paribas
Fortis’ principles for classifying transactions are based on external
standards such as those of the Loan Market Association, as well as
on the substantial contribution criteria of the European Taxonomy.
The BNP Paribas Group 2025 objective is to reach 150 billion euros
of sustainable loans.
Percentage of women among the SMPs population : BNP Paribas
Fortis SMP population consists of employees that are considered
as having the greatest impact from a strategic, commercial, func-
tional and expertise point of view. The percentage is calculated
on the basis of the SMP positions occupied. The BNP Paribas
Group 2025 objective is to reach 40% of women among the SMP.
Number of solidarity hours performed by employees: as part of
the global solidarity programme #1MillionHours2Help, including
long-term corporate volunteering. The BNP Paribas Group 2025
objective is to reach 1,000,000 hours.
Percentage of employees who completed at least four train-
ing courses in the year, including mandatory training courses,
particularly related to compliance. The BNP Paribas Group 2025
objective is to reach 90% of employees who completed 4 training
courses in the year.
Number of beneficiaries of products and services promot-
ing financial inclusion: number of microStart accounts. The
BNP Paribas Group 2025 objective is to reach 6 million of
beneficiaries.
Amount of support for customers in the transition to a low-
carbon economy: cumulative amount at year-end of financial
support identified as contributing to the transition to a low-carbon
economy according to an internal classification system. This
amount partly overlaps with the amounts of sustainable loans.
The BNP Paribas Group 2025 objective is to reach 200 billion
euros of contribution.
GHG emissions in tCO
2
e per full-time equivalent (FTE) (or in
kWh for buildings and business travel): GHG emissions over one
year in Scope 1 (direct emissions due to the combustion of fossil
fuels), Scope 2 (indirect emissions due to the purchase of energy)
and part of Scope 3 (emissions linked to employee business
travel) divided by the number of employees on a FTE basis. The
BNP Paribas Group 2025 objective is to reach 1.85 tCO
2
e per FTE.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Implementation of the strategy in the
business processes
BNP Paribas Fortis’ sustainability strategy, which takes into
account the bank’s material impacts, risks and opportunities,
is operationally deployed through the sustainability pillar of
its own strategic plan. It is itself built around five priorities
that seek to ensure that the bank supports more effectively
the transition of its customers and society:
Responsible investments: ‘sustainability’ is a broad
and evolving concept. For investment products,
BNP Paribas Fortis applies the following definitions: the
investment products we consider responsible, take into
account adverse ESG impacts. Some responsible products
may also devote part of their assets to environmental
and/or social objectives. When an investment product
exclusively aims to achieve such an objective, we call it
‘sustainable’;
Sustainable real estate: promote real estate that pri-
oritises energy efficiency and/or responsible resource
management;
Sustainable transition of companies: support companies
in improving their ESG performance;
Sustainable transport: give priority to means of transport
with lower GHG emissions, such as electric vehicles, active
transport and/or public transport;
Social inclusion: contribute to a fairer society, in particular
by enabling access to banking services for as many people
as possible and by taking into account the needs of vulner-
able groups and minorities.
As part of its continuous improvement approach as regards
its operational processes, BNP Paribas Fortis faces two par-
ticularly prominent challenges regarding sustainability issues:
Knowledge of clients’ ESG risks: the bank’s clients’ knowl-
edge of their own risks is still fragmented. Therefore, the
assessment of BNP Paribas Fortis’ own impacts, risks and
opportunities requires continuous improvement work;
Availability and reliability of ESG data: the calculation
of targets and indicators is hampered by the limited
availability of ESG data and the variability of calcula-
tion methodologies used, including the ones used by our
clients. As a result, it is necessary to use estimates, but
this still raises the issue of data representativeness.
5
Investors are BNP Paribas Fortis’ shareholders, of which BNP Paribas Group accounts for 99,94%, the rest are individuals and legal entities.
1.b.2 Stakeholder interests and views
Objectives of stakeholder dialogue
Dialogue with its stakeholders is an integral part of
BNP Paribas Fortis’ environmental and social responsibility.
The bank’s commitment to maintaining an open and con-
structive dialogue with its stakeholders is intended first and
foremost to better identify and understand the interests, views
and expectations of its stakeholders, as well as the impacts of
its activities.
This allows BNP Paribas Fortis to take those viewpoints into
account in the development of its products and services, in
line with the real needs of customers, the development of its
businesses and the definition of its strategy.
This interaction also plays a key role in informing stakeholders
of the bank’s decisions and actions and explaining them, with
a view to achieving transparency and clarity.
Key stakeholders
The bank identifies several groups of stakeholders of different
types and with different levels of interaction. The broadest
group comprises its customers (individuals, companies and
institutions), employees, social partners, investors
5
, suppliers,
regulators and public authorities, and civil society organisations.
Some of these stakeholders, with whom BNP Paribas Fortis has
direct and regular communications, have been integrated into
the double materiality assessment described below.
Organisation of stakeholder dialogue
BNP Paribas Fortis takes a structured approach to interact
with its stakeholders and relies on several internal policies
governing relationships with them, such as:
The Policy for the Protection of Interests of Clients which
defines the organisational and conduct rules that must be
applied by BNP Paribas Fortis throughout the relationship
with the customer, at all stages of the product and service
life cycle (cfr. chapter 5. ‘Consumers and end-users’);
The BNP Paribas Group’s Sustainable Sourcing Charter,
also adopted by BNP Paribas Fortis along with its Code
of Conduct applying to suppliers and potential suppliers,
including the Sustainable Sourcing Charter, which sets out
the bank’s ethical principles and commitments regarding
its suppliers.
226
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
In addition, each type of stakeholder has contact persons
identified within BNP Paribas Fortis, at the function or business
line level. The bank therefore adapts and deploys several
dialogue channels with its stakeholders, of which the main
ones are listed below:
Customers are in contact with dedicated BNP Paribas Fortis
sales teams according to their profiles and needs. Their
areas of interest and views are surveyed in particular as
part of the Advocacy programme (e.g. via the Net Promoter
Score explained in the ‘Report of the Board of Directors’ in
the annual report, relationship surveys and transactional
surveys), as described in chapter 5. ‘Consumers and
end-users’, section 5.b.2 ‘Interaction with consumers and
end-users regarding impacts’;
For employees and social partners, the BNP Paribas Fortis
HR teams are the preferred points of contact. The interests
and views of employees are collected through the surveys
described below;
For BNP Paribas Fortis’ key suppliers and subcontractors,
the Purchasing department organises regular follow-up
meetings (as part of Supplier Relationship Management)
to collect feedback and implement improvement plans;
Regulatory bodies have regular discussions with various
departments of the bank, including control functions, in
accordance with the procedure relating to relations with
regulatory authorities;
Civil society and civil society organisations are linked to
the Company Engagement and Communication teams
and the business lines. Within BNP Paribas Fortis, the
Public Affairs team focuses on relations with advocacy
Non-Governmental Organisations (NGOs)
BNP Paribas Fortis listens to its employees. In particular,
the bank relies on targeted surveys, social dialogue, internal
networks initiated by its staff members and the whistleblow-
ing platform.
6
IDEWE’s risk analysis of the psychosocial well-being of the workers.
7
The group IDEWE consists of the companies IDEWE and IBEVE. IDEWE is an external service for prevention and protection at work. IBEVE’s core business is
expertise in the environment and safety.
BNP Paribas Group pulse surveys: measuring employee
engagement and well-being
To get a better understanding of how engaged employees
are, their adherence to the company’s strategy and how
they perceive management, and to measure their level of
satisfaction and well-being at work, the BNP Paribas Group
has regularly conducted relationship surveys that have been
delegated to entities around the world since 2020. Those
entities, including BNP Paribas Fortis, choose questions that
are highlighted locally and draw up specific action plans. The
Group also conducts a global survey every two years of all
employees, including those of BNP Paribas Fortis, on the topics
of Conduct and Inclusion. In 2024, 35,518 employees were
surveyed within BNP Paribas Fortis. The participation score of
BNP Paribas Fortis in Belgium was 88% and the global score
including Arval, BGL, TEB, Leasing and BNP Paribas Fortis in
Belgium was 82%.
BNP Paribas Fortis’ Team Motivation Barometer TMB
and ARPS-i
6
surveys in Belgium: assessing quality of
life at work
To gauge more effectively the perceptions and opinions of
BNP Paribas Fortis’ employees in Belgium regarding their work,
team, manager and bank, BNP Paribas Fortis conducts the
Team Motivation Barometer (TMB) twice a year. In the last
edition in May 2024, employees were also invited to share
their experience of the Agile Way of Working, their vision of
sustainable finance and their level of commitment to the
bank’s objectives, and 85% of employees took part.
In March 2023, BNP Paribas Fortis in Belgium also launched an
ARPS-i survey (analysis of psychosocial risks, in collaboration
with IDEWE
7
). This analysis makes it possible to detect and
treat psychosocial risks at work, in order to strengthen and
preserve employees’ well-being and quality of life.
These two surveys – TMB and ARPS-i – resulted in an action
plan for well-being within BNP Paribas Fortis in Belgium,
focusing on six key priorities:
Transparency of the remuneration system and
employee benefits;
Management and reduction of work-related pressure;
Promotion of psychological safety;
Management and reduction of disturbances;
Promotion of empathetic leadership;
Promotion and communication of career opportunities.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Social dialogue
Social dialogue is essential for BNP Paribas Fortis because it
allows the interests and rights of employees to be integrated
into its overall strategy. This commitment is reflected at
European level in committees that promote social dialogue and
globally with global agreements at BNP Paribas Group’s level.
With regard to the staff representative body in Belgium,
BNP Paribas Fortis’ Workers Council is regularly informed of
the bank’s policy regarding ESG commitments.
At the European level, the Group created the European
Committee
8
in 1996 to promote the exchange of information
and dialogue. At the end of 2023, it covered 22 European coun-
tries and approximately 73% of the total workforce. Through
this body, BNP Paribas has set up a consultation mechanism
to ensure that the views of its employees are heard and taken
into account. Thus, in 2024, progress on the implementation of
the Group’s strategic plan and the associated People Strategy
was shared with the European Committee. Presentations and
discussions took place about the Group’s transport policy, the
learning experience of employees and changes to customer
offers. Several entities of the BNP Paribas Group, such as
BNP Paribas Fortis, BGL BNP Paribas and Arval, are included
in the scope of the European Committee. However, Türk
Ekonomi Bankası (TEB) is not covered by the European Group
Works Council.
Globally, social dialogue is guaranteed by the Global
Agreement. Indeed, in continuation of the agreement entitled
‘Fundamental Rights and Global Social Framework’ (Global
Agreement) of 2018, a new Global Agreement was signed
for four years on 4 November 2024 between BNP Paribas
Group and UNI Global Union, which represents the banking
and insurance sectors, with the participation of the European
Federation of Managers in the Banking Sector (FECEC), the
European Group Committee and the two trade unions repre-
senting the Group in France. This new agreement strengthens
the common social reference base for all Group employees
in all countries regarding new ways of working, technological
transformations, professional equality and the fight against
discrimination, parenting support, health and well-being at
work. The agreement also includes concrete and measurable
commitments on human rights and fundamental rights at
work, in particular the right to freedom of association and
collective bargaining
9
, in order to support the continued
8
Still including the UK post-Brexit.
9
In accordance with the 10 principles of the Global Compact, the 17 United Nations Sustainable Development Goals, the United Nations Guiding Principles on
Business and Human Rights (UNGPs), Organisation for Economic Co-Operation and Development (OECD) guidelines, internationally accepted human rights
standards as defined in the International Charter of Human Rights and the International Labour Organisation (ILO) Fundamental Labour Conventions on
fundamental labour principles and rights.
sustainable growth of the Group’s activities and the devel-
opment of satisfactory working conditions for employees.
The new agreement will be implemented in all the Group’s
locations, enriching the common social reference base and
improving the rights of employees in several countries with
regard to local regulations. It will be monitored annually as
part of a dedicated joint committee.
Networks initiated by employees
BNP Paribas Fortis’ internal employee networks in Belgium
promote diversity, inclusion and social well-being. They offer
spaces for cross-functional and informal exchanges, and act as
hubs for information and sources of innovation. In 2024, these
networks organised numerous events on topics as varied as
professional equality, sexual orientation, intergenerationality,
parenthood, ethnocultural origins and disability.
BNP Paribas Fortis in Belgium has seven networks:
1. PRIDE - the network for LGBT people and their allies;
2. Friends of Africa - a multicultural network open to all;
3. MixCity - a mixed network aimed at raising the profile of
women and fostering gender diversity at all levels;
4. O2 - a network by and for colleagues over 50;
5.
Ability - a network created by and for all colleagues
affected by a disability;
6.
MiC – Managers in Connection: the bank’s
manager network;
7. 35Beaufort - a network by and for colleagues under 35.
Employees’ right to speak up
BNP Paribas Fortis’ employees have a right to speak up,
allowing them to report serious rule breaches, threats to
the general interest and violations of standards and regula-
tions, including the BNP Paribas Fortis’ Code of Conduct and
internal procedures, in good faith. For more information on
the whistleblowing system, cfr. chapter 6. ‘Business conduct’.
For more information on the right to whistleblowing and the
protection of whistleblowers, cfr. chapter 4. ‘Own workforce’.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Consideration of stakeholders
The interests and views expressed by internal stakeholders
(employees and social partners) and external stakeholders
(clients, investors, NGOs and regulators) feed into the bank’s
strategic discussions and decisions.
BNP Paribas Fortis is committed to involving its employees
in developing its strategy, and uses tools that allow to listen
regularly to its employees and their expectations in order to
enhance its strategy and action plan.
Within BNP Paribas Fortis, HR strategy is based on the
BNP Paribas Group’s People Strategy, which was developed in
2021 and 2022 by employees of the Group’s HR function. That
strategy drew on input from a wide variety of employees from
40 countries, including for example Belgium. The aim of the
strategy is to report on their expectations, particularly in terms
of making improvements in terms of ethics and inclusion, the
employee experience and skills development.
BNP Paribas Fortis, in particular with the support of the
Company Engagement and Public Affairs teams, is in regular
contact with several external stakeholders such as inves-
tors and NGOs. Their dialogue with stakeholders informed
their work in developing the Sustainability component of
BNP Paribas Fortis’ strategic plan.
Under the CSRD, the interests and views of several key
stakeholders (employees, clients, investors and NGOs) have
been taken into account in carrying out the bank’s double
materiality assessment described in the next section.
Presenting the views and interests of
stakeholders to BNP Paribas Fortis’
governance bodies
The Board of Directors and the Executive Board of
BNP Paribas Fortis are informed of stakeholders’ views and
interests regarding the company’s sustainability impacts
through the sustainable finance governance bodies and the
bank’s Company Engagement team.
In addition, the major sustainability topics addressed by inves-
tors, clients and NGOs, as well as interactions with those
stakeholders, are regularly presented by the teams responsible
for them within the Public Affairs Board, which reports twice
a year to the BNP Paribas Fortis’ Executive Board.
Presentations made by BNP Paribas Fortis’ Executive
Committee to employee representatives on the Workers
Council and related bodies, such as technical committees,
during monthly and annual consultations provide opportuni-
ties for discussion about the strategy in general, and also
on the sustainability strategy (across all three ESG dimen-
sions). These presentations allow members of the Workers
Council to put questions to the Executive Committee, obtain
answers to their questions and express their views and those
of employees. Those views can then be taken into account by
the Executive Committee when developing and implementing
the strategy for the future.
1.c Material impacts, risks and opportunities
The activities of BNP Paribas Fortis’ corporate clients are likely
to be subject to negative impacts and risks. In order to limit
and monitor these potential impacts and risks, the bank has
put in place a comprehensive framework to identify them
across all bank activities and across all ESG dimensions.
BNP Paribas Fortis integrates ESG risk controls into the
process of entering into a business relationship and during
the various stages of the relationship, such as Know Your
Customer (KYC) recertification. BNP Paribas Fortis also inte-
grates in the corporate financing process an ESG Assessment
of corporate customers with over 50 million euro in turnover.
This assessment includes a questionnaire and information
on controversies, including climate-related factors. It also
allows for a deeper understanding and documentation of
the client’s ESG knowledge (practices, maturity, risks, and
potential impacts), and evaluates their compliance with the
bank’s sector policies.
The figure below summarises the whole ESG risk analysis
framework used for BNP Paribas Fortis’ clients.
229
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
FIGURE No.3: REPRESENTATION OF THE GLOBAL FRAMEWORK OF ESG RISK AND IMPACT MANAGEMENT
Corporate Finance
General approachAdditional analysisOutcome
BNP Paribas Fortis Code of Conduct validated by the Board of Directors
Risk Appetite Framework
Risk management framework of the bank validated by Executive Management: culture of risk management and control, including
BNP Paribas Fortis’s environmental, social and governance (ESG) risks
General credit policy
Systematic ESG analysis
Analysis of all ESG elements
Unsatisfactory evaluation results
Termination of the relationship
Interim evaluation results
Client placed on the watch list and
subject to regular monitoring
Satisfactory evaluation results
Start or continuation of
business relationship
Restricted
activities list
▪ Excluded goods and
services (tobacco,
asbestos etc.)
Watch list and
exclusion list
▪ Companies that the
bank does not want
to finance or wants
to monitor for ESG
reasons
Sector policies
▪ Mandatory ESG
criteria
▪ Additional
assessment criteria
Ad hoc CSR
analyses
Specific expert
opinions on:
▪ Transactions
▪ And/or companies
▪ And/or sectors
▪ And/or controversies
(relating to a sector
▪ and/or
counterparties)
Project finance
▪ Application of the
Equator Principles
▪ Systematic
application of the
Free, Informed and
Prior Consent (FIPC)
of local populations
Specific lending
and rating policies
Know Your Customer (KYC) process
Integration of the customer’s ESG performance and risk analysis into the KYC process, when entering into a relationship with a
business group and during the various stages of the relationship, such as the periodic KYC recertification of legal entities
ESG assessments
▪ Systematic identification, evaluation and monitoring of the ESG performance and risks of business clients to establish their ESG profile as
part of the lending process and annual client review
▪ Initial assessment followed by regular assessments (frequency determined by the client’s ESG risk level)
▪ Questionnaires covering ESG dimensions and integrating sector policies,
supplemented by an analysis of ESG controversies
230
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
1.c.1 Description of the processes
to identify and assess material
impacts, risks and opportunities
The bank was able to capitalize on the previously presented
framework to conduct its double materiality assessment and
identify material impacts, risks and opportunities on the bank’s
operational scope and commercial activities, by applying a
number of detailed criteria and thresholds detailed below.
Structure of the double materiality
assessment
BNP Paribas Fortis performed its double materiality assess-
ment by following four successive steps to cover ESG topics:
1.
Understand and define (i) the BNP Paribas Fortis’ value
chain, distinguishing between the two ‘operational’
and ‘commercial activities’ sub-scopes with a focus on
financing activities, and (ii) the ESG sub-topics relevant to
BNP Paribas Fortis. This led to the addition of two topics
specific to the bank’s activities, namely ‘Market Integrity
and Financial Security’ and ‘Cybersecurity’;
2. Identify, within the two sub-scopes of the value chain, (i)
stakeholders and (ii) impacts, risks and opportunities for
each ESG sub-topic;
3.
Assess, for the two sub-scopes of the value chain, the
materiality of the impacts, risks and opportunities for each
sub-topic on a scale of 1-Minimal to 5-Critical;
4.
Determine, for the two sub-scopes of the value chain, the
materiality threshold for impacts, risks and opportunities:
if a topic has a score of ‘3-Important’ or higher on at least
one of the three dimensions, it is considered as material.
The double materiality assessment methodology is the same
for all ESG topics, without distinction.
Impact materiality analysis: methodology
The methodology for identifying and assessing impacts is based
on the number of requests made by major BNP Paribas Fortis’
stakeholders, whose requests are available, reliable and cen-
tralised within BNP Paribas Group and therefore operationally
usable for impact analysis. These requests are categorised by
ESG sub-topics and mainly cover the bank’s activities. The
assessment of material impacts is carried out in two stages:
i.
Requests from clients, investors and NGOs received
between 2022 and 2023 and employees’ views from a 2021
survey are assessed to determine the impact materiality
score of each ESG sub-topic;
ii.
Following an ESG topic analysis, an adjustment is applied
based on internal documents, reputational risks and
discussions with internal experts for each ESG sub-topic.
BNP Paribas Fortis assesses the impact materiality of each
ESG sub-topic on a scale from 1-Minimal to 5-Critical, and
considers an impact as material if it has a score of 3-Important
or above. Using this scale allows the bank to identify the mate-
rial impacts of its business model in response to stakeholder
requests, using current tools and the current knowledge of
internal experts.
It should be noted that:
When assessing the bank’s impacts, as it is not pos-
sible to differentiate between the timeframes of the
identified impacts with a reasonable level of confidence,
BNP Paribas Fortis has chosen to apply a conservative
approach, considering all impacts as current.
The bank engages with its stakeholders as described in
section 1.b ‘Strategy, business model and stakeholders’
in this chapter.
In order to avoid double counting in the identification of
impacts, risks and opportunities, BNP Paribas Fortis’ posi-
tive impacts linked to financial opportunities for the bank
have been considered as opportunities, and are therefore
identified and assessed as such.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Financial materiality analysis: methodology
Risk dimension
The risk identification and assessment methodology is based
on the results of the bank’s risk inventory process, Risk ID,
which is designed to promote a forward-looking approach to
risk identification by BNP Paribas Fortis. Every year, Risk ID
contributors have access to an overview of the major global
risks and additional internal studies on ESG risks. This over-
view is based on studies by international entities (World Bank,
Organisation for Economic Co-Operation and Development
(OECD), International Monetary Fund (IMF), reinsurers, etc.)
dealing, among other things, with ESG topics (climate, nature,
social and corruption in particular). Based on this documen-
tation and their expertise, Risk ID contributors, along with
risk experts in the bank’s various business lines and entities,
including the teams in charge of ESG risks and Compliance:
i.
Identify risk events associated with different types of
banking risks: credit, market, operational, reputational
risks, etc;
ii.
Link those risk events to various risk drivers, including
ESG risk drivers
10
;
iii. Assess the likelihood and severity of those risk events by
estimating the potential expected loss.
On that basis, the potential expected losses are grouped
by ESG risk driver and then compared on a scale of
1-Minimal to 5-Critical. This scale is calibrated in accord-
ance with the annualised expected loss threshold, defined
by BNP Paribas Fortis during the Internal Capital Adequacy
Assessment Process (ICAAP). Risks related to ESG sub-topics
are therefore defined as:
Material (scores of 3-Important or above) for ESG risk
drivers exceeding the annualised expected loss threshold;
Non-material (scores of 1-Minimal or 2-Informative)
for ESG risk drivers that do not exceed the annualised
expected loss threshold.
10
Cross-reference tables between the various Risk ID parameters make it possible to assign risk events to one or more ESG topics without double counting.
11
The Representative Concentration Pathway scenarios are four climate change scenarios used by the Intergovernmental Panel on Climate Change (IPCC) which
assess the evolution of GHG concentrations in the atmosphere up to the year 2100. Scenario RCP 8.5 leads to a significant increase in CO2 concentration in
the atmosphere and an increase in global temperatures of more than 4°C by 2100. Scenario RCP 8.5 is the most pessimistic, while scenario RCP 2.6 forecasts
a warming of less than 2°C in 2100.
12
SSP (Share Socio-economical Pathways): socio-economic versions of the IPCC’s RCP scenarios.
It should be noted that:
Risk ID contributors are invited to assess the relative
materiality of the identified risk events over a timeframe of
up to 30 years. Based on the 2024 risk inventory (available
in early 2025), it will be possible to assess the materiality
of short-term (1 year), medium-term (1 to 3 years) and
long-term (3 to 30 years) ESG risk drivers.
With regard to physical and transitional climate risks,
Risk ID contributors can use the overview of major risks,
incorporating the results of the various climate stress
test exercises conducted by the BNP Paribas Group in
collaboration with BNP Paribas Fortis.
Some exploratory analyses carried out on residential
and commercial real estate portfolios take into account
a set of acute hazards such as forest fires, drought, hail
and coastal flooding. The study was based on the follow-
ing climate scenarios: RCP
11
4.5 and RCP 8.5 and SSP
12
1-2.6 and SSP 5-8.5 by 2050;
A stress test exercise was carried out on residential
and commercial real estate portfolios as part of the
bank’s ICAAP presentation, with a view to assessing the
flood risk (rain and river), in a RCP 8.5 scenario (high
emissions) by 2085;
The European Central Bank (ECB) stress test in 2022
aimed at identifying potential vulnerabilities related
to climate transition risk, both in the short term in the
event of a disruptive transition, and in the long term
(30 years) according to the banks’ strategic choices in
the various scenarios;
BNP Paribas Fortis has identified economic activities
that are incompatible with a transition to a low-carbon
economy and that require significant efforts to be com-
patible in its stress tests, and this information is put
into Risk ID. The basic assumptions for these exercises
are presented in chapter 2. ‘Climate change’. In addition,
Risk ID contributors have (i) a sector heatmap of transi-
tion climate risks, (ii) countries’ ESG ratings, including
transition risks and (iii) a version of BNP Paribas’ Net
Zero objectives. The bank’s risk inventory thus includes
a number of significant scenarios relating to financial
losses arising from a withdrawal from certain assets,
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
activities, sectors, counterparties, etc. whose emissions
are too high and that do not have a transition trajectory
compatible with the bank’s strategy and commitments.
The key climate assumptions formulated in
BNP Paribas Fortis’ financial statements are compatible
with the climate scenarios used in the various exercises
presented above.
Opportunity dimension
As BNP Paribas Fortis, with its own strategic plan, contributes
to the Group’s strategic plan and in order to be consistent
with operational tools and processes, the methodology for
identifying opportunities is based on its strategic plan and
the existing commercial offering in relation to ESG sub-topics.
The methodology for assessing opportunities is based on:
i.
Identifying a strategic commitment of the plan moni-
tored through a performance indicator and linked to an
ESG sub-topic;
ii. The targets of the BNP Paribas Fortis’ strategic plan and/
or a qualitative assessment of cost reductions linked to
the operational scope.
BNP Paribas Fortis assesses the materiality of opportunities for
each ESG sub-topic, on a scale from 1-Minimal to 5-Critical.
Those with a score of 3-Important or above are regarded as
material, which corresponds to an ESG sub-topic linked to a
strategic commitment monitored via a performance indicator.
It should be noted that:
Where the quantification of opportunities corresponds to
the achievement of the strategic plan, the materiality of
the opportunities is assessed over the medium term.
The methodology for identifying and assessing opportuni-
ties is not specific to climate change.
Governance and internal control
The Company Engagement, RISK and Finance functions perform
the impacts, risks and opportunities analyses respectively.
Harmonisation work then takes place before information is
submitted for validation to the Executive Board/Executive
Committee, and Board of Directors of BNP Paribas Fortis. This
overall review ensures the consistency of the three parts of the
analysis and is based, where appropriate, on additional ad-hoc
analyses, for example sector maps or customer questionnaires.
The analysis of the impacts, risks and opportunities is based on
operational processes that are already in place and have their
own integrated governance arrangements. The risk inventory
and projections of future financial flows are thus monitored
as part of BNP Paribas Fortis’ internal controls (cfr. section
1.a ‘Governance’, point 1.a.3 ‘Risk management and internal
controls over sustainability reporting’ in this chapter).
Summary of the double materiality assessment
BNP Paribas Fortis’ operational framework for managing
impacts, risks and opportunities covers all ESG topics and the
double materiality assessment as defined above acts as a filter
for the bank’s material topics. An ESG topic is material when:
The bank’s negative impacts on the topic are considered
significant by stakeholders (clients, investors, NGOs and
employees);
The risks caused by the topic (i) directly to the bank or
(ii) indirectly through its financial activities, are above a
certain annualised expected loss threshold;
Opportunities linked to the topic are defined within the
BNP Paribas Fortis’ strategic plan and monitored via a
performance indicator.
This process and the results of the double materiality assess-
ment will be subject to an annual review and may therefore
change in the bank’s future exercises. ESG topics and their
respective impacts, risks and opportunities assessed as mate-
rial are presented in the following section.
1.c.2 Material impacts, risks and
opportunities and their
interaction with the strategy and
business model
The double materiality assessment covers all
BNP Paribas Fortis’ entities, in line with the integrated busi-
ness model. The specific features of the bank’s non-banking
entities are analysed in parallel to ensure that any specific
features are considered, particularly in terms of impact.
233
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
TABLE No. 5: DOUBLE MATERIALITY MATRIX BY SUSTAINABILITY TOPIC
Environmental
Material impacts, risks and opportunities for BNP Paribas Fortis Non-material
Climate change
adaptation
Impact Risk Opportunity
Impact Risk Opportunity
Impact Risk Opportunity
Impact Risk Opportunity
Impact Risk Opportunity
Impact Risk Opportunity
Impact Risk Opportunity
Impact Risk Opportunity
Impact Risk Opportunity
Climate change
mitigation
Pollution*
(*In addition to the ARVAL scope)
Water and marine
resources
Resource use and
circular economy
Biodiversity and
ecosystems
Workers in
the value chain
Communities affected
Social
Own workforce
Consumers and
end-users
Customer security,
including privacy protection
Governance
Business conduct,
anti-bribery and
whistleblowing system
Relationship with
suppliers
Market integrity
and financial security
Cybersecurity
5 - Critical
4 - SignificantMaterial
3 - Important
2 - Informative
1 - Minimal
The consideration of the specificities of BNP Paribas Fortis’ non-
banking entities did not result in the identification of material
topics different from those identified at the bank level, except for
the Arval scope, as indicated in the above table. Within Arval’s
scope, the impacts assessed as material with respect to pollution
are described in the sustainability statements published by the
subsidiary under the CSRD.
For the scope of Arval’s vehicles fleet (commercial activities) and in
the context of the double materiality assessment and the
impacts,
risks and opportunities
identification, negative impacts related
to pollution on people’s and wildlife’s health have been identified:
Driving internal combustion engine, biofuel and hybrid vehicles
generates air pollutants other than greenhouse gases: NOx,
fine particles, VOCs, CO. These pollutants have an impact on
people’s health;
The production of non-renewable energy to charge battery
electric vehicles (BEVs) and plug-in hybrids (PHEVs) also
generates air pollution;
The use of brakes releases particles that endanger health;
Tire abrasion releases microplastics that pose a significant
threat to wildlife and accumulate in the food chain;
In addition, engines and tires emit noise, the acceptable levels
of which are regulated.
Pollution reduction policies are embedded in Arval’s Decarbonisation
strategic plan:
Arval Beyond
Decarbonisation plan
Actions embedded in Arval’s Decarbonisation strategic plan:
Extensive offer of electric vehicles: Arval, besides increasing
the number of electric vehicles in its fleet, is also extending the
offer of electric vehicles and facilitating the access to charging
infrastructure. The transition covers all the countries where
Arval operates, and includes passenger cars and utilities;
Rental solutions tailored to transition to low carbon mobility:
Arval is developing new forms of sustainable mobility, such
as car-sharing and bicycle rentals, to reduce the number of
vehicles on the road and lower GHG emissions including also
the possibility to test flexible solutions for electromobility;
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Eco-driving scoring and training: Arval raises awareness
among clients and drivers about eco-driving to reduce fuel
consumption and NOx emissions. They also encourage the
adoption of behaviors that minimise pollution from brake and
tire wear. Arval has deployed telematic tools and training to
promote eco-driving;
Monitoring of average vehicle weight: by gradually reducing
the weight of vehicles via implementation of vehicle weight
management, Arval aims to lower energy consumption and
emissions. This also helps in reducing the release of micro-
plastics and fine particles from tire and brake wear.
Arval’s additional specific actions to reduce pollution:
Preventive maintenance: by encouraging preventive and
planned maintenance, Arval aims to guarantee optimal
functioning and reduce premature wear and tear on vehicles,
extending their lifespan and minimising the environmental
impact of repairs;
Smart Repair: SMART Repair technology (Small to Medium
Area Repair Technology) limits the pollution generated by
vehicle repairs. It entails the use of modern tools and tech-
niques to repair damage locally without replacing entire parts,
reducing waste generation and the consumption of polluting
materials (e.g. reduction of the use of chemicals such as paints
and solvents).
The actions above mentioned, are applicable in most countries
where Arval operates. The responsibility and accountability
for these actions are handled under the governance of Arval.
TABLE No. 6: DETAILED LIST OF MATERIAL IMPACTS, RISKS AND OPPORTUNITIES FOR BNP PARIBAS FORTIS BY REGULATORY SUB-TOPIC
Topic Sub-topic Value chain Category IRO details
E1
Climate
change
Climate
change
adaptation
Commercial
activities
Risks
The business models of the bank’s customers are threatened by obsolescence
due to the transition to a low-carbon economy. Customers unable to meet
the challenge of transitioning to a future-proof model are bound to disappear.
Through the cascade effect, this risk affects the bank’s activities by increasing
the likelihood of stranded assets and/or declining income.
Climate
change
mitigation &
Energy
Commercial
activities
Negative
impacts
Indirect climate impacts through the bank’s financing of clients that emit
GHGs.
Risks
Risks of stranded assets and/or lower income for certain sectors exposed to
risks arising from the transition obligation.
Reputational risks linked to accusations of greenwashing and financing of
sectors with high GHG emissions.
Opportunities
Financing of the transition to a low-carbon economy, in particular with regard
to renewable energies, energy efficiency and less polluting transport.
Operational
scope
Opportunities
Reducing carbon emissions across the bank’s operational scope may lead
to cost reductions, improve the bank’s image and help increase employee
awareness.
S1
Own workforce
Operational
scope
Negative
impacts
Isolated cases of discrimination, inequality and exclusion among
BNP Paribas Fortis employees and isolated cases of violence and harassment
at work among BNP Paribas Fortis employees. Additionally, employee social
protection potentially insufficient in some countries.
Risks
Operational risks related to human errors caused by psychosocial and HR legal
risks.
Opportunities
Gender equality and work-life balance contribute, along with other factors,
to well-being at work, staff retention and employee efficiency. By fostering an
inclusive, balanced and supportive working environment, BNP Paribas Fortis
increases its attractiveness as an employer and ability to retain high-level
talent, thereby reducing external recruitment costs.
Skills development promotes employee satisfaction and retention, thereby
reducing external recruitment costs for the bank.
235
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Topic Sub-topic Value chain Category IRO details
S4
Consumers and end-users
Commercial
activities
Negative
impacts
Social exclusion: some services - due to the way they are constructed - limit
customers’ access to important services necessary for their inclusion in society.
Information that is unclear and lacking in transparency: information that is
not sufficiently clear and comprehensive could mislead clients and cause them
to make decisions that do not correspond to their needs or financial situation,
thereby exposing them to financial risks such as debt-related risk.
Customer dissatisfaction: caused by lack of access or restricted access to a
product or service in a way that affects their personal projects.
Risks
The bank incurs legal risks related to customer data privacy issues, in
particular in terms of personal data breaches.
Opportunities
Proposing products and services that promote social inclusion through
financial inclusion.
G1
Business
conduct
Business
conduct
(including
whistleblower
protection)
Operational
scope
Risks
Legal and reputational risks if the bank is involved in corruption or influence
peddling. These risks may affect the bank’s financial statements.
Specific
to BNP
Paribas
Fortis
Market
integrity and
financial
security
Commercial
activities
Risks
Regulatory operational risks if BNP Paribas Fortis fails to identify, monitor
and report suspicious client activities. The bank may incur administrative and
criminal penalties as well as significant remedial costs if it does not identify
and report criminal activities such as money laundering.
Cybersecurity
Operational
scope
Risks
Risks of intentional fraud by a customer (e.g. falsified/expired figures or
information, overvalued figures in annual reports or budgets, fraudulent
bankruptcy, false collateral etc.) when funding is granted/renewed.
Risks of third-party IT intrusion due to inadequate security resulting in
fraudulent payments.
ESG risks exacerbate traditional banking risks, which may
increase pressure on the bank’s financial performance. The
bank’s ESG risk management and stress-testing system
is integrated into the overall risk management system
described in the ‘Risk management and capital adequacy’
section of the consolidated financial statements chapter of
the BNP Paribas Fortis 2024 annual report.
In order to limit its negative impacts and potential risks and to
develop its opportunities, BNP Paribas Fortis has put in place
policies, broken down into specific actions. They are presented
in the thematic chapters of the sustainability statements:
chapter 2 ‘Climate change’, chapter 4 ’Own workforce’, chapter
5 ’Consumers and end-users’ and chapter 6 ’Business conduct’.
Finally, BNP Paribas Fortis’ strategic plan identifies climate and
social opportunities. The plan is developed by the operational
divisions in order to manage the opportunities and indicators
of the CSR dashboard as presented above.
Specific to climate change:
BNP Paribas Group has defined the trajectory for align-
ing its portfolios with a net zero GHG emissions target in
2050 (cfr. chapter 2. ’Climate change’) as a key part of the
Group’s strategic plan. In pursuit of that commitment, the
Group gradually selects counterparties that emit the least
GHGs and thus present the lowest climate transition risk.
The resilience of BNP Paribas Fortis’ diversified and inte-
grated business model with regard to climate change risks
was confirmed during the 2050 stress tests carried out as
part of the ICAAP 2024 exercise (cfr. climate stress tests in
chapter 2. ’Climate change’).
BNP Paribas Fortis has anticipated adjustments to the
carrying amounts of assets and liabilities reported in the
financial statements due to climate risk factors under IFRS
9. This information is detailed in chapter 2.g ‘Cost of risk’
of the consolidated financial statements chapter of the
BNP Paribas Fortis 2024 annual report.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
237
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
2 Climate change
1
EFRAG ESRS - Q&A Platform - Compilation of Explanations December 2024
BNP Paribas Fortis presents hereafter its strategy, performance
and commitments in relation to climate change and in line
with the BNP Paribas Group strategy.
The following topics are covered:
Strategy: The approach to aligning credit portfolios with decar-
bonisation trajectories compatible with the Paris Agreement
is presented in section 2.a ‘Strategy’, point 2.a.1 ‘Transition
plan for climate change mitigation’.
Climate risks and stress testing analysis: BNP Paribas Fortis
regularly assesses the resilience of its economic model to
the physical and transitional risks associated with climate
change. This includes the exercises (stress test) requested
by the ECB and the EBA. These are detailed in section 2.a
‘Strategy’, point 2.a.3 ‘Description of the strategy and business
model resilience’.
Policies related to climate change mitigation and adaptation:
BNP Paribas Fortis outlines the policies adopted to manage
material impacts, risks and opportunities related to climate
change in section 2.b ‘Impact, risk and opportunity manage-
ment’, point 2.b.2 ‘Summary of actions related to climate
change policies’.
Actions related to BNP Paribas Fortis’ decarbonisation trajec-
tory: the actions taken by BNP Paribas Fortis in relation to its
impacts, risks and opportunities aim to reduce risks linked to
climate change by:
Enhancing its understanding of the climate profile and
trajectory of its counterparties;
Minimising its impact by managing the alignment of its
credit portfolio in the most carbon emi sectors;
Reducing its own operational carbon footprint;
Supporting its clients in their transition to a low-
carbon economy through adapted sustainable products
and services.
Metrics and targets: BNP Paribas Fortis presents BNP Paribas
Group’s metrics and targets related to the reduction of GHG
emissions by sectors. It sets out its decarbonisation objectives
for the most emission-intensive sectors of its credit portfolio,
as well as the amount of financed emissions. These elements
are presented in section 2.c ‘Metrics and targets’.
2.a Strategy
2.a.1 Transition plan for climate
change mitigation
Scope and limits
BNP Paribas Fortis has adopted the BNP Paribas Group’s
transition plan for climate change mitigation.
The building blocks of the transition plan for climate
change mitigation described below applies only to activities
related to the financial assets of the BNP Paribas Group and
BNP Paribas Fortis balance sheet. This is in accordance with
the scope of assets retained for the inventory of financed emis-
sions, as presented in section 2.c ‘Metrics and targets’, point
2.c.4 ‘Gross GHG emissions’. Across all assets, this transition
plan focuses on the sectors with the highest GHG emissions.
BNP Paribas Fortis is exposed to several of these sectors due
to its current credit portfolio. These include the oil and gas,
commercial real estate, residential real estate and agriculture
sectors. While the strategy, risks, and policies cover all activi
-
ties, certain actions, targets and metrics apply specifically to
the financing of these sectors. More specifically, the intermedi-
ate reduction targets cover financing granted to non-financial
corporates, in accordance with the scope of assets selected
for the inventory of financed emissions presented in section
2.c ‘Metrics and targets’, point 2.c.4 ‘Gross GHG emissions’,
on the sectors with the highest GHG emissions.
In the absence of sector-specific standards for the financial
sector, and in a regulatory environment that is stabilising
(with several texts defining similar transition plan require-
ments), BNP Paribas Group and BNP Paribas Fortis activate
the provision provided in ESRS 1, paragraph 133(a), chapter
10.2. Transitional provision related to chapter 5. ‘Value chain’.
The application of this provision is specified by the European
Financial Reporting Advisory Group (EFRAG) in the compilation
of explanations (FAQ ID1033) published on its Q&A platform
1
.
Accordingly, no GHG emission reduction target is disclosed in
absolute value.
238
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Moreover, reliance on data from customers or third parties
to calculate emissions does not allow the bank to indicate
whether, or by when, it would be able to produce reliable
targets in absolute value. Two key challenges need to be
highlighted:
Data availability and quality conditions (e.g. counterparty
Scope 3 emissions
2
) are not yet met to define a reliable
data inventory, which would serve as a stable starting
point for long-term projections;
It is difficult to project decarbonisation trajectories and
estimate counterparty financing needs due to a lack of
consensus on long-term macroeconomic assumptions.
BNP Paribas Fortis continues to improve its analysis of cus-
tomer data and needs. To date, it considers that its approach,
which relies on medium-term objectives for managing the
decarbonisation of its portfolio by sector, aligns with its past
commitments and represents the best available response to
decarbonisation challenges.
2
Indirect emissions from counterparties.
BNP Paribas Fortis contributes to the interim objectives set by
the Group to reduce the carbon intensity of its credit portfolios
in the highest-emission sectors by 2025 and 2030. The targets,
calculation methods, scope and sources of data are detailed
in section 2.c ‘Metrics and targets’, 2.c.1 ‘BNP Paribas Fortis
targets and metrics related to its impact on climate change’.
BNP Paribas Fortis has also set intensity-based targets for
reducing greenhouse gas emissions in its operational scope,
supported by actions aimed at promoting the improvement
of its building’s energy efficiency and sustainable mobility.
Finally, BNP Paribas Group purchases voluntary carbon credits
each year to offset residual GHG emissions against its opera-
tional scope, which includes those of BNP Paribas Fortis.
Actions taken by BNP Paribas Fortis to limit climate change
FIGURE No.4: HISTORY OF BNP PARIBAS GROUP’S COMMITMENTS TO FIGHTING GLOBAL WARMING
Coal
First financing and
investment policy
Coal
No financing of coal-fired
power plants in
high-income countries.
No financing of companies
and projects dedicated to
thermal coal extraction.
Coal
No financing of any part of the thermal
coal value chain by 2030 in EU and OECD
countries, and by 2040 in the rest of the
world.
Oil and gas
Initial exclusion commitments concerning
the Arctic and the Amazon region added to
the financing and investment policy.
Oil and gas
Faster reduction in financing
of exploration and
production:
▪ 80% between September
2022 and 2030 and for oil
▪ 30% between September
2022 and 2030 for gas
Oil and gas
Intention to stop financing
exploration and production
of fossil fuels, which will
only represent 10% of the
Group financing for the
energy production sector in
2030.
Oil and gas
First financing and investment policy
No financing of entities specialising in the
exploration and production of shale oil and gas
and oil sands (unconventional oil and gas)
Oil and gas
Commitment to reduce funding of exploration and production activities:
▪ 25% for oil and
▪ 12% for oil and gas between 2020 and 2025
Extending the policy to diversified entities:
▪ No financing of companies where unconventional oil and gas account
for more than 10% of the business
▪ No financing of companies where more than 10% of exploration and
production activity originates in the Arctic region or of companies that
have oil or gas reserves or that are developing infrastructure in the
Amazon region
Oil and gas
Tougher policy:
▪ No financing of projects to develop new oil
fields
1
or gas fields, regardless of the financing
method.
▪ Intention to stop financing
2
in support of oil
production by independent oil companies
Nov
2010
Nov
2015
Oct
2017
May
2020
May
2022
Jan
2023
May
2023
Feb
2024
1
Already effective since 2016 for oil
2
Corporate loans or RBL-type financing
239
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
BNP Paribas Fortis’ main lever is to leverage its position as
a financial institution to support the ecological transition of
economic actors. This investment is one of the contributions
that enabled the BNP Paribas Group to be the world leader
in green loans and bonds for the second consecutive year
in 2024, according to Dealogic (Dealogic’s 2024 Sustainable
Finance Review).
As part of its own strategic plan, derived from the BNP Paribas
Group’s strategic plan, BNP Paribas Fortis has reaffirmed the
importance of climate in its strategy. This strategy includes
a sustainability axis, with the first strategic pillar being
the alignment of credit portfolios with the decarbonisation
commitment for the most emitting sectors of activity. The
second pillar is supporting its customers in their transition to
a sustainable and low-carbon economy by mobilising internal
resources, and the third pillar is strengthening the bank’s
expertise, management tools, processes and systems. Each
of these three pillars involves strong actions:
Exclusion from its field of activity clients and projects
with the highest environmental impact and GHG emis-
sions (particularly in the coal and unconventional oil
and gas sectors), significant reduction of its credit
exposure to high-emission activities (such as oil and
gas exploration-production), via dedicated financing and
investment policies;
Increased support for low-carbon energies, particularly
through the Low-Carbon Transition Group teams. With this
in mind, BNP Paribas Fortis participates in the financing
of energy and ecological transition projects or companies
that are particularly committed to this area, such as
‘Sustainability-Linked Loans’
3
(SLL), integrating climate cri-
teria. The bank also offers to its individual clients tailored
financial products and services: reduced-rate real estate
loans for properties demonstrating better energy efficiency,
or loans for the purchase of less polluting vehicles;
3
Credit whose interest margin is linked to ESG performance indicators, which are set by mutual agreement between the borrower and its bank. The borrower
contractually undertakes to implement these during the term of the loan. The name of this product and the recommended implementation framework are
defined by the Loan Market Association’s (LMA) Sustainability-Linked Loan Principles. This product is designed to encourage the borrower to significantly
improve its ESG footprint compared to its peers or industry average.
4
Oil & Gas, Power Generation, Automotive, Steel, Aluminium, Cement, Aviation, Marine, Commercial Real Estate and Residential Real Estate (targets for
Agriculture are not available).
5
BNP Paribas aims to reduce its exposure to thermal coal capacities to zero by 2030 in European Union (UE) and OECD countries, and by 2040 in the rest of
the world.
BNP Paribas Fortis integrates in the corporate financing
process an ESG Assessment of corporate customers with
over 50 million euros in turnover. This ESG Assessment
includes a questionnaire and information on controver
-
sies, including climate-related factors. It also allows for
a deeper understanding and documentation of the client’s
ESG knowledge (practices, maturity, risks, and potential
impacts), and evaluates their compliance with the bank’s
sector policies.
Since 2010, BNP Paribas Fortis has implemented financing and
investment policies that govern all its activities in economic
sectors with significant environmental or social impacts. Some
of these policies specifically aim to reduce credit exposure to
fossil fuels. In this context, BNP Paribas Fortis contributes
to the BNP Paribas Group’s commitment to reducing credit
exposure to the coal-fired power generation, oil and gas and
exploration-production sectors. Since 2021, BNP Paribas Fortis
has also committed to aligning its credit portfolios in the most
carbon-intensive sectors with trajectories compatible with the
Paris Climate Agreement of 2015, which aims at “holding the
increase in the global average temperature to well below 2°C
above pre-industrial levels and pursuit efforts to limit the
temperature increase to 1.5°C above pre-industrial levels”.
BNP Paribas Fortis is thereby supporting the GHG emissions
reduction targets established by the BNP Paribas Group in ten
4
sectors. This approach is now the cornerstone of the Group’s
transition plan, to which BNP Paribas Fortis contributes. The
resources deployed and the progress made are outlined in
section 2.b ‘Impact, risk and opportunity management’, point
2.b.3 ‘Actions relating to climate impact and risk management’
and point 2.b.5 ‘Transition ressources’.
In addition to its exit from the coal sector
5
, almost com-
pleted by the end of 2024, the BNP Paribas Group and
BNP Paribas Fortis have not granted any financing for pro-
jects developing new oil or gas fields since 2023. By 2030,
BNP Paribas Group intends to reduce its credit exposure
to oil and gas exploration and production by 80% and 30%
respectively, compared to September 2022.
240
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Since 2023, the BNP Paribas Group has also accelerated its
ambition to decarbonise its credit portfolios. To this end,
it has adopted an exit trajectory from fossil fuel upstream
activities. By 2030 low-carbon energies, mainly renewables,
must represent at least 90% of the Group’s financed energy
mix. BNP Paribas Fortis contributes to the achievement of this
objective. The definitions of low-carbon and renewable energy
are outlined in chapter 8. ‘Annex’, section 8.b ‘Climate Change’,
point 8.b.1 ‘BNP Paribas Group credit exposure to low carbon
and fossil energies’.
This commitment is already reflected in the very rapid evolu-
tion of the credit portfolio, as illustrated in the figure below:
BNP Paribas is continuing to shift its
financing towards low-carbon energies
FIGURE No.5: WEIGHT OF FOSSIL FUELS AND LOW-CARBON
ENERGIES IN BNP PARIBAS CREDIT EXPOSURE FOR
ENERGY PRODUCTION
90%
46%
35%
24%
10%
54%
65%
76%
10%
90%
80%
20%
Fossil fuels Low-carbon energies
2012
2022
2023
2024
2028
2030
In accordance with the criteria outlined in Article 12(2) of
European Commission Delegated Regulation (EU) 2020/1818
6
(EU Climate Transition Benchmarks and EU Paris-aligned
Benchmarks), BNP Paribas Fortis is not excluded from Paris-
aligned benchmarks.
Validation of the BNP Paribas Fortis
transition plan
The contribution to the BNP Paribas Group’s transition plan
was formally endorsed by the BNP Paribas Fortis’ Executive
Board on 6 March 2025.
6
Article 12(2) of Commission Delegated Regulation (EU) 2020/1818 of 17 July 2020.
2.a.2 Material impacts, risks and
opportunities and their
interaction with the strategy and
business model
Reminder of material climate impacts, risks
and opportunities for BNP Paribas Fortis
Through its double materiality assessment, aligned with that
of BNP Paribas Group, BNP Paribas Fortis has identified several
material climate-related impacts, risks and opportunities.
Material impacts related to climate change mitigation and
BNP Paribas Fortis’ business activities:
Indirect climate impacts through bank financing of GHG-
emitting customers.
Material risks related to adaptation to climate change and
related to BNP Paribas Fortis’ business activities:
The business models of the bank’s customers are threat-
ened by obsolescence due to the transition to a low-carbon
economy. Customers unable to meet the challenge of tran-
sitioning to a future-proof model are bound to disappear.
Through the cascade effect, this risk affects the bank’s
activities by increasing the likelihood of stranded assets
and/or declining income.
Material risks linked to climate change mitigation and
BNP Paribas Fortis’ business activities:
Risks of stranded assets and/or declining income in sectors
exposed to transition-related obligations;
Reputational risk associated with accusations of green-
washing and continued financing of sectors with significant
GHG emissions.
Material opportunity related to climate change mitigation
and BNP Paribas Fortis’ business activities:
Financing the transition to a low-carbon economy, particu-
larly in the areas of renewable energy, energy efficiency
and cleaner transport.
Material opportunity linked to climate change mitigation and
BNP Paribas Fortis’ own operations:
Reducing carbon emissions from the bank’s own opera-
tions can lower costs, enhance its reputation and increase
employee engagement.
241
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Presentation of the correspondence table summarising the links between the material IROs,
policies, actions, metrics and targets
TABLE No. 7: SUMMARY OF LINKS BETWEEN MATERIAL IROs, POLICIES, ACTIONS, METRICS AND TARGETS
Category Title of the material IRO Policies Actions Metrics and Targets
Impact Customer GHG emissions • Strategic Plans
• Sector Policy - Oil & Gas
• Sector Policy - Mining
Industry
• Sector policy - Coal-fired
power generation
• Sector Policy - Nuclear
Energy
• Reduction of financed
emissions in intensity
or absolute value in the
most emitting sectors
• Deployment of ESG
Assessment in the credit
process
• Surveillance of ESG risks
in the KYC process
• Monitoring
• Exclusion
• GHG emissions in
the scope of business
activities
• 2025 and 2030 targets in
the most emitting sectors
Risk
Risks associated with the
transition to a low-carbon
economy
Risk
Risks of stranded assets
and/or decreased income
Risk
Reputational risks linked to
accusations of greenwashing
and financing of sectors with
significant GHG emissions
Opportunities
Financing the transition to a
low-carbon economy
Supporting its customers in
the transition to a low-
carbon economy
Opportunities
Reduction of carbon
emissions from the bank’s
own operations
• Environmental
Declaration
• Travel Policy
Operational perimeter
initiatives to reduce
energy expenditure, raise
awareness and mobilise all
employees with the Green
Company for Employees
programme.
• Group Direct GHG
Emissions
• Target 2025: 1.85 tCO
2
e/
FTE
7
A written statement of the overall level and types of risks that a financial institution is willing to accept or avoid in order to achieve its business objectives.
2.a.3 Description of strategy and
business model resilience
BNP Paribas Fortis regularly assesses the resilience of its
strategy and business model to climate related risks. The
bank conducts these assessments in particular as part of the
stress tests mandated by the ECB and the European Banking
Authority (EBA), but also annually as part of the ICAAP over a
30-year horizon, as recommended in the ECB’s ICAAP guide.
Climate stress tests facilitate the analysis of the materiality of
risk drivers and enable to anticipate their potential future evo-
lution. The bank’s accounting provisions and economic capital
calculations are adjusted to reflect the impacts of material
climate risk drivers, as identified through stress test results.
Climate stress tests contribute to a component of the bank’s
risk appetite framework and are used to determine their risk
alert thresholds.
The strategy also impacts the stress tests, sector poli-
cies applied or commercial priorities, influencing balance
sheet dynamics.
The bank integrates the results of the stress tests into its
strategy by periodically submitting them to the Risk Committee
and the Board of Directors and by integrating climate risk into
internal capital calculations.
These results can be presented to the management on their
request if deemed relevant for a given sector. This highlights
the fact that the climate scenario analysis framework is
flexible enough to address specific needs not included in
the ICAAP testing or that require further investigation. For
example, this applied to the residential real estate sector,
where stress tests on ESG drivers and climate change were
carried out and presented to the BNP Paribas Fortis Risk Policy
Committee and the BNP Paribas Group Risk and Development
Policy Committee which approves the development plan and
the underlying risk profile of a sector/activity. In addition,
transition-related climate indicators and associated perfor-
mance indicators are being integrated into the bank’s RAS
(Risk Appetite Statement)
7
.
242
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
It should be noted that, to date, compared with physical
climate risks
8
, the risk driver associated with transition-
related climate risks
9
could affect the cost of risk for the
bank, particularly in the event of a delayed transition. If the
implementation of climate change mitigation policies were
delayed, this would lead to an abrupt and more costly transi-
tion after 2030 to mitigate global warming, as it would require
a more rapid reduction in GHG emissions.
Annual ICAAP stress test
ICAAP includes the analysis of climate scenario impacts on
the credit, market and operational risks of BNP Paribas Fortis.
Credit Risk
Since 2021, the infrastructure for climate stress testing has
been significantly improved, in particular as it is based on
insights obtained in the preparation of the ECB’s 2022 climate
stress test and the 2023 ICAAP as well as from improvements
to the risk identification process.
Building on these improvements, ICAAP 2024 now includes:
Three long-term transition risk scenarios;
A detailed analysis of pluvial and riverine flood
risk scenarios.
The climate stress testing framework is based on multiple
internal and external inputs at different levels of granularity.
Internal data are those relating to BNP Paribas Fortis’ port-
folios within the stress test perimeter:
For transition risk, this includes information on the com-
pany’s exposures at both customer and facility level, as
well as specific ESG data such as GHG emissions and the
‘Energy Performance Certificates’ (EPC) of buildings, which
may be estimated in particular using the ‘Partnership for
Carbon Accounting Financials’ (PCAF) methodology for GHG
emissions, and the breakdown of EPC by country;
Regarding physical risk, this includes information on the
exposure of commercial and residential real estate at
both client and asset level, primarily for stress testing,
and specific data, including asset location, which can
be approximated using postal codes if the precise
address is missing.
8
Physical climate risks include the direct consequences of climate hazards, such as floods, storms, etc.
9
The transformation of the economy to a low-carbon world can create transitional climate risks for businesses.
10
The NGFS (Network for Greening the Financial System) develops scenarios aligned with global warming trajectories based on the integrated ‘IAM REMIND’
assessment model: IAM simulates climate policy scenarios and investigates their impact on society and the environment, REMIND explores how climate goals
could be achieved.
External data consists of macroeconomic information required
for projections. These data points are collected at the geo-
graphical and sector level where available. Granularity can be
further refined for transition risk via the general equilibrium
model: certain financial statement indicators are estimated
at both country and sector level based on the climate sce-
narios under analysis. For physical risk, the estimated asset
damage from river and flood risks under the RCP 8.5 Scenario
is collected from an external provider, using the geolocation
of BNP Paribas Fortis assets.
The following sources of uncertainty are inherent in the
climate stress testing processes:
Uncertainty linked to modelling processes: the statisti-
cal model seeks to estimate potential losses based on
assumed climate scenarios and, as a result, a certain level
of uncertainty is inherent in these models. However, model
performance monitoring and control measures ensure a
reasonable level of confidence in both internal and exter-
nal model estimates (damage projections);
Data approximations due to missing data;
Climate scenarios derived from climate projection models
and macroeconomic assumptions;
Assumptions regarding the evolution of BNP Paribas Fortis’
portfolio exposures and sector allocation, particularly for
long-term projections.
ICAAP 2024 Test Scenarios and Scope
Transition risk resilience
In 2024, BNP Paribas Fortis tested its corporate portfolio
on three transition scenarios, instead of just one in ICAAP
2023. These scenarios include the IAM
10
REMIND sub-2°C
scenario, the delayed transition and current policies, for
which the Network for Greening the Financial System
(NGFS) provided conditional trajectories for macroeco-
nomic and climate variables at the end of 2022;
243
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
The scope of the analyses is gradually being expanded
and now covers companies in several divisions and busi-
ness lines: Commercial Banking and CIB activities within
BNP Paribas Fortis in Belgium and Commercial Banking
activities within BGL BNP Paribas in Luxembourg. These
divisions represent the majority of BNP Paribas Fortis’ cor-
porate exposures. Indeed, these entities are potentially the
most susceptible to transition-related climate risk, given
the need for economic adaptation to a low-carbon world.
Transition risk stress tests are carried out with a horizon of
2050. No distinction is made between short, medium and
long-term impacts.
The methodology used for the dynamic projection of
BNP Paribas Fortis’ balance sheet on the analysed scope
(portfolio of non-financial companies) considers several key
assumptions related to economic growth trajectories under
climate transition conditions and the adaptation of assets and
activities to a low-carbon economy, including:
Balance sheet expansion aligned with GDP growth projec-
tions per country;
Support from BNP Paribas Fortis to its customers in their
transition plan;
A breakdown of the balance sheet by sector of activity
integrating clients’ financing needs to execute their
transition plans, which in turn results in an increased
concentration of exposure in sectors requiring substantial
green investment;
The BNP Paribas Group’s long-term climate commitments,
as considered in the NGFS ‘Hot House World’ scenario,
including the consideration of BNP Paribas Group’s and
BNP Paribas Fortis’ phased withdrawal from certain
sectors of activity not compatible with the transition.
Physical risk resilience
As part of ICAAP 2024, BNP Paribas Fortis assessed its current
real estate portfolio (Belgium and Luxembourg) for exposure
to river and flood-related risks under RCP 8.5 conditions for a
2085 horizon, assuming basic macroeconomic conditions. The
bank modelled a decline in collateral values due to damage
impacts and a broad revaluation of properties, reflecting
higher insurance costs. There is no time horizon for physical
risk scenarios, as these assume an immediate impact from a
given event.
Results for the ICAAP 2024 financial year
Transition risk resilience
By 2050, under the conditions of the scenarios tested, changes
in energy and carbon prices would have a significant impact on
the economic sectors currently considered to be the most emit-
ting ones. BNP Paribas Fortis’ support to its customers in their
energy transition could therefore result in increased exposure
to these emission sectors, hence a potential increase in the
cost of risk, especially in the event of a disorderly transition.
Physical risk resilience
The impact of the scenario is mainly observed through the
devaluation of assets induced by the increase in the cost of
insurance and the damage suffered. Through various simula-
tions conducted, the cost of risk would be particularly sensitive
to insurance premium level of assumptions and the potential
increase in default probabilities of stranded assets.
It should be noted that, in the case of real estate, the natural
disaster fund scheme is also a diversification factor and
therefore a risk reduction factor.
Market Risk
The various climate monitoring tests carried out on market
activities have shown the adequacy of the existing analysis
infrastructure.
Operational and reputational Risk
Operational risk losses at BNP Paribas Fortis are calculated
based on potential incidents identified in operational risk
management systems as partial or total consequences of
climate change.
Only a very limited number of minor potential incidents -
recognised as being partially or fully related to climate
change - have been identified. The resulting operational risk
losses from climate change events appear consistent with the
incidents analysed.
It should be noted that BNP Paribas Fortis’ teleworking agree-
ments contribute to reducing operational risk.
Reputation risk is managed by various BNP Paribas Fortis’
business lines, which have developed reputation risk scenarios.
The impacts are assessed by experts, and the exercise forms
part of the risk identification process (Risk ID).
244
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
2.b Impact, risk and opportunity management
11
BNP Paribas Fortis Sustainable Sourcing Charter
2.b.1 Climate change mitigation and
adaptation policies
BNP Paribas Fortis Financing Activities
Policies
BNP Paribas Fortis has a range of policies, defined by
BNP Paribas Group, that govern its activities and business
relationships.
BNP Paribas Fortis’ financing activities are governed by secto
policies. Four of them are directly linked to climate change:
Sector Policy - Coal-fired power generation
Sector Policy - Oil & Gas
Sector Policy - Mining Industry
Sector Policy - Nuclear Energy
By limiting BNP Paribas Fortis’ exposure to high emitting
sectors, these policies also reduce its transition risks.
The aforementioned policies are continuously updated by
BNP Paribas Group’s interaction with its stakeholders, in par-
ticular investors, NGOs, etc. or by best practices established
by international or sector bodies.
The application of sector policies is complemented by the
establishment of monitoring and exclusion lists, depending on
the level of deviation from the policy, particularly in the event
of non-compliance with climate-related criteria. Companies
under monitoring are subject to engagement measures to
encourage them to sustainably change their practices and
reduce their ESG risks, especially in relation to climate
change. For companies under exclusion, BNP Paribas Group
and BNP Paribas Fortis prohibit any financing or investment
relationship.
BNP Paribas Fortis Operational Perimeter
Policies
BNP Paribas Fortis has been part of a methodological approach
for continuous improvement since 2012 and recognises the
following priority principles for action against climate change:
1.
Improving energy efficiency (adapt usage to
reduce demand);
2.
Enhancing energy efficiency (generating, transporting
and using energy more efficiently), including property
portfolio optimisation and building design efficiency. In
Belgium, BNP Paribas Fortis also applies the ‘desk sharing’
and ‘clear desk’ principles and the centralisation of its
Brussels entities in its ‘Uptown’ site, which includes the
new head office;
3. Electrification of the car fleet;
4.
Increasing the use of low-carbon energy, including renew-
able energies;
5.
The purchase of voluntary carbon credits by the
BNP Paribas Group to offset an amount equivalent to the
residual emissions.
In 2009, BNP Paribas Fortis introduced a network of
‘EcoCoaches’ in Belgium. EcoCoaches are employees who,
on a voluntary basis, contribute to the bank’s objectives by
raising awareness and motivating their colleagues to adopt
environmentally friendly behaviour at work. This initiative
is part of the Group’s ‘Green Company For Employees’ pro-
gramme, which accelerates the reduction of BNP Paribas’
direct environmental impact by placing employee participation
at the centre. Thus, policies related to, for example, energy
management of buildings or business travel contribute to
reducing the Group’s operational impact.
BNP Paribas Fortis has also adopted the Group’s Sustainable
Sourcing Charter
11
provided to all its suppliers and subcon-
tractors to ensure that its environmental requirements and
principles are respected, particularly regarding greenhouse
gas emissions. This charter emphasises the ESG policies
of suppliers.
The Facility Management division of BNP Paribas Fortis in
Belgium has an ISO 14001 certified environmental manage-
ment system since 2011. To reduce the impact of its own
operations, the bank relies on policies covering topics such
as CO
2
emissions, energy consumption, sustainable mobility,
paper consumption and waste management
.
245
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Summary of BNP Paribas Group and BNP Paribas Fortis climate change policies
TABLE No. 8: SUMMARY OF BNP PARIBAS GROUP AND BNP PARIBAS FORTIS CLIMATE CHANGE POLICIES
The policies described below apply to BNP Paribas Fortis. In addition to that, specific policies were developed by Arval and are
described in detail in its management report in accordance with CSRD.
Guidelines Description of policy content
Description of the scope of
the policy or its exclusions
Description of the
highest level of the
organisation responsible
for implementing the
policy Interaction with stakeholders
Sector policy - Oil
and gas
The document presents the
commitments related to the
financing of companies in the
oil and gas sector. It sets out
the financing arrangements,
defines the granting criteria
and specifies sector-specific
exclusions.
This policy applies to all
BNP Paribas entities and
covers all financial products
and services provided by
BNP Paribas Fortis.
CEO of BNP Paribas Fortis
Available on the
BNP Paribas Fortis website.
A copy of this policy is also
systematically provided to
existing and potential clients as
part of the KYC process or for
discussion regarding the offering
of any financial service.
Sector policy -
Mining Industry
Policy
The document presents the
commitments related to the
financing of companies in
the mining sector. It sets out
the terms and conditions for
financing projects or granting
loans, the criteria for entering
into a relationship, exclusions
(geographies, type of project,
linked to thermal coal, etc.).
This policy applies to all
BNP Paribas entities and
covers all financial products
and services provided by
BNP Paribas Fortis.
CEO of BNP Paribas Fortis
Available on the
BNP Paribas Fortis website.
A copy of this policy is also
systematically provided to
existing and potential clients as
part of the KYC process or for
discussion regarding the offering
of any financial service.
Sector policy -
Coal-fired power
generation
The document presents the
commitments related to the
financing of companies in the
coal-fired power generation
sector. In particular, it sets the
timetable for the complete
withdrawal of thermal coal
financing.
This policy applies to all
BNP Paribas entities and
covers all financial products
and services provided by
BNP Paribas Fortis.
CEO of BNP Paribas Fortis
Available on the
BNP Paribas Fortis website.
A copy of this policy is also
systematically provided to
existing and potential clients as
part of the KYC process or for
discussion regarding the offering
of any financial service.
Sector policy -
Nuclear Energy
The document presents the
commitments related to the
financing of companies in
the nuclear energy sector.
It specifies the rules and
evaluation criteria relating to
the financing of nuclear power
plant projects and related
to financial services for
companies in the sector
This policy applies to all
BNP Paribas entities and
covers all financial products
and services provided by
BNP Paribas Fortis.
CEO of BNP Paribas Fortis
Available on the
BNP Paribas Fortis website.
A copy of this policy is also
systematically provided to
existing and potential clients as
part of the KYC process or for
discussion regarding the offering
of any financial service.
Sustainable
Sourcing Charter
The document presents the
ESG commitments made by
both BNP Paribas Fortis and
its suppliers.
This policy applies to
BNP Paribas Fortis.
COO of BNP Paribas Fortis
Available on the
BNP Paribas Fortis website.
Distributed to suppliers and
buyers of BNP Paribas Fortis.
BNP Paribas Fortis
Environmental
Declaration
The document contains
BNP Paribas Fortis’
commitments to reduce CO
2
emissions (related to buildings
and business travel), paper
consumption and waste.
This policy applies to
BNP Paribas Fortis in
Belgium.
COO of BNP Paribas Fortis
Participation of all
BNP Paribas Fortis employees,
suppliers and service providers
in the commitments.
246
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Guidelines Description of policy content
Description of the scope of
the policy or its exclusions
Description of the
highest level of the
organisation responsible
for implementing the
policy Interaction with stakeholders
BNP Paribas Fortis
Travel Policy
(internal
document)
This document describes the
rules to be complied with
by employees in the context
of the management of their
business trips, in particular
encouraging them to reduce
their environmental impact.
This policy applies
to all employees of
BNP Paribas Fortis in
Belgium
COO of
BNP Paribas Fortis.
Going live for all
BNP Paribas Fortis entities.
Arval Mobility
policy for
employees
This document presents the
rules applicable in terms of
the deployment of mobility
policies for employees,
particularly in terms of energy
transition.
Applies to all countries
where Arval operates
Arval Human Resources
Deployment by the HR
department in the countries
and information for employees
eligible for a vehicle.
12
Sustainable products and services include green loans or sustainability linked loans.
These policies help to reduce the physical or transitional risks
incurred by BNP Paribas Fortis while minimising its impact
in the most emitting issuing activities, projects and sectors.
They indirectly steer its financing and investments towards
opportunities arising from activities and projects compatible
with the 2015 Paris Climate Agreement.
2.b.2 Summary of actions related to
climate change policies
BNP Paribas Fortis delivers on its commitments by combining
various actions across all its entities. The bank measures the
effectiveness of its efforts in reducing the GHG emissions of
its counterparties and its operational scope:
BNP Paribas Fortis continues to deploy the ESG Assessment
which, through better knowledge of its counterparties and
their impacts on climate change, allows the bank to better
assess its risks and impacts and better support its clients
in transition;
BNP Paribas Fortis measures the scope of its actions by
tracking the intensity of emissions in its credit portfolios
in the real estate sector each year;
BNP Paribas Fortis supports its customers’ transition to
a low-carbon economy through a range of sustainable
products and services
12
;
At the same time, BNP Paribas Fortis strives to reduce its
GHG emissions within its operating perimeter as described
in the point 2.b.1 ‘Climate change mitigation and adapta-
tion policies’.
To note that, in addition to the actions described in this chapter
regarding BNP Paribas Fortis banking activities, specific actions
were developed by Arval. Arval structures its support towards
carbon-free mobility around three main levers: the composi-
tion of the fleet, the sustainable use of vehicles and alternative
mobility to the individual vehicle. These levers, at the heart
of the Arval Beyond plan and the GHG emissions trajectory
by 2030, include the electrification of fleets, the reduction
of the average weight of vehicles and the extension of their
ownership period, thus contributing to emission reduction
objectives. These actions are described in details in 2024
Arval’s management report in accordance with CSRD.
2.b.3 Actions relating to climate impact
and risk management
Customer climate performance assessment
The ESG Assessment tool is used to assess the ESG risks
of corporate clients. This tool provides a systematic, com-
prehensive and formal review of ESG topics throughout the
credit chain: from integration and monitoring, to reporting
and lending.
247
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
In particular, the ESG-Assessment enables:
Verification of the client’s compliance with BNP Paribas
Group’s sector policies;
Assessment of the extent to which the BNP Paribas Group’s
corporate clients are prepared to manage ESG challenges;
Ensuring that their strategies and commitments take into
account key ESG risks specific to their sector;
Evaluating the maturity of their ESG strategy and their
ability to monitor key sector issues, and to publish
indicators;
Confirming whether action plans have been implemented;
Analysing the materiality of ESG controversies involving
the Group’s client companies and their potential impact
on the client.
This analysis aims to identify companies whose poor ESG
performance and risk management could generate credit,
investment or reputational risks, as well as negative environ-
mental and social impacts. It also enables BNP Paribas Fortis
to direct its financing towards customers and projects that are
in alignment with its decarbonisation trajectory.
The ESG Assessment tool for companies covers five ESG
dimensions, including climate and environment.
The qualitative conclusions of the ESG Assessment (including
an analysis of controversies) are provided by the Relationship
Manager
13
and Company Engagement where applicable and
reviewed by Risk as a control function to enable a balanced
assessment of performance and risk. ESG Assessment sup-
ports decision-making through the usual credit processes,
reinforcing and documenting ESG due diligence at the coun-
terparty, transaction and collateral level. The results of the
ESG Assessment are used to:
Manage credit decisions at counterparty and transaction
level. Depending on the outcome, this could potentially
lead to (1) Starting or continuing the relationship; (2)
Monitoring and regularly reviewing the customer; (3)
Adjusting exposure or ending the relationship;
Manage/monitor ESG risks through ESG dashboards
provided to the various governance bodies.
13
ESG Assessment is implemented by relationship managers within the CPBS division.
The overall credit framework has also been strengthened,
particularly through updates to credit policies, including
dedicated and adapted ESG sections based on the results of
the ESG Assessment.
Credit risk is expected to be one of the risks most impacted
by ESG. However, BNP Paribas Fortis is also adapting its risk
framework to integrate ESG and climate risk factors into other
risk processes to capture potential impacts where appropriate.
At BNP Paribas Fortis, the roll-out of the ESG Assessment
began in June 2021 for strategic clients across all busi-
ness sectors.
In 2022, a gradual roll-out began for other companies
with annual turnover exceeding 50 million euro, financial
institutions and legal structures financing real estate or
infrastructure projects.
Alignment of credit portfolios
The BNP Paribas Group including BNP Paribas Fortis has taken
significant measures to align its credit portfolios with its com-
mitment to control GHG emissions by sector of activity, in line
with the 2015 Paris Climate Agreement. It has done so by
implementing actions in sectors with the highest GHG emis-
sions. For each sector, BNP Paribas has based its approach on
a reference scenario compatible with this commitment, using
best-quality guarantees and recognised by experts, whether
from the International Energy Agency (IEA) or a more relevant
sector-specific scenario (e.g. aluminium or real estate).
To operationally integrate its commitment to align credit
portfolios, the Group is gradually deploying a set-up to ensure
the appropriation and systematic integration of client trajec-
tory analyses in view of the Group’s portfolio trajectory by
all concerned bankers and decision-makers, including during
credit committees. This set-up relies on the provision of sector
dashboards and client information sheets, automation of
these information distribution in tools and the deployment of
training. By prioritising the financing of projects or companies
contributing to the decarbonisation levers of sectors (new
technology, electrification, etc.), the Group is steering the
decarbonisation trajectory of its financing portfolio to achieve
its targets.
BNP Paribas Fortis contributes to the sectors where it has a
more significant impact.
248
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Oil and gas industry
The BNP Paribas Group including BNP Paribas Fortis imple-
ments the following actions:
The end of financing purely dedicated to the develop-
ment of new oil and gas fields regardless of the financing
method (project financing, RBL
14
, FPSO
15
);
The phase-out of financing for non-diversified upstream oil
players and intended to support oil production (corporate
or RBL-type financing);
The reduction in the share of general-purpose lending
allocated to upstream oil.
In 2024, the actions already undertaken were pursued, which
resulted in a 0.9 billion euros decrease in BNP Paribas Group
credit exposure to oil exploration and production (from
3 billion euros as of December 31, 2023 to 2.2 billion euros
as of December 31, 2024) and a 0.8 billion euros decrease
for gas exploration and production (i.e. 2.7 billion euros as of
December 31, 2024, above the 2030 target).
As of December 31, 2024, the financed emissions of the oil and
gas sector, as monitored by the Group in its alignment targets,
amounted to 9.5 MtCO
2
e for BNP Paribas Group, a decrease
of 40% compared to December 31, 2023 and 65% compared
to September 30, 2022.
The main decarbonisation lever identified is the reduction of
its exposure to the upstream oil and gas sector.
Commercial real estate sector
As of December 31, 2023, the BNP Paribas Group’s emission
intensity of the commercial real estate sector stands at 27.7
kgCO
2
e/m2, a 2% decrease compared to December 31, 2022.
This result mainly reflects a reduction in the emission intensity
of real estate clients in the unsecured portfolio.
The main decarbonisation drivers of clients that
BNP Paribas Fortis takes into consideration in managing the
sector’s credit portfolio are the reduction of energy consump-
tion in buildings (energy efficiency improvements) and a larger
proportion of low-carbon energies used in the energy mix.
14
RBL: Reserve-based lending.
15
FPSO: Floating production, storage and offloading.
Residential real estate sector
Only 6% of buildings in Belgium have the EPC label A.
BNP Paribas Fortis holds a mortgage loan portfolio of around
60 billion euros in Beglium, with new loans totalling approxi-
mately 6.67 billion euros in 2024.
At the end of 2023, the average emission intensity of the resi-
dential real estate sector in the portfolios of the three main
markets of the BNP Paribas Group (France, Belgium and Italy),
i.e. nearly 94% of the Group’s assets under management in the
sector, amounted to 35.0 kgCO
2
e/m2/year, compared to 35.5
kgCO
2
e/m2/year at the end of 2022. In Belgium, the average
intensity was 58.4 kgCO
2
e/m2, a 2.1% decrease compared to
2022 (59.7 kgCO
2
e/m2).
This decrease is in line with all the actions implemented as
part of the My Sustainable Home initiative, the first effects of
which are beginning to materialise.
‘My Sustainable Home’ objective is to support BNP Paribas
Group and BNP Paribas Fortis clients throughout their renova
-
tion journey to improve the energy performance and resilience
of their properties, while helping new owners purchase sus-
tainable properties (i.e. those that prioritise energy efficiency
and/or responsible resource management). This approach,
which positions BNP Paribas Fortis as a trusted partner in
Belgium, seeks to reduce the barriers faced by clients, by
providing information, offering dedicated financial solutions
and assisting them with their energy renovation or sustainable
property purchases.
In its efforts to decarbonise its residential real estate portfolio
and contribute to the progressive transition of this sector,
BNP Paribas Fortis also deployed in 2023 a methodological
framework based on three pillars:
1.
Mapping of GHG emissions in the loan portfolio: the GHG
emissions mapping of the credit portfolio is based on the
calculation of the portfolio’s emissions. To achieve this,
BNP Paribas Fortis invests in collecting data on its custom-
ers’ EPC certificates. By leveraging government databases
and conducting external studies, the bank estimates the
aggregate energy efficiency of the loan stock, as well as
the evolution of labels distribution.
2.
Adapting credit policies to make efficient assets more
accessible by using various approaches, including:
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
An extended term for mortgages up to 30 years;
A higher borrowing ratio in the case of the acquisition
of a sustainable property;
Specific conditions relating to mortgages on sustain-
able properties.
3.
Developing the offering of products and services to support
customers’ projects. Details are presented in section 2.b.4
‘BNP Paribas Fortis actions relating to opportunities linked
to climate change’.
Agricultural sector
Agriculture plays a central role in both environmental (e.g.
GHG emissions, water consumption, deforestation, etc.) and
social challenges. It is highly vulnerable to climate change but
also represents a key lever for solutions such as renewable
energies, sustainable agroecological practices, and carbon
capture in soils.
BNP Paribas Group and BNP Paribas Fortis are committed to
enhancing the skills of their teams, as well as developing its
products and services in favour of the transition to sustain-
able agriculture. For instance, the Group has established a
centre of expertise for the agri-food sector, the ‘BNP Paribas
International Food & Agri’ hub, within the BNP Paribas Bank
Polska entity. This centre has developed the ‘Agronomist.pl’
platform, a toolkit to support the agro-ecological transition
of farmers and agribusinesses. The platform is updated by
specialised experts and analysts and enables dialogue to be
fostered with bankers who cooperate with farmers and agri-
food stakeholders.
This expertise is shared across the Group via a Sustainable
Agriculture community, that brings together all teams respon-
sible for agriculture across European markets, including the
ones of BNP Paribas Fortis.
The main decarbonisation levers are as follows:
Supporting the expansion of the biogas and biomethane
and digester
16
market;
Supporting the development of the agri-photovoltaic and
on-site photovoltaic market;
Supporting the transition to sustainable farming practices
17
.
16
A digester is equipment or installation used to break down organic matter through a biological, chemical or thermal digestion process.
17
For BNP Paribas Fortis, the definition of sustainable farming practices includes, among others, organic farming, soil conservation agriculture, agroecology,
regenerative agriculture.
2.b.4 BNP Paribas Fortis actions
relating to opportunities linked to
climate change
Actions related to business opportunities
According to the World Energy Outlook published by the IEA in
2024, global investments in the energy sector are expected to
exceed USD 3 trillion for the first time in 2024. Around USD 2
trillion is expected to be spent on clean energy technologies
and infrastructure, almost twice the amount dedicated to
new oil, gas and coal supply combined. In the NZE (Net Zero
Emissions) scenario, low-carbon energies will represent more
than 95% of investments by 2035, totalling USD 5.2 trillion.
To meet these challenges and achieve these changes, massive
investments are needed from companies, institutional inves-
tors and the public sector. By supporting its clients transition
to a low-carbon economy, BNP Paribas Fortis is convinced that
it can make a positive impact on a more sustainable economy,
while ensuring a solid long-term performance.
The opportunities are reflected in BNP Paribas Fortis’ strategic
plan, derived from the BNP Paribas Group’s strategic plan.
More specifically, the bank is committed to supporting its
clients in their transition to a low-carbon economy. particu-
larly through the Low Carbon Transition Group, as described
in the section 2.b ‘Impact, risk and opportunity management’,
point 2.b.5 ‘Transition resources’.
BNP Paribas Group offers a range of banking and non-banking
solutions to support its clients in their energy and ecological
transition. These offers cover a range of climate topics: reduc-
ing energy consumption, decarbonising energy and financing
projects to reduce GHG emissions.
The Group relies on bankers specialising in advisory and
sustainable finance, in particular the teams of the LowCarbon
Transition Group and the Low Carbon Transition for MidCaps
and SMEs. In particular, the following sectors will offer major
opportunities:
250
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Energy production: developing new low-carbon energy
production capacity and helping finance future technolo-
gies such as renewable energy production (wind, solar,
geothermal, hydroelectric, marine energy, methanisation);
Decarbonisation of production: supporting customers
throughout their energy and ecological transition strat-
egy, including efforts to reduce their energy consumption,
decarbonise energy and reduce their GHG emissions;
Sustainable mobility: supporting and financing companies
and mobility players: public transport, manufacturers etc.
For real-estate acquisition and energy renovation projects for
private individuals, BNP Paribas Fortis has developed services
and solutions to support its customers with their plans. As
part of the My Sustainable Home, the approach taken by
operational entities has four main principles:
a. Training advisors on the challenges of decarbonisation in
order to raise customers’ awareness, in particular on the
production and collection of EPC.
Specifically, BNP Paribas Fortis has trained more than 300
commercial advisors in the field of sustainable residential
real estate and conducted information and awareness-
raising campaigns to facilitate the process of comparing
and changing energy suppliers.
b.
Promoting the purchase of efficient properties (better EPC
labels) thanks to favourable financing conditions.
BNP Paribas Fortis has launched HappyNest
18
, an innova-
tive solution designed to make sustainable housing more
accessible to middle-class families. BNP Paribas Fortis also
offers specific mortgage terms and conditions for sustain-
able assets, including preferential pricing and benefits
certified by the Energy Efficient Mortgage Label (EEML).
c.
Meeting energy renovation needs through low-priced loans.
d. End-to-end support for often complex energy renovation
projects, through partnerships with trusted professionals.
This work also includes work diagnostics, budget estimates
and projected energy savings, eligibility for aid, and the
selection of craftsmen.
18
Launched in 2023, HappyNest is the result of a collaboration between BNP Paribas Fortis in Belgium and Matexi, a company active in real estate development.
It allows potential buyers to rent an energy-efficient new home and buy it after a few years. Part of the rent paid is then deducted from the purchase price.
19
Market-based method: This approach reflects the GHG emissions of the electricity the company has chosen in the market. This means that Scope 2 carbon
emissions will depend on the Scope 1 carbon intensity of the electricity supplier.
Location-based method: This approach uses the average emission factor of the region or country where the electricity is consumed. For example, if the
electricity consumption is in France, the company can use the emission intensity of the French energy mix, which is mainly nuclear.
To support the decarbonisation of its client’s mobility, the
Group offers suitable financing and selected vehicles (new,
recent and second-hand vehicles), through Arval and
BNP Paribas Personal Finance.
Actions related to emissions in the
operational scope
BNP Paribas Fortis implements actions to reduce its direct
environmental impacts, ensuring consistency with its com-
mitments in financing and investment activities, leading by
example, and raising awareness among its clients.
Since 2012, BNP Paribas Fortis has been measuring its energy
consumption and GHG emissions across its operational scope
(Scope 1, Scope 2 and Scope 3 for business travel, exclud-
ing commuting). It is gradually reducing these emissions
by lowering energy consumption in its buildings, using less
energy-consuming IT equipment, supporting sustainable busi-
ness travel, and increasing the use of low-carbon energies.
The results of energy saving plans and the optimised building
occupancy contributed to a significant reduction in the share
of buildings in global emissions.
In 2024, total energy consumption was 169 GWh and
decreased by 14 GWh, i.e. 8% compared to 2023 (183 GWh).
In the same year, low-carbon electricity accounted for 84%
of total electricity consumption, while the share of renew-
able electricity was 74%. This electricity was sourced either
through the purchase of renewable electricity certificates or
from the direct consumption of renewable energy produced by
BNP Paribas Fortis buildings. Renewable energy consumption
was therefore 52% of the total energy consumed, amounting
to 88 GWh in 2024.
These measures help to limit CO
2
emissions associated with
BNP Paribas Fortis’ electricity consumption, a reduction rec-
ognised in the market-based approach
19
. Total emissions for
2024 were 29,443 tCO
2
e, i.e. a reduction of 23,861 tCO
2
e over
the year compared to the location-based calculation.
251
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Initiatives for responsible real estate
BNP Paribas Fortis in Belgium has undertaken the following
actions to reduce energy consumption in its buildings:
Monitoring of energy consumption, energy audits and
associated action plans and implementing the PLAGE
(Local Action Plan for Energy Management) in Brussels;
Building renovation and portfolio optimisation in Brussels:
employees were gathered into a building cluster compris-
ing Montagne du Parc, Rue Royale 20-30 and Chancellerie.
The new Montagne du Parc headquarters is heated without
fossil fuels, thanks to seasonal thermal storage (STES),
and is equipped with photovoltaic panels. It has earned a
BREEAM Excellent
20
certificate, a Passive Building certifi-
cate
21
and a WELL Gold
22
certificate;
Developing a Regional Sustainable Masterplan to enhance
energy performance and mobility infrastructure for
buildings in the regions. Energy-related projects include
insulation, technical installations, lighting renovations and
the installation of photovoltaic panels.
Initiatives for more sustainable mobility
To encourage its staff members to adopt more sustainable
mobility, BNP Paribas Fortis has implemented the following
actions in Belgium:
Introduced a teleworking policy allowing more than 98%
of employees to work from home. Approximately three-
quarters of eligible employees can work from home for
up to 50% of their working hours, reducing commuting;
Since 2018, employees have been able to lease a bicycle
through the remuneration plan (Cafeteria Plan). It can be
used for commuting, business travel and personal trips.
More than 2,000 bicycles have already been ordered
under this plan;
Enhanced bicycle infrastructure in many buildings (secured
parking, showers, etc.) to facilitate daily use;
Located main office buildings in areas with easy access to
public transport: 80% of employees working at the Brussels
headquarters use public transport;
20
BREEAM Excellent certification was achieved through an independent, third-party assessment by an accredited BREEAM assessor. The assessment was then
followed by quality control by an independent and impartial third-party accredited certification body, BRE Global Ltd.
21
The Passive Building Certificate was obtained through an independent, third-party assessment carried out by Objectif Zero, formerly known as the PMP
(Platform Passive House PMP).
22
The WELL Gold certificate was obtained through an independent, third-party assessment by the IWBI (International WELL Building Institute).
Provision of electric company cars since 2017. In 2024,
95% of orders were for electric vehicles. Charging stations
were deployed at the same time;
Numerous awareness-raising campaigns, such as
‘European Mobility Week’, test and learning sessions for
cyclists, online workshops on bicycle safety, bicycle and
work challenges and participation in the Brussels ‘Working
without my car’ campaign.
Initiatives for sustainable IT
The Sustainable Digital Programme has defined 10 principles
aligned with the BNP Paribas Group’s IT Charter that apply
to the entire IT sector around the world. This programme is
based on three main objectives:
Measure the environmental footprint of the IT system;
Reduce the footprint of the existing information system;
Ensure the implementation of sustainable and responsible
IT in new projects.
The following initiatives are in place at BNP Paribas level:
Implementation of a methodology for calculating the
environmental footprint of the IT system according to the
latest international standards;
Optimised the equipment fleet (Data Centre infrastructure
and employee devices) to enhance energy efficiency and
increase the use of low-carbon energies while also reduc-
ing costs through pooling of equipment and infrastructure;
Raising awareness and training IT teams on environ-
mental issues.
At BNP Paribas Fortis level in Belgium, additional meas-
ures include:
Executing a cloud migration programme and modernising
the IT landscape;
Partnering with the international social enterprise ‘Close
The Gap’ to recycle its end-of-life equipment;
Updating purchasing processes to integrate the ESG
strategy of its suppliers;
Developing a common IT and data strategy to identify and
reduce data storage and processing duplication.
252
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
2.b.5 Transition resources
Beyond product and service offerings, BNP Paribas Fortis relies
on dedicated teams to drive the transition and accelerate
climate integration across its businesses. These teams operate
both locally and at BNP Paribas Group’s level.
The Group Corporate Engagement Department is respon-
sible for implementing BNP Paribas Group’s CSR strategy.
BNP Paribas Fortis relies on its sector experts (oil and gas,
agriculture, etc.) and CSR specialists to apply the Group’s CSR
strategy at the local level, support clients and contribute to
ESG risk management in connection with the risk function. The
bank is also responsible for communicating CSR progress with
the Group Communications Department, and engaging with
key stakeholders (NGOs, ESG investors, etc.).
The BNP Paribas Fortis Company Engagement & Sustainable
Business Approach team facilitates the implementation of
Group-wide policies, particularly those related to climate (cfr.
section 2.b ‘Impact, risk and opportunity management’, point
2.b.1 ‘Climate change mitigation and adaptation policies’). This
team also has the mission of equipping employees with the
CSR strategy and the sustainable offer. It has 13 employees
who work exclusively on CSR topics.
The SBCC (Sustainable Business Competence Centre) in
Belgium, a six-member team established in 2008, supports
Corporate Banking relationship managers and their clients
in their transition. The SBCC offers guidance on, among other
things, the financing of renewable energy projects in Belgium,
and also develops dedicated product offering as well as part-
nerships, including a collaboration with Climact
23
.
The Low-Carbon Transition Group, created in 2021 by
BNP Paribas Group and to which BNP Paribas Fortis contrib-
utes, is a global platform uniting nearly 250 bankers across
the world, dedicated to supporting clients, companies and
international institutions in accelerating their transition to
a sustainable and low-carbon economy. A range of banking
and non-banking solutions is used to support decarbonisa-
tion efforts across key sectors such as energy, mobility and
industry. In addition to renewable and nuclear energy, the
bank has developed expertise in new value chains such as
batteries, green hydrogen and low-carbon fuels, as well as
CO
2
sequestration.
23
Climact is a Belgian consulting firm that analyses the activities of corporate clients, determines their carbon footprint and develops a decarbonisation
strategy. More information can be found in: www.climact.com.
At the same time, the Low-Carbon Transition for MidCaps
(LCTM) and SMEs is an initiative dedicated to this customer
segment, bringing together the sustainable finance teams of
the Corporate Banking business lines within CPBS, includ-
ing the SBCC of BNP Paribas Fortis. Its aim is to accelerate
support for customers’ sustainability transitions and con-
tribute to credit portfolio management in line with climate
commitments.
The Sustainability Academy, launched by the Group at the end
of 2022, is a scalable training platform designed to educate
employees on the challenges of the ecological transition and
climate change, while also enhancing their skills in this area.
In early 2023, BNP Paribas Fortis launched its own version in
Belgium, the Sustainability Academy by BNP Paribas Fortis,
adapted to its specific context and employees.
The Finance, Risk and ALM Treasury functions of the Group
have created a joint Stress Testing & Financial Simulations
(STFS) team, responsible for the deployment of ICAAP’s stress
testing activities, including climate resistance tests
The Group’s Climate Analytics and Alignment team comprises
employees from the Group Corporate Engagement Department
and CIB Global Banking EMEA. It develops and applies portfolio
alignment methodologies by business sector, in accordance
with market standards, and calculates key metrics to manage
the credit portfolio for high-emission industries and exter-
nal reporting.
253
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
2.c Metrics and targets
24
Carbon Risk Real Estate Monitor
2.c.1 BNP Paribas Fortis targets and
metrics related to its impact on
climate change
Targets and metrics on credit portfolios
In line with BNP Paribas Group’s strategy, BNP Paribas Fortis
has decided to gradually align its credit portfolio with the
objectives of the Paris Agreement and contributes, within its
scope, to the Group’s objectives. In 2021, the BNP Paribas
Group committed to defining intermediate alignment targets
for the most GHG emitting sectors that are compatible with
the NZE scenarios for 2050, particularly those of the IEA
(International Energy Agency).
For each sector, BNP Paribas Group has chosen a baseline year
that is no earlier than two years prior to the time of setting
the targets, i.e. between 2020 and 2022.
Since 2022, BNP Paribas Group has progressively set targets
for financed GHG emissions, using absolute values for the oil
and gas sector, and GHG intensity targets for the other sectors
in its portfolio. BNP Paribas Fortis has the most significant
impact in the following sectors:
Oil & Gas Industry;
Commercial Real Estate;
Residential Real Estate;
Agriculture.
TABLE No. 9: SUMMARY OF BASELINES, EMISSIONS AND TARGETS IN INTENSITY AND ABSOLUTE VALUE OF THE MAIN GHG
EMISSION SECTORS
Methodology Targets and reference*
Emission scope
Greenhouse
gases
considered Scenario Unit
Baseline
[Year to 31/12
unless specially
mentioned]
N
[Year to 31/12]
Target
[Year to 31/12]
Oil and Gas
Industry
- -
IEA NZE 2050
Upstream
credit exposure
in billions of
euro
Oil: 5.0
Gas: 5.3
[Q3 2022]
Oil: 2.2
Gas: 2.7
[2024]
Oil: ≤ 1 (-80%)
Gas: ≤ 3.7
(-30%)
[2030]
1, 2 and 3
(upstream and
refining)
Target MtCO
2e
27.3
[Q3 2022]
9.5
[2024]
≤ 8.2 (-70%)
[2030]
Commercial
Real Estate
1, 2 and where
applicable
3 cat. 13
(ownership
and operation
of buildings)
CO
2
, N
2
O, CH
4
,
fluorinated
gases
CRREM
24
V2.02
kgCO
2
e/m2
28.4
[2022]
27.7
[2023]
16.7 – 19.5
(-41 to -31%)
[2030]
Residential
Real Estate
1 & 2
(ownership
and operation
of buildings)
CO
2
, N
2
O, CH
4
,
fluorinated
gases
CRREM V2.02 kgCO
2
e/m2
Group: 35.5
Belgium: 59.7
[2022]
Group: 35.0
Belgium: 58.4
[2023]
-
* Targets defined for the entire Group. Only the ‘residential real estate’ reference base is defined at BNP Paribas Fortis level.
254
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Oil and gas sector
Since 2023, BNP Paribas has strengthened its ambition to
reduce its activity in the oil and gas sector with three 2030
targets. BNP Paribas has committed to reducing:
by 80% its upstream oil credit exposure at the end of 2030,
i.e. to less than 1 billion euros by 2030, compared to its
exposure of 5 billion euros at the end of September 2022;
by 30% its upstream gas credit exposure over the
same period, which was 5.3 billion euros at the end of
September 2022;
by 70% its oil and gas financed emissions (exploration,
production and refining) over the same period, i.e. a
level less than or equal to 8.2 MtCO
2
e compared to 27.3
MtCO
2
e at the end of September 2022. This target is more
ambitious than the IEA’s NZE scenario, which considers
necessary to reduce the sector’s emissions by 34% between
2022 and 2030.
The measurement of the sector’s financed emissions is calcu-
lated by BNP Paribas Group using the following data sources:
CO
2
and CH
4
emissions for scopes 1 and 2 (MtCO
2
e per
year) are from Wood Mackenzie for each counterparty
from exploration and production to refining ;
CO
2
emissions for scope 3 are calculated based on oil and
gas volumes extracted by each counterparty, using data
from Wood Mackenzie to which emission factors computed
using IPCC 2006 Guidelines for National Greenhouse Gas
Inventories and the IEA’s NZE scenario are applied;
corporate equity and debt are calculated by BNP Paribas
from three-year averages of corporate data.
Commercial real estate sector
Scopes 1, 2 and part of Scope 3 are included (Scope 3 is limited
to category 13, downstream leased assets, which accounts
for the Scope 1 and 2 emissions of the tenant). CO
2
, CH
4
, N
2
O
and fluorinated gases (when data is available) are included.
BNP Paribas Group and BNP Paribas Fortis focus on emissions
related to building use (ownership and operations), which
account for around 75% of the sector’s value chain emissions.
Construction-related emissions are not included. However
a significant part of these emissions is already included in
other BNP Paribas Group alignment targets (cement and steel
production, for example).
The metric used is an emission intensity in kgCO
2
equivalent
per square metre. To obtain an aggregated measure, emission
intensities are weighted by credit exposures.
BNP Paribas Group has set a target for 2030 of between 19.5
and 16.7 kgCO
2
e/m2, i.e. a reduction range of 31% to 41% com-
pared to 2022. This reduction range remains lower than what
the CRREM scenario V2.02 prescribes for 2030 but reflects
existing projections in the individual countries. The Group’s
ability to achieve this target is highly dependent on factors
beyond the Group’s control, such as changes in the energy mix
of countries, the development of local real estate regulations
in terms of Energy Performance Certificates (EPC) or national
strategies for the transition to a more sustainable economy.
Residential real estate sector
BNP Paribas Group and BNP Paribas Fortis have focused on the
acquisition of property and the operation of buildings (Scopes
1 and 2), which represents 75% of total emissions over a build-
ing’s lifetime. For Scope 3, emissions related to transport and
distribution losses are excluded, as recommended by CRREM.
At the end of 2024, Belgium accounted for nearly 32% of the
CPBS Division’s outstanding real estate loans in Europe (France,
Belgium, Italy, Luxembourg, Poland and Turkey networks).
The baseline calculation is based on Scope 1 and 2 emis-
sions according to the CRREM methodology. CO
2
, CH
4
, N
2
O
and fluorinated gases (when data is available) are included.
At the national portfolio level, emission intensity, expressed
in kgCO
2
equivalent per square metre, is weighted by the
square metres financed, in line with the PCAF methodology. At
BNP Paribas Group level, the intensity-based measurement is
weighted by the number of assets BNP Paribas Group finances
in each country. BNP Paribas Fortis used EPCs, where available,
or public data sources to calculate the emission intensities of
its residential real estate portfolio.
255
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
It has been decided not to set quantitative targets for its
residential real estate credit portfolio. This decision is based
on several factors:
Decarbonisation efforts depend heavily on the local energy
mix, which varies across European countries;
The sector is subject to frequent regulatory changes, creat-
ing uncertainty about public support schemes; at the same
time, easing regulatory constraints on energy renovation
could accelerate progress;
Decarbonising the sector requires diverse and coordinated
actions from decision-makers, financial institutions, sector
experts and consumers;
Finally, BNP Paribas Fortis wants to ensure a balance
between the necessary decarbonisation and a fair transi-
tion by supporting all households in European countries in
accessing and transitioning to sustainable housing.
Agricultural sector
To decarbonise its portfolio in this sector, BNP Paribas
Group, like several other financial institutions and in line
with the recommendations of the World Business Council for
Sustainable Development (WBCSD), focuses on the cultivation
and farming phase, which occurs upstream of food processing
activities. Emissions in this segment include Scopes 1 and 2
of customers.
BNP Paribas Group and BNP Paribas Fortis decided not to
set quantitative targets for this sector, mainly for the follow-
ing reasons:
Agriculture is a highly fragmented sector with a wide
variety of crops and very different emission profiles
depending on the type of crop, the product grown, the
country, the weather conditions, the soils used, the cultiva-
tion practices, etc.;
The lack of client-level climate data poses significant
challenges for portfolio alignment;
The embryonic methodologies at this stage and the
lack of appropriate scenarios are also obstacles to
setting objectives.
2.c.2 BNP Paribas Fortis targets and
metrics related to its opportunities
on climate change
Targets and metrics related to the business
activities of the BNP Paribas Group
As presented in section 2.b ‘Impact, risk and opportunity
management’, point 2.b.4 ‘BNP Paribas Fortis actions relating
to opportunities linked to climate change’, BNP Paribas Group
has defined a performance indicator that is included in its CSR
dashboard. This indicator represents the cumulative financial
support between 1 January 2022 and 31 December 2024 to
projects that contribute to the transition to a low-carbon
economy. It includes loans, bonds and support in the form
of private issues, financial advice and Initial Public Offerings
(IPOs). BNP Paribas Group has set a target of 200 billion
euros by 2025.
In addition, BNP Paribas Group has committed to reaching
40 billion euros in credit exposure for low-carbon energy
projects, by 2030 (i.e. 90% of the credit exposure dedicated to
the energy production sector), according to the definition of
low-carbon energies in chapter 8. ‘Annex’, section 8.b ‘Climate
change’, point 8.b.1 ‘BNP Paribas Group credit exposure to low
carbon and fossil energies’.
Targets and metrics related to the
operational scope
Approach and metrics
The data necessary for calculating operational scope indica-
tors across BNP Paribas Group are collected annually from
the Group’s main territories (20 in 2024) based on employee
headcount (i.e. 90% of the Group’s total workforce) and of
which BNP Paribas Fortis is an integral part. An extrapola-
tion method is used to estimate environmental data for the
remaining BNP Paribas’ locations not included in the reporting.
The data collection period covers 12 months, from October
(N-1) to September (N). The number of FTEs is the number
officially determined by HR Group on 31 December of the
year considered.
The measurement of CO
2
equivalent emissions of the Group’s
operational scope is based on the GHG Protocol’s reference
methodology. This includes the energy consumed in the build-
ings occupied by BNP Paribas Group (electricity, gas, fuel oil,
district heating) and the energy consumed during business
travel by car, train or plane (excluding commuting).
256
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Due to its activities, BNP Paribas Group and BNP Paribas
Fortis do not generate a significant noise pollution or any
other specific industrial pollution.
The Group’s operational emissions target, adopted by
BNP Paribas Fortis, is to be less than or equal to 1.85 tCO
2
e
25
per FTE in 2025, reflecting a reduction of -20.2% in 2025 com-
pared to 2019. BNP Paribas Fortis has achieved this target.
Information on BNP Paribas Fortis GHG is included in section
2.c ‘Metrics and targets’, point 2.c.4 ‘Gross GHG emissions’.
25
Occupational activities emit GHGs other than CO2. These emissions include CO2, CH4, N2O and fluorinated gases.
26
Details of total fossil fuel consumption are not published as BNP Paribas Fortis is not active in high-impact sectors.
27
Business travel does not include commuting.
2.c.3 Energy consumption
and energy mix
BNP Paribas Fortis presents its energy consumption and
associated energy mix below. Additionally, the bank reports on
the electricity generated by photovoltaic installations across
several of its sites.
TABLE No. 10: ENERGY CONSUMPTION AND ENERGY MIX OF BNP PARIBAS FORTIS
Energy consumption and energy mix 2024
(1) Total fossil fuel energy consumption (in MWh)
26
68,303
Share of fossil fuels in total energy consumption (in %) 40.5%
(2) Consumption from nuclear sources (in MWh) 12,202
Share of consumption from nuclear sources in total energy consumption (in %) 7.2%
(3) Fuel consumption from renewable sources, including biomass (including bio-based industrial and municipal
waste, biogas, renewable hydrogen, etc.) (in MWh)
NA
(4) Consumption of electricity, heat, steam and cooling purchased or acquired from renewable sources (in MWh) 87,449
(5) Self-produced non-combustible renewable energy consumption (in MWh) 649
(6) Total renewable energy consumption (in MWh) (calculated as the sum of lines 3 to 5) 88,098
Share of renewable sources in total energy consumption (in %) 52.3%
Toal energy consumption (in MWh) (calculated as the sum of lines 1, 2 and 6) 168,603
2.c.4 Gross GHG emissions
Operational Scope 1, 2 and 3 emissions
In 2024, BNP Paribas Fortis’ total emissions on its operational
scope amounted to 53,304 tCO
2
e (expressed in location-based
terms), representing a 6% decrease compared to 2023 and a
54% decrease compared to 2019, the reference year before
the COVID-19 pandemic.
These emissions equal to 1.54 tCO
2
e/FTE, which is below
the maximum target set for 2025 (1.85 tCO
2
e/FTE). Scope 1
emissions amounted to 9,059 tCO
2
e, Scope 2 amounted to
29,151 tCO
2
e, and Scope 3 emissions linked to business travel
amounted to 15,094 tCO
2
e.
For Scope 3, only emissions from business travel are included
(category 6). The Scope 3 assessment remains partial given
the high approximation levels, as it currently relies on generic
emission factors based on financial data.
GHG emissions related to business travel
27
are calculated on
the basis of kilometres travelled and are linked to:
Air and rail travel bookings made with the travel agencies
with which BNP Paribas Fortis has agreements;
Trips made using leased or personal vehicles.
257
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Scope 3 emissions from financed operations
As of 31 December, 2024, the financed emissions of
BNP Paribas Fortis’ counterparties are 15,130,848 tCO
2
e for
scope 1 and 2, and 6,936,379 tCO
2
e for scope 3, for a total
(scope 1, 2 and 3) of 22,067,227 tCO
2
e.
BNP Paribas Fortis refers to the GHG Protocol, which
defines financed emissions from sources of direct corporate
financing in the form of equity, debt and project financing.
The calculation for other types of activities is optional and
includes: investment and asset management activities, insur
-
ance contracts, financial advisory services, and contracts on
financial instruments such as derivatives, financial guarantees,
securitised products, funds. Off-balance sheet items such as
assets under management are not included in the calculation.
28
Final draft implementing technical standards on prudential disclosures on ESG risks in accordance with Article 449a CRR.
BNP Paribas Fortis’ financed GHG emissions cover transactions
recorded on the bank’s balance sheet within the banking book,
and are attributable to non-financial corporate clients within
the prudential consolidation scope of BNP Paribas Fortis.
This approach aligns with sector disclosure requirements
on climate change transition risks, as defined by the EBA ’s
technical implementation standard EBA/ITS/2022/01
28
. The
table below outlines the excluded and included outstandings
for BNP Paribas Fortis’ financed emissions.
TABLE No. 11: SCOPE OF ASSETS INCLUDED IN THE CALCULATION OF GHG EMISSIONS FINANCED (SCOPE 3, CATEGORY 15)
In millions of euros
Total assets of the BNP Paribas Fortis' balance sheet as of December 31, 2024 379,846
Restatement of insurance companies and other restatements related to consolidation methods (282)
Total assets of the Prudential BNP Paribas Fortis' balance sheet 379,564
Exclusion of non-financial assets
(1)
(57,758)
Exclusion of other assets
(2)
(36,781)
Exclusion of mark-to-market financial instruments by profit or loss (11,017)
Exclusion of loans to retail clients (mortgage, consumer and car loans) (100,593)
Exclusion of loans, equity instruments and debt securities with governments and institutions (62,948)
Total net amount loans and debt securities with non-financial corporations 110,466
Reintegration of impairments on loans and debt securities with non-financial corporations 1,956
Total gross amount of loans and debt securities with non-financial corporations 112,423
(1) Tangible and intangible fixed assets, goodwill, deferred tax assets, accruals and other assets.
(2) Cash, hedging derivatives, shares in equity-method investments.
258
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
The exclusions of financial assets presented in the table are
justified as follows:
The asset portfolios of insurance companies are adjusted
from the prudential balance sheet scope (restated as equity
method investment) and must be considered separately
from the banking portfolio. BNP Paribas Fortis insurance
companies subject to SFDR and LEC 29
29
publish their own
carbon footprint. Pending sector-specific standards for the
insurance sector under the CSRD, the emissions linked to
the portfolio of financial assets on the insurance balance
sheet are not included in the BNP Paribas Fortis‘ estimate
of financed emissions. Work is ongoing within the bank
to align methodologies and data sources ahead of the
convergence of regulatory reporting guidelines.
Financial instruments accounted for at fair value
through profit or loss correspond to the trading book of
BNP Paribas Fortis, whose business model involves resell-
ing market positions in a liquid market with the intention
of generating a short-term profit. This type of transaction
differs from a financing operation, and, to date, no com-
monly accepted method exists for measuring the GHG
emissions attributable to this business model. Moreover,
their exclusion aligns with the treatment of assets under
the European Taxonomy regulation.
29
Article 29 - LAW No. 2019-1147 of 8 November 2019 on energy and climate
30
Department for Environment, Food & Rural Affairs
Exposures to banks and central governments correspond
to BNP Paribas Fortis’ liquidity portfolio, which is held to
manage interest rates and liquidity risks. This includes
maintaining a portfolio of high-quality liquid assets
(HQLA) and does not follow a financing or investment
business logic.
Similarly, interbank assets are short-term assets that
are managed for cash flow management and interbank
market feeding logic. They are therefore excluded from
the calculation.
Lastly, credits granted to retail customers are also excluded
from the estimate published by BNP Paribas Fortis
insofar as:
There is no demonstrated correlation between a bor-
rower’s probability of default and the level of GHG
emissions or energy consumption of the financed asset;
Financed real estate assets are primarily exposed to
physical risks, while GHG emissions are an indicator of
transition risk;
Sufficient actual data (EPC before and after renova-
tion, vehicle registration number) is not available at
a scale necessary for a representative estimate of
financed emissions.
To calculate Scope 3 GHG emissions, BNP Paribas Fortis uses
the methods presented in the table below:
TABLE No. 12: DETAILED GHG EMISSION CALCULATION METHODS
Scope 3 emission category Detailed emission calculation method
1. Purchased goods and services
2. Capital goods
3.
Activities in the fuel and energy sectors
(not included in Scopes 1 and 2)
4. Upstream transport and distribution
5. Waste generated in operation
6. Business travel
The emission factors necessary to value the kWh consumed in the 20 territories are
taken from the 2023 publications of the IEA. For the valuation of kilometers, BNP
Paribas Group relies mainly on the DEFRA baseline.
30
7. Employee commuting
8. Upstream leased assets
9.
Downstream transportation and
distribution
10. Processing of products sold
259
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Scope 3 emission category Detailed emission calculation method
11. Use of sold products
12. End-of-life treatment of sold products
13. Downstream leased assets
14. Franchises
15. Investments
The reporting of GHG emissions attributable to the banking portfolio of financial assets
recognised as equity and debt follows the PCAF Financed Emission Part A methodology
and complies with the sector disclosure requirements on climate change transition risk
as defined by the EBA’s technical implementation standard EBA/ITS/2022/01. Details on
the calculation methodology can be retrieved below.
The estimate of GHG financed emissions of the counterparts
is calculated according to the PCAF Standard A methodol-
ogy. In order to determine the share of emissions affected to
BNP Paribas Fortis’ financing, the scope 1 and 2 emissions
reported by the counterparts are weighted by the share of
financing held by BNP Paribas Fortis over the client’s total
financing, represented by the enterprise value for listed
companies and the total equity and debt (loans and debt
securities) for unlisted companies. The average data quality
score of BNP Paribas Fortis’ financed emissions according
to PCAF standard is 4.5 as of end of December 2024. It is
determined by weighting the gross carrying amount by the
quality score of the GHG emissions used. The scale of data
quality score ranges from 1, for collected and verified data, to
5 for the average sector and regional intensities.
The estimated amount of GHG financed emissions of the
bank’s counterparts on their scope 1 and 2 is 15.1 MtCO
2
e.
Scope 1 and 2 GHG data collected from counterparts or data
providers cover 14% of the total BNP Paribas Fortis’ outstand-
ing amount granted to non-financial corporates. Where clients’
GHG emissions are not available, BNP Paribas Fortis relies
on average emissions intensities of the counterpart’s sector
to complete the scope of calculation. BNP Paribas Fortis
uses Exiobase estimates provided by PCAF, more specifically
the emission intensities expressed in terms of GHG emis-
sions per unit asset lent or financed (CO
2
e/M€) for a given
sector and geography. In line with PCAF recommendations,
BNP Paribas Fortis applies emissions intensities at sector and
regional level.
The estimated amount of GHG financed emissions of the
BNP Paribas Fortis’ counterparts on their scope 3 is 6.9 MtCO
2
e
as of 31 December 2024 in the oil and gas and automative
sectors, which are the sectors for which, at this stage,
BNP Paribas Fortis has reliable and relevant data.
When data is not reported by clients of these sectors,
BNP Paribas Fortis does not use the average intensities by
sector and geography proposed by PCAF. Indeed, PCAF intensi-
ties are limited to the upstream activities of the value chain
and do not cover the use of fuels of the downstream activities.
Therefore, they are largely underestimated. BNP Paribas Fortis
applies average intensities per euro cent observed on the
counterparts of these sectors which are in the bank’s portfolio
and for which the data are available. These estimates are of
low quality and are likely to change significantly downwards
or upwards along with clients’ disclosures. Overall, scope 3
data is available for less than 8% of the bank’s outstanding
amount granted to non-financial corporates.
In sectors other than oil and gas and automotive, GHG data
are either not published by counterparts (coverage below 30%)
or appear to be non-homogeneous and linked to segments of
the value chain for which there are no decarbonisation levers
that can be directly actionable.
To note that for Arval, the calculation of the GHG emissions
for ‘Capital goods’ covers the purchase of vehicles leased by
customers. The calculation for ‘Downstream leased assets’
covers the emissions associated with the use phase of the
vehicles leased by customers during the year, including direct
emissions from fuel combustion, indirect emissions from elec-
tricity generation and upstream emissions related to energy.
Finally, the calculation for ‘Use of sold products’ covers the
emissions associated with the use to end-of-life phase of the
vehicles that Arval sold in the year of publication, including
direct emissions from fuel combustion, indirect emissions
from electricity generation and upstream energy-related emis-
sions. Arval publishes more information on its GHG emissions
calculation methodology in detail in its management report
in accordance with CSRD.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Summary of gross GHG emissions of Scopes 1, 2, 3 and total emissions of BNP Paribas Fortis
TABLE No. 13: SUMMARY OF BNP PARIBAS FORTIS GHG EMISSIONS BY SCOPE
2024
Scope 1 GHG emissions
Gross scope 1 GHG emissions [tCO
2
e] 9,059
Percentage of Scope 1 GHG emissions resulting from regulated emission trading schemes (in %)
Scope 2 GHG emissions
Gross Scope 2 GHG emissions based on location (tCO
2
e) 29,151
Gross Scope2 GHG emissions based on market (teqCO
2
e) 5,290
Significant Scope 3 GHG emissions
Total indirect gross GHG emissions (Scope 3) (tCO
2
e) 22,082,321
1 Purchased goods and services
2 Capital goods
3 Fuel- and energy-related activities (not included in Scopes 1 and 2)
4 Upstream transport and distribution
5 Waste generated in operation
6 Business travel 15,094
7 Employee commuting
8 Upstream leased assets
9 Downstream transportation and distribution
10 Processing of products sold
11 Use of sold products
12 End-of-life treatment of sold products
13 Downstream leased assets
14 Franchises
15 Investments 22,067,227
Total GHG emissions
Total GHG emissions (location-based) (tCO
2
e) 22,120,531
Total GHG emissions (market-based) (tCO
2
e) 22,096,670
In addition, GHG emissions related to the fleet of vehicles
leased by Arval to its customers (which are not included in
the table above) amount to 23.3 MtCO
2
e for 2024 and covers
all scopes. In accordance with the GHG Protocol, they cover
the main phases of the vehicle life cycle: manufacture, use
during the rental period, and use after the vehicles have been
sold until their end of life (Scope 3 categories ‘Capital goods’,
‘Downstream leased assets’ and ‘Use of products sold’).
Arval publishes the detailed inventory of its GHG emissions in
its management report in accordance with the CSRD.
Intensity of GHG emissions
In the absence of established standards for applying the
GHG intensity per income indicator for financial institutions,
BNP Paribas Fortis publishes its internally used metric.
This metric represents the carbon footprint of the portfolio
expressed as the intensity of GHG emissions per unit of
financed assets, i.e. 0.20 MtCO
2
e per billion euro financed as
at 31 December 2024, aligned with the perimeter disclosed
in table 11.
2.c.5 GHG absorption and mitigation
projects financed by carbon credits
Since 2017, BNP Paribas Group has annually purchased volun-
tary carbon credits equivalent to the residual GHG emissions
from the previous year’s operational scope (sum of emissions
linked to its Scopes 1 and 2 and part of its Scope 3).
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
In 2024, the Group purchased the equivalent of
BNP Paribas Fortis’ emissions for 2023 (expressed according
to the market-based approach).
The voluntary carbon credits purchased in 2024 come from
four projects outside the Group’s value chain:
In Kenya, the Kasigau project, supported by the Group
since 2017, is a conservation and restoration programme
covering 200,000 hectares of forest. Led by the NGO
Wildlife Works, it also funds access to healthcare, water
and education for local populations;
In India, the project is based on a ten-year voluntary
carbon compensation programme as part of a partnership
between BNP Paribas and the GoodPlanet Foundation,
through the construction of 13,000 biodigesters. These
provide four hours of gas per day, reducing deforestation,
and improving the living conditions of nearly 70,000 people;
In Guatemala, hundreds of landowners including local
communities have come together to protect nearly 60,000
hectares of forest by developing sustainable livelihoods
that restore rather than degrade the forest and create
better living conditions for residents;
In Peru, the Qori Q’oncha programme is distributing
improved wood-fired stoves in several regions of the
country. This both reduces the amount of wood used
and reduces carbon emissions while eliminating harmful
fumes from homes.
The carbon credit calculations for these projects were certified
by Verra (Verified Carbon Standard), except for the Peruvian
project, which was certified by Gold Standard.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
3 Activities aligned with
the European Taxonomy
3.a Overview of the regulatory framework and
disclosure obligations for financial institutions
1
Climate change mitigation, climate change adaptation, sustainable use and protection of aquatic and marine resources, transition to a circular economy,
pollution prevention and control, and the protection and restoration of biodiversity and ecosystems.
2
EU Regulation 2020/852 of 18 June 2020, EU Delegated Regulation 2021/2139 of 4 June 2021, Commission Delegated Regulation (EU) 2022/1214 of 9 March
2022, Commission Delegated Regulation (EU) 2023/2486 of 27 June 2023, Commission Delegated Regulation (EU) 2023/2485 of 27 June 2023 amending
Commission Delegated Regulation (EU) 2021/2139.
3
EU Regulation 2020/852 of 18 June 2020.
The European Taxonomy (hereinafter referred to as the Taxonomy)
is a system for classifying economic activities according to their
contribution to the six
1
environmental objectives defined by the
European Commission through various Regulations and Delegated
Acts published between June 2020 and November 2023
2
.
The taxonomy is based on two core principles:
Eligibility – an activity is considered eligible if it is described
in one of the Taxonomy Delegated Regulations because of its
strong potential to contribute to any one of the six environ-
mental objectives;
Alignment – an activity is considered aligned if it dem-
onstrates a significant contribution to one of the six
environmental objectives based on measurable criteria.
An aligned activity is defined
3
as one that substantially
contributes to one of the environmental objectives without
causing significant harm to any of the other objectives. This
means that the activity must meet all the technical screening
criteria described in one of the delegated regulations and
comply with minimum guarantees.
For a credit institution, the main alignment indicator is the Green
Asset Ratio (GAR), which relates to financing instruments. This
GAR publication is accompanied by the green ratio for financial
guarantees and the green ratio for assets under management.
The approach retained, presented below, is based in particular
on most of the frequently asked questions (FAQs) published by
the European Commission on 8 November 2024 (4) concerning
the interpretation of certain provisions of Delegated Regulation
(EU) 2021/2178. On the other hand, BNP Paribas Fortis did not
take into account the FAQs introducing a conglomerate indicator
in reference to Annex XI of Delegated Regulation (EU) 2021/2178,
which was not provided for in the initial regulation.
3.b Scope of financial assets subject to
alignment analysis
Each indicator is calculated based on the scope of prudential
consolidation as presented in the ‘Risk Management and Capital
Adequacy’ chapter of the annual report, in accordance with
European Commission Delegated Regulation (EU) 2021/2178
of 6 July 2021.
3.b.1 Green asset ratio (GAR)
The measurement of financial assets covered by the Taxonomy
Regulation is based on the gross carrying amount, i.e. before
taking into account any provisions.
The numerator of the ratio measures the amount of the financial
assets corresponding to Taxonomy-aligned activities. Its scope
of analysis covers the following financial assets (in the form of
loans and advances, debt securities, equity instruments and
repossessed property collaterals):
Outstandings on European companies subject to the
NFRD in 2024;
Outstandings on European households on the three categories
of loans covered by the regulations (housing loans; energy
renovation loans; car loans granted since 1 January 2022);
Outstandings on local administrations for public housing
financing and other specialised financing, i.e. for which the
allocation of funds is known;
The carrying amount of the repossessed property collateral.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
The denominator of the ratio includes, in addition to the
financial assets covered by the alignment analysis for the
calculation of the numerator, the following asset classes: inter
-
bank current deposits, outstandings on hedging derivatives,
outstandings to European companies not subject to the NFRD
in 2024 and outstandings with non-European counterparties,
outstandings on households not corresponding to the three
categories of loans covered by the GAR (which are housing
loans, energy renovation loans and car loans), cash on hand,
other assets (e.g. tangible and intangible fixed assets, deferred
tax assets).
This inclusion of assets in the denominator that are excluded
from the numerator alignment analysis (44.6% of the total
balance sheet assets, in gross carrying amount) causes a
structural imbalance in the indicator. As a result, this ratio
cannot be considered a representative measure for alignment.
Exposures to central governments, central banks or suprana-
tional issuers are not covered by the regulation, and represent
16.1% of the total assets on the balance sheet, in gross car-
rying amount.
The GAR stock measure indicator is complemented by the
GAR flow indicator, which reflects the share of the change
in aligned asset stock within the total change of covered
assets included in the GAR denominator over the period. It
is calculated as the difference in aligned assets (loans and
advances, debt securities, equity instruments, and foreclosed
real estate collateral) between the end-of-period and the
beginning-of-period stock. This method is applied to all flow
indicators (GAR, green ratio of financial guarantees, and green
ratio of assets under management) to ensure consistency and
in the absence of published clarifications regarding the flows
of off-balance-sheet ratios.
3.b.2 Ratios of green off-balance-
sheet assets
With regard to the green ratio of financial guarantees, the
scope of the guarantee’ alignment analysis, used to calcu-
late the ratio numerator, covers financial guarantees whose
counterparties are European companies subject to the NFRD
in 2024. The denominator includes all financial guarantees
granted to companies irrespective of whether they are covered
by the regulation. Again, this creates a structural imbalance
in the ratio. Therefore, this ratio cannot be considered a
representative measure for alignment.
With regard to the green ratio of assets under management,
the scope of the alignment analysis covers instruments
invested in European companies subject to the NFRD in 2024
and investments in real estate assets. They correspond to
the discretionary management of client portfolios in respect
of investment funds, equity instruments, debt securities and
investments in real estate assets. The same structural imbal-
ance is observed, i.e. the denominator includes all instruments
regardless of their regulatory coverage. Therefore, this ratio
cannot be considered a representative measure for alignment.
Exposures to central governments, central banks or
supranational issuers are also excluded from off-balance
sheet indicators.
Indicators of green off-balance sheet assets, in a flow-based
approach, could be calculated for the 2024 financial year,
based on a method similar to the method used for the GAR
flow indicator.
3.c Methodology for alignment qualification under
the European Taxonomy
The analysis of financial asset eligibility and Taxonomy
alignment is based on differentiated approaches depend-
ing on the counterparty category: companies subject to the
NFRD in 2024, local governments, European households and
investment funds.
For counterparties subject to the NFRD, when the funds of the
financial instrument are not specifically allocated, the bank
collects, via data providers, the share of alignment published
by the counterparties, measured based on their aligned turno-
ver and capital expenditure (CapEx). This methodology applies
to the three ratios: the GAR, the green ratio for Financial
Guarantee and the green ratio for assets under management.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
It should be noted that Arval’s assets are consolidated within
the prudential balance-sheet overall. As the assets held by
Arval are not eligible for the GAR numerator, neither the
aligned share of Arval’s turnover nor the aligned share of
Arval’s CapEx are reflected in BNP Paribas Fortis’ GAR.
With regard to financing granted to companies and local
administrations, where the use of funds is known, the align-
ment measure should rely on information collected from the
counterparty. The European Commission’s has clarified the
interpretation of certain provisions of Delegated Regulation
(EU) 2021/2178. It specifies that banking institutions must
collect supporting documents proving that each alignment
of the technical criteria has been met. However, the level
of collection and verification of these elements imposed by
the European Commission communication of 8 November
2024 is not fully feasible. For this reason, no financial instru-
ments whose use of funds is known have been included in
the GAR-numerator whether related to companies or local
administrations.
For household loans, a similar approach should be taken to
assess the alignment of: housing loans, energy renovation
loans and car loans. This requires collecting evidence justify-
ing both key energy or low-carbon performance criteria and
the additional criteria demonstrating no negative impacts on
the other five environmental objectives. BNP Paribas Fortis
can apply this comprehensive assessment approach only in
relation to home loans, using its internal system for assessing
physical climate risks. For energy renovation loans and car
loans, the bank collects evidence for the key energy or low-
carbon performance criteria, but cannot assess the criteria
ensuring no negative impacts on the other five environmental
objectives. Thus, the numerator of the GAR includes, in respect
of household loans, only housing loans.
For investment funds covered by the green ratio of assets
under management, particularly those in portfolios under
management mandate, BNP Paribas Fortis has integrated the
first investment fund alignment indicators published by those
subject to the SFDR EU 2019/2088.
3.d Alignment indicator amounts at 31 December 2024
Summary of key performance indicators (KPI) to be published by credit institutions in
accordance with article 8 of the taxonomy regulation
TABLE No. 14: MAIN KPI SUMMARY
in millions of euros
31 December 2024
Total environ-
mentally sus-
tainable assets
(turnover)
Total envi-
ronmentally
sustainable
assets
(CapEx)
KPI
(turno-
ver)
KPI
(CapEx)
%
coverage
(over
total
assets)
% of assets
excluded from
the numerator of
the GAR (Article
7 (2) and (3) and
Section 1.1.2. of
Annex V)
% of assets
excluded from
the denominator
of the GAR
(Article 7 (1))
and Section 1.2.4
of Annex V)
Main KPI
Green asset ratio (GAR) stock
9,780 9,995 3.05% 3.12% 39.23% 44.64% 16.13%
TABLE No. 15: ADDITIONAL KPI SUMMARY
in millions of euros
31 December 2024
Total environmentally
sustainable assets
(turnover)
Total environmentally
sustainable assets
(CapEx)
KPI
(turnover)
KPI
(CapEx)
Additional
KPIsI
GAR (flow) 9,220 9,064 (20.20)% (19.87)%
Financial guarantees 262 362 1.97% 2.72%
Assets under management 470 516 3.69% 4.05%
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
BNP Paribas Fortis’ GAR measured using counterparty turnover
indicators, amounted to 3.05% of covered assets at the end
of December 2024.
The aligned share of Arval’s turnover, in relation to its products
associated with the leasing and sale of vehicles, amounts to
13.8% (2024), for an eligible share of 97.2%, while the aligned
share of its capital expenditure (cost of acquisition of vehicles)
is 24.7%, for an eligible share of 99.3%.
Regarding BNP Paribas Fortis’ GAR, eligible and non-aligned
assets represent 24.1% of the assets covered. These assets
are essentially eligible for the two climate objectives (24.0%
of covered assets), with a negligible share (0.1%) being eligible
for other environmental objectives.
The negative value of the GAR KPI flow (turnover), being
(20.2)%, is explained by a decrease in covered assets (denomi-
nator) following (a) the prudential consolidation of Arval
and (b) a modification in methodology during the year 2024
to identify the NFRD counterparties. The numerator was
only limited impacted by these changes and mainly includes
aligned housing loans which were added in 2024, thanks to
the methodology described here-above.
In addition to the 13 standard tables, BNP Paribas Fortis pub-
lishes nine additional tables related to the GAR stock indicator
(measured based on turnover and CapEx) concerning the
financing of activities linked to nuclear energy and fossil gas.
It was considered that the publication of additional tables to
the other alignment indicators, of a more secondary order than
the GAR, would only provide marginally useful information.
3.e Limits of the regulatory ratios for alignment with
the European Taxonomy
The GAR and other taxonomy-aligned indicators applicable
to banks face methodological imbalances and operational
complexity. As a result, they do not fully reflect the financing of
the transition to a low-carbon economy for BNP Paribas Fortis.
Firstly, the Taxonomy alignment analysis only concerns com-
panies subject to the NFRD under the 2024 financial year,
European households, and specialised financing granted to
European local governments.
The regulation excludes financing for SMEs and non-European
companies. Additionally, it does not allow the inclusion of
projects housed in dedicated vehicles, which are not subject to
NFRD regulations in 2024, even if they relate to the financing
of low-carbon infrastructure in Europe. Finally, the scope of the
ratio limited to large companies subject to the NFRD regula-
tion in 2024 is very restrictive given the BNP Paribas Fortis’
diversified business model.
As a result, the imbalance between assets in the numera-
tor alignment analysis scope and all assets covered in
the denominator creates a structural ceiling for each of
BNP Paribas Fortis’ ratios, including the GAR, at 46.8% in 2024.
This ceiling is lower the more the business model is diversified
in terms of customers, products and geography.
The Taxonomy-alignment criteria are inherently ambitious, as
they correspond to thresholds that are scientifically compat-
ible with the EU’s 2050 carbon neutrality target. However, by
only proposing an aligned or non-aligned result, the transition
trajectory is not taken into account, even if it is the subject of
a long-term effort already undertaken by BNP Paribas Fortis
and its customers.
Additionally, the climate performance criteria are accompanied
by multiple additional conditions to ensure that the activity
does not significantly harm any of the other five environmental
objectives of the taxonomy. Assessing these latter conditions
is complex, as there are issues relating to the interpretation
of texts and access to information. The need to validate these
criteria significantly reduces the share of activities aligned by
companies, especially since banks collection of information
for each of the criteria is currently not feasible.
This last finding is even more impactful on energy renova-
tion loans and car loans to households, as asset alignment
would require the collection of non-climate performance data,
which private customers are unable to collect. As a result,
their efforts to contribute to a low-carbon economy, through
energy renovation of housing and soft mobility, remain invis-
ible in the GARs.
Consequently, these regulatory alignment indicators do not
accurately reflect the share of BNP Paribas Fortis’ assets
contributing to the alignment with European climate change
mitigation and adaptation objectives, nor the efforts under-
taken by the bank to orient its economic model towards a
low-carbon economy, in particular through its commitments
to aligning its credit portfolio.
Furthermore, BNP Paribas Fortis’ sustainability strategy and its
climate component cannot be limited to taxonomy-alignment
267
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
criteria, as part of the criteria are not yet sufficiently
developed, making it difficult to cover activities outside the
European Union. BNP Paribas Fortis uses internal sustainability
4
As described in Appendix 2 of EU Implementing Regulation 2022/2453 of 30 November 2022, template 7 Mitigation measures: Assets included in the GAR
calculation.
classification principles, partly inspired by the criteria of the
European Taxonomy.
3.f Share of assets aligned with climate performance
criteria in eligible assets
The internal ratio developed by BNP Paribas Fortis emanating
from assets aligned with key climate performance criteria
within eligible assets provides a clearer view of how the bank’s
financing supports the EU’s carbon neutrality objectives.
As at 31 December 2024, the share of assets aligned with the
key climate performance criteria of the Taxonomy represented
11.2% of BNP Paribas Fortis’ eligible outstandings for climate
objectives.
This ratio covers financing of EU companies subject to the
NFRD in 2024, whether or not the use of funds is specified,
specialised financing granted to European local govern-
ments, and loans to European households corresponding to
Taxonomy-covered loans, i.e. housing loans, energy renovation
loans and car loans.
The alignment assessment uses a simplified approach, based
solely on compliance with technical climate performance
criteria, with respect to the following categories:
For financing to companies where the use of funds is
defined: alignment is based on a taxonomy alignment
certificate provided by the client, specifying the percent-
age of alignment of the financed asset or project and the
climate objective to which it contributes,
For household loans, the alignment assessment is based
on a simplified approach
4
, based on the criteria of sub-
stantial contribution to the change mitigation objective.
For financing to companies where the use of funds is unde-
fined, alignment is assessed using key performance indicators
published by counterparties, as described previously in the
section 3.c ‘Methodology for alignment qualification under
the European Taxonomy’.
Compared to the GAR, this ratio more closely reflects the
bank’s strategy in favour of low-carbon energy financing and
the policy of supporting households in low-carbon housing,
renovation or mobility solutions on the European market. The
alignment strategy of its credit portfolio, applied to all its
markets, is detailed in chapter 2. ‘Climate change’.
TABLE No. 16: SHARE OF ASSETS ALIGNED WITH CLIMATE PERFORMANCE CRITERIA IN ELIGIBLE ASSETS
in millions of euros
31 December 2024
Total assets eligible for
the Taxonomy
(Climate objectives)
Total assets aligned*
with the Taxonomy
(Climate objectives)
Share of aligned assets*
in all eligible assets
Exposures towards NFRD counterparties 5,334 585 11.0%
Exposures towards Households 81,640 9,195 11.3%
TOTAL EXPOSURES 86,974 9,780 11.2%
* On the basis of key climate performance criteria of the Taxonomy (for financing whose use of funds is allocated), and on the basis of aligned turnover indicators
disclosed by counterparties (for other financing).
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
The rest of tables is presented in annex. In addition to the
13 generic tables, BNP Paribas Fortis publishes 9 tables
complementary to the GAR stock indicator (measured on a
turnover basis and on a CapEx basis), covering the financing of
activities related to fossil fuel and nuclear energy. It has been
considered that the disclosure of tables complementary to
other alignment indicators, of a more secondary order, would
bring only a marginally useful information.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
4 Own workforce
The own workforce relates to BNP Paribas Fortis’ employees, of
whom there were slightly more than 35,000 as at 31 December
2024, mostly on permanent contracts (98%). It also includes
some non-employee staff members from temporary employ-
ment agencies working within the company.
In terms of own workforce, BNP Paribas Fortis applies the
strategy defined by the BNP Paribas Group. BNP Paribas Fortis’
entities thus follow the Group’ social policies and procedures,
adapting them to specific local circumstances if necessary.
BNP Paribas Fortis also acts on the various initiatives imple-
mented by BNP Paribas Group.
BNP Paribas Fortis presents below an analysis of the strategy,
policies, actions, metrics and targets put in place with regard
to these staff members:
Strategy: BNP Paribas Fortis puts people at the heart of its
strategy. The HR function plays an essential role in implement-
ing BNP Paribas Fortis’ ambitions regarding its people, as
defined in the ‘People Strategy’, which has three key aspects:
ethics and inclusion, employee experience and human capital.
Based on the double materiality assessment, material impacts,
risks, and opportunities related to the BNP Paribas Fortis’
workforce have been identified and are presented hereafter.
Policies: BNP Paribas Fortis details HR-specific policies imple-
mented for BNP Paribas Fortis’ own workforce to deal with
these material impacts, risks, and opportunities.
Actions: BNP Paribas Fortis takes remedial actions to mitigate
material impacts and risks and seize material opportunities
related to its own workforce. These include the promotion of
an inclusive culture, the prevention of discrimination, harass-
ment and violence at work, social protection, the prevention
of psychosocial risks, and initiatives in favour of professional
equality, civil society and skills development.
Targets and metrics: BNP Paribas Fortis includes the targets
that have been adopted as commitments in the Global
Agreement as well as the social responsibility targets of the
CSR dashboard. The metrics detailed below correspond to
data on the BNP Paribas Fortis’ own workforce, its character-
istics, movements, along with all data relating to the working
conditions of the BNP Paribas Fortis’ employees (employment
conditions, working hours, adequate wage, social dialogue,
welfare, work-life balance, health and safety) and equal treat-
ment of employees (professional equality, training and skills
development, persons with disabilities, diversity, measures
against violence and harassment).
4.a Strategy
4.a.1 Material impacts, risks and
opportunities and their interaction
with strategy and business model
As a responsible employer, BNP Paribas Fortis ensures that
the labour rights of its workers, including employees and
temporary workers, are respected. BNP Paribas Fortis is com-
mitted to providing workers with a healthy and fair working
environment.
The diversity of BNP Paribas Fortis’ business model means that
its employees are subject to varying levels of risk depending
on the local geographical context and the profession in which
they carry out their activities.
BNP Paribas Fortis has contributed to an impact assessment
conducted at the BNP Paribas Group level to identify material
negative impacts that could affect its workers, as well as mate-
rial financial risks and opportunities for BNP Paribas Fortis.
This assessment took into account feedback from internal and
external stakeholders, including employees, NGOs, customers
and investors.
The risk assessment was based on the internal analysis
of workforce-related risks as reported by the various
BNP Paribas Fortis business lines and geographies, combining
risk events and risk factors.
The negative impacts and material risks identified do not
directly result from the strategy of BNP Paribas Fortis.
Nevertheless, the bank remains vigilant regarding the
interests and views of stakeholders that may be affected.
Material impacts identified by
BNP Paribas Fortis
The assessment highlighted a negative impact related to
discrimination, inequality and exclusion as well as violence
and harassment at work in isolated cases.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Access to fair and equitable work is seen as a major topic by
stakeholders. However, in some cases, BNP Paribas Fortis’
employees may be confronted with situations of discrimina-
tion at certain points in their career, such as recruitment,
performance appraisals, promotions or remuneration reviews.
Relationships between colleagues can, occasionally and in
certain cases, degenerate into verbal or physical violence or
harassment. Employees of BNP Paribas Fortis may also be
exposed to these risks in the short term in their interactions
with customers and other external stakeholders, in the form
of incivility towards them.
The assessment also highlighted potential negative impacts in
terms of employee social protection. As public social protection
programmes do not systematically exist in all the countries
where BNP Paribas Fortis operates, the lack of measures
could potentially have a negative impact on the BNP Paribas
Fortis’ employees.
Material risks identified by
BNP Paribas Fortis
BNP Paribas Fortis has identified operational risks linked to
human errors caused by psychosocial and legal HR risks, which
are likely to have a negative financial impact:
Psychosocial risks: recent changes in ways of working,
as well as rapidly changing environments, are likely to
increase work pressure for employees, which may be
exacerbated by inappropriate managerial conduct. These
factors can have short-term consequences for employees’
occupational health, increase psychosocial risks and cause
potential burnout. Changes in ways of working, including
the increase in remote working, may also increase the risk
of a sedentary lifestyle and associated illnesses.
Legal HR risks: risks related to respect for individuals,
including discrimination and harassment, as well as risks
related to the improper performance of a contract may
lead to disputes with BNP Paribas Fortis’ employees. Legal
action taken by employees for these reasons may result
in significant legal costs and have financial impacts for
BNP Paribas Fortis.
1
Rate of women in the SMP (‘Senior Management Position’) population, number of solidarity hours worked by employees over two rolling years and rate of
employees having completed at least four training courses in the year.
Material opportunities identified by
BNP Paribas Fortis
BNP Paribas Fortis has identified several material opportuni-
ties supported by its ‘People Strategy’, and corresponding to
the social responsibility indicators of the BNP Paribas Fortis’
CSR dashboard
1
:
Opportunities in terms of diversity: promoting gender
diversity, especially within management bodies and senior
management, promotes a balanced and inclusive working
environment that contributes to the creativity and engage-
ment of employees, and therefore to the attractiveness and
overall performance of BNP Paribas Fortis.
Opportunities in terms of work-life balance: the estab-
lishment of ‘solidarity hours’, which promotes work-life
balance and allows people to devote time to civil society
projects, fosters a solidarity-based working environment
and contributes to the engagement and well-being of
employees at work and BNP Paribas Fortis’ attractiveness
as an employer. The promotion of gender diversity and the
establishment of solidarity hours promote staff retention
and efficiency, thereby reducing external recruitment costs.
Opportunities in terms of skills development: training
and skills development programmes promote employee
satisfaction and retention, thereby reducing external
recruitment costs for BNP Paribas Fortis. These pro-
grammes also help to strengthen the skills of employees
so that they meet the needs of tomorrow. This has the
additional consequence of improving their employ-
ability and internal mobility prospects within the bank
(more than 4,872 people transferred to new roles within
BNP Paribas Fortis in 2024). All of these elements contrib
-
ute overall to increasing the organisational performance
of BNP Paribas Fortis.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
TABLE No. 17: SUMMARY OF LINKS BETWEEN MATERIAL IROs AND POLICIES, ACTIONS, METRICS AND TARGETS
Category
Title of the
material IRO Policies Actions Metrics
Targets (or
monitoring
indicators)
Impacts Discrimination,
inequality and
exclusion
•
Code of Conduct
•
Global Agreement
•
Respect for Persons
policy
•
Diversity governance
•
Compensation policy
•
Inclusion initiatives
•
Employee
characteristics
•
Collective bargaining
and social dialogue
•
Diversity metrics
•
Adequate wage
•
People with disabilities
•
Training and skills
development metrics
•
Work-life balance
metrics
•
Remuneration metrics
•
Severe human rights
cases, complaints and
incidents
Women as a
proportion of
people in SMP: 40%
Violence and
harassment at
work
•
Code of Conduct
•
Global Agreement
•
Respect for Persons
policy
•
Penalties for misconduct
•
Remuneration policy
•
External recruitment
policy
•
Diversity governance
procedure
•
Confidential
whistleblowing system
for discrimination and
harassment incidents
•
Remedial actions
(disciplinary and
support measures, post-
investigation follow-up)
•
Employee
characteristics
•
Characteristics of non-
employee workers
•
Health and safety
metrics
•
Severe human rights
impacts, complaints
and incidents
Monitoring
indicator regarding
the number of
alerts regarding
respect for people
and the number of
sanctions
Social
Protection
•
Global Agreement
•
Code of conduct
•
People & Property Policy
•
Global Agreement
•
Social media and We
Care program
•
Whistleblowing system
•
Social protection
•
Collective bargaining
and social dialogue
•
Employee
characteristics
•
Social protection
•
Health and safety
metrics
•
Work-life balance
metrics
100% of employees
covered by systems
for listening and
psychological
support
Risks Psychosocial
risks
•
Global Agreement
•
European Agreement on
the Prevention of Stress
at Work
•
We Care programme
•
Mechanism for
respecting individuals
•
Work-related stress
measurements
•
Training and awareness
programmes on mental
health and psychosocial
risks
•
Employee assistance
programme
•
Psychological support
•
Employee
characteristics
•
Health and safety
metrics
100% of employees
covered by
arrangements
for listening to
employees and
providing them
with psychological
support
HR legal risks
•
Code of Conduct
•
Global Agreement
•
External Recruitment
policy
•
Remuneration policy
•
Diversity governance
•
Professional path policy
•
Preventive actions
regarding respect for
persons
•
Management training
courses
•
Employee
characteristics
•
Severe human rights
cases, complaints and
impacts
Monitoring
indicator on the
number of alerts
regarding respect
for people and
the number of
sanctions
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Category
Title of the
material IRO Policies Actions Metrics
Targets (or
monitoring
indicators)
Opportunities Gender
diversity
•
Diversity governance
•
Global Agreement
•
Women in IT
programme
•
Awareness-raising
initiatives
•
Training and skills
development metrics
•
Work-life balance
metrics
•
Employee
characteristics
•
Remuneration metrics
Women as a
proportion of
people in SMPs:
40% by 2025
Women as a
proportion of IT
workers: 31% in
2026 and 35% in
2030
Work-life
balance
•
Global Agreement
•
#1MillionHours2Help
programme
Number of
solidarity hours: 1
million hours over
a rolling 2-year
period at the BNP
Paribas Group level
Skills
development
•
Professional path policy
•
Skills management
•
Skills management tool
•
Career Days, continuous
development
•
About Me platform
•
Transfers to new
roles within the
BNP Paribas Fortis
•
Training initiatives
•
Targets related to
the management of
material impacts, risks
and opportunities
•
Employee
characteristics
•
Training and skills
development metrics
Proportion of
employees who
have completed at
least four training
courses: 90%
4.b Impacts, risks and opportunities management
4.b.1 Policies related to own workforce
Through its policies, BNP Paribas Fortis places particular
emphasis on human rights, health and safety at work and
diversity, equality and inclusion.
Respecting the human rights of employees is a central pillar
of the CSR strategy, supported by various international com-
mitments and standards.
By fostering an inclusive and safe working environment,
BNP Paribas Fortis aims to improve the well-being of its
employees and prevent discrimination and health and
safety risks.
The table below presents a summary of the main policies
implemented by BNP Paribas Fortis to manage its workforce.
These policies are either applied directly or adapted and
implemented within the various entities of the BNP Paribas
Group. It should be noted that BNP Paribas Fortis’ policies
apply to all staff members, without distinction. Indeed, given
the nature of the bank’s activities, no ‘vulnerable’ people
within the meaning of the regulations were identified, which
would have required the implementation of specific policies.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
TABLE No. 18: SUMMARY OF POLICIES RELATING TO THE BANK’S OWN WORKFORCE
Policy Description of policy content
Description of the
scope of the policy
or its exclusions
Description of the
highest level of
the organisation
responsible for
implementing the
policy
Interaction with
stakeholders
Code of Conduct The Code of Conduct sets out the rules of conduct within
the framework of values that apply to all activities and
employees of BNP Paribas Group.
BNP Paribas
Group
BNP Paribas
Group’s General
Management
Available on the
BNP Paribas
Group’s website.
BNP Paribas
Fortis’ Code of
Conduct (based
on BNP Paribas
Group’s Code of
Conduct)
The BNP Paribas Fortis’ Code of Conduct, which all
staff members must follow, governs the actions of each
staff member and guides decisions at all levels of the
organisation.
BNP Paribas
Fortis
BNP Paribas
Fortis’ Board of
Directors
The BNP Paribas
Fortis’ Code
of Conduct is
available on the
BNP Paribas
Fortis’ website in
French and Dutch.
People and
Property Security
Policy
Establishes the general framework of security, safety,
business continuity and crisis management activities at BNP
Paribas Fortis.
BNP Paribas
Fortis
BNP Paribas
Fortis’ Executive
Committee
The policy is
only distributed
internally.
Deployment
of the Global
Agreement, on
fundamental
rights and the
global social
framework
Contains the commitments made by BNP Paribas Fortis to
its employees and information regarding the deployment
of the policy across BNP Paribas Fortis on the following 7
themes:
1.
Human rights, social dialogue and trade union rights
2.
Corporate and social responsibility
3.
Employment and skills management
4.
Gender equality at work
5.
Respect for people, non-discrimination
6.
Equal opportunities, diversity and inclusion
7.
Global social framework
BNP Paribas
Fortis
BNP Paribas
Fortis’ HR
Manager
The policy
is circulated
internally and
accessible on
the BNP Paribas
Group’s website.
The BNP
Paribas Group’s
agreement is
published on its
website
2
.
Policy regarding
respect for
persons
Describes the BNP Paribas Fortis’ system for preventing and
detecting acts that do not comply with the Code of Conduct
regarding respect for people, as well as for collecting and
handling alerts on this subject. In particular, it describes the
single whistleblowing system, as well as the role of social
partners in the HR aspect of the Vigilence Plan.
BNP Paribas
Fortis
BNP Paribas
Fortis’ HR
department
The policy is
only distributed
internally.
Penalties for
misconduct
Defines the general principles for managing the process
of disciplinary action taken against a staff member. The
policy covers types of non-compliance such as fraud, but
also other types of non-compliance that may give rise
to sanctions, such as inappropriate behaviour including
disparaging comments, harassment or discrimination.
BNP Paribas
Fortis (applied
locally by entities
depending on the
legislative context
in terms of labour
law applicable in
each country).
BNP Paribas
Fortis’ HR
department
The policy is
only distributed
internally.
Diversity and
Inclusion
Governance
Procedure
3
Contains a presentation of diversity and inclusion
governance organisation, which has five key aspects.
Determines the way in which Diversity and Inclusion
are structured within the bank and identifies formal,
substantiated recruitment and career management
decisions as the main tool for preventing discrimination.
BNP Paribas
Fortis
BNP Paribas
Fortis’ HR
department
The policy is
only distributed
internally.
External
recruitment policy
The aim of this policy is to present the organisation and
guiding principles for the external recruitment of BNP
Paribas Fortis’ staff members.
BNP Paribas
Fortis
BNP Paribas
Fortis’ HR
department
The policy is
only distributed
internally.
2
Policy on the deployment of the Global Agreement
3
Arval has a specific policy, the Arval Diversity, Equity & Inclusion Charter, which describes a common framework for diversity, equity and inclusion for all Arval
employees.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Policy Description of policy content
Description of the
scope of the policy
or its exclusions
Description of the
highest level of
the organisation
responsible for
implementing the
policy
Interaction with
stakeholders
Professional
path policy for
employees
Aims to establish the framework for managing the career
paths of employees within BNP Paribas Fortis, defining
standards for related processes, activities and key moments.
It covers:
•
Ensuring that employees’ career plans fit with the
company’s needs,
•
Identifying and assessing skills and talents,
•
Identifying development needs,
•
Assessing and recognising individual and collective
performance,
•
Engaging and motivating staff members through diverse
development opportunities within BNP Paribas Fortis.
BNP Paribas
Fortis
BNP Paribas
Fortis HR
department
The policy is
only distributed
internally.
Remuneration
policy
Defines the general remuneration principles of BNP Paribas
Fortis and the remuneration policy applicable to employees
subject to specific regulatory provisions, in particular
employees identified within BNP Paribas Fortis as significant
risk takers.
BNP Paribas
Fortis
The BNP Paribas
Fortis Board of
Directors
The policy is
only distributed
internally.
4
The fundamental conventions of the ILO are as follows:
C029 - Forced Labour Convention, 1930
C087 - Freedom of Association and Protection of the Right to Organise Convention, 1948
C098 - Right to Organise and Collective Bargaining Convention, 1949
C100 - Equal Remuneration Convention, 1951
C105 - Abolition of Forced Labour Convention, 1957
C111 - Discrimination (Employment and Occupation) Convention, 1958
C138 - Minimum Age Convention, 1973
C155 - Occupational Safety and Health Convention, 1981
C182 - Worst Forms of Child Labour Convention, 1999
C187 - Promotional Framework for Occupational Safety and Health Convention, 2006
5
Including customer interests, financial security, market integrity, conflicts of interest, professional ethics, respect for colleagues, protection of the Group,
commitment to society, and the fight against corruption and influence peddling.
6
Signed in 2018 and a new agreement signed in 2024.
Human rights arrangements
BNP Paribas Fortis is committed to promoting respect for
human rights within its sphere of influence and to treating
all its employees with dignity. Forced labour is prohibited
within BNP Paribas Fortis.
The BNP Paribas Group, to which BNP Paribas Fortis belongs,
complies in particular with the 10 principles of the United
Nations Global Compact, the United Nations Guiding Principles
on Business and Human Rights, human rights standards
(internationally accepted as defined in the International Bill
of Human Rights), and fundamental labour conventions (as
defined by the International Labour Organisation
4
).
BNP Paribas Fortis demonstrates that it complies with the
most rigorous standards of conduct and ethics, in terms of
anti-corruption, respect for human rights and environmen-
tal protection, across all its activities, through its Code of
Conduct
5
, the ‘BNP Paribas and Human Rights’ document and
the Global Agreement signed between BNP Paribas Group and
UNI Global Union
6
.
As most of the BNP Paribas Fortis’ employees are highly quali-
fied professionals and work in the tertiary sector, the risks of
modern slavery and human trafficking have been deemed to
be very low.
Nevertheless, BNP Paribas Fortis is committed to ensuring a
working environment in which all employees are treated fairly
and with respect, and places particular emphasis on:
Respect for all employees;
The need to apply the highest standards of profes-
sional ethics;
Rejection of any form of discrimination.
The policies put in place by BNP Paribas Fortis in this regard
include an annual review of countries at risk in terms of respect
for human rights, as well as monitoring employees under the
age of 18 (BNP Paribas Fortis did not have any in 2024).
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
In addition, with regard to temporary workers who are part
of BNP Paribas Fortis’ workforce, the bank ensures that
suppliers employing those temporary workers comply with
the principles of the Universal Declaration of Human Rights
(adopted by the United Nations in 1948) and the fundamental
conventions of the International Labour Organisation (ILO).
In order to guarantee the implementation of the Sustainable
Sourcing Charter, suppliers undertake to provide the necessary
supporting documents and to welcome the internal or external
auditors mandated by BNP Paribas Fortis to check compliance
with the Charter.
Finally, BNP Paribas Fortis provides its employees with a
remediation system comprising reporting channels and a
whistleblowing mechanism accessible to all BNP Paribas
Group employees and all employees in the value chain.
Occupational health and safety
In accordance with the BNP Paribas Group and
BNP Paribas Fortis Codes of Conduct, safety in the workplace
(including during business travel) requires everyone to show
commitment to the safety and security of the workplace in
the context of daily activities and to comply with the Code of
Conduct. For managers, this means seeking to improve the
working conditions of the teams and reporting any activity
that may involve a threat to the physical security of a staff
member or an external person on BNP Paribas Fortis premises.
All BNP Paribas Fortis staff members as well as people present
on a BNP Paribas Fortis site (interns, trainees, temporary
workers, subcontractors, customers, visitors etc.) can access
a set of documents regarding the security of people and
property, which was subject to an external audit at Group
level in 2021.
Those documents set out the basic principles of:
Security (with regard to risks linked to deliberate, mali-
cious acts likely to harm the BNP Paribas Fortis’ people,
assets and activities);
Safety (with regard to natural and weather-related events,
or related to the technological environments of its sites
likely to harm the BNP Paribas Fortis’ people, property
and activities);
Business continuity and crisis management.
This framework, approved by the BNP Paribas Group’s
Executive Management, is deployed country-by-country by
local management.
The BNP Paribas Fortis functions in charge of safety and
security determine the key provisions intended to preserve,
through constant risk analysis, the integrity of the bank’s
activities, resources and interests against safety and security
events affecting BNP Paribas Fortis. The health and safety
conditions of each site comply with the regulations applicable
in the various countries.
Given the nature of BNP Paribas Fortis’ activities and the
arrangements implemented, the actual risks to the health and
safety of BNP Paribas Fortis employees are relatively low, with
a very limited number of occupational accidents and illnesses.
The main risks relate to psychosocial and sedentary risks. The
Group has therefore chosen mental health and health issues
related to sedentary lifestyles as its health priorities, within
the framework of the new Global Agreement and the We Care
Group health programme.
Diversity, equality and inclusion
At the heart of the Ethics and Inclusion pillar of its People
Strategy, BNP Paribas Fortis has made commitments to
promote ethics and inclusion, and to encourage respectful,
non-discriminatory and exemplary behaviour.
These commitments are reflected in particular in the
BNP Paribas Fortis’ Code of Conduct, the Global Agreement,
and the Sanctions Policy for Misconduct. BNP Paribas Fortis’
policy regarding anti-discrimination and diversity covers:
Professional equality between women and men;
Emotional orientation and gender identity;
Diversity of origins and multiculturalism;
Age diversity;
Disabilities.
These are major topics for BNP Paribas Fortis. Diversity in
all its dimensions and in particular gender, while respecting
the differences of each individual, contributes to the enrich-
ment, creativity and commitment of all and therefore to the
overall performance of BNP Paribas Group. By reflecting the
diversity of society, the bank can better understand the needs
of its customers. Maintaining and promoting a respectful and
inclusive work environment is essential to attract, develop and
retain all talent. The collective performance and long-term
economic development of BNP Paribas Fortis are based on the
commitment of employees.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Remediating risks of discrimination and promoting an
inclusive culture
BNP Paribas Group, of which BNP Paribas Fortis is a subsidiary,
has made the following strategic commitments to prevent,
mitigate and remediate risks of discrimination (including harass-
ment) and promote an inclusive culture.
The European Agreement on Professional Equality between
Women and Men of 2014 includes all the key elements of the
BNP Paribas Group’s policy in this area. It is supplemented
at the BNP Paribas Group’s level by numerous commitments
such as the United Nations Women’s Empowerment Principles
(WEP) (2011), the International Labour Organisation’s Global
Network and Charter on Business and Disability (2016), the
United Nations LGBT Standards (2017), the OneInThreeWomen
Charter (2018) and the Global Agreement signed in 2024, which
has innovative elements in terms of parenthood and combating
domestic and intra-family violence.
More broadly, all entities of the BNP Paribas Group offer train-
ing and awareness-raising actions to combat discrimination or
promote diversity and inclusion.
Commitment to fair and inclusive treatment in
HR processes
BNP Paribas Fortis acts on those commitments on a daily basis,
particularly during the major stages that mark employees’
professional paths, such as recruitment, training, transfer,
remuneration review and career development.
BNP Paribas Fortis employees are therefore required to:
Ensure fair treatment of candidates during the recruit-
ment process;
Systematically base their judgement on an objective assess-
ment of skills;
Ensure equal opportunities;
Define remuneration conditions in a fair and equitable
manner. The titles and terms used are chosen to allow
everyone to apply, without distinguishing between genders.
The selection process is based on skills, qualifications
and experience.
With regard to fair treatment during professional appraisals,
the BNP Paribas Fortis’ Professional Path Policy establishes
a framework that ensures that all employees have the same
career development opportunities, based solely on skills, experi-
ence, performance and professional qualities.
In addition, in accordance with BNP Paribas Fortis’ remunera-
tion policy, the remuneration review process is guided by the
general principle of equal treatment and the exclusion of all
discriminatory criteria, particularly gender, in accordance with
the applicable regulations.
Implementation of policies in the event of discrimination
To implement these policies, BNP Paribas Fortis has established
specific procedures aimed at preventing, mitigating and cor-
recting discrimination, while promoting diversity and inclusion.
BNP Paribas Fortis has set up a confidential whistleblowing
system for incidents of discrimination and harassment. Each
report is rigorously investigated and appropriate corrective
actions are taken, including in relation to incidents and com-
plaints related to respect for people.
In the event of proven harassment, BNP Paribas Fortis applies
appropriate measures immediately to put an end to the situa-
tion. Medical, psychological, social, managerial and HR support
is offered to victims, as well as referrals to third parties to
provide legal support if necessary.
4.b.2 Processes for engaging with
own workers and workers’
representatives about impacts
As part of its due diligence process, BNP Paribas Fortis engages,
via BNP Paribas Group, with its employees and their representa-
tives on the material impacts that affect or could affect them.
This dialogue with employees is based on several tools that
are described, along with their quality assessment arrange-
ments, in chapter 1. ‘General disclosures’, section 1.b ‘Strategy,
business model and stakeholders’, point 1.b.2 ‘Stakeholder
interests and views’.
This dialogue is supervised by BNP Paribas Fortis governance
bodies as detailed in chapter 6. ‘Business conduct’, section
6.a ‘Governance’, point 6.a.1 ‘The role of the administrative,
management and supervisory bodies’.
In extension of the commitments made in 2018 by the
BNP Paribas Group with UNI Global Union through the Global
Agreement, BNP Paribas Group renegotiated a new agreement
that was signed in November 2024 for a period of 4 years. This
agreement was concluded with the contribution of the European
Federation of Executives of Credit and Financial Institutions
(FECEC); members of the European Group Works Council Bureau;
representative trade unions at the BNP Paribas Group level.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
This agreement covers seven themes relating to fundamen-
tal rights at work and the establishment of a global social
framework, applicable to all BNP Paribas Fortis employees.
In particular, chapter 1 of the agreement deals with social
dialogue within the Group, while chapter 2 deals with the
whistleblowing process.
4.b.3 Processes to remediate negative
impacts and channels for own
workers to raise concerns
General approach and remediation process
BNP Paribas Group has set up a whistleblowing system governed
by the Group Whistleblowing System procedure, in accordance
with the provisions of France’s Sapin II and Waserman laws
7
.
This system, also implemented at the BNP Paribas Fortis level,
enables employees to report crimes, offences, threats, serious
harm to the general interest, serious breaches of international
standards, and breaches of the BNP Paribas Group’s and
BNP Paribas Fortis’ Codes of Conduct. Where a material negative
impact on employees is identified, BNP Paribas Fortis undertakes
to provide or contribute to the appropriate remedy and evaluates
the effectiveness of the measures taken in this regard.
Specific channels set up for people to exercise
the right to whistleblowing
BNP Paribas Fortis is very attentive to the concerns of custom-
ers, employees, shareholders, suppliers and society as a whole.
BNP Paribas Fortis is committed to listening, understanding and
seeking to respond to concerns raised by its stakeholders in a
fair and effective manner.
BNP Paribas Fortis’ employees are therefore required to report
any proven or suspected breach of the Codes of Conduct,
BNP Paribas Group’s and BNP Paribas Fortis’ policies and pro-
cedures or regulations. They can raise their concerns through a
single secure platform on all topics including respect for people.
Any suspicion by a BNP Paribas Fortis’ employee of a serious
or potentially serious breach of human rights and fundamental
freedoms, human health and safety or the environment can
be reported through this system, except where regulations
would prohibit it at the local level. The whistleblowing
7
For more information on this topic, cfr. chapter 6. ‘Business conduct’, in section 6.b ‘Impact, risk and opportunity management’, point 6.b.1 ‘Corporate culture
and business conduct policies’.
8
BNP Paribas Fortis Whistleblowing System
9
For more information on this topic, cfr. chapter 6. ‘Business conduct’, in section 6.b ‘Impact, risk and opportunity management’, point 6.b.1 ‘Corporate culture
and business conduct policies’.
system is also accessible to external third parties on the
BNP Paribas Fortis website
8
.
Mechanism for handling reports relating to
respect for persons
BNP Paribas Fortis offers a whistleblowing system in relation
to professional behaviour that also includes potential cases
of discrimination and psychological or sexual harassment. In
this respect, BNP Paribas Fortis also complies with the Belgian
act of 4 August 1996 on the well-being of employees in the
performance of their work.
Reports are treated confidentially and follow a structured
process of investigation by independent experts
9
.
Finally, as soon as the facts are established and after objective
investigations, BNP Paribas Fortis undertakes to take discipli-
nary and/or remedial measures, individual or collective, whose
content and form are adjusted to local regulations.
Support and follow-up are provided for victims and may be
offered to perpetrators of inappropriate behaviour.
Evaluation of efficiency and employee trust
Controls
The whistleblowing system is subject to control plans. First-level
controls are reviewed by Compliance in order to verify access
to whistleblowing channels and compliance with confidential-
ity and whistleblowing procedures. Second-level controls are
carried out by an independent team to assess the effectiveness
of the implementation of the whistleblowing system.
In addition, the HR function’s control system allows monitoring
of historical incidents that have occurred and may have an
impact on employees. Depending on the incidents reported,
action plans are implemented, which may include a strengthen-
ing of controls when necessary.
Reporting to Executive Management and the Board
of Directors
A detailed report on alerts is produced semi-anually by the
Group Referent at the BNP Paribas Group level. This report
covers all alerts, with a quantitative and qualitative analysis of
the data. It is provided annually to the Compliance Committees,
the Group Executive Committee and the Board of Directors.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Employee surveys
BNP Paribas Group conducts regular employee surveys, includ-
ing within BNP Paribas Fortis, to assess the level of knowledge
and confidence of employees regarding the systems for report-
ing their concerns and, if necessary, addressing them. The
results of the 2023 Conduct & Inclusion survey showed, in the
Conduct component, a high level of adherence of employees
to the values and behaviours defined in the Code of Conduct.
In addition, 93% of respondents stated that they had good
knowledge of the channels enabling them to report alerts.
4.b.4 Taking action on material impacts
on own workforce, and approaches
to mitigating material risks and
pursuing material opportunities
related to own workforce, and
effectiveness of those actions
To respond to material impacts, BNP Paribas Group, of which
BNP Paribas Fortis is a part, takes various types of actions
10
:
Promoting an inclusive culture;
Improving the prevention of discrimination, harassment
and violence at work.
To respond to material risks, BNP Paribas Group, takes
actions including:
The global occupational health and well-being pro-
gramme (We Care);
A working environment favourable to preventing psycho-
social risks.
Finally, in order to support material opportunities, BNP Paribas
Group takes numerous types of actions in regard to:
Professional equality;
Promoting work-life balance by encouraging employees
to spend time on civil-society projects;
Training and skills development to ensure workers’
employability among other goals.
Action is most often taken as part of a short-term approach,
as it is an integral part of the processes and cycles deployed
annually by the HR function (listening to employees, train-
ing actions, performance appraisals, remuneration reviews,
internal transfers, occupational health and well-being initia-
tives, etc.).
10
Actions are also applicable to Arval.
11
Social reporting.
Promoting an inclusive culture
Inclusion Days
Awareness campaigns around inclusive culture intensified
in 2024, with a wide range of formats, in-person or online:
interactive conferences, round tables, podcasts, projections
and replays.
During October 2024, the Diversity, Volunteering, BNP Paribas
Foundation, Engagement and employee networks HR teams
highlighted: professional equality, biases and stereotypes, role
models, intergenerational, volunteering, disability, financial
and digital inclusion or mentoring, health and well-being at
work. This 2024 edition reached more than 22,000 partici-
pations in forty countries, including Belgium, confirming its
broad success with nearly 200 events and solidarity actions
organised.
The 2023 Conduct & Inclusion survey showed widespread
employee adherence to the BNP Paribas Group’s Diversity &
Inclusion policy.
92% of respondents in Belgium said they felt ‘able to be them-
selves at work without worrying about how they are accepted’.
Prevention of discrimination, harassment and vio-
lence at work
As part of the policy on respect for people aimed at pre-
venting discrimination, harassment and violence at work,
BNP Paribas Fortis has taken several types of actions, including
measures to inform and raise awareness of these matters
among employees and managers, as well as to help HR take
a more professional approach to them.
Preventive actions include:
A reminder of the principles contained in the
BNP Paribas Fortis’ Code of Conduct on respect for people,
with a mandatory biannual awareness-raising module;
A module entitled ‘Diversity, Equality & Inclusion’ dedicated
to non-discrimination efforts (featuring various harass-
ment situations) included in the mandatory Conduct
Journey training programme that addresses unconscious
bias and stereotypes. BNP Paribas Fortis also provides
awareness programmes on stereotypes and unconscious
bias for almost all staff members
11
.
279
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
The adoption of an annual target relating to compliance
with the Code of Conduct to all employees, which allows
managers to assess their employees during their profes-
sional appraisals and to report any failure regarding
respect for people.
Awareness of the importance of reporting any abnormal
situation and awareness of whistleblower protections.
Reminders regarding the whistleblowing channels and
the procedures for handling whistleblowing, including
post-investigation and disciplinary measures.
These actions are adapted to local regulations to ensure
optimal protection of BNP Paribas Fortis’ employees.
Action consists of several steps:
Receipt of alerts relating to respect for people: alerts are
submitted via a single, secure platform that is accessible
to staff members and the entire value chain, including
external people. Before accessing it, staff members can
contact a person of trust to discuss their difficulties. That
person of trust may be their manager or another manager,
their HR business partner (HRBP) or any person in the
HR function, a Diversity, Equity and Inclusion contact
person, a person with social or medical responsibili-
ties or a staff representative, where locally available or
via the Compliance function’s whistleblowing channel.
BNP Paribas Fortis guarantees the strict confidentiality of
the whistleblower’s identity, the persons involved in the
report and the information collected.
Initial analysis of the alert: an immediate analysis of the
alert is carried out to assess the situation and determine
what action to take. If necessary, temporary emergency
measures are taken, such as a change in working environ-
ment, a change in reporting line, and the provision of social
and/or medical support.
Interviews and surveys: interviews with the alleged victim
and other persons involved are conducted in order to
establish the facts alleged in the alert.
Investigation report: if an investigation has been initiated,
a detailed report is drawn up and validated, presenting
the findings on the situation.
Restitution of findings: during an interview with the alleged
victim and a separate interview with the person concerned,
a statement of the facts, whether substantiated or not,
shall be presented to them.
In Belgium, this is in accordance with the act of 4 August
1996 on the well-being of workers during the performance
of their work.
Remedial actions includes:
Disciplinary and support measures: as soon as the analysis
of the whistleblowing alert and the resulting investigations
have established inappropriate behaviour or situations
requiring action, appropriate measures are taken, mainly
individually, against the perpetrators of the inappropriate
behaviour, including disciplinary measures.
Support measures may also be put in place for the
whistleblower, the alleged victim, the person concerned
and the work group: a proposal to change their role or
manager, HR support, managerial support, medical and/
or psychosocial support, mediation, renewed awareness-
raising initiatives regarding the Code of Conduct and the
provisions on respect for people.
Long-term monitoring and protection against retaliation:
people who have been involved in handling the alert are
subject to appropriate follow-up by HRBPs and managers.
Whistleblowers acting in good faith benefit from protection
against retaliation.
Solid framework with regard to Social
Protection
BNP Paribas Fortis implements various initiatives to con-
tinuously improve the well-being and social protection of its
employees:
Establishment of a minimum social framework that offers
additional social benefits adapted to local regulations and
practices through its Global Agreement, in addition to the
legal provisions and collective agreements;
BNP Paribas Fortis’ employees enjoy benefits in terms of
the reimbursement of healthcare, disability, incapacity
and death insurance;
Minimum benefits in terms of maternity leave and
paternity leave. The new 2024 Agreement strengthens
this protection by guaranteeing paid paternity leave of at
least six days as well as childcare leave. These benefits are
either statutory or insurance-backed, or a combination of
both, depending on the regulatory context of each business
line and country.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
An overall review of the implementation of the Global
Agreement is carried out annually by the BNP Paribas Group.
In particular, the latter highlighted how the global social
framework has been strengthened since its signature: 100% of
employees can benefit from paid maternity leave of a minimum
duration of 14 weeks, and almost all employees can benefit
from disability, incapacity, death and healthcare coverage.
In addition, in accordance with the recommendations of the
Global Agreement, all BNP Paribas Fortis employees can now
benefit from at least six days of paid paternity leave.
The We Care Program
Since 2022, BNP Paribas Group has launched a global pro-
gramme regarding health and well-being at work, called We
Care, under the aegis of the Group Head of HR.
In addition to the minimum social framework included in the
Global Agreement, which results in insurance arrangements
(death, incapacity, disability and health coverage, along with
minimum durations of maternity and paternity leave), the
programme harmonises health provision through:
A system of listening and psychological support;
Health prevention assessments allowing employees to
take control of their own health and allowing the Group
to develop suitable preventative health plans;
Support for employees suffering long-term illnesses.
This programme focused on three aspects in 2024:
Mental health issues through a system of listening
and psychological support. BNP Paribas Group has
implemented several initiatives to prevent and mitigate
potential negative impacts on its staff members.
Employee Assistance Programmes: 73% of the
BNP Paribas Fortis employees are covered by these
programmes in the event of traumatic events (terrorist
attack, weather-related event, etc.).
Programmes for employees in all crisis situations: psy-
chological support is provided by a company specialising
in psychosocial risks for employees wherever they need
it, in particular in Belgium with a telephone line for
psychological support in the event of a serious event
within a team.
12
Social reporting.
Training related to the prevention of stress at work:
the European Agreement on the prevention of stress
at work signed in January 2017 by the Group defines
principles and a common framework, but also speci-
fies the resources to be implemented (information,
awareness-raising, evaluation, training, support and
communication). Training measures related to the
prevention of stress at work are offered to almost all
employees
12
.
Voluntary health assessments. In these assessments,
employees will answer questions about their mental
and physical health via a digital questionnaire. They
receive written summaries that will allow them to assess
their overall health and receive appropriate advice. In
some riskier situations, employees will be offered a
digital appointment with a healthcare professional. The
assessments will be offered in France at the beginning
of 2025, and gradually rolled out in countries that wish
to offer them.
Support for people with long-term illnesses through a We
Care kit to encourage people to talk and change attitudes
by promoting openness, respect and kindness.
A working environment conducive to the
detection of psychosocial risks
Managers play a crucial role in preventing psychosocial risks
by detecting signs and taking appropriate action. They are
the front line in terms of observing certain unusual signs and
changes in attitude among employees, such as changes in
individual behaviour, intense emotional reactions, isolation
within the work group, a lack of concentration or an excessive
focus on work. Managers should also pay attention to com-
ments in professional assessments that indicate dysfunctional
attitudes or relationship difficulties.
Signs may also concern the work group and be indirectly
detected through information from someone with social or
medical responsibilities, a colleague or a team member, or as
a result of work done by the labour inspectorate or regulatory
authority. Collective signs include an unusual frequency of
individuals reporting psychosocial risks and/or alerts, a high
frequency of visits to prevention and occupational health
services, a high or increasing absenteeism rate, increased staff
turnover or an increase in employee complaints and litigation.
281
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Remedial action focuses on analysing the manifestations of
psychosocial risks and taking suitable steps to resolve the
problems identified. This includes following up on reports from
employees and organising corrective action by managers in
collaboration with occupational health and safety departments.
The effectiveness of BNP Paribas Fortis’ actions and initiatives
is monitored through several key indicators such as absentee-
ism rates, the staff turnover rate and the results of employee
satisfaction surveys. Employee feedback is taken into account
via internal surveys (Pulse or Quality of Life at Work surveys
such as the ARPS-i survey, the risk analysis on psychosocial
aspects carried out by IDEWE within BNP Paribas Fortis in
Belgium), direct feedback or HR alerts.
In order to prevent psychosocial risks related to mental health
and sedentary lifestyles specific to the banking and insurance
sector, appropriate advice and measures are offered.
Topics such as sleep, exercise, nutrition, stress and addic-
tions, debilitating diseases, cancer, musculoskeletal disorders
and women’s and men’s health are all addressed during
awareness-raising campaigns.
Finally, BNP Paribas Fortis is continuing to adapt its working
methods, with a hybrid working method combining on-site
presence and remote working, the principles of which are
adopted by the new Global Agreement, with particular atten-
tion to the preservation of social ties and work collectives.
By the end of December 2024, around three-quarters of
employees were working remotely. BNP Paribas Fortis supports
its employees and managers with prevention initiatives (in
the form of guides, booklets and training), in order to help
maintain social ties, combat sedentary lifestyles and digital
fatigue, and promote work/life balance.
13
The Leaders for Change (LfC) population is composed of the members of the main Group-level transversal Executive Committees regarded as making a major
contribution to its operation and developments.
14
Volontariat International en Entreprise (International Internship in a Company).
15
Talents (Leaders for Tomorrow or LfT) are identified as part of an initiative launched at the end of 2015 to develop them and prepare them for the succession
of members of the Group’s cross-functional Executive Committees (LfC). There are nearly 7,000 of them across three categories (Emerging, Advanced or Top),
and they are selected according to a rigorous Group process by their managers and HR based on their skills, experiences, sources of motivation and personal
predispositions as well as personal attributes (‘Leadership Profile’), which the Group considers necessary to become leaders.
16
With nearly 18,000 employees in the BNP Paribas Group.
Significant actions on professional equality
BNP Paribas Fortis has copied the Group’s ambitious gender
equality objectives, particularly regarding its senior manage-
ment, with timeframes of one or two years and intermediate
milestones measured annually.
With 109 nationalities within BNP Paribas Fortis the bank has
been promoting diversity of origin and professional equity for
several years. At the end of 2024, women made up 35% of
people in SMPs at BNP Paribas Fortis and 39% among Leaders
for Change
13
. Specifically in Belgium, women make up 54%
of the BNP Paribas Fortis Executive Committee. In addition,
at BNP Paribas Fortis in Belgium 38.3% of Senior Managers
are women.
In line with the strategic plan and the Group’s desire to develop
and enhance women’s career paths, BNP Paribas Fortis is com-
mitted to diversity in roles that show a structural imbalance
in terms of gender, in particular in terms of recruitment and
retention.
Regarding capital market activities within Corporate and
Investment Banking, an action plan developed by BNP Paribas
Group is underway: it is based on actions regarding the early
stages of people’s careers (interns, work-study trainees, V.I.E.
14
volunteers and the Graduate programme) and, more broadly,
recruitment with a particular focus on Talents
15
, senior manag-
ers and their successors, as well as individual or collective
development programmes around these issues.
With regard to IT professions, BNP Paribas Group aims to
be a leader in terms of the recruitment and the proportion
of women in this line. Since 2020, the Group, including
BNP Paribas Fortis, has continued to develop its global IT
gender equality programme entitled Women in IT, for which
a new ambition was set in 2024: women making up 35%
of people in the IT line
16
across the Group by 2030 with a
milestone of 31% by the end of 2026. As at 31 December
2024 within BNP Paribas Fortis, 33.8% of people working in
IT roles were women.
282
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Work-life balance: participation in civil
society projects
BNP Paribas Fortis intends to take action to ensure that
growth is more sustainable and more evenly shared by ena-
bling its employees to take part in civil society projects by
contributing their working hours to the efforts of non-profit
organisations working for a more inclusive and ecological
world. The global solidarity programme #1MillionHours2Help
shows the BNP Paribas Group’s ambition to support civil
society (NGOs and non-profits) by making the most of its
staff members’ skills.
Developing skills and improving
employability
BNP Paribas Fortis is supporting its employees at a time of
profound transformation in the banking sector. It provides
that support by anticipating skills needs, offering training and
development programmes suited to the professions and jobs of
tomorrow and implementing an active internal mobility policy.
Managing skills and anticipating the needs
of tomorrow
A new skills page has been made available to employ-
ees, managers and HR staff to identify skills that have
been acquired and those that need to be developed and
self-assessed. At the end of the self-assessment process,
staff members can select the skills they want to develop
in their About Me profile and add to their Personal
Development Plan.
The Strategic Workforce Planning exercise, a joint approach
between HR and the business lines aimed at identifying
skills needs over a three-year timeframe, makes it possible
to offer employees suitable pathways (skills upskilling or
retraining), in particular towards jobs where there is a
shortage of people and towards the skills of tomorrow.
On-the-job development: the importance of interaction
between employees and managers
The About Me platform lies at the heart of the career path
management approach and is available to staff members,
managers and HR. It aims to:
Identify the skills of all employees;
Support employees in their career path and professional
development;
17
Only permanent employees on an open-ended contract who joined the Group before 30 June of the year (hired before that date) are eligible for an annual
performance appraisal. Those recruited after that date will be appraised in the following period.
Streamline interactions between employees, managers and
HR, thus promoting cross-functional transfers;
Complete the annual performance appraisal process.
The professional appraisal process, which is a requirement
for all employees
17
, is digitalised and simplified in the About
Me tool. It starts at the beginning of the year by defining
individual, collective and/or cross-functional objectives. These
objectives must be clear, achievable, time-bound, measur-
able and appropriate to the nature of the activity and the
responsibility of the position. The practice of ongoing feedback
helps to identify skills development needs throughout the year
and to enrich the Personal Development Plan.
The annual appraisal interview is a key moment of interaction
between an employee and their manager: it involves reviewing
the past year against the objectives set, defining development
opportunities and looking ahead to the coming year.
Career development
Internal transfers within BNP Paribas Fortis are a key part
of the BNP Paribas Fortis culture. It is an essential way of
developing on-the-job skills.
In 2024, 4,872 people transferred to new roles within
BNP Paribas Fortis, and 13% of transfers were cross-functional.
To support the professional development of employees,
BNP Paribas Group held the second edition of its Career Days
in 2024 across 46 countries including Belgium. This event gave
employees a better understanding of the Group’s strategic
challenges, as well as helping them to assess their skills and
training needs and work on their professional plans.
Creating a culture of continuous development
Strengthening the learning culture and improving the training
experience remain the two key aspects of the continuous train-
ing strategy within BNP Paribas Group and BNP Paribas Fortis.
This strategy is also based on the Strategic Workforce Planning
exercises conducted within entities and with functions. The
approach supports and anticipates skills development in
line with the needs of employees while supporting the
BNP Paribas Group and BNP Paribas Fortis strategic plan and
the People Strategy.
Under both strategic plans, Technology and Sustainability are
development priorities.
283
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
With regard to Technology, several cross-functional training
actions, initiated by the Group but also by BNP Paribas Fortis and
its entities, have supported the development of all employees and
experts, with a greater focus on AI, generative AI and data in 2024.
To measure the improvement in Technology skills, the Group
monitors the number of employees who have completed at least
seven hours of training in the technology field, which was 1.705
in 2024 at BNP Paribas Fortis’ consolidated level.
Regarding Sustainability
18
, the Sustainability Academy, launched
at the end of 2022, is continuing its development. In 2024, major
emphasis was placed on training employees via an S-Basics
module, giving them a solid grounding in sustainable finance, and
the Group continued to deploy the Climate Fresk internationally.
Development programmes dedicated to BNP Paribas
Group Leaders and Talents
Finally, as the BNP Paribas Group’s leaders – Top Executives (LfC),
people in SMP and Talents (LfT) – are key contributors to the
success of the BNP Paribas Group’ strategic plan, they are offered
comprehensive training, in particular on sustainability issues.
In 2024, more than 4,500 out of the 7,000 Talents benefited
from dedicated development arrangements, in particular in
relation to strategic sustainability challenges. In addition,
nearly 60% of Top Executives took part in certification pro-
grammes in sustainable finance in 2024.
Since the launch of the Talents programme, the proportion
of women in this group has risen from 32% in 2015 to 53%
in 2024, creating a talent pool that is essential for gender
diversity in executive bodies
19
. In 2024, 70% of Top Executive
positions were sourced from the Talents group.
BNP Paribas Fortis participates to these programs.
18
This has been included in the commitments on social and environmental responsibility in the new Global Agreement.
19
SMP, LfC, G100, COMEX.
Resources allocated to managing material
impacts
The BNP Paribas Group’s 4,500 HR employees, 684 of whom
work within BNP Paribas Fortis, rely on an organisation com-
prising an HR function at Group level and local HR function
at the level of the various business lines and territories, as
well as a governance arrangement consisting of an Executive
Committee that brings together Group HR managers and
the HR managers of the main business lines and territories
twice a month.
The roles and responsibilities of all HR staff, at both Group and
local levels, are defined in a charter. The Group HR function is
responsible for defining the People Strategy and all HR policies
(recruitment, professional path, training, evaluation, remu-
neration, diversity, respect for persons) in compliance with
laws and regulations and is responsible for supporting the HR
function within the business lines and territories in deploying
and implementing those laws and regulations. Local HR shares
that responsibility, while listening to employees and working
alongside the business lines to ensure the implementation of
their own strategy.
HR staff also play a key role in implementing policies on
diversity, health, quality of life at work, prevention of psy-
chosocial risks and respect for people. They are responsible for
leading and implementing these policies, as well as managing
employee professional paths and remuneration. In addition,
they are responsible for managing the impacts of the HR
policies put in place, in particular by deploying the generic
control plan for the HR function and managing HR risks at
local level. Finally, they are responsible for implementing
locally the actions necessary to control these risks.
284
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
4.c Metrics and targets
20
Physical headcount at the end of the period.
21
FTE: full-time equivalent, i.e. staff numbers are counted in proportion to their contractual working hours. All totals are rounded to the nearest whole number
(someone working 80% of full time counts for 0.8).
4.c.1 Targets related to managing
material negative impacts,
advancing positive impacts, and
managing material risks and
opportunities
To reduce the negative effects linked to psychosocial risks,
BNP Paribas Fortis aims to ensure that all employees are covered
by arrangements for listening to their concerns and providing
psychological support.
BNP Paribas Fortis also intends that all employees, wherever they
are located, can benefit from the BNP Paribas Group’s commit-
ments and guarantees under the new Global Agreement.
Regarding diversity at all levels of the organisation, the Group has
set itself ambitious targets for women to make up 40% of people
in the Group Comex and the G100, Leaders for Change and SMP
groups, as well as 50% of Leaders for Tomorrow (Talents) by 2025.
In addition, as part of the BNP Paribas Group’ strategic plan –
which takes into account the feedback from a wide variety of
employees – BNP Paribas Group, including BNP Paribas Fortis,
have three social indicators which address diversity and inclusion
matters and support the Group’s ambitions to attract and retain
highly qualified and employable people.
The three indicators related to social responsibility and the
progress made by BNP Paribas Fortis at a consolidated level are
presented in the table below. Medium-term objectives have been
set (with a 2025 timeframe) regarding these commitments and
intermediate measures to achieve the objectives are monitored
and communicated annually. These objectives, their definition
and the methodology for determining them have remained
stable over time.
TABLE No. 19: INDICATORS RELATED TO BNP PARIBAS FORTIS
SOCIAL RESPONSIBILITY
Pillar Indicators 2024
Social
responsibility
Percentage of women among the SMP
population
35%
Number of solidarity hours performed
by employees over two rolling years
(#1MillionHours2Help)
66,165
Percentage of employees who completed
at least four training courses in the year
99%
4.c.2 Employee characteristics
The employee figures below relate to BNP Paribas Fortis’ staff
members with a permanent or fixed-term employment contract
with a company over which BNP Paribas Fortis has sole control
or significant influence and/or for which BNP Paribas Fortis holds
a HR management mandate in relation to those employees. They
do not include interns or apprentices.
Staff members (fixed-term and permanent contracts) are
accounted for where they carry out their activities and where
their cost is incurred. They are recognised at the end of the
period (see tables below).
TABLE No. 20: EMPLOYEES BY GENDER
2024 2023
Type
Headcount
20
FTE
21
Headcount FTE
Men 16,802 16,592 17,214 17,023
Women 18,976 18,079 19,090 18,165
Not reported - -
Total 35,778 34,671 36,304 35,187
At the end of 2024, 53% of BNP Paribas Fortis employees, at a
consolidated level, were women and 47% were men.
285
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
TABLE No. 21: EMPLOYEES BY COUNTRY (REPRESENTING MORE
THAN 10% OF THE TOTAL WORKFORCE)
2024 2023
Country
Headcount
22
Headcount
Belgium 12,411 12,668
Turkey 8,801 9,034
Total 35,778 36,304
22
Physical workforce at the end of the period.
23
The totals include all employees, including those whose working time is not reported.
Belgium and Turkey are the only countries that have more than
10% of BNP Paribas Fortis’ workforce at a consolidated level.
At the end of 2024, BNP Paribas Fortis was present in 31
countries. For BNP Paribas Fortis, on a consolidated level, the
number of employees decreased by 1.4% compared to 2023.
TABLE No. 22: EMPLOYEES BY CONTRACT TYPE – BREAKDOWN BY REGION (in headcount & FTE)
2024 2023
EMEA Asia Pacific Americas Total EMEA Asia Pacific Americas Total
Number of employees
Headcount 35,411 367 35,778 35,948 356 36,304
FTE 34,304 367 34,671 34,831 356 35,187
Permanent employees (PTC)
Headcount 34,626 362 34,988 35,075 352 35,427
FTE 33,527 362 33,889 33,971 352 34,323
Temporary employees (FTC)
Headcount 785 5 790 873 4 877
FTE 778 5 783 860 4 864
TABLE No. 23: EMPLOYEES BY WORKING TIME, BROKEN DOWN BY REGION (in headcount)
2024 2023
EMEA Asia Pacific Americas Total EMEA Asia Pacific Americas Total
Number of employees
23
35,411 367 35,778 35,948 356 36,304
Full-time employees 30,905 367 31,272 30,950 356 31,306
Part-time employees 4,376 4,376 4,403 4,403
TABLE No. 24: EMPLOYEES BY CONTRACT TYPE – BREAKDOWN BY GENDER
2024 2023
Men Women Not reported Total Men Women Not reported Total
Number of employees
Headcounts 16,802 18,976 35,778 17,214 19,090 36,304
FTE 16,592 18,079 34,671 17,023 18,165 35,187
Permanent employees (PTC)
Headcounts 16,483 18,505 34,988 16,826 18,601 35,427
FTE 16,276 17,613 33,889 16,638 17,685 34,323
Temporary employees (FTC)
Headcounts 319 471 790 388 489 877
FTE 316 466 783 384 480 864
Non-guaranteed hours employees
The vast majority of employees are on permanent contracts (almost 98%).
286
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
TABLE No. 25: FULL-TIME/PART-TIME EMPLOYEES – BREAKDOWN BY GENDER (in headcount)
2024 2023
Men Women Total Men Women Total
No. of employees 16,802 18,976 35,778 17,214 19,090 36,304
Full-time 15,900 15,372 31,272 16,093 15,213 31,306
Part-time 844 3,532 4,376 771 3,632 4,403
In 2024, 4,376 employees worked part-time, i.e. 12% of BNP Paribas Fortis’ workforce.
TABLE No. 26: LEAVERS (FULL-TIME EMPLOYEES)
24
2024 2023
Men Women Not reported Total Men Women Not reported Total
Total number of leavers
25
1,871 1,801 3,672 2,153 2,088 4,241
Voluntary leavers
26
990 1,007 1,997 1,033 1,063 2,096
Retirement 454 358 812 612 538 1,150
Redundancy 174 140 314 204 144 348
Other leavers 253 296 549 304 343 647
There is a 13% decrease in departures in 2024.
TABLE No. 27: STAFF TURNOVER
2024 2023
Men Women Not reported Total Men Women Not reported Total
Staff turnover rate
27
11.3% 9.7% 10.5% 12.8% 11.3% 12.0%
Staff turnover rate (FTE) 11.3% 9.9% 10.6% 12.8% 11.5% 12.2%
Voluntary turnover rate (FTE)
28
6.0% 5.6% 5.8% 6.2% 5.9% 6.0%
Voluntary turnover rate incl.
retirees
8.7% 7.5% 8.1% 9.8% 8.9% 9.3%
24
Departures correspond to permanent employees who left the Group during the year.
25
Leavers correspond to employees (in physical headcounts and permanent contracts only) who have left the Group during the year.
26
Resignation and mutual agreement.
27
Turnover rate, calculated on permanent employees: (Number of departures over year N)/(Average workforce for year N).
28
Voluntary turnover rate, calculated on permanent employees: (Number of resignations in year N + Number of contractual terminations in year N)/(Average
workforce in year N).
29
Transfers between entities and business lines within BNP Paribas Fortis.
The decrease in the turnover rate, which is also known as the
departure rate and is calculated at constant scope, is mainly
explained by the decrease in people retiring, particularly in Turkey,
where in 2023 this was linked to a change in the local legislation.
BNP Paribas Fortis takes a responsible approach to managing its
workforce, anticipating the adjustments necessary to maintain its
economic performance, its capacity for development and therefore
eventual employment needs.
On a consolidated basis, BNP Paribas Fortis recruited 3,464
permanent employees worldwide in 2024 (-12.8% compared
with 2023). With 98% of new hires taking place in Europe,
BNP Paribas Fortis confirms its status as a European bank.
This responsible management of the workforce is also based on
dynamic internal transfers, which is a source of skills enrichment,
and is supported by substantial investment in training.
In total, 4,872 people transferred internally within
BNP Paribas Fortis in 2024 (a decrease of nearly 21% compared
to 2023), including 13%
29
of cross-functional transfers. In Belgium,
1,745 internal transfers took place (-18% compared to 2023), of
which 16% were cross-functional transfers.
287
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
4.c.3 Characteristics of non-
employee workers
Non-employee workers, i.e. staff members who do not have
the status of employees within the company, are either those
who have entered into a contract with the company to provide
labour (‘self-employed workers’) or persons made available
through companies carrying out mainly ‘employment activities’
(NACE code N78). For BNP Paribas Fortis, these are people
working within the company provided by temporary employ-
ment agencies.
BNP Paribas Fortis allows itself the option of using temporary
workers for specific and temporary tasks. The bank only uses
this option occasionally to replace employees who are tem-
porarily absent (due to illness, maternity or other reasons) or
to deal with a temporary increase in the company’s activity.
TABLE No. 28: NUMBER OF NON-EMPLOYEE WORKERS
2024
Number of external workers 293
At BNP Paribas Fortis, they represent 293 FTEs
30
at the
end of 2024.
30
Period-end FTE data collected by the BNP Paribas Finance teams.
31
Data collected in the social reporting campaign which covers 10% of the BNP Paribas Fortis FTE workforce.
4.c.4 Collective bargaining coverage and
social dialogue
The BNP Paribas Global Agreement, which was signed in
2018 by the BNP Paribas Group with UNI Global Union and
extended until 30 June 2024, covers all Group staff members,
including those of BNP Paribas Fortis, hence the coverage
percentages below.
TABLE No. 29: % OF STAFF MEMBERS COVERED BY
COLLECTIVE AGREEMENTS
2024 2023
% of employees covered by
collective agreements
100% 100%
TABLE No. 30: COLLECTIVE BARGAINING AND SOCIAL DIALOGUE
2024
Collective bargaining coverage Social Dialogue
31
Employees - EEA (countries with >50
employees representing >10% of total
employees)
Employees - non-EEA (estimated
for regions with >50 employees
representing >10% of total employees)
Workplace representation (EEA
only) (countries with >50 employees
representing >10% of total employees)
Coverage rate - - -
0-19% - - -
20-39% - - -
40-59% - - -
60-79% - - -
80-100% Belgium EMEA (excluding EEA) Belgium
In 2024, 433 official meetings took place with staff representa-
tives, including 144 in Belgium, illustrating the large amount
of social dialogue that takes place. These meetings led to the
signature, in 2024, of 68 collective bargaining agreements
within BNP Paribas Fortis, including 5 in Belgium, reflecting
the quality of collective bargaining.
4.c.5 Diversity metrics
Breakdown of senior management by gender
BNP Paribas Group has set itself ambitious gender balance
targets, aiming for women to make up 40% of staff members
at all senior management levels of the company (cfr. below).
BNP Paribas Fortis has adopted the same targets.
288
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Senior management within BNP Paribas Fortis consists of
people in SMP i.e. people in 424 roles considered to have
the greatest impact from a strategic, commercial, functional
32
For employees whose gender and age are disclosed.
and expertise point of view. The gender balance within this
population is one of the social indicators monitored in the
BNP Paribas Fortis’ CSR dashboard.
TABLE No. 31: BREAKDOWN OF SENIOR MANAGEMENT BY GENDER (AS OF 31 DECEMBER)
2024 2023
Target 2025
(% women)
Men Women Total Men Women Total
Board Members 9 6 15 10 7 17
40%
% of Board 60% 40% 100% 59% 41% 100%
ExCo members 6 7 13 9 2 11
% of ExCo 46% 54% 100% 82% 18% 100%
G100 members 4 2 6 5 2 7
% of G100 67% 33% 100% 71% 29% 100%
Number of LFC 36 23 59 45 19 64
% of LFC 61% 39% 100% 70% 30% 100%
Number of SMP 274 150 424 276 146 422
% of SMP 65% 35% 100% 65% 35% 100%
Distribution of employees by age group
In 2024, there were 5,317 employees under the age of 30,
20,817 between the ages of 30 and 49 and 9,508 employees
aged 50 and over
32
.
FIGURE No.7: DISTRIBUTION OF EMPLOYEES BY AGE BLOCK
4,759 4,749
3458
1,129 817
1,959 2,259
420 679
60 76
60 76
1,495 1,547
2,077 2,351
9,604 11,213
2,525 3,051
2,782 3,038
2,241 2,706
2,056 2,418
2,379 2,938
>=65
>=60 <65
>=55 <60
>=50 <55
>=45 <50
>=40 <45
>=35 <40
>=30 <35
>=25 <30
<25
9,508
92
1,946
3,042
4,428
20,817
5,576
5,317
136
136
5,820
4,947
4,474
4,218
1,099
Between 30 and
49 years old
Under 30
years old
Not reported
Equal or over
50 years old
21.1 Distribution of employees by age group (headcounts)
Total
Total
Total
Total
Not reported
TOTAL
Men Women
289
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
The average age of staff members was 42.6 years in 2024
(42.4 in 2023), 43.1 years for men and 42.2 years for women.
The average length of service within BNP Paribas Fortis was
13.5 years in 2024 (13.4 in 2023), 13.3 years for men and 13.7
years for women.
4.c.6 Adequate wages
BNP Paribas Fortis respects the minimum wage applicable in
all countries in which it operates.
BNP Paribas Fortis has defined an adequate wage as the
salary
33
required to cover the basic needs of an employee and
their family, in particular in terms of housing, food, health, edu-
cation, transport, communication and precautionary savings.
In order to determine the adequate wage in all the countries in
which the BNP Paribas Fortis is present, it relies via BNP Paribas
on the FairWage Network, which has recognised expertise in
this area. It provides adequate wage data based on the country-
specific local context (or, within countries, the context of the
major cities in which employees work), and various criteria
such as the average household size in each country (assuming
a two-person household with a number of children based on
the country’s fertility rate), and the average number of people
receiving an income in the household (country-specific). This
adequate wage data is updated annually by the FairWage
Network and compared to employees’ fixed remuneration.
In line with the new commitment under the Global Agreement
of November 2024, 100% of BNP Paribas Fortis’ employees
receive an adequate wage as defined above.
In addition to their salary, staff members may benefit, depend-
ing on their role, from variable remuneration that remunerates
quantitative and qualitative achievements measured on the
basis of actual performance and individual evaluations, in
relation to the objectives set. It is determined in particular
according to the results obtained by the business line in
question. Furthermore, salaries are supplemented by welfare
benefits to which all BNP Paribas Fortis’ employees are enti-
tled in application of the Global Agreement.
These benefits include pension and employee saving plans, in
accordance with local legislation and local practices. These
plans complement the mandatory and statutory plans to
33
Only fixed remuneration for FTE working time (excluding overtime)
34
In view of the need to collect specific data to assess the Social Protection of BNP Paribas Fortis employees against loss of income due to major life events
(illness, unemployment, occupational accident and disability, parental leave, retirement), an ad-hoc process has been put in place to collect this information.
The process is used to determine whether all employees of BNP Paribas Fortis enjoy social protection, whether provided by the government or the company.
Data relating to a given year is collected and updated annually in June of the following year.
which entities contribute for their staff members (defined
benefit or defined contribution plans).
At BNP Paribas Fortis in Belgium, ‘collective’ variable remu-
neration is partly linked to the achievement of CSR targets.
4.c.7 Social Protection
34
Under the Global Agreement, all employees benefit overall
from a favourable framework in terms of social protection,
in particular with regard to events such as illness, paren-
tal leave and retirement. Regarding other events such as
unemployment, coverage depends on government and/or
company plans existing locally in the countries in which
BNP Paribas Fortis is present.
4.c.8 Persons with disabilities
TABLE No. 32: PROPORTION OF EMPLOYEES RECOGNISED AS
HAVING A DISABILITY
2024
Men Women Total
% of employees
recognised as having a
disability
1,8% 2,3% 2,1%
As at 31 December 2024, BNP Paribas Fortis had 2.1% employ-
ees with disabilities, 39 employees with disabilities were
recruited in 2024 compared to 28 in 2023.
4.c.9 Training and skills
development metrics
TABLE No. 33: PERFORMANCE AND CAREER
DEVELOPMENT APPRAISALS
2024 2023
Men Women Total Men Women Total
% of employees
who participated
in regular per-
formance and
career develop-
ment appraisals
97% 96% 97% 98% 98% 98%
290
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
The percentage of employees who participated in a perfor-
mance appraisal is based on the number of people eligible for
an appraisal. Furthermore, only employees in entities using the
BNP Paribas Group’s About Me tool were taken into account in
the percentage of employees who participated in performance
appraisals (i.e. 24,327 employees in 2024).
TABLE No. 34: TRAINING
2024 2023
Men Women Total Men Women Total
Average
number of
training hours
per employee
26 25 26 18 18 18
Average
number of
training hours
per employee
(excluding
mandatory
training)
24 23 23 18 17 18
The training strategy has two key aspects, with the aim of
supporting the BNP Paribas Group’ strategic plan and the
People Strategy, i.e. strengthening the learning culture and
improving the learning experience, so that everyone can easily
and quickly access the right resource at the right time.
Due to the nature of BNP Paribas Fortis’ activities and in
particular for regulatory reasons, its staff members must
complete mandatory training courses each year, including
those relating to the Code of Conduct.
35
Data collected in the social reporting campaign, which covers 93% of the managed FTE workforce as of 31/12/2024.
4.c.10 Health and safety metrics
TABLE No. 35: HEALTH AND SAFETY METRICS
2024
Percentage of employees covered by the health and
safety management system
96%
Number of fatalities as a result of work-related injuries
and work-related ill health
0
Number of recordable work-related accidents 114
Rate of recordable work-related accidents
(frequency rate: number of accidents per 1 million total worked hours)
1,13
Number of days lost due to work-related injuries and
fatalities from work-related accidents, from work-
related ill health & fatalities from ill-health
(severity rate: number of days lost per 1,000 total calendar hours)
0.01
The absenteeism rate of BNP Paribas Fortis employees related
to illness, occupational accidents (excluding travel) and
occupational illnesses is 4,5% for BNP Paribas Fortis in 2024.
4.c.11 Work-life balance metrics
Under the Global Agreement, all BNP Paribas Fortis’ employees
are entitled to at least one of the following family-related
types of leave: maternity leave, paternity leave, parental leave
or carer’s leave.
TABLE No. 36: FAMILY-RELATED LEAVE
2024 2023
Men Women Total Men Women Total
% of employees
entitled to
family-related
leave
100% 100% 100% 100% 100% 100%
% of employees
concerned who
have taken
such leave
35
7% 12% 10% 7% 12% 10%
With regard to the provisions provided for at BNP Paribas
Group level, particularly in favour of careers, the Global
Agreement provides for the possibility for employees to take
up to five days off per year for personal reasons.
291
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
4.c.12 Remuneration metrics (pay gap and
total remuneration)
Pay gap
BNP Paribas Group’s remuneration policy, which
BNP Paribas Fortis applies, is based on principles of fairness,
particularly in terms of gender, and transparency, which is
reflected, among other things, in a single annual remuneration
review process for all employees.
Regarding the global pay gap between men and women, it
corresponds to the difference between the average pay level
between male and female employees, expressed as a percent-
age of the average pay level of male employees. It is calculated
across all employees of BNP Paribas Group, regardless of their
activity, seniority, and geographical location.
With regard to equal pay for men and women,
BNP Paribas Fortis continues to maintain its strong commit-
ment in this area, for example by renewing specific measures
dedicated to eradicating unjustified pay gaps.
For several years, local measures have been taken to reduce
any pay gaps between women and men. BNP Paribas Fortis’
entities around the world have the opportunity each year
to request dedicated budgets as part of budget discussions
regarding the annual remuneration review process.
Ensuring equal treatment from a gender perspective does not
fully reduce the overall pay gap between women and men
within BNP Paribas Fortis (all professions and all countries).
For several years now, BNP Paribas Fortis has been carrying
out numerous initiatives aimed at improving female represen-
tation in certain management positions or in certain activities
where women are underrepresented, such as in capital market
activities within corporate and investment banking and in
the IT line.
TABLE No. 37: GENDER PAY GAP
36
2024
Gender pay gap (total remuneration) 20%
Gender pay gap (fixed remuneration) 18%
36
The gender pay gap is calculated on a basis covering approximately 99% of employees at Fortis sub-consolidated level. The remuneration taken into account
concerns the 2024 gross annual fixed remuneration as well as the gross variable remuneration awarded at the beginning of 2024 for 2023 performance.
37
The ratio of the total annual compensation of the highest earner to the median total annual compensation of all employees (excluding the highest paid person).
The median remuneration is calculated on a basis covering approximately 99% of employees present at Fortis sub-consolidated level. The remuneration taken
into account concerns the 2024 gross annual fixed remuneration as well as the gross annual variable remuneration awarded at the beginning of 2024 for
2023 performance.
The total remuneration pay gap of 20% is mainly explained by
a particularly large difference in business lines such as Global
Markets within Corporate and Investment Banking, and in
countries where men are more represented than women in
front-office activities and senior technical roles where remu-
neration levels are higher, whereas there are more women in
back-office roles. As these front-office capital markets business
lines generate more revenue and feature higher levels of vari-
able remuneration, this explains the larger difference in total
remuneration (20%) compared to fixed remuneration (18%).
Ratio of highest remuneration to median
remuneration
37
The ratio between the highest remuneration and median
remuneration among all BNP Paribas Fortis’ employees is
presented below. However, it should be noted that the diversity
of workforce structures in terms of geographical locations and
professions exercised makes this indicator more relevant when
calculated at national level and in the main countries where
BNP Paribas Fortis is present.
TABLE No. 38: RATIO OF HIGHEST REMUNERATION TO MEDIAN
REMUNERATION
2024
Ratio of highest to median remuneration
BELGIUM 19
FRANCE 20
GERMANY 7
ITALY 8
LUXEMBOURG 12
NETHERLANDS 7
POLAND 11
SPAIN 11
TURKEY 77
UNITED KINGDOM 11
Pay gaps can be particularly high between countries due to
market practices, the local cost of living and the nature of
BNP Paribas Fortis’ activities in the different countries. Indeed,
in some professions, the high levels of remuneration in certain
business lines such as Global Markets can be explained by the
fact that these activities generate large amounts of revenue.
292
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
4.c.13 Incidents, complaints and severe
human rights impacts
TABLE No. 39: INCIDENTS, COMPLAINTS AND SEVERE HUMAN
RIGHTS IMPACTS
2024
Number of incidents of discrimination including
harassment reported during the period
64
38
Number of complaints relating to social issues
related to working conditions and fair treatment
(excluding discrimination and harassment)
Total amount of fines, penalties and compensation
resulting from incidents and complaints
(discrimination and harassment)
EUR 0
Number of serious human rights incidents
39
N/A
38
64 (7: Fortis + 4 :BGL + 39: Arval + 12: Leasing Solutions + 2: TEB)
39
In view of the nature of BNP Paribas Fortis’ business activities and commitments to human rights, the theme of serious human rights incidents covering forced
labour, human trafficking or child labour is not considered material at the BNP Paribas Fortis level.
40
The areas covered by “Respect for Persons” are in particular acts contrary to the principle of non-discrimination, acts constituting moral or sexual harassment,
sexist acts, sexual touching, rape, assault, non-compliance with safety rules.
For BNP Paribas Fortis, the number of discrimination incidents
(including harassment) and other complaints relating to social
issues reported above corresponds to the number of alerts
relating to respect for people
40
reported via the whistleblowing
channel by employees or non-employee workers and handled
by the HR Conduct contact persons.
Thus, in 2024, 64 alerts relating to respect for people were
recorded. After analysis of the alerts and subsequent investiga-
tions, appropriate measures were taken, including disciplinary
and support measures.
The amount of fines, penalties and compensation mentioned
above corresponds, for BNP Paribas Fortis, to the amounts
of damages and compensation paid to employees or former
employees during the year, following a final court decision
and without the possibility of an appeal. These amounts relate
to incidents of discrimination or harassment that have been
reported in the main countries where BNP Paribas Fortis is
present.
293
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
5 Consumers and end-users
1
The terms ‘individual customers’ or ‘customers’ used throughout this chapter fall within this definition.
This chapter of the sustainability statements develops four themes
related to consumers and end-users of BNP Paribas Fortis’ products
and services:
1. Data privacy protection;
2. Transparent, clear and non-misleading information;
3. Customer satisfaction;
4. Social inclusion.
Below, BNP Paribas Fortis presents an analysis of the strategy, poli-
cies and actions implemented towards its consumers and end-users
1
.
They can be defined as follows:
Direct individual customers (natural persons) included in its
activities;
Indirect individual beneficiaries via microfinance institutions
working on social inclusion.
Strategy: this section introduces the identified material impacts, risks
and opportunities in relation to consumers and end-users as part of
the double materiality assessment conducted by BNP Paribas Fortis.
Policies: this section presents the policies put in place by
BNP Paribas Fortis for consumers and end-users to manage material
impacts, risks and opportunities. These policies include the Code of
Conduct, the Personal Data Protection Policy and the Protection of
Customer Interests Policy.
Actions: concerning the four themes mentioned in this chapter,
BNP Paribas Fortis describes the channels of dialogue with its con-
sumers and end-users, as well as those allowing them to express
their concerns. It then details the actions to mitigate impacts
and risks while setting out opportunities related to consumers
and end-users.
These actions include the provision of clear, transparent and non-
misleading information, customer information rules in the context
of complaints management, the risk management procedure and
governance dedicated to the protection of personal data, the Net
Promoter System in favour of customer satisfaction, specific financial
inclusion offers aimed at strengthening social inclusion, as well as
cross-cutting training actions for BNP Paribas Fortis’ employees.
Metrics and targets: this section presents the targets set in relation
to the material opportunities identified under the theme of social
inclusion. BNP Paribas Group has set the goal of serving six million
beneficiaries of products and services supporting financial inclusion
by 2025. This indicator to which BNP Paribas Fortis contributes is
included in the CSR dashboard.
5.a Strategy
5.a.1 Material impacts, risks and
opportunities and their interaction
with strategy and business model
The double materiality assessment revealed several material
impacts, risks and opportunities affecting BNP Paribas Fortis’
consumers and end-users.
Material impacts identified by
BNP Paribas Fortis
Impacts related to transparent, clear and non-
misleading information
The financial products and services offered to individual
clients may have material negative impacts if the informa-
tion provided is not sufficiently clear and comprehensive. For
example, if the characteristics of an investment product are
not presented in a clear, transparent and objective manner,
individual clients risk being misled into making decisions that
do not correspond to their needs or financial situation. This
could expose them to possible financial difficulties.
This can be more damaging for individual clients who are
financially vulnerable or less familiar with financial products,
thereby increasing the risk of financial losses.
These impacts are linked to one-off failures or incidents.
Given the large volume of products and services offered by
BNP Paribas Fortis, a lack of information can potentially affect
many customers.
Impacts related to customer satisfaction
Customer dissatisfaction is, in most cases, an impact linked
to a one-off incident and means that BNP Paribas Fortis
has not responded to a customer need. This incident may
be operational in nature, such as difficulties accessing their
online account, or commercial, such as inadequate sales
advice resulting in a product or service that doesn’t match
the customer’s risk profile. Additionally, individual custom-
ers may express dissatisfaction based on their perception
of how the bank’s strategy or service offering affects their
overall experience.
294
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Impacts related to social inclusion
Some individual customers may face barriers to accessing
BNP Paribas Fortis’ products and services, which are essential for
their financial inclusion and social inclusion. These barriers are often
related to the customer’s administrative and economic characteristics.
Material risks identified by BNP Paribas Fortis
Risks related to data privacy protection
BNP Paribas Fortis collects and processes personal data from indi-
vidual customers, including identification information (such as name
and ID number) and contact details (such as postal address, email,
and telephone number).
The bank may face legal and reputational risks resulting from breaches
of data protection legislation, such as a breach of the General Data
Protection Regulation (GDPR) in the EU, and/or the loss or theft of
confidential information concerning its individual customers.
Material opportunities identified by
BNP Paribas Fortis
Opportunities related to social inclusion
BNP Paribas Fortis has identified material opportunities in relation
to products and services that promote social inclusion through
financial inclusion.
Interaction with BNP Paribas Fortis strategy and
business model
The material negative impacts identified by BNP Paribas Fortis in
relation to its individual customers, such as financial difficulties due to
lack of information, dissatisfaction, or ineligibility for certain products
and services, are not intentional consequences of the bank’s strategy.
Rather, they are unintended outcomes resulting from defects in the
design or delivery of its products and services, or from unforeseen
negative consequences of its activities.
The material risks identified by BNP Paribas Fortis to its individual
customers relate to situations of breach of legislation or regulations,
loss or theft of data or lack of information in the products and
services marketed; they are not linked to the bank’s strategy and
business model.
The material opportunities identified by the bank for its individual
customers, which promote financial inclusion and contribute to social
inclusion, are aligned with and driven by the strategic objectives of
BNP Paribas Fortis.
BNP Paribas Group’s and BNP Paribas Fortis’ strategic plans place
social inclusion among its five priority areas.
The CSR dashboard includes an indicator on the number of beneficiar-
ies of products and services promoting financial inclusion.
Summary of links between material IROs and policies, actions, metrics and targets
TABLE No. 40: SUMMARY OF LINKS BETWEEN MATERIAL IROs AND POLICIES, ACTIONS, METRICS AND TARGETS
Category Title of the material IRO Policies Actions Metrics and targets
Impact
Financial difficulties linked
to a lack of information
•
Code of conduct;
•
Policy on the
protection of the
interests of clients.
•
Transversal training actions;
•
Deployment of clear, transparent and non-misleading
information and specific actions, such as formalising
guidelines on the drafting of commercial documents;
•
Complaint management, rules for informing individual
customers and responding to their requests;
•
Continuous improvement processes..
N/A
Impact Dissatisfaction
•
Code of conduct;
•
Policy on the
protection of the
interests of clients.
•
Transversal training actions;
•
Net Promoter System.
N/A
Impact
Ineligibility for products or
services
•
Code of conduct.
•
Transversal training actions;
•
Proposal of financial inclusion offers (microStart,
Nickel, DigitAll).
N/A
Risk
Legal and reputational
risks resulting from the
loss or theft of confidential
data
•
Code of conduct;
•
Protection of
personal data policy.
•
Transversal training actions:
•
Personal data protection risk management process;
•
Dedicated governance;
•
Individual customer dialogue channels;
•
Continuous improvement processes.
N/A
Opportuni-
ties
Financial inclusion
•
Code of conduct.
•
Transversal training actions;
•
Proposal of financial inclusion offers; (microStart,
Nickel, DigitAll).
Number of
beneficiaries of
products and services
promoting financial
inclusion.
295
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
5.b Impact, risk, and opportunity management
2
A ‘data subject’ is an ‘identified or identifiable natural person’.
3
Notice of Information on the Protection of Personal Data
4
Summary of BNP Paribas’s Policy on the protection of customer Interests
5.b.1 Policies related to consumers
and end-users
To manage the material impacts of its products and services
on consumers and end-users, as well as the material risks
and opportunities associated with them, BNP Paribas Fortis
has several policies which are summarised in the table below.
These policies govern the management of all consumers and
end-users set out in this chapter’s introduction.
TABLE No. 41: SUMMARY OF BNP PARIBAS FORTIS’ POLICIES IN CONNECTION WITH CONSUMERS AND END-USERS
Policy Policy content
Scope of
the policy
or its
exclusions
Highest level of
the organisation
responsible for
implementing
the policy Interaction with stakeholders
Code of
Conduct
The Code of Conduct sets out the rules of conduct
that apply to all BNP Paribas Fortis’ activities and
employees.
BNP
Paribas
Fortis
Board of
Directors of BNP
Paribas Fortis
The BNP Paribas Fortis’ Code
of Conduct is available on the
BNP Paribas Fortis’ website in
French and Dutch.
Group policy
on the
protection of
personal data
This policy governs the BNP Paribas Group’s strategy
in this regard, defining the rules for all categories
of data
2
subjects (customers, employees, service
providers, etc.) and any personal data processing
activity, in all BNP Paribas Group’s distribution
models.
It has been adapted locally for BNP Paribas Fortis by
the Data Protection Officer (DPO) and the Roles and
Responsibilities have been defined more precisely.
BNP
Paribas
Fortis
CRO
This policy is for internal
distribution only.
BNP Paribas Fortis publishes a
‘Notice of Information on the
Protection of Personal Data’ on its
website for its customers
3
.
Policy on the
protection of
the interests
of clients
This policy outlines the organisational rules and
conduct guidelines that apply throughout the
customer relationship, from initial engagement
to ongoing service delivery and product lifecycle
management.
BNP
Paribas
Fortis
Board of
Directors of BNP
Paribas Fortis
This policy is distributed internally,
and a summary is available on the
Group’s website
4
.
Regarding supervisory processes, the policies presented in this
table are all subject to ongoing and periodic internal controls.
BNP Paribas Fortis’ policy on the protection of personal data
is also monitored at the level of the Data Office and the
RISK functions.
All policies mentioned in the table are aligned with interna-
tionally recognised frameworks applicable to consumers and
end-users, including the United Nations Guiding Principles on
Business and Human Rights.
With regard to its individual customers, the right to privacy is recog-
nised and integrated into BNP Paribas Fortis’ personal data protection
policy as well as in its internal procedures, established in accordance
with the relevant European regulations, such as the GDPR.
A whistleblowing system is in place, overseen by dedicated contact
persons within the Compliance and HR departments, depending
on the nature of the issue. External stakeholders can activate the
system by submitting a whistleblowing form, which is available on
the BNP Paribas Fortis’ website.
The protection of whistleblowers against the risk of retaliation
was strengthened in 2023, in line with the transposition of EU
Directive 2019/1937.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
5.b.2 Processes for engaging with consumers
and end-users about impacts
Transparent, clear and non-misleading
information
The policy for the protection of customer interests, implemented
within BNP Paribas Fortis, defines the following general principles:
The customer must have fair, honest, transparent, understand-
able and non-misleading information about products and
services, both in terms of form and content, and regardless of
the channel or format;
Prior to the provision of the product or service, BNP Paribas Fortis
must provide customers with all necessary information to enable
them to understand:
What they buy, including the characteristics of a product or
service: any information that does not mention the charac-
teristics of a product or service in a balanced manner would
be considered misleading;
Details of what they pay, i.e. the cost of products, ser-
vices and advice.
Information must be provided to customers throughout the
product or service lifecycle, when required;
The product or service must be easy to explain and understand
for customers in the market for which the product or service
is intended;
Customer questions must be answered correctly and within a
reasonable timeframe.
BNP Paribas Fortis:
Complies with local regulations when they are more stringent
than those of the BNP Paribas Group;
Implemented an internal control system to ensure trans-
parency of information to customers and compliance with
applicable rules.
The protection of customers’ interests is subject to training for the
employees concerned, particularly those teams responsible for
customer relations and management.
5
The Customer Effort Score (CES) is an indicator used to measure the effort a customer must make to solve a problem or get a response from an organisation.
It assesses the customer’s difficulty in achieving his/her goal.
6
For all segments, the source is the ‘International Benchmark’ study carried out by an external provider on behalf of the BNP Paribas Group (Pace).
Customer satisfaction
As part of the Advocacy programme implemented since 2017,
BNP Paribas Fortis deploys a broad and continuous system for
listening to the voice of customers.
This programme is based on:
A system of multi-channel surveys to collect customer percep-
tions at different points in their relationship with the bank:
Annual Net Promoter Score (NPS) benchmarks that measure
the level of recommendation of BNP Paribas Fortis’ customers
and compare it with that of the competition, across various
aspects of the customer relationship;
Relationship surveys: a random sample of customers is asked
on an ongoing basis to share their perception of their relation-
ship with the bank;
Transactional surveys conducted as a result of an interaction
between the customer and the bank (branch visit or call to
customer service) or a specific process (opening a relationship,
subscribe to a real estate loan).
As well as the NPS score and operational indicators (conversion
rate, duration, etc.), BNP Paribas Fortis also measures other
customer indicators (such as the ‘Customer Effort Score’
5
), as
well as the experience of employees when advising and assisting
customers, in order to have the most in-depth view possible of
customer journeys.
Consideration of sources of spontaneous customer expression,
such as complaints or social media.
With regard to its positioning on the Belgian market, the
various brands and customer segments of BNP Paribas Fortis
achieved the following performances in 2024
6
:
Individual customers
BNP Paribas Fortis Retail Banking: the NPS score improved
by two points compared to the previous year, mainly
thanks to the integration of former bpost bank customers.
They have a better perception of BNP Paribas Fortis than
historical customers. The bank is recognised for the quality
of its advice and digital tools (apps).
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Fintro: its recommendation level (NPS) remains extremely
high and Fintro has maintained its leading market position
for several years. Fintro is recognised for the high quality
of its relationship management (relevance of responses,
knowledge of the customer situation), while its branches
have remained a stable asset over time.
B2B market
Local business customers (companies with a turnover of
less than two million euro, having a dedicated advisor and
paying recurring fees): the NPS score is stable and remains
at the market average. The main drivers of satisfaction
are relationship managers and local branches. Customers
emphasise the competence, expertise, responsiveness,
behaviour and quality of the advice given.
Small and medium-sized enterprises (turnover between
2 million and 20 million euro): the NPS score increased this
year to second place and is now at the market average.
Mid-Caps (turnover between 20 million and 250 million
euro): BNP Paribas Fortis occupies second place in the
market with a stable NPS score.
Key and strategic customers (turnover generally above
500 million euro per year): BNP Paribas Fortis has been the
market leader for several years, with exceptional scores
for its relationship managers (proactivity, responsiveness,
understanding of customer needs, rapid follow-up) and the
support of the General Management. BNP Paribas Fortis
has a strong position on the NPS and overall quality index
in all customer segments.
Affluent and Private Banking
BNP Paribas Fortis Priority Banking (assets between 85,000
and 250,000 euro): the NPS score increased significantly
this year. The improvement is due to a decrease of detrac-
tors’ share, while the promoters share is stable and
remains very low compared to the market.
BNP Paribas Fortis Private Banking (assets between
250,000 and 5 million euro): BNP Paribas Fortis Private
Banking is ranked the number one private bank in Belgium
for the fourth consecutive year. The NPS improved this year,
driven by a decrease in mild detractors and an increase in
promoters. In contrast, the market NPS remains stable,
allowing BNP Paribas Fortis Private Banking to further
strengthen its market lead. Customers praise the quality
of the relationship managers, a key differentiator from the
competition, as well as the tailored products and efficient
processes, which are becoming increasingly important
promotional factors.
Wealth Management (assets over five million euro): the
level of recommendation is extremely high, with more than
two-thirds of customers willing to actively recommend
BNP Paribas Fortis. Relationship management remains
the primary driver of customer satisfaction (relationship
quality and responsiveness to requests).
5.b.3 Processes to remediate negative
impacts and channels for
consumers and end-users to
raise concerns
Complaints management
Complaints handling is a key element of BNP Paribas Fortis’
policy to protect customer interests and is subject to precise
operational procedures.
The policy to protect customer interests sets out the rules for
handling complaints:
Customers must be clearly informed about the complaint han-
dling channel and process as well as the mediation protocol,
if applicable. The ombudsman is independent of the bank’s
operational services, which offers guarantees to clients;
Complaints must be acknowledged, and customers must
be regularly informed of the progress;
An acknowledgement of receipt must be sent to the cus-
tomer within five working days and a response will be
provided within a maximum of one month;
Costs associated with the treatment of complaints cannot
be invoiced to the clients.
BNP Paribas Fortis:
Ensures that employees in contact with customers have
sufficient knowledge of the complaints handling process;
Monitors compliance with the rules for handling
complaints;
Identifies the cause of complaints and analyses the
responses provided.
This allows BNP Paribas Fortis to learn lessons and drive
continuous improvement.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
BNP Paribas Fortis also offers the services of independent
mediators, which customers can contact. In Belgium, custom-
ers can contact the national ombudsman service, which is
managed by the Belgian State if they are not satisfied with
the way the bank has handled their complaint. Information
on the ombudsman and how to contact them is available to
the customers on the bank’s website.
Customer feedback process
For customers who respond to a survey, BNP Paribas Fortis
implements an individual remediation approach. In Belgium,
an adviser contacts each customer within five days of receiving
their response, prioritising those who are dissatisfied. This
follow-up call helps the bank better understand customer
perceptions and the root cause of complaints.
Whenever possible, BNP Paribas Fortis provides an immediate
solution to the customer. If a solution cannot be implemented
straight away, corrective action is taken if the issue is local. If
the issue is structural and beyond the bank’s local control, it
is forwarded to the central teams for resolution.
The bank uses management tools to record and process
customer events. Its NPS is primarily managed through the
‘Customer Feedback Management’ tool, which allows it to
manage surveys, view customer feedback in real time, share
results across the entity and track progress via dashboards.
BNP Paribas Fortis learns from these remediations, feeding
a continuous learning process. The Advocacy team regularly
shares, with their management and team leaders, key cus-
tomer issues and updates on action plans to resolve them.
Social inclusion
To address the impacts of certain individual clients being ineli-
gible for certain products and services due to their profiles,
BNP Paribas Group and BNP Paribas Fortis have developed
specific offers described in the next section. This section out-
lines the approaches to managing material risks and seizing
material opportunities for consumers and end-users, as well
as the effectiveness of these actions.
5.b.4 Taking action on material impacts
on consumers and end-users, and
approaches to managing material
risks and pursuing material
opportunities related to consumers
and end-users, and effectiveness of
those actions
BNP Paribas Fortis implements various actions to prevent,
mitigate and correct impacts on its individual clients, manage
material risks and seize material opportunities.
Transversal training actions
BNP Paribas Fortis offers various training programmes on
protecting customer interests, including the ‘Conduct Journey’
series, which is mandatory for all employees. The third edition
of this programme has been enhanced with information on
whistleblowing channels and a new module on diversity,
equity, and inclusion.
In addition, all employees are required to complete personal
data protection trainings. Regular awareness campaigns also
help employees understand cybersecurity risks and personal
data breaches.
BNP Paribas Group’s Sustainability Academy, launched in
2022, provides training on sustainable finance topics, includ-
ing social and financial inclusion. For more information, cfr.
chapter 4. ‘Own workforce’.
In 2023, BNP Paribas Fortis launched its own version of the
Sustainability Academy, tailored to its specific context and
employees. This programme maintains the same objectives
as the original but is adapted to meet the unique needs of
BNP Paribas Fortis.
Actions in favour of data privacy protection
Risk management process related to data
privacy protection
BNP Paribas Fortis’ personal data privacy policy includes a
process for identifying, qualifying, and assessing risks related
to personal data processing activities that impact data sub-
jects, including individual customers.
BNP Paribas Fortis implements a range of organisational and
technical measures to prevent and mitigate the risks associ-
ated with processing personal data, including the risks of
losing confidential personal data, compromising its integrity,
and disrupting its availability. In accordance with Article 32
of the GDPR, these measures include:
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Pseudonymisation and encryption of personal data;
Ensuring the confidentiality, integrity, availability, and
resilience of data processing systems and services;
Restoring the availability and access to personal data
within a reasonable time in the event of a physical or
technical incident.
Governance
A governance system, based on a network of ‘Chief Data
Officers’ (CDO) - acting as the first line of defence, relaying the
Group Data Office - and Data Protection Officers - acting as the
second line of defence, relaying the RISK function -, ensures
the application of the personal data protection framework
within their respective areas of responsibility. This network is
supported by dedicated experts within the Legal function, who
also form part of the second line of defence. The permanent
and periodic monitoring functions (third line of defence) verify
the correct application of the data protection framework and
assess its effectiveness.
Individual customer dialogue channels
BNP Paribas Fortis’ rules, in line with the GDPR regulation,
require direct notification to data subjects in the event
that a data breach could have a significant impact on their
rights and freedoms. This ensures that affected individuals
are informed promptly and can take necessary measures to
protect themselves.
Individual customers can contact BNP Paribas Fortis at any
time, directly or through the data protection authorities, to
request information or lodge complaints regarding the pro-
cessing of their personal data. They can do so via customer
service or other designated channels. Additionally, subcontrac-
tors of products and services must inform BNP Paribas Fortis
of any requests and assist in responding to them.
The channels that facilitate this interaction are described
in the privacy notice, which is published on the BNP Paribas
Fortis’ website. This notice also provides guidance on how to
lodge complaints with data protection authorities. Complaints
are handled confidentially and securely, with access restricted
to those who need to know.
The process of dialogue with individual customers for the pro-
tection of personal data is managed by Data Protection Experts,
who operate under the authority of the BNP Paribas Fortis Data
Protection Officer. These experts act as data protection officers
for the personal data of data subjects and operate within an
autonomous control function, ensuring sufficient independence
in the processing of requests.
Continuous improvement processes
In 2024, BNP Paribas Group consolidated its network of data
protection specialists, integrating them into all activities. The
bank continues to apply data privacy principles and increases
its maturity in personal data protection.
The effectiveness of the processes for addressing complaints
from data subjects is subject to both ongoing monitoring
(via control functions) and periodic reviews (via audits).
Additionally, these processes are also overseen by data protec-
tion authorities and courts, where there is a legal obligation to
remedy personal data issues. The processing of data subjects’
requests, including those from individual customers, is regu-
lated by data protection authorities, and contact information
is provided in case data subjects wish to file a complaint.
Lessons are drawn from both data breach cases and interac-
tions with data subjects to improve dialogue channels and
prevent and mitigate future impacts. Where necessary, addi-
tional exchanges with data subjects are undertaken to better
respond to their requests or gather additional information,
ensuring the most relevant and appropriate response.
Actions to ensure transparent, clear and
non-misleading information and complaints
management
Transparent, clear and non-misleading information
Specific actions are carried out according to the identified
needs of individual customers, such as formalising guidelines
on the drafting of commercial documents or on best practices
to avoid greenwashing.
Complaints management
Individual customers are informed about the existing com-
plaint process and mediation protocol, both at public reception
sites and on the BNP Paribas Fortis’ website. A customer who
submits a complaint will receive an acknowledgement of
receipt from BNP Paribas Fortis in Belgium within five working
days. Customers are kept informed of the progress of their
request and will receive a response within one month.
The complaints management teams are operational teams
within the 31 business lines and the central Client Servicing
team. The Compliance department oversees the complaints
management system to ensure it is in place, compliant with
BNP Paribas Group standards, and adheres to local regulations.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Continuous improvement processes
A process of analysing the causes of the complaints received
and the solutions provided feeds the continuous improve-
ment effort of BNP Paribas Fortis. In Belgium, quantitative
and qualitative information on complaints is sent quarterly
to the COO and at least annually to the Board of Directors/
Executive Committee.
Customer satisfaction actions
To better understand and respond to its customers’ expec-
tations, BNP Paribas Fortis has established a dedicated
organisation focused on addressing the material impact of
customer satisfaction.
The BNP Paribas Fortis Customer and Employee Knowledge
Centre is responsible for managing the Net Promoter System
ensuring its smooth operation and follow-up. The team’s key
responsibilities include:
Ensuring standards and methodologies are applied con-
sistently in the implementation of the NPS system;
Collecting and consolidating all available customer feed-
back, including surveys, complaints, social media, and
other sources;
Conducting in-depth analysis to identify key issues and
their root causes;
Collaborating with operational teams to prioritise and
resolve customer issues;
Regularly communicating NPS survey results and progress
on addressing customer issues;
Participating in internal decision-making bodies to
bring the customer’s voice to the table and inform
business process improvements and customer journey
enhancements.
Social inclusion through financial inclusion
Social inclusion is one of the five priority areas identified in
BNP Paribas Fortis’ strategic plan. The bank promotes social
inclusion through offers that support financial inclusion, a
key step towards achieving this goal. These offers enable
certain segments of the population who are underserved by
traditional banking to access payment methods and financial
or insurance services.
By doing so, BNP Paribas Fortis empowers these individuals to
participate more actively in economic and social life.
BNP Paribas Fortis conducts financial inclusion actions with
various beneficiaries through several offers, including:
Microfinance institutions
For nearly 35 years, BNP Paribas Group has been committed to
inclusive finance, supporting microfinance institutions through
various channels: direct funding, investments in financial
inclusion funds, and the distribution of savings products
dedicated to microfinance.
It’s worth noting that the Group closely monitors the social
performance of its microfinance institutions portfolio, which
is subject to regular evaluations as part of the publication
of the BNP Paribas Microfinance Social Performance Report.
BNP Paribas Fortis provides financing to microfinance institu-
tions via microStart in Belgium.
MicroStart is a microfinance initiative co-founded by
BNP Paribas Fortis. It offers support and microcredit to people
excluded from traditional banking services, enabling them to
start or develop their own business.
In 2023, microStart was integrated into the bank’s commer-
cial offering, and more than 600 employees were trained for
this purpose.
Nickel
Nickel, a subsidiary of the BNP Paribas Group present in five
European countries (France, Spain, Belgium, Portugal, and
Germany), provides accessible payment solutions online or
through physical distribution channels, without any condi-
tions or requirements. By opening an account with an IBAN
and an unconditional payment card, Nickel enables everyone,
including those who have been excluded from traditional
banking, to make and receive payments and access home
insurance online.
By simplifying the conditions for accessing a current account,
Nickel contributes to the socio-professional inclusion of as
many people as possible. Having a bank account has become
a prerequisite for accessing everyday goods and services, as
well as securing a paid job.
DigitAll
DigitAll is a coalition of companies, social organisations, and
government bodies working together to promote greater
digital inclusion in Belgium. Launched in 2020 at the initiative
of BNP Paribas Fortis, DigitAll became a Belgian non-profit
organisation in 2024, with BNP Paribas Fortis, Proximus, and
Accenture as its main drivers.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
DigitAll brings together individuals and organisations com-
mitted to driving structural change and increasing the impact
of digital inclusion in Belgium through co-creation and
awareness-raising. The coalition seeks solutions to promote
digital inclusion and is building a network of organisations that
can contribute to this goal. The aim is to create a vibrant com-
munity, an ecosystem where participants share experiences,
collaborate, and leverage each other’s actions. The Charter
for Digital Inclusion, launched in 2021, has been signed by
over 130 organisations.
Impact Entrepreneurs
BNP Paribas Fortis guides and supports impact entrepreneurs
within the eco-system. Impact entrepreneurs are enterprises
belonging to the private sector, with a viable economic growth
and with a business model where the social and/or environ-
mental mission prevails over the financial objective.
For this target group, the bank applies a credit analysis and
policy adapted to their specific business model, also taking into
account qualitative data about the impact of the enterprise on
society. In 2024, BNP Paribas Fortis had a new credit produc-
tion of 42 million euro in new loans for Impact Entrepreneurs.
Next to that, BNP Paribas Fortis also has a participation
in Trividend, offering a valuable network to this specific
target group.
Effectiveness of actions related to identified
impacts
The actions described above, categorised by theme (data
privacy protection, transparent, clear, and non-misleading
information, customer satisfaction, and social inclusion), are
used to prevent, mitigate, or correct the impacts identified by
BNP Paribas Fortis on its individual customers.
BNP Paribas Fortis monitors and assesses the effectiveness
of these actions in achieving the expected results for indi-
vidual clients.
BNP Paribas Fortis also ensures that processes are in place to
remedy any material negative impacts, as well as the effective-
ness of their implementation and results, as described above.
For example, this includes adherence to rules on response
times for unsatisfied or complaining customers.
With regard to the protection of personal data, negative
impacts on data subjects, including marketing or data use
practices, are avoided via the internal risk management
system put in place by BNP Paribas Fortis, in accordance with
personal data protection regulations (such as the GDPR and its
directive ‘e-Privacy’ ) and national regulations in the countries
where BNP Paribas Fortis operates.
This personal data protection risk management process is
the cornerstone for assessing each data process and pro-
cessing activity in light of compliance with the GDPR and
BNP Paribas Fortis’ personal data protection policy, taking into
account current or planned protection measures.
This system supports social inclusion actions, such as
financial inclusion, and through measures like encryption or
pseudonymisation.
As previously described, the BNP Paribas Fortis’ Code of
Conduct promotes high ethical standards in terms of personal
data protection.
BNP Paribas Fortis undertakes not to sell its customers’
personal data to its business partners.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
5.c Metrics and targets
5.c.1 Targets linked to managing
material negative impacts,
promoting positive impacts and
managing material risks and
opportunities
As part of its strategic plan, BNP Paribas Group has set itself
a quantified target for social inclusion, to which BNP Paribas
Fortis contributes: to serve 6 million beneficiaries of products
and services supporting financial inclusion by 2025. This
indicator is included in the CSR dashboard.
This target aligns with the objectives of the Code of Conduct
policy, specifically Theme No. 7 (‘Commitment to Society,
sub-theme Contributing to a More Inclusive Society’), which
is defined as follows: ‘The Group strives to pay particular
attention to customers in fragile situations, ensuring they have
easier access to banking services through the development
of suitable and accessible financial products and services.
Employees of BNP Paribas Group must consider the social
impact of their activities’.
The indicator consists of the number of beneficiaries of
microcredits distributed by microfinance institutions between
1 October of the previous year and 30 September of the
current year.
BNP Paribas Fortis contributes to this indicator through the
realisations of microStart. Since its creation in 2011, the
microfinance institution has granted 66 million euro in loans
to micro-entrepreneurs, supported 5,653 business projects
with 7,621 loans, and enabled the creation or maintenance
of more than 8,000 jobs. At Q3 2024 microStart reached the
number of 3,301 beneficiaries. In 2024, 466 microStart loans,
amounting to 4.8 million euro, were granted, and 1,137 micro-
entrepreneurs were supported.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
6 Business conduct
BNP Paribas Fortis sets out below the business conduct
arrangements in place, including anti-corruption and rep-
resentation of interests, as well as other matters related
to non-compliance risks covered in this chapter (financial
security, market integrity and cybersecurity).
Strategy: On these different topics, BNP Paribas Fortis’ strategy
is determined by the impacts, risks and opportunities identified
as part of the double materiality assessment conducted by
BNP Paribas Fortis, in line with the analysis carried out by
BNP Paribas Group.
Policies: BNP Paribas Fortis describes the policies in place
to manage material impacts, risks and opportunities related
to business conduct and other topics related to non-com-
pliance risks in point 6.b.1 ‘Corporate culture and business
conduct policies’.
Actions: BNP Paribas Fortis describes the actions taken to limit
the impacts and risks associated with business conduct and
other topics related to non-compliance risks.
Metrics and targets: BNP Paribas Fortis presents the following
metrics related to business conduct and other non-compliance
risk topics:
The percentage of high-risk functions covered by training
programmes on corruption and bribery;
The number of convictions and the amount of fines for
infringement of anti-corruption legislation and acts of
corruption;
Cybersecurity metrics.
With the exception of the ‘Cybersecurity’ theme, which
includes targets linked to BNP Paribas Group’s cybersecurity
programme, the other topics presented in this chapter do
not lend themselves to the definition of specific targets or
an annual action plan. The management of these risks is
instead integrated into the overall operational risk manage-
ment system, which involves a periodic risk assessment and
a continuously evolving portfolio of improvements and correc-
tive actions, tailored to each entity within BNP Paribas Fortis.
6.a Governance
6.a.1 The role of the administrative,
management and
supervisory bodies
In 2016, the Board of Directors and the General Management
of BNP Paribas Group developed a Code of Conduct that
defines the standards of conduct in line with the Group’s
values and mission. The Board of Directors ensures that the
General Management deploys and applies this Code in all
Group entities.
The Group’s Governance, Ethics, Nominations and CSR
Committee oversees, among other tasks, the regular updating
of the Code of Conduct.
BNP Paribas Fortis bases itself on BNP Paribas Group’s Code
of Conduct and adapts it where necessary to local regula-
tions and requirements. This Code also reflects its mission,
ambitions and strategy. Each year, the Board of Directors of
BNP Paribas Fortis assesses whether its Code of Conduct is
appropriate for the institution’s activities.
At BNP Paribas Fortis, the Conduct Steering Committee over-
sees the implementation of the conduct system and initiates,
if necessary, actions to optimise the business conduct system
on a global level.
For specific topics, temporary project steering committees may
be set up at a lower level. In this case, they issue quarterly
reports to the Conduct Steering Committee.
The expertise, both individual and collective, of the members
of the Board of Directors of BNP Paribas Fortis is ensured
through the assessment of the relevance of skills carried
out at least once a year by the Governance and Nomination
Committee. In addition, each (re)appointment is notified to the
competent supervisory authority, which assesses the appoint-
ment on the basis of suitability and competence criteria.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
6.b Impact, risk and opportunity management
Through the double materiality assessment carried out by
BNP Paribas Fortis and described in chapter 1. ‘General disclo-
sures’, section 1.c ‘Material impacts, risks and opportunities’,
BNP Paribas Fortis has identified several material impacts,
risks and opportunities related to business conduct:
TABLE No. 42: SUMMARY OF LINKS BETWEEN MATERIAL IROs AND POLICIES, ACTIONS, METRICS AND TARGETS
Category
Title of the
material IRO Policies Actions Metrics Targets
Risks
Legal and
reputational
risks related to
corruption or
influence peddling
• General Policy
on Anti-Money
Laundering and
Terrorist Financing
• BNP Paribas Fortis’
Whistleblowing
System Procedure
• Gifts and Invitations
Procedure
• General Anti-Bribery
and Corruption Policy
• Conflicts of Interest
Policy
• Code of Conduct
• KYC
• Anti-money
laundering and
counter-terrorist
financing/activity
monitoring
• Reporting suspicions
• Negative information
screening
• Business Relationship
screening
• Transaction filtering
• Percentage of
high-risk functions
covered by training
programmes on
corruption and
bribery
• Number of
convictions and
amount of fines for
infringement of anti-
corruption and anti-
bribery legislation
N/A
Risks
Legal risks
associated with
failing to identify
suspicious
customer activities
• General Policy
on Anti-Money
Laundering and
Terrorist Financing
• General Policy on
Financial Sanctions
• KYC - Global Policy
• Global Policy on the
Protection of Market
Integrity
• KYC
• Anti-money
laundering and
counter-terrorist
financing/activity
monitoring
• Reporting suspicions
• Negative information
screening
• Business Relationship
screening
• Transaction filtering
N/A N/A
Risks
Risks of third-
party IT intrusion
due to inadequate
security
• Specific Cybersecurity
Framework of
Reference
• Cyber Trust 25
• Requirements of
the Framework of
Reference translated
into measures and
action plans
• Cyber Trust Ambitions
25
• Cyber Landscapes
• Cyber Trust
Monitoring
Committees 25
• Targeted maturity
by entity within the
Cyber Programme
• Cyber Trust 25
Ambitions Goals
Risks
Risks of intentional
client fraud
6.b.1 Corporate culture and business
conduct policies
Summary of BNP Paribas Fortis’ business
conduct policies
The table below summarises the main policies applicable to
all BNP Paribas Fortis’ entities to manage the impacts, risks
and opportunities associated with conducting business.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
TABLE No. 43: SUMMARY OF BNP PARIBAS FORTIS BUSINESS CONDUCT POLICIES
Policy Description of policy content
Description
of the scope
of the
policy or its
exclusions
Description of the
highest level of
the organisation
responsible
for its policy
implementation
Interaction with
stakeholders
Code of
Conduct
The Code of Conduct sets out the rules of conduct that apply to all
BNP Paribas Fortis’ activities and employees.
BNP
Paribas
Fortis
Board of Directors
of BNP Paribas
Fortis
The BNP Paribas
Fortis’ Code of
Conduct is available
on the BNP Paribas
Fortis’ website in
French and Dutch.
BNP Paribas
Fortis’
Whistleblowing
System
Procedure
This procedure forms the basis of the system put in place within BNP
Paribas Fortis to enable employees and certain external third parties
to report any violation or suspected violation of laws or the rules of
the Code of Conduct safely and under the conditions provided for by
the regulations.
BNP
Paribas
Fortis
Board of Directors
of BNP Paribas
Fortis
This policy is
distributed
internally, and
a summary is
available on the
Group’s website
1
.
Gifts and
Invitations
Procedure
This procedure sets out the rules that employees must follow when it
comes to Gifts and Invitations.
BNP
Paribas
Fortis
Board of Directors
of BNP Paribas
Fortis
This policy is
distributed
internally
2
.
Conflicts of
Interest Policy
This policy aims to:
•
Explain possible conflicts of interest in the context of BNP Paribas
Fortis’ activities, and more generally in a business context;
•
Set out the broad lines of BNP Paribas Fortis’ principles for
identifying, preventing and managing conflict of interest situations.
BNP
Paribas
Fortis
Board of Directors
of BNP Paribas
Fortis
This policy is
distributed
internally.
General Anti-
Bribery and
Corruption
Policy
This policy sets out Management’s expectations of all employees, who
must actively participate in the fight against corruption in order to
prevent and detect corruption.
BNP
Paribas
Fortis
Board of Directors
of BNP Paribas
Fortis
This policy is
distributed
internally.
General
Anti-Money
Laundering
and Terrorist
Financing
Policy
This policy is the foundation on which the bank’s Anti-Money
Laundering and Terrorist Financing system is based.
BNP
Paribas
Fortis
Board of Directors
of BNP Paribas
Fortis
This policy is
distributed
internally.
General Policy
on Financial
Sanctions
This policy sets out the principles, standards, internal processes and
minimum controls aimed at limiting BNP Paribas Fortis’ exposure
to the risks associated with any violation of financial sanctions laws
and regulatory requirements and the risk posed by any business
relationship with sanctioned parties.
BNP
Paribas
Fortis
Board of Directors
of BNP Paribas
Fortis
This policy is
distributed
internally.
KYC - Global
Policy
This policy defines BNP Paribas Fortis’ vigilance standards in terms of
customer knowledge, risk assessment and decision-making.
BNP
Paribas
Fortis
Board of Directors
of BNP Paribas
Fortis
This policy is
distributed
internally.
Global
Policy on the
Protection
of Market
Integrity
This policy is the reference for the Market Integrity Domain. It
addresses various regulatory issues, in particular:
•
Questions related to market abuse;
•
Questions related to conflicts of interest;
•
The requirements of the Markets in Financial Instruments Directive
2 (MiFID II) relating to market integrity;Benchmark regulation
and the principles of the International Organisation of Securities
Commissions (ICVM);
•
Foreign exchange market rules (Global Code of Conduct on the
Foreign Exchange Market);
•
Rules on transparency (threshold overruns) and short selling
BNP
Paribas
Fortis
Board of Directors
of BNP Paribas
Fortis
This policy is
distributed
internally.
1
Summary of BNP Paribas’s Internal Whistleblowing framework
2
Summary of BNP Paribas’s Gifts and Invitations procedure
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Policy Description of policy content
Description
of the scope
of the
policy or its
exclusions
Description of the
highest level of
the organisation
responsible
for its policy
implementation
Interaction with
stakeholders
Responsible
Representation
Charter
The Group Executive Committee adopted the Charter for Responsible
Representation in 2012. It governs the relations of BNP Paribas Fortis’
employees with public authorities and the bank’s representation
practices. It includes a number of fundamental commitments,
including integrity, transparency, governance and social responsibility.
BNP
Paribas
Fortis
Board of Directors
of BNP Paribas
Fortis
The Charter is
available in French,
Dutch and English
on the BNP Paribas
Fortis website
3
.
Specific
Cybersecurity
Framework of
Reference
More globally integrated within the bank’s Information and
Communication Technologies (ICT) and cyber risk management
reference framework.
BNP
Paribas
Fortis
BNP Paribas
Fortis CISO
This set of policies,
standards and
norms is distributed
internally.
Cyber Trust 25
Cybersecurity strategy defined to support the digital transformation of
BNP Paribas Fortis.
It is based on 5 pillars:
•
Act responsibly towards customers and regulators;
•
Be a cyber reference in the market to be trusted and attract talent;
•
Accelerate transformation and innovation;
•
Provide a pleasant working environment by building on our
corporate social responsibility ambitions;
•
Moving towards zero digital waste.
BNP
Paribas
Fortis
(‘Cyber
Security
Team’)
BNP Paribas
Fortis CISO
The ambitions
identified in each of
the strategic pillars
are disseminated
throughout the
Cyber Supply Chain.
3
Charter for responsible representation with respect to the public authorities
The policies described are subject to a monitoring process
as specified in chapter 2. ‘Corporate governance and internal
control’, 4. ‘Internal control’ of the BNP Paribas Fortis 2024
annual report.
Adherence to the highest ethical standards is a prerequisite
for BNP Paribas Fortis. All employees are required to strictly
comply with applicable laws, guidelines and regulations in all
areas as well as professional standards and internal policies
relevant to their activities. In the event of a potential conflict
between a country’s legislation and BNP Paribas Fortis’ ethical
rules, employees are required to comply with the stricter local
laws while seeking ways to apply and uphold the company’s
internal ethical standards.
Compliance with these rules, as detailed in the Code of
Conduct, is essential to safeguarding the bank’s reputation
and the trust it receives from its customers and partners.
Code of Conduct
The BNP Paribas Fortis’ Code of Conduct, which applies to all
staff members, governs their actions and guides decision-
making at all levels of the organisation.
Inspired by the BNP Paribas Group’ Code of Conduct, it is adapted
to the reality of BNP Paribas Fortis through a personalised fore-
word by the CEO and the Chairman of the Board of Directors.
It highlights the bank’s mission, ambition and strategy, while
remaining true to the distinctive BNP Paribas Fortis’ brand.
In accordance with circular NBB_2012_14 relating to the
Compliance function, the Board of Directors assesses each
year the relevance of the Code of Conduct with regard to
the institution’s activities. This assessment is based on the
Risk Control Self-Assessment (RCSA) analysis on conduct,
feedback from the Fraud Investigations’ team and Sanctions
Committees, as well as an in-depth comparison with a number
of similar and comparable banks.
The Code of Conduct sets out the rules of conduct to be shared
and applied in different areas:
Customers’ interest;
Financial security;
Market integrity;
The fight against corruption;
Conflicts of interests;
Professional ethics;
Respect for colleagues;
Protection of the bank;
Engagement in society.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
In addition, an annual analysis is carried out to determine
whether local specificities, in accordance with Belgian legisla-
tion, must be integrated into the bank’s Code of Conduct. Any
amendment or new policy underlying the Code of Conduct
is subject to validation by the Board of Directors during this
annual review.
An employee survey from the end of 2023 confirmed their high
level of adherence to the values and behaviours defined in the
Code of Conduct, as well as a good knowledge of the channels
enabling them to escalate reports.
Management of risks related to conduct
All topics covered in the Code of Conduct are subject to policies
and procedures that define rules and processes specific to
each type of risk.
These rules and processes are part of the overall internal
control system, which defines key principles for risk assess-
ment, controls, incident detection and treatment, monitoring
of corrective actions and reporting to Management (cfr. sec-
tions ‘Governance Declaration’ and ‘Operational Risk’ of the
BNP Paribas Fortis 2024 annual report).
The fight against corruption, money laundering and the
financing of terrorism
BNP Paribas Fortis has systems for detecting money launder
-
ing and terrorist financing transactions in all its entities. These
are based on a set of standards and controls, on the vigilance
of employees, maintained by mandatory training programmes,
and on constantly evolving digital tools.
A strengthened system for the prevention and detection of
corruption and influence peddling has also been rolled out
and implemented across the organisation.
Compliance with market integrity
BNP Paribas Fortis’ market activities, on behalf of its clients
or on its own behalf, are strictly governed by systems for the
prevention and detection of market abuse and the manage-
ment of sensitive information and conflicts of interest.
Fight against tax evasion
Full compliance with tax obligations is a core commitment of
BNP Paribas Fortis in terms of economic and civic responsibili-
ties. Ensuring the tax compliance of transactions undertaken
to meet its needs or those of its customers is therefore a
key objective of its governance. To this end, principles and
procedures have been defined that apply to all transactions
in which BNP Paribas Fortis is a stakeholder. These elements
are set out in the BNP Paribas Fortis’ Fiscal Code of Conduct
and in the Policy note on fiscal abuse prevention policy.
1. The Fiscal Code of Conduct is fully in line with the bank’s
General Code of Conduct and summarises the principles
that every bank’s employee or independent agent must
comply with from a tax perspective. This Tax Code of
Conduct was drawn up as part of the Policy note on fiscal
abuse prevention policy, in particular for the part where
it considers tax ethics as a concrete aspect of the preven-
tion policy. It describes a number of important principles
that form the basis for correct tax behaviour. It sets out
appropriate and concrete guidelines in this regard for bank
employees and independent agents.
2.
BNP Paribas Fortis’ Policy note on fiscal abuse prevention
policy aims to describe the principles and governance
applicable to tax prevention, in accordance with circular
NBB_2021_17 and the BNP Paribas Group’ tax compli-
ance policy. In safeguard of its reputation, the bank must
implement a preventive policy to ensure an exemplary
approach to tax matters. As part of this commitment,
the implementation of ‘special mechanisms’ is strictly
prohibited. These are defined as practices proposed by
the bank or repeatedly applied, with the aim or effect of
inducing clients or counterparties to commit tax fraud.
A concrete example of such a special mechanism would
be allowing an account holder to receive foreign invest-
ment income without the bank withholding the necessary
Belgian withholding tax.
Protection of customer’s interests
The protection of the interests of customers is a major concern
of BNP Paribas Fortis. This is why this topic is at the forefront
of its Code of Conduct and is a specific area of expertise
within the Compliance function (cfr. chapter 5 ‘Consumers
and end-users’).
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
The whistleblowing system
The BNP Paribas Fortis’ whistleblowing system is governed by
a procedure in accordance with European regulations
4
and the
Belgian law
5
. Every BNP Paribas Fortis’ employee has the right
to raise an alert in the event of a crime or offence, threat or
damage to the public interest, violations or attempt to conceal
a violation of an international commitment ratified by Belgium,
a unilateral act of an international organisation taken on the
basis of such a commitment, or EU law, any law or regulation
or a breach of the Code of Conduct, a policy or procedure of
BNP Paribas Fortis. This right must be exercised in good faith
and without direct financial consideration.
The BNP Paribas Fortis’ whistleblowing system is also open
to external third parties, in application of Belgian law, and in
particular to former employees of the bank, its suppliers and
their subcontractors, for information obtained in the context
of their professional activities.
BNP Paribas Fortis’ procedural system on the right to whistle-
blowing sets out the various channels available to employees
and external third parties, the conditions to be met to launch
a whistleblowing report, the processing methods and the
guaranteed protection against retaliation for whistleblowers.
The BNP Paribas Fortis’ whistleblowing system consists of the
following key elements:
Independent and secure communication channels
accessible to employees and external third parties
The Compliance and HR functions at BNP Paribas Fortis share
responsibility for the whistleblowing system, depending on the
nature of the alert. The HR function receives and processes
alerts relating to respect for individuals, while the Compliance
function receives and processes other types of alerts.
Both employees and external third parties can securely submit
their concerns via an external reporting system available 24/7
(Whistleblowing Platform
6
) and operated by an external provider
via a dedicated online form or telephone service (availability
may vary by country due to local regulations and specificities).
Employees wishing to make a report can also contact the man-
agement line, HR or Compliance.
In addition, a specific communication channel receives alerts
on financial sanctions and embargo breaches.
4
Directive (EU) 2019/1937 of the European Parliament and of the Council of 23 October 2019 on the protection of persons who report violations of Union law.
5
Law of 28 November 2022 on the protection of persons who report violations of Union or national law established within a legal entity of the private sector.
6
Whistleblowing Platform
Each channel is under the responsibility of specifically appointed
employees, HR Conduct & Respect Referents and Compliance
Referents, depending on the nature of the topics. These referents
receive specialised training in handling alerts and are committed
to respect confidentiality rules and to ensure an impartial and
independent handling of each alert.
The reporting and handling procedures comply with local
regulations.
Reports can be submitted in any language commonly used at
BNP Paribas Fortis.
All alerts are always treated confidentially. Anonymous whistle-
blowing is also processed, unless local regulations prohibit it.
Whistleblower protection and confidentiality
No employee who has raised a concern in good faith shall be
subject to any direct or indirect disciplinary action, dismissal
or discrimination, including with respect to recruitment, com-
pensation, promotion, training, assignment or reclassification.
The same protection applies to employees who have witnessed
and provided information during the investigation.
The whistleblowing system ensures the confidentiality of the
identity of the whistleblower and the persons mentioned in the
whistleblowing system, including the person(s) concerned, as
well as the information collected in the whistleblowing report
and throughout the investigation.
Referents are responsible for implementing these rules and
for complying with the laws and regulations applicable to the
processing, recording and retention of personal data collected
in a whistleblowing alert.
Handling of alerts
The processing of alerts is governed by procedures or collec-
tive agreements that define each processing step and include
specific rules on protection and confidentiality.
Once an alert is deemed admissible, it is analysed and, if
necessary, investigated independently and with the necessary
expertise. The processing of alerts must be carried out within
specific time limits with the whistleblower being informed
at each stage of the process (acknowledgement of receipt,
confirmation of admissibility and closure after processing),
unless there is a legitimate impediment linked to the anonym-
ity of the alert.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Employee awareness
All BNP Paribas Fortis’ employees are made aware of the
Code of Conduct and the whistleblowing system as part of
the mandatory Conduct Journey training.
This system and its terms of use are also communicated on
the website sites.
Controls
The whistleblowing system is subject to general control plans
aimed at verifying access to whistleblowing channels and
ensuring compliance with whistleblowing procedures.
Information to the Executive Committee
A comprehensive report on the quantitative and qualitative
analysis of alerts (number of alerts, remedial measures) is
presented to the Compliance Committee twice a year (to which
all Executive Committee’s members participate).
7
The statistics of the headcount targeted by the different training programmes and the completion rate of these programmes are provided automatically by
the My Development application, with the exception of the training provided to the directors which is followed manually by the Secretariat of the Board of
Directors.
Education/training
The topics covered in the Code of Conduct are embedded in a
training journey called the ‘Conduct Journey’, which is regu-
larly updated and enriched - as in 2023 - with whistleblowing
channels, diversity, equity and inclusion.
The Conduct Journey develops the basic rules set out in the
Code of Conduct, the behaviours expected of employees, and
how to identify and deal cases of misconduct.
The course takes place over two years, every two years. It
consists of 13 modules spread over this period to ensure con-
tinuous learning. Employees therefore follow different modules
each year (with the exception of the ‘Financial Security’
course, which is held annually). Each year, the modules are
renewed and adapted to ensure up-to-date content in line
with BNP Paribas Fortis’ priorities.
When new employees join a BNP Paribas Fortis’ entity, they
systematically follow the 13 modules of the Conduct Journey.
TABLE No. 44: CONDUCT JOURNEY TRAINING
Targets
7
All employees of BNP Paribas Fortis
Content
Topics covered in the Code of Conduct:
• Importance of Conduct and the culture of ‘speak up’;
• Anti-bribery and corruption;
• Financial security;
• Conflicts of interests;
• Protection of the interests of customers;
• Handling of confidential information;
• Commitment to society;
• Respect for people;
• Diversity, Equity and Inclusion;
• Communicate responsibly;
• Cybersecurity;
• Protecting personal data;
• Competition law.
Type of training E-learning sessions
Duration 3 hours (13 modules over two years)
Completion rate in 2024 (as of 03/01/2025) 99.2%
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
6.b.2 Prevention and detection of
corruption and bribery
BNP Paribas Group has implemented a global system to
prevent and detect corruption and influence peddling.
Developed in accordance with the French law Sapin II and
with regard to international best standards, such as the
recommendations of the French Anti-Corruption Agency, the
U.K. Bribery Act and the U.S. Foreign Corrupt Practices Act, the
anti-corruption mechanism (ABC) is described in the Group’s
anti-corruption policy, and updated with regard to the results
of the corruption risk mapping. This global anti-corruption
policy is incorporated into the procedures of BNP Paribas Fortis
and implemented as such.
Description of the anti-corruption system
(ABC)
The BNP Paribas Group’s ABC system applies to
BNP Paribas Fortis and is expressed by:
The statement by the Group CEO
8
, confirming that
BNP Paribas, including BNP Paribas Fortis, has a zero-tol-
erance policy towards corruption and influence peddling;
Group-led governance, monitored at BNP Paribas Fortis’
level, responsible for designing and coordinating the ABC
system, and overseeing the international network of anti-
corruption correspondents present in all business lines
and functions;
A mapping of corruption risks at BNP Paribas Group’s
level: the mapping methodology allows a granular assess-
ment of corruption risks, based on scenarios assessed
by the Businesses and Functions. It also enables the
prioritisation of risks (with risk factors) and the definition
of action plans to respond to them. The risk analysis RCSA
is carried out at BNP Paribas Fortis’ level;
The BNP Paribas Fortis’ Code of Conduct, prefaced by the
CEO and the Chairman of the Board of Directors, includes
a Group’s annex dedicated to the prevention, the detec-
tion and the fight against corruption, with illustrations of
situations and behaviours that are prohibited or deserve
special attention. In addition, policies linked to the Code
of Conduct on gifts and invitations, lobbying, conflicts of
interest and patronage guide employees on how to manage
corruption risks in these situations;
8
Statement by the Group CEO
A whistleblowing system: employees have access to
whistleblowing channels available in several languages to
report violations of the Code of Conduct. A whistleblowing
channel is also open to third parties;
A third-party assessment: policies define the assessment
measures applied to customers, including politically
exposed persons, intermediaries, suppliers and other
third parties. This system makes it possible to identify
and manage the counterparties most exposed to the risk
of corruption, to which specific mitigation measures are
applied. Finally, BNP Paribas Fortis has implemented a tool
for analysing negative information on third parties, which
is accessible to all staff via the website;
Anti-corruption controls: the BNP Paribas Fortis’ system
is organised around three lines of defence. Businesses
are responsible for the first line of defence, while the
second line of defence is provided by Functions, such as
Compliance, RISK or Finance. The third line of defence is
the Inspection Générale, which conducts regular audits,
including on corruption risks. Anti-corruption controls
are identified in terms of risk mapping scenarios at both
Group and local levels, and include checks on key risks and
ABC policies. Finally, the analysis of operational incidents
related to corruption is carried out quarterly, with results
presented to management. Key indicators are used to
monitor the ABC system and to report any negative results,
accompanied by recommendations or an action plan;
Training and communications: (cfr. paragraph
‘Training’ below);
A disciplinary regime: any suspicion of corruption or influ-
ence peddling involving a BNP Paribas Fortis’ employee is
investigated and sanctioned if confirmed.
Within BNP Paribas Fortis, fraud incidents, including corrup-
tion incidents, are reported to the specialised committees of
the Board of Directors. These are:
The Audit Committee of BNP Paribas Fortis, by the
Finance function;
The BNP Paribas Fortis’ Risk Committee by the
RISK function;
A specialised department within the bank dealing with all
fraud investigations. It ensures an independent investiga-
tion of all fraud incidents and reports directly to the CRO
and the COO.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
The investigation report is sent to the relevant Entity Head(s),
Chief Risk Officer(s) and members of the HR function. It is also
forwarded to the Incidents & Frauds team of the Inspection
Générale, the RISK ORM Fraud Prevention and Protection team
and the Compliance function.
The report must be distributed confidentially (confidential
e-mail, secure platform, etc.).
Any further distribution of the investigation report must be
based on the principle of strict necessity. If the investigation
has been opened as a result of a whistleblowing report, the
relevant Whistleblowing Officer will also be informed. If the
investigation relates to a corruption case, the report must be
forwarded to the ABC & Professional Ethics (PE) domain. If
the investigation reveals elements of money laundering and
terrorist financing, the Financial Security Compliance team
must be informed immediately.
In the case of internal fraud involving a member of staff, in
particular a member of staff of a ‘Designated Market Activity’,
the violation must also be reported to the BNP Paribas Group’s
Conduct and Risks Audit Committee.
If the results of the investigation raise questions regarding
the possible disclosure of the facts to local authorities or the
possible filing of a complaint, prior advice should be sought
from Legal/Global Dispute Resolution (GDR).
Education/training
The anti-corruption and influence peddling training pro-
gramme consists of three modules:
i.
Mandatory training for all BNP Paribas Fortis’ employees:
‘Anti-Bribery from Conduct Journey’ module.
ii.
Mandatory training for those most exposed to the risks of
corruption: ‘ABC Most Exposed’.
The most exposed staff members must follow specific
training (ABC Most Exposed), adapted to the particularities
of their activities and positions, as long as they hold these
functions. These are identified with regard to risk mapping
- functions that interact with third parties or risk activities
(e.g. commercials, purchasing, recruitment) and/or the
implementation of the anti-corruption system ((senior)
managers, anti-corruption correspondents in particular).
This biennial advanced training is aimed at:
The entire target population every two years;
New employees joining the target group the fol-
lowing year.
iii.
An ACAMS (Association of Certified Anti-Money-laundering
Specialists) anti-corruption certificate has been offered
to anti-corruption correspondents within Compliance
since 2023.
Members of the Board of Directors benefit from a training
session on anti-corruption and financial security on a regular
basis (the last one took place in September 2023).
TABLE No. 45: ANTI-CORRUPTION AND INFLUENCE PEDDLING AND FINANCIAL SECURITY TRAINING
Training course
Anti-corruption and influence peddling -
Most exposed personnel
Certificate
‘Anti-corruption – advanced’
Target
2023: all the BNP Paribas Fortis’ most exposed employees
2024: new entrants
Population identified as requiring certification
Subject
Presentation of the BNP Paribas Fortis’ global anti-
corruption system.
Illustrations aimed at knowing how to detect cases
of corruption during daily activities with the various
stakeholders.
Introducing:
(i) different types of corruption and associated
regulations;
(ii) Red flags and measures aimed at managing,
controlling and reporting corruption risks within its
organisation.
Type of training E-learning sessions E-learning sessions
Duration 40 minutes 11 hours
Periodicity Every two years: full target/new entrants One-time
Completion rate
in 2024 (as of
03/01/2025)
97.7% in 2023
94.8% in 2024
100%
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
6.c Metrics and targets
6.c.1 Proven cases of
corruption or bribery
BNP Paribas Fortis has not been convicted or fined for viola-
tions of the anti-corruption laws in the last five years.
All corruption-related incidents are incorporated into a broader
analysis to identify corrective actions at the system level.
6.c.2 Political influence and
lobbying activities
BNP Paribas Group engages in dialogue with public authorities
in full compliance with ethical and transparency principles.
In 2012, the Group Executive Committee adopted a ‘Charter
for responsible representation with public authorities’. This
charter sets out a number of fundamental commitments
relating to integrity, transparency, social responsibility, and
respect for universal democratic values. It specifically states
that the bank will carry out its representation activities in line
with its overall approach and its public commitments on the
environment and climate change, including its support for the
objectives of the Paris Agreement.
Governance
The Department of Institutional Affairs (DIA), created at
the end of 2012, is responsible for ensuring consistency of
BNP Paribas Group-wide positions on key issues on behalf of
the Executive Committee. The DIA is responsible for Prudential
Affairs, Recovery and Resolution, ECB Group Relations, and
European and French Public Affairs.
In Belgium, BNP Paribas Fortis strictly applies the BNP Paribas
Group’s Charter for Responsible Representation to Public
Authorities. The bank’s Executive Committee oversees the
lobbying activities of the Belgian Public Affairs’ team.
Gifts in cash or in kind
A BNP Paribas Fortis’ procedure defines the rules to be
observed by BNP Paribas Fortis’ employees with regard to gifts
and invitations. In particular, this procedure prohibits direct
or indirect donations or grants to political parties, political
groups or committees, or political persons, made by or on
behalf of any BNP Paribas Fortis’ entity.
Main topics covered by lobbying activities
In Belgium and during 2024, BNP Paribas Fortis has engaged
in activities around four themes:
Housing, with proposals to accelerate the transition:
access by banks to EPC databases, harmonisation of EPC
standards between regions and better information on
available public support;
Mobility, with proposals to accelerate the transition: a
mobility budget for all employees, increasing the number
of ‘mobility hubs’, facilitating data exchanges with public
transport operators, improving the charging infrastructure,
motivating individuals to buy electric vehicles and leading
the transition in the public sector;
Accessibility, which includes access to a bank account,
access to cash, as well as existing digital solutions;
Digital inclusion with DigitAll, an alliance to combat the
digital divide in Belgium.
Lobbying register registration
The bank is listed in the lobby register of the Chamber of
Representatives in Belgium (Registration N°: N/A).
Appointment of a member of administrative
bodies who has held a comparable position
in a public administration
Only one person is concerned within BNP Paribas Fortis:
Ms Laurence de l’Escaille is a non-executive member of
the Board of Directors of the Elia Group, which is partly
owned by Publi-T and Publipart. She is also an independ-
ent member of the Nuclear Provisions Commission.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
7 Additional information specific to
the entity
7.a Market integrity and financial security
7.a .1 Market integrity
Open and transparent markets are essential for economic
development. BNP Paribas Fortis is committed to doing what it
can to maintaining and preserving the integrity of the markets.
The Market Integrity Programme is designed in strict compli-
ance with regulations and is based on the following pillars:
Operational policies and procedures;
Computer tools;
Specialised teams of employees;
An independent internal control and audit system;
An ongoing training programme.
It consists of two main activities:
Managing inside information and preventing conflicts
of interest;
Monitoring transactions and communications, while
contributing to the smooth functioning and transpar-
ency of markets.
Managing inside information and preventing
conflicts of interest
BNP Paribas Fortis has implemented policies relating to the
management of inside and sensitive information, market
surveys, contribution to indices, protection of confidential data,
in accordance with national and international regulations, as
well as with good practices and recommendations from the
competent authorities (the Financial Services and Markets
Authority (FSMA) in Belgium).
BNP Paribas Fortis has set up an internal system to ensure
the proper processing and circulation of inside information.
Inside information and its holders within BNP Paribas Fortis
are subject to permanent record-keeping. To ensure confiden-
tiality and prevent insider trading, information barriers and
strict segregation of activities (investment banking, proprietary
transactions, asset management) are systematically estab-
lished and monitored.
Conflicts of interest are also subject to a process of detection,
identification of the internal and external actors concerned
and prevention of risks linked to conflicts of interest situations
in market activities (e.g. the maintenance and management
of lists of issuers or customers).
Monitoring transactions and
communications, while contributing to the
smooth functioning and transparency of
markets
In order to protect the integrity of markets, a system to combat
market abuse has been put in place to prevent, detect and
report market abuse where necessary. This scheme encom-
passes the dissemination or misuse of inside information
in order to prevent insider trading, price manipulation and
the disclosure of false information. It covers both brokerage
activities and BNP Paribas Fortis’ own account activities, either
acting as a counterparty or market maker.
Transactions potentially constituting market abuse are the
subject of a declaration to the authority concerned, the
FSMA in Belgium.
This system is associated with the supervision of orders and
transactions in all the business lines concerned, as well as
compliance with pre- and post-trade transparency obligations
and post-trade declarations.
Furthermore, monitoring of oral and/or electronic communica-
tions is in place, according to procedures specific to each of
the business lines.
The scheme also incorporates reporting obligations related
to crossing thresholds and short positions.
7.a .2 Financial security
BNP Paribas Fortis is firmly committed to complying with
international economic sanctions and to combating money
laundering and the financing of terrorism. The bank strictly
complies with the applicable laws and regulations in
this regard.
In this context, BNP Paribas Fortis has adopted and maintains
a global financial security programme designed by BNP Paribas
Group in a risk-based approach that respects the specificities
and legislation of Belgium. Significant human and technical
resources are devoted to this, both by the business lines and
by the Compliance function.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
The programme is based on the following pillars:
Operational policies and procedures;
Computer tools;
Teams of employees specialised in implementing the
financial security programme;
An independent internal control and audit system;
An ongoing training programme.
It consists of three main activities:
Knowledge of customers;
Enforcement of international sanctions and embargoes;
Combating money laundering and the financing
of terrorism.
Know your customers
Know your customers or KYC is an essential component of
financial security risk management. It contributes both to the
prevention of money laundering and the financing of terrorism
and to compliance with international sanctions.
It also plays a role in the fight against corruption (cfr. chapter
6 ‘Business conduct’, section 6.b ‘Impact, risk and opportunity
management’, point 6.b.2 ‘Prevention and detection of corrup-
tion and bribery’), compliance with tax laws and regulations,
protection of customer interests, social and corporate respon
-
sibility and market integrity.
It requires the implementation of a set of vigilance measures
aimed at identifying customers, their beneficial owners and
their agents, analysing the nature and location of their activity,
and characterising the purpose of their business relationship
with BNP Paribas Fortis.
Enhanced due diligence measures are applied to clients who
present a high risk, politically exposed persons, as well as
other types of high-risk situations.
Similar measures are applied to suppliers and other types of
BNP Paribas Group partners.
Compliance with international sanctions
and embargoes
Compliance with international sanctions and embargoes
issued by the EU, France, Belgium, the United States and
any other national authority where applicable is based on a
dual mechanism:
Customer databases are regularly screened for the pres-
ence of persons subject to sanctions;
International and domestic transactions involving non-
Reliance Agreement bankers are screened for attempts to
violate or circumvent sanctions or embargoes.
These systems implemented in all BNP Paribas Group entities
consist of standardised processes, in particular:
Continuous updating of sanctions lists;
Conducting investigations into customers, third parties
and transactions that have generated screening or fil-
tering alerts;
The process of reporting to the authorities.
They are also supplemented by an employee training plan
(cfr. chapter 6. ‘Business conduct’, section 6.b ‘Impact, risk
and opportunity management’, point 6.b.1 ‘Corporate culture
and business conduct policies’, paragraph ‘Training’) and an
independent control system.
Combating money laundering and the
financing of terrorism
Specific mechanisms based on both IT transaction monitoring
tools and employee vigilance aim to detect and report to the
competent authorities:
Money laundering, which consists in the integration into
the financial system of the product of criminal activities
such as corruption, tax crime, drug trafficking, organ-
ised crime, misappropriation of funds to conceal their
illegal origin;
Financing terrorism by means of funds of which the origin
may be legitimate or illegal.
The investigation of alerts and the timely reporting of suspi-
cions to the authorities, as well as subsequent measures, are
subject to precise procedures.
The integration of geographic risks
In addition to the arrangements described above, BNP Paribas
Group maintains an assessment of the financial security risks
posed by the countries or regions, which complements the
analysis of the plans to enter into a business relationship or
existing business relationships, and which may lead to the
avoidance or termination of a business relationship, or to the
refusal of a transaction or the provision of a financial service.
BNP Paribas Fortis has adopted the Group’s assessment, in
addition to local specificities in terms of identifying countries
with a high geographic risk.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
7.b Cybersecurity
7.b.1 General information
In the ever-changing landscape of the global financial industry,
BNP Paribas Fortis recognises the central role of Information
and Communication Technologies (ICT) in maintaining opera-
tional resilience. As a universal bank, BNP Paribas Fortis faces
many challenges in ensuring the security, robustness and
resilience of its ICT systems. The interconnected nature of
operations, combined with the rapid pace of technological
progress and the need to increasingly rely on third parties to
provide essential services, requires a strategic and adaptive
approach to risk management.
BNP Paribas Fortis is exposed to cybersecurity risk, i.e. the
risk caused by a malicious and/or fraudulent act, commit-
ted virtually, with the intention of manipulating information
(confidential data, banking/insurance, technical or strategic),
processes and/or users, with the aim of causing material
losses to companies, employees, partners and customers of
BNP Paribas Fortis and/or for extortion purposes (ransomware).
In recent years, an increasing number of companies (includ-
ing financial institutions) have been subject to intrusions or
attempted intrusions into their IT security systems, sometimes
as part of complex and highly targeted attacks on IT networks.
Techniques to hack, disrupt, degrade the quality of services
provided, steal confidential data or sabotage IT systems have
been developed and are constantly evolving, and are often
impossible to detect before an attack is launched. As a result,
BNP Paribas Fortis and its third-party service providers may
not be able to protect themselves against such techniques
or to quickly implement an adequate and effective system of
countermeasures. Any failure or interruption of the IT services
of BNP Paribas Fortis or its third-party service providers and
any resulting disclosure of confidential information (of custom-
ers, counterparties or employees of BNP Paribas Fortis or any
other person) that may result therefrom, or any intrusion or
attack on its communication systems and networks could
cause significant losses and adversely affect the reputation,
operating results and financial situation of BNP Paribas Fortis.
Regulators now consider cybercrime to be a growing systemic
risk for the financial sector. They have emphasised the need
for financial institutions to improve their resilience to cyberat-
tacks by strengthening internal IT monitoring and control
procedures. A successful cyberattack could then expose the
bank to a fine from the regulatory authorities, particularly in
the event of a loss of personal customer data.
7.b.2 Governance
The bank’s Executive Committee oversees cybersecurity
through dedicated governance that provides an overview of
the situation at BNP Paribas Fortis. The Information Security
Steering Committee (ISSC) regularly monitors the roll-out plan
of the bank’s cybersecurity programme, its action plan, the pri-
ority topics and the related budget. The Executive Committee
of BNP Paribas Fortis, on the other hand, places its actions
within the framework of the cybersecurity programme, which
allows it to take decisions at the appropriate level if necessary.
At the same time, the IT Risk Management Committee (ITRMC),
an ad hoc decision-making body at IT management level, deals
with cyber risks, risks linked to the implementation of the IT
strategy and operational resilience.
Cybersecurity governance is based on the ‘three lines of
defence’ model, an integrated model covering all BNP Paribas
Group entities including BNP Paribas Fortis:
The first line of defence is organised around the Group’s IT
Functions and Entities with their Chief Information Officer
(CIO), IT and cyber risk management representatives. They
are responsible for managing cybersecurity;
The second line of defence is provided by the RISK
Function, which continuously exercises a critical (‘check
& challenge’) and independent view on the effectiveness
of its RISK management, particularly with regard to the
first line of defence;
The third line of defence is provided by the auditors of
the Inspection Générale conducting periodic inspections.
7.b.3 Policies and responsibilities
To address cybersecurity risks, the bank has put in place a
global system that is mainly based on a cybersecurity frame-
work of reference and a cybersecurity strategy aligned with
the one of BNP Paribas Group entitled ‘Cyber Trust 25’.
Within BNP Paribas Group’s ICT and cyber risk management
framework, there is a specific cybersecurity reference frame-
work. It consists of a set of documents (policies, standards
and norms) that define the basic requirements for cyber-
security and provide a standardised approach to mitigating
risks. Aligned with industry best practices, this ensures a
consistent implementation of processes and associated
controls within BNP Paribas Fortis, thus strengthening the
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
overall cybersecurity position. The Cybersecurity Reference
Framework is composed of several cybersecurity topics. Each
contains procedures (e.g. types of policies to be applied),
requirements or guidelines. These cybersecurity topics are
defined to address the specific cybersecurity risks faced by
the bank, such as disruption of services or data leakage, as
well as the associated impacts, such as reputational damage
or legal proceedings by regulatory authorities.
These framework requirements and procedures are mandatory
for all Group entities worldwide. In addition to these require-
ments, entities may define additional local requirements to
address specific risks at the entity level that are not addressed
by BNP Paribas Group.
BNP Paribas Group has also defined a cybersecurity strategy
to support BNP Paribas Group’s digital transformation. This
strategy called Cyber Trust 25 is based on 5 pillars:
Act responsibly towards customers and regulators;
Be a cyber reference in the market to be trusted and
attract talent;
Accelerate transformation and innovation;
Provide a pleasant working environment by building on
our corporate social responsibility ambitions;
Ensure zero digital waste based on business
needs and risks.
The deployment of the Cyber Trust 25 strategy applies to
all cybersecurity teams across the Group entities, which are
grouped under the term ‘Cyber Industry’.
The definition of a global cybersecurity vision and strategy
is the responsibility of the BNP Paribas Fortis Information
Systems Security Officer (ISSO). This ensures that cyber-
security and ICT risk management are integrated into the
project delivery process by providing appropriate policies,
practices and guidelines. He is also responsible for defining
and implementing the cybersecurity programme and remedia-
tion projects to address cybersecurity risks, while ensuring
their implementation within the bank.
It should be noted that although Arval, BGL BNP Paribas and
TEB are within the consolidated scope of BNP Paribas Fortis,
they apply similar local governance and report directly to the
CISO of BNP Paribas Group on the progress of their cyberse-
curity programme.
7.b.4 Actions
BNP Paribas Fortis applies the requirements defined in the
Cybersecurity Framework of Reference. The bank takes proac-
tive measures to ensure compliance with published rules,
requirements and deadlines, while allocating resources
effectively. The published requirements are translated into
concrete measures and initiatives aimed at improving the
cybersecurity posture of BNP Paribas Fortis.
As an entity of the BNP Paribas Group, BNP Paribas Fortis
reviews the requirements published in the Cybersecurity
reference Framework. The bank carefully assess the scope,
applicability and timelines associated with each requirement,
ensuring that they understand their obligations.
As a result of this assessment, BNP Paribas Fortis develops
detailed action plans describing the tasks, milestones and
implementation deadlines. These action plans prioritise
activities according to risk level, regulatory requirements
and operational objectives. The focus is on establishing clear
responsibilities for each task to ensure efficient execution.
BNP Paribas Fortis allocates the necessary resources, including
human, technological and budgetary resources, to support
the implementation of the action plans. Budgets are care-
fully reviewed and adjusted as necessary to reflect the costs
associated with compliance efforts.
In addition, each pillar of Cyber Trust 25 consists of several
ambitions, which in turn are translated into initiatives that
must result in concrete deliverables or actions. In order to take
into account the continuous evolution of the cyber threat, the
ambitions of the Cyber Trust 25 strategy can be adapted and
additional action plans defined.
7.b.5 Targets
Within the ICT and cyber risk management reference frame-
work, each requirement related to cybersecurity issues is
associated with a due date.
BNP Paribas Fortis’ progress on each of the cybersecurity
topics is monitored as part of BNP Paribas’ cybersecurity
programme. This uses a risk-based approach to calculate the
level of cyber maturity to be achieved, based on the objectives
defined in a cybersecurity matrix.
Finally, the initiatives related to the Cyber Trust 25 cybersecu-
rity strategy are the subject of targeted and quantified action
plans and objectives.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
7.b.6 Metrics
Several metrics have been established to measure the level
and progress of BNP Paribas Fortis’ cybersecurity.
Every year, the Cybersecurity department of BNP Paribas Fortis
carries out several campaigns. These are integrated into the
cybersecurity programme in order to assess compliance with
the implementation of the objectives set. The results are
communicated to Management during cybersecurity reviews.
Progress on Cyber Trust 25 ambitions is regularly monitored
in dedicated committees. The purpose of these meetings is to
present the progress on each of the initiatives included in the
strategy. Indicator tables are presented and commented on.
In addition, BNP Paribas Fortis relies on generic ICT control
libraries to conduct self-assessments regarding the imple
-
mentation of IT governance, IT risk, and cybersecurity
requirements. These libraries provide a structured framework
for assessing compliance with established controls, identifying
areas of non-compliance and developing remediation plans
where necessary.
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
8 Annex
8.a General disclosures
8.a.1 General basis for the preparation
of the sustainability statement
Although it meets the size criteria required by the CSRD
regarding the preparation of sustainability statements, some
of the subsidiaries of BNP Paribas Fortis benefit from the
exemption provided for in Articles 19a (9) and 29a (8) of the
Accounting Directive (Directive 2013/34/EU).
These EU-domiciled entities are large enough to be subject to
the requirement to publish sustainability statements on a sub-
consolidated basis, but they do not issue securities listed on EU
regulated markets and belong to a parent entity that is itself
subject to publication requirements on a consolidated basis.
TABLE No. 46: LIST OF BNP PARIBAS FORTIS EUROPEAN SUBSIDIARIES EXEMPT FROM THE REQUIREMENT TO PUBLISH A
SUSTAINABILITY STATEMENT AND COVERED BY BNP PARIBAS FORTIS’ PUBLICATION
Name Country
BNPP Lease Group France
BGL BNPP Luxembourg
8.a.2 Disclosures in relation to specific
circumstances
Time horizons, estimates, sources of
uncertainty
The existence of special circumstances may change the
content of sustainability information. Such changes may
involve a departure from the time horizons initially defined
by the standard, but also the use of estimates concerning
the value chain, or sources of uncertainty relating to those
estimates. The table below refers to the parts of the report
that clarify these particular circumstances.
TABLE No. 47: TIME HORIZONS, ESTIMATES, SOURCES OF UNCERTAINTY
Description of the publication requirement
Corresponding
information CSRD sections
Time horizons
9.a. Publication of medium or long-term time horizons in the event of
deviations from the defined time horizons
Climate stress tests
Chapter 2. ‘Climate change’
2.a.3 ‘Description of strategy and business model
resilience’
9.b. Publication of the reasons why the application of these time
horizon definitions is different
Value chain
estimation
10.a. Publication of indicators used that include upstream and
downstream value chain data estimated using indirect sources, such
as sector averages or other approximations
Climate stress tests
Scope 3 category 15
(investments)
Scope 3 category 6
(business travel)
Targets and baselines
relating to the main
sectors that emit the most
greenhouse gases
Chapter 2. ‘Climate change’
2.c.4 ‘Gross GHG emissions’
Chapter 2. ‘Climate change’
2.c.1 ‘BNP Paribas Fortis targets and metrics related to
its impact on climate change’
Chapter 2. ‘Climate change’
2.c.2 ‘BNP Paribas Fortis targets and metrics related to
its opportunities on climate change’
10.b. Description of the basis of preparation used for these indicators,
including value chain data estimated using indirect sources
10.c. Description of the level of accuracy resulting from indicators
that include value chain data estimated using indirect sources
10.d. Where applicable, description of actions planned to improve the
accuracy of indicators that include value chain data estimated using
indirect sources
Sources of
estimation
and outcome
uncertainty
11.a. Publication of quantitative indicators and monetary amounts
that are subject to a high level of measurement uncertainty
Climate stress tests
Scope 3 category 15
(investments)
Scope 3 category 6
(business travel)
Chapter 2. ‘Climate change’
2.c.1 ‘BNP Paribas Fortis targets and metrics related to
its impact on climate change’
Chapter 2. ‘Climate change’
2.c.4 ‘Gross GHG emissions’
11.b.i. Publication of information on sources of measurement
uncertainty
11.b.ii. Publication of assumptions, approximations and judgements
the entity has made in measuring an amount
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
More specifically, metrics that include estimates relating to
the value chain of the main sectors with the highest GHG
emissions are described below:
10.a Several metrics include data upstream or downstream of
the value chain (Scope 3). These are as follows:
Financed emissions (expressed in MtCO2e) for upstream
(exploration-production) activities of the oil and gas sector
(for Scopes 1 and 2, and the combustion part of Scope 3)
and for refining activities (Scopes 1 and 2).
Automobile emissions intensities, covering vehicle exhaust
CO2 emissions (i.e. emissions from “tank to wheel” or
downstream from scope 3), expressed in gCO2/km and
using the Worldwide Harmonised Light Vehicle Test
Procedure (WLTP). The majority of emissions from the
automotive sector consist of CO2.
Emissions associated with upstream fuel production
(upstream scope 3 emissions), which are also taken into
account for the aviation and maritime transport sectors
and therefore used in alignment metrics expressed on a
Well-to-Wake basis.
It should be noted that emissions associated with the energy
consumption of building residents in the commercial real
estate (CRE) sector (downstream Scope 3 emissions) are
based on the measurement methodologies implemented by
Real Estate Investment Trusts (REITs) when producing their
sustainability reports, which are considered a direct source
of data. Consequently, the commercial real estate sector is
excluded from the analysis below.
10.b. The methods used to calculate these metrics include
the following.
Scope 3 emissions from the oil and gas sector are calcu-
lated using company production figures provided by the
Wood Mackenzie database, the IEA’s breakdown of global
refining production (granular information on the different
types of fuels from oil refining) and emission factors by
fuel type given by the IPCC 2006 report. These are the
most recent figures available. It should be noted that fuel
emission factors are physical parameters and therefore
stable over time.
The intensity of emissions from the automotive sector is
calculated using sector production data for each technol
-
ogy (electric vehicles, plug-in hybrids, mild hybrids and
combustion-engine vehicles) provided by the S&P-IHS
Markit mild hybrids and average technology emission
factors calculated using the Asset Impact database.
The transition from a Tank-to-Wake (TTW) to a Well-to-
Wake (WTW) measurement for aviation is based on a
conversion factor for fuel provided by the International
Civil Aviation Organisation (ICAO) and is performed by an
internal team.
The transition from a TTW to a WTW measurement for
maritime transport is based on the use of average con-
version factors per vessel type, as provided by shipping
consultancy DNV.
10.c. Level of uncertainty resulting from and related to the
use of indirect sources in the estimation of upstream and/or
downstream data in the value chain (e.g. sector average data
or other proxies):
The level of certainty in the calculation of downstream
Scope 3 emissions from the oil and gas sector is very high.
That certainty is based on the latest Wood Mackenzie
production data and aggregated at company level (high
level of data accuracy), on physical parameters that are
stable over time and on the average granular decomposi-
tion of refined oil into different types of fuels provided by
recognised bodies (IEA and IPCC).
The level of certainty in the calculation of the automotive
Scope 3 emissions intensity is medium, as it is based on
the latest S&P Global-IHS Markit production data that is
aggregated at company level (high level of data accuracy)
and the average emission factors per technology from
Asset Impact (medium level of accuracy). This is because
there is currently no up-to-date and unanimously recog-
nised database on emissions intensities in the automobile
industry. Thus, the Group’s calculations rely on Asset
Impact, which aggregates the emission intensities that
can be recovered from local regulatory sources (e.g. the
European Economic Area).
The level of certainty in calculating aviation emissions
intensity is high. It is based on activity data at asset level
(air traffic and fuel consumption with a high level of
accuracy), on the emissions factor used to convert fuel
consumption into emissions (high level of accuracy as it
is a stable physical parameter) and on an average TTW
to WTW conversion factor provided by the ICAO (low level
of accuracy as it is based on an average global conver-
sion factor).
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
The level of certainty in calculating the emissions intensity
of the maritime transport sector is high as it is based on
activity data at asset level (distance and fuel consumption
with a high level of accuracy), on the emissions factor used
to convert fuel consumption into emissions (high level of
accuracy as this is a stable physical parameter) and on
an average TTW to WTW conversion factor provided by a
shipping consultancy company that bases its analyses on
actual shipping data (low level of accuracy as based on
an average overall conversion factor).
10.d. Calculations are currently being made using the best
available data. The intention is to continue using the latest
data and more granular emission factors and conversion
factors, or to use them as soon as they become available.
Metrics and targets
All targets defined are linked to material impacts, risks and
opportunities from the stakeholder perspective. When metrics
presented in the report have been validated by an external
body other than the guarantor, the latter has been mentioned.
Incorporation by reference
Some specific items of data prescribed by a disclosure
requirement have been incorporated by reference. They are
listed below.
TABLE No. 48: LIST OF INFORMATION INCORPORATED BY REFERENCE
Disclosure requirement Datapoint content
Chapter/section in which the
cross reference is used (in)
Chapter/section/page that the
cross reference mentions (out)
ESRS 2 GOV-1 – The role of the
administrative, management and supervisory
bodies
§21a - the composition and diversity of the administrative,
management and supervisory bodies
Chapter 1. ‘General disclosures’
/ Section 1.a.1 ‘The role of the
administrative, management and
supervisory bodies’
Corporate Governance Statement
(p.28 to 45)
For more details, it is also referred
to the Corporate Governance
Charter
§21b - representation of employees and other workers;
§21c - experience relevant to the sectors, products and geographic
locations of the undertaking;
§21d - percentage by gender and other aspects of diversity that the
undertaking considers. Gender balance in the governance bodies is
represented by the average ratio of women to men in those bodies;
§21e - the percentage of independent board members
ESRS 2 GOV-1 – The role of the
administrative, management and supervisory
bodies
§23a - the sustainability-related expertise that the bodies, as a whole,
either directly possess or can leverage, for example through access to
experts or training;
Chapter 1. ‘General disclosures’
/ Section 1.a.1 ‘The role of the
administrative, management and
supervisory bodies’
Corporate Governance Statement/
p.33
ESRS G1 Disclosure requirement related
to ESRS 2 GOV-1 – The role of the
administrative, management and supervisory
bodies
§5b - the expertise of the administrative, management and supervisory
bodies on business conduct matters.
Chapter 1. ‘General disclosures’
/ Section 1.a.1 ‘The role of the
administrative, management and
supervisory bodies’
Corporate Governance Statement
p.28 to 31
ESRS 2 GOV-3 – Integration of sustainability-
related performance in incentive schemes
§29 - The undertaking shall disclose the following information
about the incentive schemes and remuneration policies linked to
sustainability matters for members of the undertaking’s administrative,
management and supervisory bodies, where they exist:
a) a description of the key characteristics of the incentive schemes;
b) whether performance is being assessed against specific
sustainability-related targets and/or impacts, and if so, which ones;
c) whether and how sustainability-related performance metrics are
considered as performance benchmarks or included in remuneration
policies;
d) the proportion of variable remuneration dependent on sustainability-
related targets and/or impacts
Chapter 1. ‘General disclosures’
/ Section 1.a.2 ‘Integration of
sustainability-related performance
in incentive schemes’
Corporate Governance Statement /
3.Internal Control Procedures p.41
ESRS 2 SBM-3 – Material impacts, risks
and opportunities and their interaction with
strategy and business model
§48f - information about the resilience of the undertaking’s strategy
and business model regarding its capacity to address its material
impacts and risks and to take advantage of its material opportunities.
The undertaking shall disclose a qualitative and, when applicable, a
quantitative analysis of the resilience, including how the analysis was
conducted and the time horizons that were applied as defined in ESRS
1 (cfr. ESRS 1 chapter 6 Time horizons).
When providing quantitative information, the undertaking may disclose
single amounts or ranges;
Chapter 1. ‘General disclosures’
/ Section 1.c.2 ‘Material impacts,
risks and opportunities and their
interaction with the strategy and
business model’
Core businesses p.12 to 15
ESRS 2 GOV-5 – Risk management and
internal controls over sustainability reporting
§36 - the undertaking shall disclose the following information:
a) the scope, main features and components of the risk management
and internal control processes and systems in relation to
sustainability reporting;
b) the risk assessment approach followed, including the risk
prioritisation methodology;
c) the main risks identified and their mitigation strategies including
related controls;
Chapter 1. ‘General disclosures’ /
Section 1.a.3 ‘Risk management
and internal controls over
sustainability reporting’
3. Internal Control Procedures
p.41
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BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
8.a.3 Disclosure requirements in ESRS
covered by the undertaking’s
sustainability statements
Description of procedures for identifying
materiality of information
After conducting the double materiality assessment on the
topics, BNP Paribas Fortis conducted a materiality analysis
of the information to be published. This analysis is carried
out qualitatively, based on the adequacy of the information
required by the CSRD with the activities of BNP Paribas Fortis.
Indeed, certain information is not relevant due to the nature
of the bank’s financial activities or strategy, and is therefore
considered as non-material for BNP Paribas Fortis and is
therefore not published
List of publication requirements met
by preparing the sustainability report,
according to the results of the materiality
assessment (table of contents)
BNP Paribas Fortis has complied with the disclosure require-
ments below by preparing the sustainability report, based on
the results of the materiality assessment.
TABLE No. 49: LIST OF DISCLOSURE REQUIREMENTS FULFILLED BY PREPARING THE SUSTAINABILITY STATEMENT
Disclosure Requirements (DR) Paragraphs
ESRS 2 General disclosures to be published
BP-1 General basis for the preparation of the sustainability statement 1. General disclosures
and
8.Annex
BP-2 Disclosure of information relating to special circumstances
GOV-1 The role of administrative, management and supervisory bodies
1. General disclosures
1.a Governance
GOV-2 Information to the company’s administrative, management and supervisory bodies and sustainability issues dealt with by these
bodies
GOV-3 Integration of sustainability results into incentive systems
GOV-4 Due diligence statement
GOV-5 Sustainability information risk management and internal controls
SBM-1 Strategy, business model and value chain 1. General disclosures
1.b Strategy, business model and
stakeholders
SBM-2 Interests and views of interested parties
SBM-3 Significant impacts, risks and opportunities and their link to strategy and business model 1. General disclosures
1.c Material impacts, risks and
opportunities
IRO-1 Description of procedures for identifying and assessing significant impacts, risks and opportunities
IRO-2 ESRS Disclosure requirements covered by corporate sustainability statement 8. Annex
ESRS E1 Climate Change
ESRS 2 GOV-3 Integration of sustainability performance into incentive mechanisms
1. General disclosures
1.a Governance
E1-1 Climate change mitigation transition plan
2. Climate change
2.a Strategy
ESRS 2 SBM-3 Significant impacts, risks and opportunities and their interaction with strategy and business model
ESRS 2 IRO-1 Description of processes for identifying and assessing significant climate change impacts, risks and opportunities
1. General disclosures
1.c Material impacts, risks and
opportunities
E1-2 Policies related to climate change mitigation and adaptation 2. Climate change
2.b Impact, risk and opportunity
management
E1-3 Actions and resources related to climate change policies
E1-4 Targets related to climate change mitigation and adaptation
2. Climate change
2.c Metrics and targets
E1-5 Energy consumption and energy mix
E1-6 Gross scope 1, 2, 3 GHG emissions and total GHG emissions
E1-7 GHG absorption and mitigation projects financed by carbon credits
ESRS S1 Own Workforce
ESRS 2 SBM-2 Stakeholder interests and views
1. General disclosures
1.b Strategy, business model and
stakeholders
ESRS 2 SBM-3 Material impacts, risks, and opportunities and their interaction with strategy and business model
4.Own workforce
4.a Strategy
S1-1 Own workforce policies
4.Own workforce
4.b Impact, risk and opportunity
management
S1-2 Process for interacting on impacts with company employees and their representatives
S1-3 Adverse impact remediation procedures and channels for company employees to raise concerns
S1-4 Actions concerning significant impacts on the company’s workforce, approaches to manage significant risks and seize significant
opportunities concerning the company’s workforce, and the effectiveness of these actions
323
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Disclosure Requirements (DR) Paragraphs
S1-5 Targets related to managing significant negative impacts, promoting positive impacts and managing significant risks and opportunities
4.Own workforce
4.c Metrics and targets
S1-6 Company employee characteristics
S1-7 Characteristics of external workers in the company’s workforce
S1-8 Coverage of collective bargaining and social dialogue
S1-9 Diversity metrics
S1-10 Decent wages
S1-11 Social protection
S1-12 Disabled persons
S1-13 Training and competency development metrics
S1-14 Health and safety metrics
S1-15 Work-life balance metrics
S1-16 Compensation metrics (compensation gap and total compensation)
S1-17 Serious human rights cases, complaints and impacts
ESRS S4 Consumers and End-users
ESRS 2 SBM-2 Interests and views of interested parties
1. General disclosures
1.b Strategy, business model and
stakeholders
ESRS 2 SBM-3 Significant impacts, risks and opportunities and interaction with strategy and business model
5. Consumers and end-users
5.a Strategy
S4-1 Consumer and end-user policies
5. Consumers and end-users
5.b Impact, risk and opportunity
management
S4-2 Process of interaction on impacts with consumers and end-users
S4-3 Adverse impact procedures and channels for consumers and end-users to raise concerns
S4-4 Actions concerning significant impacts on consumers and end-users, approaches to manage significant risks and seize significant
opportunities for consumers and end-users, and effectiveness of these actions
S4-5 Targets related to managing significant negative impacts, promoting positive impacts and managing significant risks and opportunities
5. Consumers and end-users
5.c Metrics and targets
ESRS G1 Business Conduct
ESRS 2 GOV-1 The role of administrative, management and supervisory bodies
1. General disclosures
1.a Governance
ESRS 2 IRO-1 Description of procedures for identifying and assessing significant impacts, risks and opportunities
1. General information
Material impacts, risks and opportunities
G1-1 Corporate Culture and Business Conduct Policies 6. Business conduct
6.b Impact, risk and opportunity
management
G1-3 Prevention and detection of corruption and bribery
G1-4 Proven Cases of Corruption or Proven Bribery
6. Business conduct
6.c Metrics and targets
G1-5 Political influence and lobbying activities
Cybersecurity
7. Additional information specific to the
entity
Market Integrity and Financial Security
324
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Disclosure requirement and related
datapoint SFDR
1
reference Pillar 3 reference
2
Benchmark Regulation
reference
3
EU Climate
Law
referenceLaw
(26)
reference
4
Reference in the
sustainability
statements
ESRS 2 GOV-1
Board’s gender diversity paragraph 21 (d)
Indicator number 13 of
Table #1 of Annex 1
Commission Delegated
Regulation (EU) 2020/1816
5
,
Annex II
1. General disclosures
1.a Governance
ESRS 2 GOV-1
Percentage of board members who are
independent paragraph 21 (e)
Delegated Regulation (EU)
2020/1816, Annex II
1. General disclosures
1.a Governance
ESRS 2 GOV-4
Statement on due diligence paragraph 30
Indicator number 10
Table #3 of Annex 1
1. General disclosures
1.a Governance
ESRS 2 SBM-1
Involvement in activities related to fossil
fuel activities paragraph 40 (d) i
Indicators number 4
Table #1 of Annex 1
Article 449a Regulation (EU) No
575/2013;
Commission Implementing Regulation
(EU) 2022/2453
6
Table 1: Qualitative
information on Environmental risk and
Table 2: Qualitative information on
Social risk
Delegated Regulation (EU)
2020/1816, Annex II
Not applicable
ESRS 2 SBM-1
Involvement in activities related to
chemical production paragraph 40 (d) ii
Indicator number 9
Table #2 of Annex 1
Delegated Regulation (EU)
2020/1816, Annex II
Not applicable
ESRS 2 SBM-1
Involvement in activities related to
controversial weapons paragraph 40
(d) iii
Indicator number 14
Table #1 of Annex 1
Delegated Regulation (EU)
2020/1818
7
, Article 12(1)
Delegated Regulation (EU)
2020/1816, Annex II
Not applicable
ESRS 2 SBM-1
Involvement in activities related to
cultivation and production of tobacco
paragraph 40 (d) iv
Delegated Regulation (EU)
2020/1818, Article 12(1)
Delegated Regulation (EU)
2020/1816, Annex II
Not applicable
ESRS E1-1
Transition plan to reach climate
neutrality by 2050 paragraph 14
Regulation
(EU)
2021/1119
Article 2(1)
2. Climate change
2.a Strategy
ESRS E1-1
Undertakings excluded from Paris-
aligned Benchmarks paragraph 16 (g)
Article 449a
Regulation (EU) No 575/2013;
Commission Implementing Regulation
(EU) 2022/2453 Template 1: Banking
book-Climate Change transition risk:
Credit quality of exposures by sector,
emissions and residual maturity
Delegated Regulation (EU)
2020/1818, Article12.1 (d)
to (g), and Article 12.2
2. Climate change
2.a Strategy
ESRS E1-4
GHG emission reduction targets
paragraph 34
Indicator number 4
Table #2 of Annex 1
Article 449a
Regulation (EU) No 575/2013;
Commission Implementing Regulation
(EU) 2022/2453 Template 3: Banking
book – Climate change transition risk:
alignment metrics
Delegated Regulation (EU)
2020/1818, Article 6
2. Climate change
2.c Metrics and
targets
1
Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services
sector (Sustainable Finance Disclosures Regulation) (OJ L 317, 9.12.2019, p. 1).
2
Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment
firms and amending Regulation (EU) No 648/2012 (Capital Requirements Regulation “CRR”) (OJ L 176, 27.6.2013, p. 1).
3
Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial
contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (OJ L
171, 29.6.2016, p. 1).
4
Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality and
amending Regulations (EC) No 401/2009 and (EU) 2018/1999 (‘European Climate Law’) (OJ L 243, 9.7.2021, p. 1).
5
Commission Delegated Regulation (EU) 2020/1816 of 17 July 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council
as regards the explanation in the benchmark statement of how environmental, social and governance factors are reflected in each benchmark provided and
published (OJ L 406, 3.12.2020, p. 1).
6
Commission Implementing Regulation (EU) 2022/2453 of 30 November 2022 amending the implementing technical standards laid down in Implementing
Regulation (EU) 2021/637 as regards the disclosure of environmental, social and governance risks (OJ L 324,19.12.2022, p.1.)
7
Commission Delegated Regulation (EU) 2020/1818 of 17 July 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as
regards minimum standards for EU Climate Transition Benchmarks and EU Parisaligned Benchmarks (OJ L 406, 3.12.2020, p. 17).
List of datapoints in cross-cutting and topical standards that derive from other EU legislation
Some CSRD datapoints are required by other EU legislation, as listed below.
TABLE No. 50: TABLE OF CSRD DATAPOINTS REQUIRED BY OTHER EU LEGISLATION
325
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Disclosure requirement and related
datapoint SFDR
1
reference Pillar 3 reference
2
Benchmark Regulation
reference
3
EU Climate
Law
referenceLaw
(26)
reference
4
Reference in the
sustainability
statements
ESRS E1-5
Energy consumption from fossil sources
disaggregated by sources (only high
climate impact sectors) paragraph 38
Indicator number 5
Table #1 and Indicator
n. 5 Table #2 of Annex 1
Non-material
information
ESRS E1-5 Energy consumption and mix
paragraph 37
Indicator number 5
Table #1 of Annex 1
2. Climate change
2.c Metrics and
targets
ESRS E1-5
Energy intensity associated with
activities in high climate impact sectors
paragraphs 40 to 43
Indicator number 6
Table #1 of Annex 1
Non-material
information
ESRS E1-6
Gross Scope 1, 2, 3 and Total GHG
emissions paragraph 44
Indicators number
1 and 2 Table #1 of
Annex 1
Article 449a; Regulation (EU) No
575/2013; Commission Implementing
Regulation (EU) 2022/2453 Template 1:
Banking book – Climate change transition
risk: Credit quality of exposures by sector,
emissions and residual maturity
Delegated Regulation (EU)
2020/1818, Article 5(1), 6
and 8(1)
2. Climate change
2.c Metrics and
targets
ESRS E1-6
Gross GHG emissions intensity
paragraphs 53 to 55
Indicators number 3
Table #1 of Annex 1
Article 449a Regulation (EU) No
575/2013; Commission Implementing
Regulation (EU) 2022/2453 Template 3:
Banking book – Climate change transition
risk: alignment metrics
Delegated Regulation (EU)
2020/1818, Article 8(1)
2. Climate change
2.c Metrics and
targets
ESRS E1-7
GHG removals and carbon credits
paragraph 56
Regulation
(EU)
2021/1119
Article 2(1)
2. Climate change
2.c Metrics and
targets
ESRS E1-9
Exposure of the benchmark portfolio to
climate-related physical risks paragraph
66
Delegated Regulation
(EU) 2020/1818, Annex II
Delegated Regulation (EU)
2020/1816, Annex II
Phase-in application
ESRS E1-9
Disaggregation of monetary amounts
by acute and chronic physical risk
paragraph 66 (a)
ESRS E1-9
Location of significant assets at material
physical risk paragraph 66 (c).
Article 449a Regulation (EU) No
575/2013; Commission Implementing
Regulation (EU) 2022/2453 paragraphs
46 and 47; Template 5: Banking book -
Climate change physical risk: Exposures
subject to physical risk.
Phase-in application
ESRS E1-9
Breakdown of the carrying value of its
real estate assets by energy-efficiency
classes paragraph 67 (c).
Article 449a Regulation (EU) No
575/2013; Commission Implementing
Regulation (EU) 2022/2453 paragraph
34;Template 2:Banking book -Climate
change transition risk: Loans
collateralised by immovable property -
Energy efficiency of the collateral
Phase-in application
ESRS E1-9
Degree of exposure of the portfolio to
climate- related opportunities paragraph
69
Delegated Regulation (EU)
2020/1818, Annex II
Phase-in application
ESRS E2-4
Amount of each pollutant listed in Annex
II of the E-PRTR Regulation (European
Pollutant Release and Transfer Register)
emitted to air, water and soil, paragraph
28
Indicator number 8
Table #1 of Annex 1
Indicator number 2
Table #2 of Annex 1
Indicator number 1
Table #2 of Annex 1
Indicator number 3
Table #2 of Annex 1
Non-material
information
ESRS E3-1
Water and marine resources paragraph 9
Indicator number 7
Table #2 of Annex 1
Non-material
information
ESRS E3-1
Dedicated policy paragraph 13
Indicator number 8
Table 2 of Annex 1
Non-material
information
ESRS E3-1
Sustainable oceans and seas paragraph
14
Indicator number 12
Table #2 of Annex 1
Non-material
information
ESRS E3-4
Total water recycled and reused
paragraph 28 (c)
Indicator number 6.2
Table #2 of Annex 1
Non-material
information
ESRS E3-4
Total water consumption in m3 per net
revenue on own operations paragraph 29
Indicator number 6.1
Table #2 of Annex 1
Non-material
information
ESRS 2- IRO 1 - E4 paragraph 16 (a) i Indicator number 7
Table #1 of Annex 1
Non-material
information
ESRS 2- IRO 1 - E4 paragraph 16 (b) Indicator number 10
Table #2 of Annex 1
Non-material
information
ESRS 2- IRO 1 - E4 paragraph 16 (c) Indicator number 14
Table #2 of Annex 1
Non-material
information
326
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Disclosure requirement and related
datapoint SFDR
1
reference Pillar 3 reference
2
Benchmark Regulation
reference
3
EU Climate
Law
referenceLaw
(26)
reference
4
Reference in the
sustainability
statements
ESRS E4-2
Sustainable land / agriculture practices
or policies paragraph 24 (b)
Indicator number 11
Table #2 of Annex 1
Non-material
information
ESRS E4-2
Sustainable oceans / seas practices or
policies paragraph 24 (c)
Indicator number 12
Table #2 of Annex 1
Non-material
information
ESRS E4-2
Policies to address deforestation
paragraph 24 (d)
Indicator number 15
Table #2 of Annex 1
Non-material
information
ESRS E5-5
Non-recycled waste paragraph 37 (d)
Indicator number 13
Table #2 of Annex 1
Non-material
information
ESRS E5-5
Hazardous waste and radioactive waste
paragraph 39
Indicator number 9
Table #1 of Annex 1
Non-material
information
ESRS 2- SBM3 - S1
Risk of incidents of forced labour
paragraph 14 (f)
Indicator number 13
Table #3 of Annex I
4. Own workforce
4.b Impacts, risks
and opportunities
management
ESRS 2- SBM3 - S1
Risk of incidents of child labour
paragraph 14 (g)
Indicator number 12
Table #3 of Annex I
4. Own workforce
4.b Impacts, risks
and opportunities
management
ESRS S1-1
Human rights policy commitments
paragraph 20
Indicator number 9
Table #3 and Indicator
number 11 Table #1 of
Annex I
4. Own workforce
4.b Impacts, risks
and opportunities
management
ESRS S1-1
Due diligence policies on issues
addressed by the fundamental
International Labor Organisation
Conventions 1 to 8, paragraph 21
Delegated Regulation (EU)
2020/1816, Annex II
4. Own workforce
4.b Impacts, risks
and opportunities
management
ESRS S1-1
processes and measures for preventing
trafficking in human beings paragraph 22
Indicator number 11
Table #3 of Annex I
4. Own workforce
4.b Impacts, risks
and opportunities
management
ESRS S1-1
workplace accident prevention policy or
management system paragraph 23
Indicator number 1
Table #3 of Annex I
4. Own workforce
4.b Impacts, risks
and opportunities
management
ESRS S1-3
grievance/complaints handling
mechanisms paragraph 32 (c)
Indicator number 5
Table #3 of Annex I
4. Own workforce
4.b Impacts, risks
and opportunities
management
ESRS S1-14
Number of fatalities and number and
rate of work-related accidents paragraph
88 (b) and (c)
Indicator number 2
Table #3 of Annex I
Delegated Regulation (EU)
2020/1816, Annex II
4. Own workforce
4.c Metrics and
targets
ESRS S1-14
Number of days lost to injuries,
accidents, fatalities or illness paragraph
88 (e)
Indicator number 3
Table #3 of Annex I
4. Own workforce
4.c Metrics and
targets
ESRS S1-16
Unadjusted gender pay gap paragraph
97 (a)
Indicator number 12
Table #1 of Annex I
Delegated Regulation (EU)
2020/1816, Annex II
4. Own workforce
4.c Metrics and
targets
ESRS S1-16
Excessive CEO pay ratio paragraph 97 (b)
Indicator number 8
Table #3 of Annex I
4. Own workforce
4.c Metrics and
targets
ESRS S1-17
Incidents of discrimination paragraph
103 (a)
Indicator number 7
Table #3 of Annex I
4. Own workforce
4.c Metrics and
targets
ESRS S1-17 Non-respect of UNGPs on
Business and Human Rights and OECD
paragraph 104 (a)
Indicator number 10
Table #1 and Indicator
n. 14 Table #3 of
Annex I
Delegated Regulation
(EU) 2020/1816, Annex II
Delegated Regulation (EU)
2020/1818 Art 12 (1)
4. Own workforce
4.c Metrics and
targets
ESRS 2- SBM3 – S2
Significant risk of child labour or forced
labour in the value chain paragraph
11 (b)
Indicators number 12
and n. 13 Table #3 of
Annex I
Non-material
information
ESRS S2-1
Human rights policy commitments
paragraph 17
Indicator number 9
Table #3 and Indicator
n. 11 Table #1 of
Annex 1
Non-material
information
ESRS S2-1 Policies related to value chain
workers paragraph 18
Indicator number 11
and n. 4 Table #3 of
Annex 1
Non-material
information
327
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Disclosure requirement and related
datapoint SFDR
1
reference Pillar 3 reference
2
Benchmark Regulation
reference
3
EU Climate
Law
referenceLaw
(26)
reference
4
Reference in the
sustainability
statements
ESRS S2-1Non-respect of UNGPs on
Business and Human Rights principles
and OECD guidelines paragraph 19
Indicator number 10
Table #1 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex II
Delegated Regulation (EU)
2020/1818, Art 12 (1)
Non-material
information
ESRS S2-1
Due diligence policies on issues
addressed by the fundamental
International Labor Organisation
Conventions 1 to 8, paragraph 19
Delegated Regulation (EU)
2020/1816, Annex II
Non-material
information
ESRS S2-4
Human rights issues and incidents
connected to its upstream and
downstream value chain paragraph 36
Indicator number 14
Table #3 of Annex 1
Non-material
information
ESRS S3-1
Human rights policy commitments
paragraph 16
Indicator number 9
Table #3 of Annex 1 and
Indicator number 11
Table #1 of Annex 1
Non-material
information
ESRS S3-1
non-respect of UNGPs on Business and
Human Rights, ILO principles or and
OECD guidelines paragraph 17
Indicator number 10
Table #1 Annex 1
Delegated Regulation
(EU) 2020/1816, Annex II
Delegated Regulation (EU)
2020/1818, Art 12 (1)
Non-material
information
ESRS S3-4
Human rights issues and incidents
paragraph 36
Indicator number 14
Table #3 of Annex 1
Non-material
information
ESRS S4-1 Policies related to consumers
and end-users paragraph 16
Indicator number 9
Table #3 and Indicator
number 11 Table #1 of
Annex 1
5. Consumers and
end-users
5.b Impact, risk
and opportunity
management
ESRS S4-1
Non-respect of UNGPs on Business and
Human Rights and OECD guidelines
paragraph 17
Indicator number 10
Table #1 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex II
Delegated Regulation (EU)
2020/1818, Art 12 (1)
5. Consumers and
end-users
5.b Impact, risk
and opportunity
management
ESRS S4-4
Human rights issues and incidents
paragraph 35
Indicator number 14
Table #3 of Annex 1
1. General disclosures
ESRS G1-1
United Nations Convention against
Corruption paragraph 10 (b)
Indicator number 15
Table #3 of Annex 1
6. Business conduct
6.b Impact, risk
and opportunity
management
ESRS G1-1
Protection of whistle- blowers paragraph
10 (d)
Indicator number 6
Table #3 of Annex 1
6. Business conduct
6.b Impact, risk
and opportunity
management
ESRS G1-4
Fines for violation of anti-corruption and
anti-bribery laws paragraph 24 (a)
Indicator number 17
Table #3 of Annex 1
Delegated Regulation (EU)
2020/1816, Annex II)
6. Business conduct
6.c Metrics and
targets
ESRS G1-4
Standards of anti- corruption and anti-
bribery paragraph 24 (b)
Indicator number 16
Table #3 of Annex 1
6. Business conduct
6.c Metrics and
targets
328
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
8.b Climate change
8.b.1 BNP Paribas Group credit exposure
to low carbon and fossil energie
3,1
25,1
1,3
5
5,3
12,1
28.2
23.7
54 %
X %
46 %
30/09/2022 30/09/2024
0
5,0
10,0
15,0
20,0
25,0
30,0
35,0
40,0
0
5,0
10,0
15,0
20,0
25,0
30,0
35,0
40,0
2,6
34,2
2,2
2,7
6,2
11.5
76 % 24 %
36.8
0,4
Renewable energy sources
Proportion of total exposure in terms of financing
of energy production
Oil refining
Nuclear Gas extraction/production
Oil extracton/production
Coal
Low-carbon Fossil fuels Low-carbon Fossil fuels
The figure above illustrates the continued shift of the
BNP Paribas Group’s credit portfolio towards low-carbon
energies, with a significant acceleration between September
2022 and September 2024 (+36% on renewable and -51% in
fossil energies).
In terms of energy definitions, BNP Paribas Group makes the
following distinction:
Renewable energy: wind and marine energy, photovoltaic
solar energy, concentrated solar energy, hydroelectricity,
geothermal energy, bioenergy (including biofuels except
for first generation);
Low-carbon energy: electricity from renewable and nuclear
sources. The scope of low-carbon energies could evolve
depending on technological advancements to gradually go
beyond energy production and include other subparts in
the value chain such as transport, storage or distribution
of low-carbon energy.
8.b.2 Technical glossary relating to
GHG measurement
Term Rationale
CH
4
Methane is of particular concern because of its global warming potential, which is approximately 25 times higher than that of carbon dioxide (CO
2
) over a 100-
year period. This means that even small amounts of methane in the atmosphere can have a significant impact on climate change.
CO
2
Carbon dioxide is of particular concern because of its role in global warming. It traps heat in the atmosphere, contributing to the greenhouse effect. CO
2
emissions
are often measured in tonnes of CO
2
equivalent to assess their impact on the climate.
Fluorinated gases
GHGs that include several types of chemical compounds. They are often used in various industrial and commercial applications, such as refrigeration systems,
air conditioners, aerosols, and insulation foams. The main fluorinated gases are hydrofluorocarbons (HFC), perfluorocarbons (PFC), sulphur hexafluoride (SF
6
) and
hydrofluorolefins (HFO). These gases are known for their high global warming potential, which means they can trap heat in the atmosphere much more effectively
than carbon dioxide (CO
2
).
N
2
O
Nitrous oxide is of particular concern because of its global warming potential, which is approximately 298 times higher than that of carbon dioxide (CO
2
) over a
100-year period. This means that even small amounts of N
2
O in the atmosphere can have a significant impact on climate change.
329
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
8.b.3 Disclosure requirements under European Taxonomy
TABLE No. 51: SUMMARY OF KPIS TO BE DISCLOSED BY CREDIT INSTITUTIONS UNDER ARTICLE 8 OF EUROPEAN TAXONOMY REGULATION
in millions of euros
31 December 2024
Total environmentally
sustainable assets
(turnover)
"Total environmentally
sustainable assets
(CapEx)"
"KPI
(turnover)"
"KPI
(CapEx)"
% coverage (over total
assets)
% of assets excluded from
the numerator of the GAR
(Article 7 (2) and (3) and
Section 1.1.2. of Annex V)
% of assets excluded from
the denominator of the GAR
(Article 7 (1)) and Section
1.2.4 of Annex V)
Main KPI Green asset ratio (GAR) stock 9,780 9,995 3.05% 3.11% 39.23% 44.64% 16.13%
in millions of euros
31 December 2024
Total environmentally sustainable assets
(turnover)
"Total environmentally sustainable assets
(CapEx)"
"KPI
(turnover)"
"KPI
(CapEx)"
Main KPI
GAR (flow) 9,220 9,064 -20.20% -19.87%
Financial guarantees 262 362 1.97% 2.72%
Assets under management 470 516 3.69% 4.05%
330
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
TABLE No. 52: ASSETS FOR THE CALCULATION OF GAR (STOCKS ; ELIGIBILITY AND ALIGNEMENT MEASURED ON A TURNOVER BASIS)
a b c d e f g h i j k l m n o p q r
in millions of euros
31 December 2024
Total
[gross]
carrying
amount
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE)
of which towards taxonomy relevant sectors (Taxonomy-
eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which environmentally sustainable (Taxonomy-
aligned)
of which environmentally
sustainable (Taxonomy-aligned)
of which environmentally
sustainable (Taxonomy-aligned)
of which environmentally
sustainable (Taxonomy-aligned)
of which
Use of
Proceeds
of which
transitional
of which
enabling
of which
Use of
Proceeds
of which
enabling
of which
Use of
Proceeds
of which
enabling
of which
Use of
Proceeds
of which
enabling
GAR - Covered assets in both numerator and
denominator
150,179 86,765 9,774 23 236 209 6 40 136
1
Loans and advances, debt securities and equity
instruments not HfT eligible for GAR calculation
150,178 86,765 9,774 23 236 209 6 40 136
2 Financial undertakings 9,547 1,009 37 0 26 2 0 0 2
3 Credit institutions 7,385 777 0 0 0 0 0 0 0
4 Loans and advances 2,660 17 0 0 0 0 0 0 0
5 Debt securities 2,853 757 0 0 0 0 0 0 0
6 Equity instruments 1,872 3 0 0 0 0 0 0 0
7 Other financial corporations 2,162 232 37 0 26 2 0 0 2
8 of which investment firms 559 187 31 0 23 2 0 0 1
9 Loans and advances 552 185 31 0 23 2 0 0 1
10 Debt securities 5 2 0 0 0 0 0 0 0
11 Equity instruments 1 0 0 0 0 0 0 0 0
12 of which management companies 532 19 3 0 2 0 0 0 1
13 Loans and advances 100 12 3 0 2 0 0 0 1
14 Debt securities 0 0 0 0 0 0 0 0 0
15 Equity instruments 432 8 0 0 0 0 0 0 0
16 of which insurance undertakings 1,071 25 3 0 0 0 0 0 0
17 Loans and advances 59 6 0 0 0 0 0 0 0
18 Debt securities 140 15 3 0 0 0 0 0 0
19 Equity instruments 871 4 0 0 0 0 0 0 0
20 Non-financial undertakings 42,594 4,108 542 23 211 207 6 40 134
21 Loans and advances 42,156 4,105 542 23 211 207 6 40 134
22 Debt securities 11 1 0 0 0 0 0 0 0
23 Equity instruments 426 2 0 0 0 0 0 0 0
24 Households 92,819 81,640 9,195 0 0 0 0 0 0
25
of which loans collateralised by residential
immovable property
77,219 77,219 9,195 0
26 of which building renovation loans 851 851 0
27 of which motor vehicle loans 3,570 3,570 0
28 Local governments financing 5,217 7 0 0 0 0
29 Housing financing
30 Other local government financing 5,217 7 0 0 0 0
331
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
a b c d e f g h i j k l m n o p q r
in millions of euros
31 December 2024
Total
[gross]
carrying
amount
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE)
of which towards taxonomy relevant sectors (Taxonomy-
eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which environmentally sustainable (Taxonomy-
aligned)
of which environmentally
sustainable (Taxonomy-aligned)
of which environmentally
sustainable (Taxonomy-aligned)
of which environmentally
sustainable (Taxonomy-aligned)
of which
Use of
Proceeds
of which
transitional
of which
enabling
of which
Use of
Proceeds
of which
enabling
of which
Use of
Proceeds
of which
enabling
of which
Use of
Proceeds
of which
enabling
31
Collateral obtained by taking possession:
residential and commercial immovable
properties
1
32
ASSETS EXCLUDED FROM THE NUMERATOR
FOR GAR CALCULATION (COVERED IN THE
DENOMINATOR)
170,906
33 Financial and Non-financial undertakings 70,294
34
SMEs and NFCs (other than SMEs) not subject
to NFRD disclosure obligations
44,918
35 Loans and advances 44,849
36
of which loans collateralised by
commercial immovable property
19,964
37 of which building renovation loans
38 Debt securities 5
39 Equity instruments 63
40
Non-EU country counterparties not subject to
NFRD disclosure obligations
25,376
41 Loans and advances 25,333
42 Debt securities 8
43 Equity instruments 35
44 Derivatives 4,414
45 On demand interbank loans 3,048
46 Cash and cash-related assets 632
47
Other categories of assets (e.g. Goodwill,
commodities etc.)
92,519
48 TOTAL GAR ASSETS 321,085 86,765 9,774 0 23 236 209 6 40 136
49 ASSETS NOT COVERED FOR GAR CALCULATION 61,751
50 Central governments and Supranational issuers 26,289
51 Central banks exposures 25,906
52 Assets Held for Trading 9,556
53 TOTAL ASSETS 382,837
Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations
54 Financial guarantees 5,073 568 257 0 38 116 125 5 11 86
55 Assets under management 10,523 886 350 0 16 185 78 4 1 62
56 of which debt securities 2,159 649 154 0 7 107 60 3 0 12
57 of which equity instruments 751 79 75 0 3 21 18 0 1 51
332
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
s t u v w x y z aa ab ac ad ae
in millions of euros
31 December 2024
Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors (Taxonomy-
eligible)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally
sustainable (Taxonomy-aligned)
of which environmentally sustainable (Taxonomy-
aligned)
of which
Use of
Proceeds
of which
enabling
of which
Use of
Proceeds
of which
enabling
of which
Use of
Proceeds
of which
transitional
of which
enabling
GAR - Covered assets in both numerator and
denominator
93 7 87,261 9,780 23 236
1
Loans and advances, debt securities and
equity instruments not HfT eligible for GAR
calculation
93 7 87,261 9,780 23 236
2 Financial undertakings 23 6 1,060 37 0 26
3 Credit institutions 0 0 777 0 0 0
4 Loans and advances 0 0 17 0 0 0
5 Debt securities 0 0 757 0 0 0
6 Equity instruments 0 0 3 0 0 0
7 Other financial corporations 23 6 284 37 0 26
8 of which investment firms 23 6 237 31 0 23
9 Loans and advances 23 6 235 31 0 23
10 Debt securities 0 0 2 0 0 0
11 Equity instruments 0 0 0 0 0 0
12 of which management companies 0 0 21 3 0 2
13 Loans and advances 0 0 13 3 0 2
14 Debt securities 0 0 0 0 0 0
15 Equity instruments 0 0 8 0 0 0
16 of which insurance undertakings 0 0 25 3 0 0
17 Loans and advances 0 0 6 0 0 0
18 Debt securities 0 0 15 3 0 0
19 Equity instruments 0 0 4 0 0 0
20 Non-financial undertakings 70 1 4,554 548 23 211
21 Loans and advances 70 1 4,550 548 23 211
22 Debt securities 0 0 1 0 0 0
23 Equity instruments 0 0 2 0 0 0
24 Households 0 0 81,640 9,195 0 0
25
of which loans collateralised by residential
immovable property
77,219 9,195 0 0
26 of which building renovation loans 851 0 0 0
27 of which motor vehicle loans 3,570 0 0 0
28 Local governments financing 0 0 7 0 0 0
29 Housing financing
30 Other local government financing 0 0 7 0 0 0
31
Collateral obtained by taking possession:
residential and commercial immovable
properties
333
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
s t u v w x y z aa ab ac ad ae
in millions of euros
31 December 2024
Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors (Taxonomy-
eligible)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally
sustainable (Taxonomy-aligned)
of which environmentally sustainable (Taxonomy-
aligned)
of which
Use of
Proceeds
of which
enabling
of which
Use of
Proceeds
of which
enabling
of which
Use of
Proceeds
of which
transitional
of which
enabling
32
ASSETS EXCLUDED FROM THE NUMERATOR
FOR GAR CALCULATION (COVERED IN THE
DENOMINATOR)
33 Financial and Non-financial undertakings
34
SMEs and NFCs (other than SMEs) not
subject to NFRD disclosure obligations
35 Loans and advances
36
of which loans collateralised by
commercial immovable property
37 of which building renovation loans
38 Debt securities
39 Equity instruments
40
Non-EU country counterparties not subject
to NFRD disclosure obligations
41 Loans and advances
42 Debt securities
43 Equity instruments
44 Derivatives
45 On demand interbank loans
46 Cash and cash-related assets
47
Other categories of assets (e.g. Goodwill,
commodities etc.)
48 TOTAL GAR ASSETS 93 7 87,261 9,780 23 236
49 ASSETS NOT COVERED FOR GAR CALCULATION
50
Central governments and Supranational
issuers
51 Central banks exposures
52 Assets Held for Trading
53 TOTAL ASSETS
Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations
54 Financial guarantees 6 12 696 262 38 116
55 Assets under management 34 59 1,236 470 16 185
56 of which debt securities 17 20 757 157 7 107
57 of which equity instruments 17 39 205 39 3 21
334
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
TABLE No. 53: GAR: SECTOR INFORMATION (STOCKS ; ELIGIBILITY AND ALIGNEMENT MEASURED ON A TURNOVER BASIS)
a b c d e f g h i j k l m n o p
Breakdown by sector
in millions of euros
31 December 2024
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC
not subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC
not subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC
not subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
[Gross]
carrying amount
[Gross]
carrying amount
[Gross]
carrying amount
[Gross]
carrying amount
[Gross]
carrying amount
[Gross]
carrying amount
[Gross]
carrying amount
[Gross]
carrying amount
Mn EUR
Of which
environ-
mentally
sustainable
(CCM) Mn EUR
Of which
environ-
mentally
sustainable
(CCM) Mn EUR
Of which
environ-
mentally
sustainable
(CCA) Mn EUR
Of which
environ-
mentally
sustainable
(CCA) Mn EUR
Of which
environ-
mentally
sustainable
(WTR) Mn EUR
Of which
environ-
mentally
sustainable
(WTR) Mn EUR
Of which
environ-
mentally
sustainable
(CE) Mn EUR
Of which
environ-
mentally
sustainable
(CE)
1 A - Agriculture, forestry and fishing 2 0 0 0 0 0
2 B - Mining and quarrying 6 1 0 0 0 0
3 B.05 - Mining of coal and lignite - - - - - -
4 B.06 - Extraction of crude petroleum and natural gas 6 1 - - - 0
5 B.07 - Mining of metal ores 0 - - - - -
6 B.08 - Other mining and quarrying 1 0 0 0 0 0
7 B.09 - Mining support service activities 0 0 - - - -
8 C - Manufacturing 1,288 32 52 0 0 13
9 C.10 - Manufacture of food products 165 0 0 0 - 0
10 C.11 - Manufacture of beverages 10 - 0 - - -
11 C.12 - Manufacture of tobacco products - - - - - -
12 C.13 - Manufacture of textiles 1 0 - 0 - 0
13 C.14 - Manufacture of wearing apparel 0 - - - - -
14 C.15 - Manufacture of leather and related products 0 - - - - -
15 C.16 - Manufacture of wood and of products of wood and cork 1 0 0 - 0 0
16 C.17 - Manufacture of paper and paper products 49 0 - - - 0
17 C.18 - Printing and reproduction of recorded media 1 0 0 0 0 0
18 C.19 - Manufacture of coke and refined petroleum products 0 0 - - - -
19 C.20 - Manufacture of chemicals and chemical products 125 0 38 0 - 0
20
C.21 - Manufacture of basic pharmaceutical products and
pharmaceutical preparations
685 0 - - - 0
21 C.22 - Manufacture of rubber products 5 0 0 0 0 0
22 C.23 - Manufacture of other non-metallic mineral products 13 3 0 0 - 0
23 C.24 - Manufacture of basic metals 6 1 2 - - 0
24
C.25 - Manufacture of fabricated metal products, except
machinery and equipment
34 12 0 0 0 0
25
C.26 - Manufacture of computer, electronic and optical
products
59 0 0 - 0 0
26 C.27 - Manufacture of electrical equipment 4 1 0 0 0 0
27 C.28 - Manufacture of machinery and equipment n.e.c. 17 2 0 0 0 10
28 C.29 - Manufacture of motor vehicles, trailers and semi-trailers 101 11 11 0 0 2
29 C.30 - Manufacture of other transport equipment 5 1 0 - 0 0
30 C.31 - Manufacture of furniture 1 0 - - - 0
335
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
a b c d e f g h i j k l m n o p
Breakdown by sector
in millions of euros
31 December 2024
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC
not subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC
not subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC
not subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
[Gross]
carrying amount
[Gross]
carrying amount
[Gross]
carrying amount
[Gross]
carrying amount
[Gross]
carrying amount
[Gross]
carrying amount
[Gross]
carrying amount
[Gross]
carrying amount
Mn EUR
Of which
environ-
mentally
sustainable
(CCM) Mn EUR
Of which
environ-
mentally
sustainable
(CCM) Mn EUR
Of which
environ-
mentally
sustainable
(CCA) Mn EUR
Of which
environ-
mentally
sustainable
(CCA) Mn EUR
Of which
environ-
mentally
sustainable
(WTR) Mn EUR
Of which
environ-
mentally
sustainable
(WTR) Mn EUR
Of which
environ-
mentally
sustainable
(CE) Mn EUR
Of which
environ-
mentally
sustainable
(CE)
31 C.32 - Other manufacturing 1 0 0 - - 0
32 C.33 - Repair and installation of machinery and equipment 3 0 0 0 0 0
33 D - Electricity, gas, steam and air conditioning supply 443 81 117 0 0 0
34 D35.1 - Electric power generation, transmission and distribution 438 77 117 0 0 0
35 D35.11 - Production of electricity 244 7 46 0 0 0
36
D35.2 - Manufacture of gas; distribution of gaseous fuels
through mains
4 4 0 0 0 0
37 D35.3 - Steam and air conditioning supply 0 0 0 0 0 0
38
E - Water supply; sewerage, waste management and remediation
activities
184 21 1 1 31 8
39 F - Construction 439 128 1 0 1 5
40 F.41 - Construction of buildings 312 119 0 0 0 3
41 F.42 - Civil engineering 104 5 0 0 0 2
42 F.43 - Specialised construction activities 23 4 0 0 0 0
43
G - Wholesale and retail trade; repair of motor vehicles and
motorcycles
138 5 4 0 0 13
44 H - Transportation and storage 386 75 13 1 8 73
45 H.49 - Land transport and transport via pipelines 61 28 0 -0 2 1
46 H.50 - Water transport 22 5 - - - -
47 H.51 - Air transport 3 -
48 H.52 - Warehousing and support activities for transportation 297 40 12 0 5 72
49 H.53 - Postal and courier activities 3 1 0 - - 0
50 I - Accommodation and food service activities 3 0 0 0 0 0
51 L - Real estate activities 398 119 0 0 0 0
52 K - Financial and insurance activities 83 0 0 0 0 -
53 Exposures to other sectors (NACE codes J, M - U) 738 78 19 5 1 22
336
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
q r s t u v w x y z aa ab
Breakdown by sector
in millions of euros
31 December 2024
Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WMR + CE + P + BE)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates (Subject to
NFRD) SMEs and other NFC not subject to NFRD
[Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount
Mn EUR
Of which
environ-
mentally
sustainable
(PPC) Mn EUR
Of which
environ-
mentally
sustainable
(PPC) Mn EUR
Of which
environ-
mentally
sustainable
(BIO) Mn EUR
Of which
environ-
mentally
sustainable
(BIO) Mn EUR
Of which environ-
mentally sustain-
able (CCM + CCA
+ WTR + CE + PPC
+ BIO) Mn EUR
Of which environ-
mentally sustain-
able (CCM + CCA
+ WTR + CE + PPC
+ BIO)
1 A - Agriculture, forestry and fishing - 0 2 0
2 B - Mining and quarrying 0 - 6 1
3 B.05 - Mining of coal and lignite - - 0 0
4 B.06 - Extraction of crude petroleum and natural gas - - 6 1
5 B.07 - Mining of metal ores - - 0 0
6 B.08 - Other mining and quarrying 0 - 1 0
7 B.09 - Mining support service activities - - 0 0
8 C - Manufacturing 64 0 1,370 33
9 C.10 - Manufacture of food products 0 0 166 0
10 C.11 - Manufacture of beverages - 0 10 0
11 C.12 - Manufacture of tobacco products - - 0 0
12 C.13 - Manufacture of textiles - - 1 0
13 C.14 - Manufacture of wearing apparel - - 0 0
14 C.15 - Manufacture of leather and related products - - 0 0
15 C.16 - Manufacture of wood and of products of wood and cork 0 - 1 0
16 C.17 - Manufacture of paper and paper products - - 49 0
17 C.18 - Printing and reproduction of recorded media 0 - 1 0
18 C.19 - Manufacture of coke and refined petroleum products - - 0 0
19 C.20 - Manufacture of chemicals and chemical products 0 - 126 0
20
C.21 - Manufacture of basic pharmaceutical products and
pharmaceutical preparations
64 0 749 0
21 C.22 - Manufacture of rubber products 0 - 6 0
22 C.23 - Manufacture of other non-metallic mineral products - - 14 3
23 C.24 - Manufacture of basic metals - 0 6 1
24
C.25 - Manufacture of fabricated metal products, except
machinery and equipment
- 0 35 12
25
C.26 - Manufacture of computer, electronic and optical
products
0 0 59 0
26 C.27 - Manufacture of electrical equipment - - 5 1
27 C.28 - Manufacture of machinery and equipment n.e.c. 0 - 28 2
28 C.29 - Manufacture of motor vehicles, trailers and semi-trailers - - 104 11
29 C.30 - Manufacture of other transport equipment 0 0 5 1
30 C.31 - Manufacture of furniture - - 1 0
31 C.32 - Other manufacturing 0 - 1 0
32 C.33 - Repair and installation of machinery and equipment 0 - 3 0
33 D - Electricity, gas, steam and air conditioning supply 0 - 534 81
337
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
q r s t u v w x y z aa ab
Breakdown by sector
in millions of euros
31 December 2024
Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WMR + CE + P + BE)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates (Subject to
NFRD) SMEs and other NFC not subject to NFRD
[Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount
Mn EUR
Of which
environ-
mentally
sustainable
(PPC) Mn EUR
Of which
environ-
mentally
sustainable
(PPC) Mn EUR
Of which
environ-
mentally
sustainable
(BIO) Mn EUR
Of which
environ-
mentally
sustainable
(BIO) Mn EUR
Of which environ-
mentally sustain-
able (CCM + CCA
+ WTR + CE + PPC
+ BIO) Mn EUR
Of which environ-
mentally sustain-
able (CCM + CCA
+ WTR + CE + PPC
+ BIO)
34 D35.1 - Electric power generation, transmission and distribution 0 - 529 77
35 D35.11 - Production of electricity 0 - 335 7
36
D35.2 - Manufacture of gas; distribution of gaseous fuels
through mains
0 - 4 4
37 D35.3 - Steam and air conditioning supply 0 - 0 0
38
E - Water supply; sewerage, waste management and remediation
activities
5 1 222 22
39 F - Construction 0 - 445 128
40 F.41 - Construction of buildings 0 - 316 119
41 F.42 - Civil engineering 0 - 106 5
42 F.43 - Specialised construction activities 0 - 24 4
43
G - Wholesale and retail trade; repair of motor vehicles and
motorcycles
0 0 165 5
44 H - Transportation and storage 1 - 463 76
45 H.49 - Land transport and transport via pipelines 1 - 62 28
46 H.50 - Water transport - - 56 5
47 H.51 - Air transport - 3 0
48 H.52 - Warehousing and support activities for transportation 0 - 339 40
49 H.53 - Postal and courier activities 0 - 3 1
50 I - Accommodation and food service activities 0 0 3 0
51 L - Real estate activities 0 0 431 119
52 K - Financial and insurance activities 0 0 142 0
53 Exposures to other sectors (NACE codes J, M - U) 1 0 770 83
338
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
TABLE No. 54: GAR STOCK KPI (MEASURE BASED ON TURNOVER)
a b c d e f g h i j k l m n o p q
% (compared to total covered assets in the denominator)
31 december 2024
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
transi-
tional
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
GAR - Covered assets in both numerator and denominator 57.77% 6.51% 0.00% 0.02% 0.16% 0.14% 0.00% 0.00% 0.00% 0.03% 0.09%
1
Loans and advances, debt securities and equity instruments not
HfT eligible for GAR calculation
10.57% 0.39% 0.00% 0.00% 0.27% 0.02% 0.00% 0.00% 0.00% 0.00% 0.02%
2 Financial undertakings 10.52% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
3 Credit institutions 0.63% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
4 Loans and advances 26.52% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
5 Debt securities 0.18% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
6 Equity instruments 10.72% 1.71% 0.00% 0.00% 1.20% 0.08% 0.00% 0.00% 0.00% 0.01% 0.09%
7 Other financial corporations 33.50% 5.55% 0.00% 0.01% 4.19% 0.30% 0.00% 0.00% 0.00% 0.00% 0.12%
8 of which investment firms 33.50% 5.61% 0.00% 0.01% 4.24% 0.30% 0.00% 0.00% 0.00% 0.00% 0.12%
9 Loans and advances 36.10% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
10 Debt securities 23.27% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
11 Equity instruments 3.64% 0.57% 0.00% 0.01% 0.45% 0.00% 0.00% 0.00% 0.00% 0.04% 0.25%
12 of which management companies 11.68% 3.05% 0.00% 0.03% 2.39% 0.00% 0.00% 0.00% 0.00% 0.21% 1.34%
13 Loans and advances
14 Debt securities 1.78% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
15 Equity instruments 2.35% 0.26% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
16 of which insurance undertakings 10.67% 0.02% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
17 Loans and advances 10.40% 2.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
18 Debt securities 0.49% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
19 Equity instruments 9.65% 1.27% 0.00% 0.05% 0.49% 0.49% 0.01% 0.00% 0.00% 0.09% 0.32%
20 Non-financial undertakings 9.74% 1.29% 0.00% 0.05% 0.50% 0.49% 0.01% 0.00% 0.00% 0.10% 0.32%
21 Loans and advances 12.66% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
22 Debt securities 0.52% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
23 Equity instruments 87.96% 9.91% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
24 Households 100.00% 11.91% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
25 of which loans collateralised by residential immovable property 100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
26 of which building renovation loans 100.00% 0.00% 0.00% 0.00%
27 of which motor vehicle loans 0.14% 0.00% 0.00% 0.00% 0.00% 0.00%
28 Local governments financing 0.00% 0.00% 0.00% 0.00%
29 Housing financing 0.14% 0.00% 0.00% 0.00% 0.00% 0.00%
30 Other local government financing
31
Collateral obtained by taking possession: residential and
commercial immovable properties
27.02% 3.04% 0.00% 0.01% 0.07% 0.07% 0.00% 0.00% 0.00% 0.01% 0.00% 0.00% 0.00% 0.04% 0.00% 0.00% 0.00%
32 TOTAL GAR ASSETS 27,02% 3,04% 0,00% 0,01% 0,07% 0,07% 0,00% 0,00% 0,00% 0,01% 0,00% 0,00% 0,00% 0,04% 0,00% 0,00% 0,00%
339
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
r s t u v w x y z aa ab ac ab ad
% (compared to total covered assets in the denominator)
31 December 2024
Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total assets
covered
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
transi-
tional
Of which
enabling
GAR - Covered assets in both numerator and denominator 0.06% 0.00% 58.11% 6.51% 0.00% 0.02% 0.16% 39.23%
1
Loans and advances, debt securities and equity instruments not
HfT eligible for GAR calculation
0.24% 0.06% 11.11% 0.39% 0.00% 0.00% 0.27% 2.49%
2 Financial undertakings 0.00% 0.00% 10.52% 0.00% 0.00% 0.00% 0.00% 1.93%
3 Credit institutions 0.00% 0.00% 0.63% 0.00% 0.00% 0.00% 0.00% 0.69%
4 Loans and advances 0.00% 0.00% 26.52% 0.00% 0.00% 0.00% 0.00% 0.75%
5 Debt securities 0.00% 0.00% 0.18% 0.00% 0.00% 0.00% 0.49%
6 Equity instruments 1.05% 0.28% 13.11% 1.71% 0.00% 0.00% 1.20% 0.56%
7 Other financial corporations 4.05% 1.07% 42.47% 5.55% 0.00% 0.01% 4.19% 0.15%
8 of which investment firms 4.10% 1.08% 42.57% 5.61% 0.00% 0.01% 4.24% 0.14%
9 Loans and advances 0.00% 0.00% 36.10% 0.00% 0.00% 0.00% 0.00% 0.00%
10 Debt securities 0.00% 0.00% 23.27% 0.00% 0.00% 0.00% 0.00%
11 Equity instruments 0.00% 0.00% 3.94% 0.57% 0.00% 0.01% 0.45% 0.14%
12 of which management companies 0.00% 0.00% 13.23% 3.05% 0.00% 0.03% 2.39% 0.03%
13 Loans and advances
14 Debt securities 0.00% 0.00% 1.78% 0.00% 0.00% 0.00% 0.11%
15 Equity instruments 0.00% 0.00% 2.35% 0.26% 0.00% 0.00% 0.00% 0.28%
16 of which insurance undertakings 0.00% 0.00% 10.67% 0.02% 0.00% 0.00% 0.00% 0.02%
17 Loans and advances 0.00% 0.00% 10.40% 2.00% 0.00% 0.00% 0.00% 0.04%
18 Debt securities 0.00% 0.00% 0.49% 0.00% 0.00% 0.00% 0.23%
19 Equity instruments 0.16% 0.00% 10.69% 1.29% 0.00% 0.05% 0.49% 11.13%
20 Non-financial undertakings 0.17% 0.00% 10.79% 1.30% 0.00% 0.05% 0.50% 11.01%
21 Loans and advances 0.00% 0.00% 12.66% 0.00% 0.00% 0.00% 0.00% 0.00%
22 Debt securities 0.00% 0.00% 0.52% 0.00% 0.00% 0.00% 0.11%
23 Equity instruments 0.00% 87.96% 9.91% 0.00% 0.00% 0.00% 24.25%
24 Households 0.00% 100.00% 11.91% 0.00% 0.00% 0.00% 20.17%
25 of which loans collateralised by residential immovable property 0.00% 100.00% 0.00% 0.00% 0.00% 0.00% 0.22%
26 of which building renovation loans 100.00% 0.00% 0.00% 0.00% 0.00% 0.93%
27 of which motor vehicle loans 0.14% 0.00% 1.36%
28 Local governments financing 0.00%
29 Housing financing 0.14% 0.00% 1.36%
30 Other local government financing
31
Collateral obtained by taking possession: residential and
commercial immovable properties
0.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 27.18% 3.05% 0.00% 0.01% 0.07% 39.23%
32 TOTAL GAR ASSETS 0,03% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 27,18% 3,05% 0,00% 0,01% 0,07% 39,23%
340
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
TABLE No. 55: GAR KPI FLOW (BASED ON TURNOVER)
a b c d e f g h i j k l m n o p q
% (compared to flow of total eligible assets)
31 December 2024
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
transi-
tional
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
GAR - Covered assets in both numerator and denominator
1
Loans and advances, debt securities and equity instruments not
HfT eligible for GAR calculation
-6.76% -20.20% 1.17% -0.14% -0.35% -0.01% -0.09% -0.30%
2 Financial undertakings -28.84% -0.67% 2.93% -1.47% -0.12% 0.00% -0.01% -0.14%
3 Credit institutions 8.24% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
4 Loans and advances 0.52% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
5 Debt securities, including UoP 86.94% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
6 Equity instruments 0.18% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
7 Other financial corporations -0.08% -0.15% 0.66% -0.33% -0.03% 0.00% 0.00% -0.03%
8 of which investment firms 1.36% 0.17% 0.83% -0.42% -0.04% 0.00% 0.00% -0.01%
9 Loans and advances 1.40% 0.18% 0.87% -0.45% -0.04% 0.00% 0.00% -0.01%
10 Debt securities, including UoP 18.87% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
11 Equity instruments -0.13% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
12 of which management companies 0.35% -0.04% 0.11% -0.04% 0.00% 0.00% -0.01% -0.07%
13 Loans and advances 0.19% -0.43% 0.11% -0.04% 0.00% 0.00% -0.01% -0.06%
14 Debt securities, including UoP -2.76% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
15 Equity instruments 2.11% 2.91% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
16 of which insurance undertakings 17.47% 3.91% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
17 Loans and advances -1.05% -0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
18 Debt securities, including UoP -6.39% -2.73% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
19 Equity instruments 9.16% 1.93% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
20 Non-financial undertakings -1.62% -0.05% 1.01% -0.09% -0.33% -0.01% -0.08% -0.28%
21 Loans and advances -1.73% -0.05% 1.01% -0.08% -0.33% -0.01% -0.08% -0.28%
22 Debt securities, including UoP 61.32% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
23 Equity instruments -0.46% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
24 Households 40.93% 198.95% 0.00% 0.00% 0.00% 0.00% 0.00%
25 of which loans collateralised by residential immovable property 100.00% 931.95% 0.00% 0.00% 0.00% 0.00% 0.00%
26 of which building renovation loans 100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
27 of which motor vehicle loans 100.00% 0.00% 0.00% 0.00% 0.00%
28 Local governments financing -1.93% 0.00%
29 Housing financing
30 Other local government financing -1.93% 0.00%
31
Collateral obtained by taking possession: residential and
commercial immovable properties
32 TOTAL GAR ASSETS -6.76% -20.20% 1.17% -0.14% -0.35% -0.01% -0.09% -0.30%
341
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
r s t u v w x y z aa ab ac ab ad
% (compared to flow of total eligible assets)
31 December 2024
Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total assets
covered
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
transi-
tional
Of which
enabling
GAR - Covered assets in both numerator and denominator
1
Loans and advances, debt securities and equity instruments not
HfT eligible for GAR calculation
-0.20% -0.01% -7.75% -20.20% 1.17% -0.14% -86.26%
2 Financial undertakings -1.60% -0.42% -32.49% -0.67% 2.93% -1.47% -2.67%
3 Credit institutions 0.00% 0.00% 8.24% 0.00% 0.00% 0.00% 9.24%
4 Loans and advances 0.00% 0.00% 0.52% 0.00% 0.00% 0.00% 4.89%
5 Debt securities, including UoP 0.00% 0.00% 86.94% 0.00% 0.00% 0.00% 0.84%
6 Equity instruments 0.00% 0.00% 0.18% 0.00% 0.00% 0.00% 3.51%
7 Other financial corporations -0.36% -0.09% -0.90% -0.15% 0.66% -0.33% -11.92%
8 of which investment firms -0.48% -0.13% 0.29% 0.17% 0.83% -0.42% -8.89%
9 Loans and advances -0.51% -0.13% 0.28% 0.18% 0.87% -0.45% -8.45%
10 Debt securities, including UoP 0.00% 0.00% 18.87% 0.00% 0.00% 0.00% -0.01%
11 Equity instruments 0.00% 0.00% -0.13% 0.00% 0.00% 0.00% -0.43%
12 of which management companies 0.00% 0.00% 0.27% -0.04% 0.11% -0.04% -3.85%
13 Loans and advances 0.00% 0.00% 0.08% -0.03% 0.11% -0.04% -4.13%
14 Debt securities, including UoP 0.00% 0.00% 9.96% 0.00% 0.00% 0.00% -0.22%
15 Equity instruments 0.00% 0.00% 2.91% 0.00% 0.00% 0.00% 0.50%
16 of which insurance undertakings 0.00% 0.00% 17.47% 3.91% 0.00% 0.00% 0.82%
17 Loans and advances 0.00% 0.00% -1.05% -0.01% 0.00% 0.00% -0.37%
18 Debt securities, including UoP 0.00% 0.00% -6.39% -2.73% 0.00% 0.00% -0.19%
19 Equity instruments 0.00% 0.00% 9.16% 1.93% 0.00% 0.00% 1.39%
20 Non-financial undertakings -0.14% 0.00% -2.43% -0.06% 1.01% -0.09% -91.81%
21 Loans and advances -0.14% 0.00% -2.55% -0.06% 1.01% -0.08% -92.06%
22 Debt securities, including UoP 0.00% 0.00% 61.32% 0.00% 0.00% 0.00% -0.18%
23 Equity instruments 0.00% 0.00% -0.46% 0.00% 0.00% 0.00% 0.43%
24 Households 40.93% 198.95% 0.00% 0.00% 8.72%
25 of which loans collateralised by residential immovable property 100.00% 931.95% 0.00% 0.00% 1.86%
26 of which building renovation loans 100.00% 0.00% 0.00% 0.00% 0.38%
27 of which motor vehicle loans 100.00% 0.00% 0.00% 0.00% 1.32%
28 Local governments financing -1.93% 0.00% 0.00% 0.00% -0.50%
29 Housing financing
30 Other local government financing -1.93% 0.00% 0.00% 0.00% -0.50%
31
Collateral obtained by taking possession: residential and
commercial immovable properties
0.00%
32 TOTAL GAR ASSETS -0.20% -0.01% -7.75% -20.20% 0.00% 1.17% -0.14% -86.26%
342
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
TABLE No. 56: KPI OFF-BALANCE SHEET EXPOSURES (STOCKS, MEASURE BASED ON TURNOVER)
a b c d e f g h i j k l m n o p q
% (compared to total eligible
off-balance sheet assets)
31 December 2024
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
transi-
tional
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
1 Financial guarantees (FinGuar KPI) 4.26% 1.93% 0.00% 0.29% 0.87% 0.94% 0.03% 0.00% 0.00% 0.08% 0.00% 0.00% 0.00% 0.65% 0.00% 0.00% 0.00%
2 Assets under management (AuM KPI) 6.95% 2.75% 0.00% 0.13% 1.45% 0.61% 0.03% 0.00% 0.00% 0.01% 0.00% 0.00% 0.00% 0.49% 0.00% 0.00% 0.00%
r s t u v w x y z aa ab ac ab
% (compared to total eligible
off-balance sheet assets)
31 December 2024
Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
transi-
tional
Of which
enabling
1 Financial guarantees (FinGuar KPI) 0.05% 0.00% 0.00% 0.00% 0.09% 0.00% 0.00% 0.00% 5.23% 1.97% 0.00% 0.29% 0.87%
2 Assets under management (AuM KPI) 0.27% 0.00% 0.00% 0.00% 0.46% 0.00% 0.00% 0.00% 9.70% 3.69% 0.00% 0.13% 1.45%
343
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
TABLE No. 57: KPI OFF-BALANCE SHEET EXPOSURES (FLOWS, MEASURE BASED ON TURNOVER)
a b c d e f g h i j k l m n o p q
% (compared to total eligible
off-balance sheet assets)
31 December 2024
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
transi-
tional
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
1 Financial guarantees (FinGuar KPI) 1.37% -1.25% 4.36% -0.83% -3.06% -0.08% -0.27% -2.18%
2 Assets under management (AuM KPI) 12.63% 12.50% 0.00% 0.52% 5.88% 2.68% 0.01% 0.00% 0.00% 0.07% 0.00% 0.00% 0.00% 2.99% 0.00% 0.00% 0.00%
r s t u v w x y z aa ab ac ab
% (compared to total eligible
off-balance sheet assets)
31 December 2024
Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
transi-
tional
Of which
enabling
1 Financial guarantees (FinGuar KPI) -0.16% -0.30% -1.77% -1.33% 4.36% -0.83%
2 Assets under management (AuM KPI) 1.63% 0.00% 0.00% 0.00% 2.83% 0.00% 0.00% 0.00% 28.41% 18.09% 0.00% 0.52% 5.88%
344
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
TABLE No. 58: ASSETS FOR THE CALCULATION OF GAR (STOCKS ; ELIGIBILITY AND ALIGNEMENT MEASURED ON A CAPEX BASIS)
a b c d e f g h i j k l m n o p q r
in millions of euros
31 December 2024
Total
[gross]
carrying
amount
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally
sustainable (Taxonomy-aligned)
of which environmentally
sustainable (Taxonomy-aligned)
of which environmentally
sustainable (Taxonomy-aligned)
of which
Use of
Proceeds
of which
transitional
of which
enabling
of which
Use of
Proceeds
of which
enabling
of which
Use of
Proceeds
of which
enabling
of which
Use of
Proceeds
of which
enabling
GAR - Covered assets in both numerator and
denominator
150,179 86,835 9,983 34 292 257 12 25 102
1
Loans and advances, debt securities and equity
instruments not HfT eligible for GAR calculation
150,178 86,835 9,983 34 292 257 12 25 102
2 Financial undertakings 9,547 1,082 42 4 26 2 0 0 2
3 Credit institutions 7,385 777 0 0 0 0 0 0 0
4 Loans and advances 2,660 17 0 0 0 0 0 0 0
5 Debt securities 2,853 757 0 0 0 0 0 0 0
6 Equity instruments 1,872 3 0 0 0 0 0 0 0
7 Other financial corporations 2,162 305 42 4 26 2 0 0 2
8 of which investment firms 559 265 37 4 25 2 0 0 1
9 Loans and advances 552 263 37 4 25 2 0 0 1
10 Debt securities 5 2 0 0 0 0 0 0 0
11 Equity instruments 1 0 0 0 0 0 0 0 0
12 of which management companies 532 21 1 0 1 0 0 0 1
13 Loans and advances 100 14 1 0 1 0 0 0 1
14 Debt securities 0 0 0 0 0 0 0 0 0
15 Equity instruments 432 8 0 0 0 0 0 0 0
16 of which insurance undertakings 1,071 18 4 0 0 0 0 0 0
17 Loans and advances 59 3 0 0 0 0 0 0 0
18 Debt securities 140 15 4 0 0 0 0 0 0
19 Equity instruments 871 0 0 0 0 0 0 0 0
20 Non-financial undertakings 42,594 4,106 745 30 266 255 12 25 100
21 Loans and advances 42,156 4,101 745 30 266 255 12 25 100
22 Debt securities 11 1 0 0 0 0 0 0 0
23 Equity instruments 426 4 0 0 0 0 0 0 0
24 Households 92,819 81,640 9,195 0 0 0 0 0 0
25
of which loans collateralised by residential
immovable property
77,219 77,219 9,195 0 0
26 of which building renovation loans 851 851
27 of which motor vehicle loans 3,570 3,570
28 Local governments financing 5,217 7 0 0 0 0 0 0
29 Housing financing 0
30 Other local government financing 5,217 7 0 0 0 0 0 0
345
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
a b c d e f g h i j k l m n o p q r
in millions of euros
31 December 2024
Total
[gross]
carrying
amount
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally
sustainable (Taxonomy-aligned)
of which environmentally
sustainable (Taxonomy-aligned)
of which environmentally
sustainable (Taxonomy-aligned)
of which
Use of
Proceeds
of which
transitional
of which
enabling
of which
Use of
Proceeds
of which
enabling
of which
Use of
Proceeds
of which
enabling
of which
Use of
Proceeds
of which
enabling
31
Collateral obtained by taking possession:
residential and commercial immovable
properties
1
32
ASSETS EXCLUDED FROM THE NUMERATOR
FOR GAR CALCULATION (COVERED IN THE
DENOMINATOR)
170,906
33 Financial and Non-financial undertakings 70,294
34
SMEs and NFCs (other than SMEs) not subject
to NFRD disclosure obligations
44,918
35 Loans and advances 44,849
36
of which loans collateralised by
commercial immovable property
19,964
37 of which building renovation loans 0
38 Debt securities 5
39 Equity instruments 63
40
Non-EU country counterparties not subject to
NFRD disclosure obligations
25,376
41 Loans and advances 25,333
42 Debt securities 8
43 Equity instruments 35
44 Derivatives 4,414
45 On demand interbank loans 3,048
46 Cash and cash-related assets 632
47
Other categories of assets (e.g. Goodwill,
commodities etc.)
92,519
48 TOTAL GAR ASSETS 321,085 86,835 9,983 34 292 257 12 25 102
49 ASSETS NOT COVERED FOR GAR CALCULATION 61,751
50 Central governments and Supranational issuers 26,289
51 Central banks exposures 25,906
52 Trading book 9,556
53 TOTAL ASSETS 382,837
Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations
54 Financial guarantees 5,073 881 355 50 118 129 7 14 40
55 Assets under management 10,523 1,065 484 34 289 158 13 2 0
56 of which debt securities 2,159 902 416 30 262 127 12 0 0
57 of which equity instruments 751 163 68 4 27 31 1 2 0
346
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
s t u v w x y z aa ab ac ad ae
in millions of euros
31 December 2024
Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors (Taxonomy-
eligible)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally
sustainable (Taxonomy-aligned)
of which environmentally sustainable (Taxonomy-
aligned)
of which
Use of
Proceeds
of which
enabling
of which
Use of
Proceeds
of which
enabling
of which
Use of
Proceeds
of which
transitional
of which
enabling
GAR - Covered assets in both numerator and
denominator
22 0 87,302 9,995 34 292
1
Loans and advances, debt securities and
equity instruments not HfT eligible for GAR
calculation
22 0 87,302 9,995 34 292
2 Financial undertakings 3 0 1,117 43 4 26
3 Credit institutions 0 0 777 0 0 0
4 Loans and advances 0 0 17 0 0 0
5 Debt securities 0 0 757 0 0 0
6 Equity instruments 0 0 3 0 0 0
7 Other financial corporations 3 0 340 43 4 26
8 of which investment firms 3 0 299 37 4 25
9 Loans and advances 3 0 297 37 4 25
10 Debt securities 0 0 2 0 0 0
11 Equity instruments 0 0 0 0 0 0
12 of which management companies 0 0 23 1 0 1
13 Loans and advances 0 0 15 1 0 1
14 Debt securities 0 0 0 0 0 0
15 Equity instruments 0 0 8 0 0 0
16 of which insurance undertakings 0 0 18 4 0 0
17 Loans and advances 0 0 3 0 0 0
18 Debt securities 0 0 15 4 0 0
19 Equity instruments 0 0 0 0 0 0
20 Non-financial undertakings 20 0 4,538 757 30 266
21 Loans and advances 20 0 4,533 757 30 266
22 Debt securities 0 0 1 0 0 0
23 Equity instruments 0 0 4 0 0 0
24 Households 0 0 81,640 9,195 0 0
25
of which loans collateralised by residential
immovable property
77,219 9,195 0 0
26 of which building renovation loans 851
27 of which motor vehicle loans 3,570
28 Local governments financing 0 0 7 0 0 0
29 Housing financing
30 Other local government financing 0 0 7 0 0 0
31
Collateral obtained by taking possession:
residential and commercial immovable
properties
347
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
s t u v w x y z aa ab ac ad ae
in millions of euros
31 December 2024
Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors
(Taxonomy-eligible)
of which towards taxonomy relevant sectors (Taxonomy-
eligible)
of which environmentally sustainable
(Taxonomy-aligned)
of which environmentally
sustainable (Taxonomy-aligned)
of which environmentally sustainable (Taxonomy-
aligned)
of which
Use of
Proceeds
of which
enabling
of which
Use of
Proceeds
of which
enabling
of which
Use of
Proceeds
of which
transitional
of which
enabling
32
ASSETS EXCLUDED FROM THE NUMERATOR
FOR GAR CALCULATION (COVERED IN THE
DENOMINATOR)
33 Financial and Non-financial undertakings
34
SMEs and NFCs (other than SMEs) not
subject to NFRD disclosure obligations
35 Loans and advances
36
of which loans collateralised by
commercial immovable property
37 of which building renovation loans
38 Debt securities
39 Equity instruments
40
Non-EU country counterparties not subject
to NFRD disclosure obligations
41 Loans and advances
42 Debt securities
43 Equity instruments
44 Derivatives
45 On demand interbank loans
46 Cash and cash-related assets
47
Other categories of assets (e.g. Goodwill,
commodities etc.)
48 TOTAL GAR ASSETS 22 0 87,302 9,995 34 292
49 ASSETS NOT COVERED FOR GAR CALCULATION
50
Central governments and Supranational
issuers
51 Central banks exposures
52 Assets Held for Trading
53 TOTAL ASSETS
Off-balance sheet exposures - Undertakings subject to NFRD disclosure obligations
54 Financial guarantees 13 1 952 362 50 118
55 Assets under management 51 0 1,295 516 34 289
56 of which debt securities 19 0 1,049 428 30 262
57 of which equity instruments 32 0 227 69 4 27
348
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
TABLE No. 59: GAR : SECTOR INFORMATION (STOCKS; ELIGIBILITY AND ALIGNEMENT MEASURED ON A CAPEX BASIS)
a b c d e f g h i j k l m n o p
Breakdown by sector
in millions of euros
31 December 2024
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC
not subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC
not subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC
not subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
[Gross]
carrying amount
[Gross]
carrying amount
[Gross]
carrying amount
[Gross]
carrying amount
[Gross]
carrying amount
[Gross]
carrying amount
[Gross]
carrying amount
[Gross]
carrying amount
Mn EUR
Of which
environ-
mentally
sustainable
(CCM) Mn EUR
Of which
environ-
mentally
sustainable
(CCM) Mn EUR
Of which
environ-
mentally
sustainable
(CCA) Mn EUR
Of which
environ-
mentally
sustainable
(CCA) Mn EUR
Of which
environ-
mentally
sustainable
(WTR) Mn EUR
Of which
environ-
mentally
sustainable
(WTR) Mn EUR
Of which
environ-
mentally
sustainable
(CE) Mn EUR
Of which
environ-
mentally
sustainable
(CE)
1 A - Agriculture, forestry and fishing 2 0 0 0 0 0
2 B - Mining and quarrying 20 16 0 0 0 0
3 B.05 - Mining of coal and lignite - - - - - -
4 B.06 - Extraction of crude petroleum and natural gas 18 15 - - - -
5 B.07 - Mining of metal ores 0 - 0 - - 0
6 B.08 - Other mining and quarrying 0 0 0 0 0 0
7 B.09 - Mining support service activities 2 1 - - - -
8 C - Manufacturing 1,014 53 90 0 1 12
9 C.10 - Manufacture of food products 185 1 15 0 1 3
10 C.11 - Manufacture of beverages 11 0 1 - - 0
11 C.12 - Manufacture of tobacco products - - - - - -
12 C.13 - Manufacture of textiles 1 0 0 - 0 0
13 C.14 - Manufacture of wearing apparel 0 0 - - - -
14 C.15 - Manufacture of leather and related products 0 0 - - - 0
15 C.16 - Manufacture of wood and of products of wood and cork 1 0 0 - - 0
16 C.17 - Manufacture of paper and paper products 49 0 0 - 0 0
17 C.18 - Printing and reproduction of recorded media 1 0 0 0 0 0
18 C.19 - Manufacture of coke and refined petroleum products 0 0 - - - -
19 C.20 - Manufacture of chemicals and chemical products 143 1 56 0 0 0
20
C.21 - Manufacture of basic pharmaceutical products and
pharmaceutical preparations
333 0 0 - 0 0
21 C.22 - Manufacture of rubber products 5 0 0 0 - 0
22 C.23 - Manufacture of other non-metallic mineral products 14 4 1 0 0 0
23 C.24 - Manufacture of basic metals 5 1 1 0 - 0
24
C.25 - Manufacture of fabricated metal products, except
machinery and equipment
38 12 0 0 0 0
25
C.26 - Manufacture of computer, electronic and optical
products
84 1 0 0 0 0
26 C.27 - Manufacture of electrical equipment 5 2 1 0 0 0
27 C.28 - Manufacture of machinery and equipment n.e.c. 19 1 0 0 0 8
28 C.29 - Manufacture of motor vehicles, trailers and semi-trailers 107 28 14 - 0 0
29 C.30 - Manufacture of other transport equipment 5 1 0 - 0 0
30 C.31 - Manufacture of furniture 1 0 0 - - 0
349
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
a b c d e f g h i j k l m n o p
Breakdown by sector
in millions of euros
31 December 2024
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC
not subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC
not subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC
not subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
[Gross]
carrying amount
[Gross]
carrying amount
[Gross]
carrying amount
[Gross]
carrying amount
[Gross]
carrying amount
[Gross]
carrying amount
[Gross]
carrying amount
[Gross]
carrying amount
Mn EUR
Of which
environ-
mentally
sustainable
(CCM) Mn EUR
Of which
environ-
mentally
sustainable
(CCM) Mn EUR
Of which
environ-
mentally
sustainable
(CCA) Mn EUR
Of which
environ-
mentally
sustainable
(CCA) Mn EUR
Of which
environ-
mentally
sustainable
(WTR) Mn EUR
Of which
environ-
mentally
sustainable
(WTR) Mn EUR
Of which
environ-
mentally
sustainable
(CE) Mn EUR
Of which
environ-
mentally
sustainable
(CE)
31 C.32 - Other manufacturing 2 0 0 - - 0
32 C.33 - Repair and installation of machinery and equipment 3 0 0 0 0 0
33 D - Electricity, gas, steam and air conditioning supply 547 120 97 0 0 0
34 D35.1 - Electric power generation, transmission and distribution 517 94 97 0 0 0
35 D35.11 - Production of electricity 322 23 95 0 0 0
36
D35.2 - Manufacture of gas; distribution of gaseous fuels
through mains
29 24 0 0 0 0
37 D35.3 - Steam and air conditioning supply 1 1 0 0 0 0
38
E - Water supply; sewerage, waste management and remediation
activities
224 23 7 6 16 5
39 F - Construction 454 183 2 0 0 11
40 F.41 - Construction of buildings 332 176 0 0 0 2
41 F.42 - Civil engineering 99 2 1 0 0 8
42 F.43 - Specialised construction activities 22 4 0 0 0 0
43
G - Wholesale and retail trade; repair of motor vehicles and
motorcycles
172 14 5 0 0 1
44 H - Transportation and storage 436 76 24 1 7 41
45 H.49 - Land transport and transport via pipelines 97 40 0 0 3 1
46 H.50 - Water transport 69 9 - 0 - -
47 H.51 - Air transport 3 0 - - - 0
48 H.52 - Warehousing and support activities for transportation 265 26 23 0 3 39
49 H.53 - Postal and courier activities 2 2 0 - - 0
50 I - Accommodation and food service activities 9 1 0 0 0 0
51 L - Real estate activities 459 178 0 -0 0 0
52 K - Financial and insurance activities 130 2 0 0 0 0
53 Exposures to other sectors (NACE codes J, M - U) 639 78 30 4 1 30
350
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
q r s t u v w x y z aa ab
Breakdown by sector
in millions of euros
31 December 2024
Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WMR + CE + P + BE)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates (Subject to
NFRD) SMEs and other NFC not subject to NFRD
[Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount
Mn EUR
Of which
environ-
mentally
sustainable
(PPC) Mn EUR
Of which
environ-
mentally
sustainable
(PPC) Mn EUR
Of which
environ-
mentally
sustainable
(BIO) Mn EUR
Of which
environ-
mentally
sustainable
(BIO) Mn EUR
Of which environ-
mentally sustain-
able (CCM + CCA
+ WTR + CE + PPC
+ BIO) Mn EUR
Of which environ-
mentally sustain-
able (CCM + CCA
+ WTR + CE + PPC
+ BIO)
1 A - Agriculture, forestry and fishing 0 - 2 0
2 B - Mining and quarrying - - 20 16
3 B.05 - Mining of coal and lignite - - - -
4 B.06 - Extraction of crude petroleum and natural gas - - 18 15
5 B.07 - Mining of metal ores - - 0 -
6 B.08 - Other mining and quarrying 0 - 1 0
7 B.09 - Mining support service activities - - 2 1
8 C - Manufacturing 13 0 1,196 53
9 C.10 - Manufacture of food products 0 0 186 1
10 C.11 - Manufacture of beverages - 0 14 0
11 C.12 - Manufacture of tobacco products - - - -
12 C.13 - Manufacture of textiles - - 1 0
13 C.14 - Manufacture of wearing apparel - - 0 0
14 C.15 - Manufacture of leather and related products - - 0 0
15 C.16 - Manufacture of wood and of products of wood and cork 0 - 1 0
16 C.17 - Manufacture of paper and paper products 0 0 50 0
17 C.18 - Printing and reproduction of recorded media 0 0 1 0
18 C.19 - Manufacture of coke and refined petroleum products - - 0 0
19 C.20 - Manufacture of chemicals and chemical products 0 - 144 1
20
C.21 - Manufacture of basic pharmaceutical products and
pharmaceutical preparations
13 - 491 0
21 C.22 - Manufacture of rubber products - - 6 1
22 C.23 - Manufacture of other non-metallic mineral products - - 15 4
23 C.24 - Manufacture of basic metals - - 5 1
24
C.25 - Manufacture of fabricated metal products, except
machinery and equipment
- - 38 12
25
C.26 - Manufacture of computer, electronic and optical
products
0 0 90 1
26 C.27 - Manufacture of electrical equipment - - 5 2
27 C.28 - Manufacture of machinery and equipment n.e.c. 0 - 28 1
28 C.29 - Manufacture of motor vehicles, trailers and semi-trailers 0 - 108 28
29 C.30 - Manufacture of other transport equipment 0 0 5 1
30 C.31 - Manufacture of furniture - - 1 0
31 C.32 - Other manufacturing 0 - 2 0
32 C.33 - Repair and installation of machinery and equipment 0 - 3 0
33 D - Electricity, gas, steam and air conditioning supply 0 - 577 120
351
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
q r s t u v w x y z aa ab
Breakdown by sector
in millions of euros
31 December 2024
Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WMR + CE + P + BE)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates (Subject to
NFRD) SMEs and other NFC not subject to NFRD
[Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount [Gross] carrying amount
Mn EUR
Of which
environ-
mentally
sustainable
(PPC) Mn EUR
Of which
environ-
mentally
sustainable
(PPC) Mn EUR
Of which
environ-
mentally
sustainable
(BIO) Mn EUR
Of which
environ-
mentally
sustainable
(BIO) Mn EUR
Of which environ-
mentally sustain-
able (CCM + CCA
+ WTR + CE + PPC
+ BIO) Mn EUR
Of which environ-
mentally sustain-
able (CCM + CCA
+ WTR + CE + PPC
+ BIO)
34 D35.1 - Electric power generation, transmission and distribution 0 - 547 95
35 D35.11 - Production of electricity 0 - 352 24
36
D35.2 - Manufacture of gas; distribution of gaseous fuels
through mains
0 - 29 24
37 D35.3 - Steam and air conditioning supply 0 - 1 1
38
E - Water supply; sewerage, waste management and remediation
activities
5 - 234 29
39 F - Construction 0 - 467 183
40 F.41 - Construction of buildings 0 - 336 176
41 F.42 - Civil engineering 0 - 108 2
42 F.43 - Specialised construction activities 0 - 23 4
43
G - Wholesale and retail trade; repair of motor vehicles and
motorcycles
0 0 181 14
44 H - Transportation and storage 1 - 502 77
45 H.49 - Land transport and transport via pipelines 1 - 99 40
46 H.50 - Water transport - - 98 9
47 H.51 - Air transport - - 3 0
48 H.52 - Warehousing and support activities for transportation 0 - 300 26
49 H.53 - Postal and courier activities 0 - 3 2
50 I - Accommodation and food service activities 0 0 9 1
51 L - Real estate activities 0 0 469 178
52 K - Financial and insurance activities 0 0 143 2
53 Exposures to other sectors (NACE codes J, M - U) 0 0 737 83
352
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
TABLE No. 60: GAR STOCK KPI (MEASURE BASED ON CAPEX)
a b c d e f g h i j k l m n o p q
% (compared to total covered assets in the denominator)
31 December 2024
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
transi-
tional
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
GAR - Covered assets in both numerator and denominator 27.04% 3.11% 0.00% 0.01% 0.09% 0.08% 0.00% 0.00% 0.00% 0.01% 0.00% 0.00% 0.00% 0.03% 0.00% 0.00% 0.00%
1
Loans and advances, debt securities and equity instruments not
HfT eligible for GAR calculation
57.82% 6.65% 0.00% 0.02% 0.19% 0.17% 0.01% 0.00% 0.00% 0.02% 0.00% 0.00% 0.00% 0.07% 0.00% 0.00% 0.00%
2 Financial undertakings 11.33% 0.45% 0.00% 0.04% 0.27% 0.02% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.02% 0.00% 0.00% 0.00%
3 Credit institutions 10.52% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
4 Loans and advances 0.63% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
5 Debt securities 26.52% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
6 Equity instruments 0.18% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
7 Other financial corporations 14.10% 1.97% 0.00% 0.17% 1.20% 0.08% 0.00% 0.00% 0.00% 0.00% 0.07%
8 of which investment firms 47.47% 6.64% 0.00% 0.64% 4.50% 0.29% 0.01% 0.00% 0.00% 0.00% 0.09%
9 Loans and advances 47.63% 6.72% 0.00% 0.65% 4.56% 0.30% 0.01% 0.00% 0.00% 0.00% 0.09%
10 Debt securities 36.10% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
11 Equity instruments 23.27% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
12 of which management companies 4.03% 0.24% 0.00% 0.01% 0.16% 0.00% 0.00% 0.00% 0.00% 0.01% 0.21%
13 Loans and advances 13.73% 1.28% 0.00% 0.05% 0.86% 0.03% 0.00% 0.00% 0.00% 0.07% 1.11%
14 Debt securities
15 Equity instruments 1.78% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
16 of which insurance undertakings 1.69% 0.38% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
17 Loans and advances 4.64% 0.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
18 Debt securities 10.90% 2.90% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
19 Equity instruments 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
20 Non-financial undertakings 9.64% 1.75% 0.00% 0.07% 0.62% 0.60% 0.03% 0.00% 0.00% 0.06% 0.23%
21 Loans and advances 9.73% 1.77% 0.00% 0.07% 0.63% 0.61% 0.03% 0.00% 0.00% 0.06% 0.24%
22 Debt securities 12.06% 0.19% 0.00% 0.08% 0.08% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
23 Equity instruments 0.84% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
24 Households 87.96% 9.91% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
25 of which loans collateralised by residential immovable property 100.00% 11.91% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
26 of which building renovation loans 100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
27 of which motor vehicle loans 100.00% 0.00% 0.00% 0.00% 0.00% 0.00%
28 Local governments financing 0.14% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
29 Housing financing 0.00% 0.00% 0.00% 0.00%
30 Other local government financing 0.14% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
31
Collateral obtained by taking possession: residential and
commercial immovable properties
32 TOTAL GAR ASSETS 27.04% 3.11% 0.00% 0.01% 0.09% 0.08% 0.00% 0.00% 0.00% 0.01% 0.00% 0.00% 0.00% 0.03% 0.00% 0.00% 0.00%
353
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
r s t u v w x y z aa ab ac ab ad
% (compared to total covered assets in the denominator)
31 December 2024
Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total assets
covered
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
transi-
tional
Of which
enabling
GAR - Covered assets in both numerator and denominator 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 27.30% 3.11% 0.00% 0.01% 0.09% 39.23%
1
Loans and advances, debt securities and equity instruments not
HfT eligible for GAR calculation
0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 58.36% 6.66% 0.00% 0.02% 0.19% 39.23%
2 Financial undertakings 0.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 11.70% 0.45% 0.00% 0.04% 0.27% 2.49%
3 Credit institutions 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 10.52% 0.00% 0.00% 0.00% 0.00% 1.93%
4 Loans and advances 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.63% 0.00% 0.00% 0.00% 0.00% 0.69%
5 Debt securities 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 26.52% 0.00% 0.00% 0.00% 0.00% 0.75%
6 Equity instruments 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.18% 0.00% 0.00% 0.00% 0.49%
7 Other financial corporations 0.12% 0.00% 15.72% 1.97% 0.00% 0.17% 1.20% 0.56%
8 of which investment firms 0.45% 0.00% 53.55% 6.66% 0.00% 0.64% 4.50% 0.15%
9 Loans and advances 0.46% 0.00% 53.78% 6.73% 0.00% 0.65% 4.56% 0.14%
10 Debt securities 0.00% 0.00% 36.10% 0.00% 0.00% 0.00% 0.00% 0.00%
11 Equity instruments 0.00% 0.00% 23.27% 0.00% 0.00% 0.00% 0.00%
12 of which management companies 0.00% 0.00% 4.26% 0.24% 0.00% 0.01% 0.16% 0.14%
13 Loans and advances 0.00% 0.00% 14.96% 1.28% 0.00% 0.05% 0.86% 0.03%
14 Debt securities 0.00%
15 Equity instruments 0.00% 0.00% 1.78% 0.00% 0.00% 0.00% 0.11%
16 of which insurance undertakings 0.00% 0.00% 1.69% 0.38% 0.00% 0.00% 0.00% 0.28%
17 Loans and advances 0.00% 0.00% 4.64% 0.03% 0.00% 0.00% 0.00% 0.02%
18 Debt securities 0.00% 0.00% 10.90% 2.90% 0.00% 0.00% 0.00% 0.04%
19 Equity instruments 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.23%
20 Non-financial undertakings 0.05% 0.00% 10.65% 1.78% 0.00% 0.07% 0.62% 11.13%
21 Loans and advances 0.05% 0.00% 10.75% 1.79% 0.00% 0.07% 0.63% 11.01%
22 Debt securities 0.00% 0.00% 12.06% 0.19% 0.00% 0.08% 0.08% 0.00%
23 Equity instruments 0.00% 0.00% 0.84% 0.00% 0.00% 0.00% 0.11%
24 Households 0.00% 0.00% 87.96% 9.91% 0.00% 0.00% 0.00% 24.25%
25 of which loans collateralised by residential immovable property 0.00% 0.00% 100.00% 11.91% 0.00% 0.00% 0.00% 20.17%
26 of which building renovation loans 0.00% 0.00% 100.00% 0.00% 0.00% 0.00% 0.00% 0.22%
27 of which motor vehicle loans 100.00% 0.00% 0.00% 0.00% 0.00% 0.93%
28 Local governments financing 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.14% 0.00% 0.00% 0.00% 0.00% 1.36%
29 Housing financing 0.00% 0.00%
30 Other local government financing 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.14% 0.00% 0.00% 0.00% 0.00% 1.36%
31
Collateral obtained by taking possession: residential and
commercial immovable properties
32 TOTAL GAR ASSETS 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 27.30% 3.11% 0.00% 0.01% 0.09% 39.23%
354
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
TABLE No. 61: GAR FLOW KPI (MEASURE BASED ON CAPEX)
a b c d e f g h i j k l m n o p q
% (compared to flow of total eligible assets)
31 December 2024
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
transi-
tional
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
GAR - Covered assets in both numerator and denominator -6.11% -19.87% 1.95% -0.21% -0.27% -0.01% -0.06% -0.06%
1
Loans and advances, debt securities and equity instruments not
HfT eligible for GAR calculation
-6.11% -19.87% 0.00% 1.95% -0.21% -0.27% -0.01% 0.00% -0.06% -0.06%
2 Financial undertakings -24.67% 2.76% 6.96% -1.36% -0.08% 0.00% 0.00% 0.00%
3 Credit institutions 8.23% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
4 Loans and advances 0.53% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
5 Debt securities, including UoP 86.83% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
6 Equity instruments 0.18% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
7 Other financial corporations 0.85% 0.62% 1.56% -0.30% -0.02% 0.00% 0.00% 0.00%
8 of which investment firms 2.64% 1.32% 2.03% -0.41% -0.02% 0.00% 0.00% 0.00%
9 Loans and advances 2.75% 1.39% 2.14% -0.43% -0.03% 0.00% 0.00% 0.00%
10 Debt securities, including UoP 18.87% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
11 Equity instruments -0.13% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
12 of which management companies 1.18% 0.08% 0.14% 0.00% 0.00% 0.00% 0.00% 0.00%
13 Loans and advances 0.92% 0.07% 0.13% 0.00% 0.00% 0.00% 0.00% 0.00%
14 Debt securities, including UoP 9.96% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
15 Equity instruments 2.91% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
16 of which insurance undertakings 21.80% 5.67% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
17 Loans and advances -1.16% -0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
18 Debt securities, including UoP -14.87% -3.96% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
19 Equity instruments 10.51% 2.80% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
20 Non-financial undertakings -1.12% 0.16% 1.63% -0.16% -0.25% -0.01% -0.05% -0.05%
21 Loans and advances -1.23% 0.16% 1.62% -0.16% -0.25% -0.01% -0.05% -0.05%
22 Debt securities, including UoP 61.44% -0.01% 0.01% -0.01% 0.00% 0.00% 0.00% 0.00%
23 Equity instruments 1.36% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
24 Households 40.93% 198.95% 0.00% 0.00% 0.00% 0.00% 0.00%
25 of which loans collateralised by residential immovable property 100.00% 931.95% 0.00% 0.00% 0.00% 0.00% 0.00%
26 of which building renovation loans 100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
27 of which motor vehicle loans 100.00% 0.00% 0.00% 0.00%
28 Local governments financing -1.93% 0.00% 0.00% 0.00%
29 Housing financing
30 Other local government financing -1.93% 0.00% 0.00% 0.00%
31
Collateral obtained by taking possession: residential and
commercial immovable properties
32 TOTAL GAR ASSETS -6.11% -19.87% 1.95% -0.21% -0.27% -0.01% 0.00% -0.06% -0.06%
355
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
r s t u v w x y z aa ab ac ab ad
% (compared to flow of total eligible assets)
31 December 2024
Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total assets
covered
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
transi-
tional
Of which
enabling
GAR - Covered assets in both numerator and denominator -0.05% 0.00% -6.83% -19.87% 1.95% 3.49% -86.26%
1
Loans and advances, debt securities and equity instruments not
HfT eligible for GAR calculation
-0.05% 0.00% -7.10% -18.87% 1.09% -0.13% -86.26%
2 Financial undertakings -0.18% 0.00% -8.81% 0.11% 0.95% -0.48% -2.67%
3 Credit institutions 0.00% 0.00% 13.29% 0.00% 0.00% 0.00% 9.24%
4 Loans and advances 0.00% 0.00% 0.52% 0.00% 0.00% 0.00% 4.89%
5 Debt securities, including UoP 0.00% 0.00% 86.94% 0.00% 0.00% 0.00% 0.84%
6 Equity instruments 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 3.51%
7 Other financial corporations -0.04% 0.00% 0.23% 0.06% 0.56% -0.28% -11.92%
8 of which investment firms -0.05% 0.00% 0.29% 0.17% 0.83% -0.42% -8.89%
9 Loans and advances -0.06% 0.00% 0.28% 0.18% 0.87% -0.45% -8.45%
10 Debt securities, including UoP 0.00% 0.00% 18.87% 0.00% 0.00% 0.00% -0.01%
11 Equity instruments 0.00% 0.00% -0.13% 0.00% 0.00% 0.00% -0.43%
12 of which management companies 0.00% 0.00% 0.23% -0.03% 0.09% -0.04% -3.85%
13 Loans and advances 0.00% 0.00% 0.08% -0.03% 0.11% -0.04% -4.13%
14 Debt securities, including UoP 0.00% 0.00% 9.96% 0.00% 0.00% 0.00% -0.22%
15 Equity instruments 0.00% 0.00% -5.74% 0.00% 0.00% 0.00% 0.50%
16 of which insurance undertakings 0.00% 0.00% -0.83% -1.03% 0.00% 0.00% 0.82%
17 Loans and advances 0.00% 0.00% -1.05% -0.01% 0.00% 0.00% -0.37%
18 Debt securities, including UoP 0.00% 0.00% -6.39% -2.73% 0.00% 0.00% -0.19%
19 Equity instruments 0.00% 0.00% -24.22% 0.00% 0.00% 0.00% 1.39%
20 Non-financial undertakings -0.04% 0.00% -2.43% -0.06% 1.01% -0.08% -91.81%
21 Loans and advances -0.04% 0.00% -2.55% -0.06% 1.01% -0.08% -92.06%
22 Debt securities, including UoP 0.00% 0.00% 61.32% 0.00% 0.00% 0.00% -0.18%
23 Equity instruments 0.00% 0.00% -2.08% 0.00% 0.00% 0.00% 0.43%
24 Households 40.93% 198.95% 0.00% 0.00% 8.72%
25 of which loans collateralised by residential immovable property 100.00% 931.95% 0.00% 0.00% 1.86%
26 of which building renovation loans 100.00% 0.00% 0.00% 0.00% 0.38%
27 of which motor vehicle loans 100.00% 0.00% 0.00% 0.00% 1.32%
28 Local governments financing 0.00% 0.00% -1.93% 0.00% 0.00% 0.00% -0.50%
29 Housing financing 0.00%
30 Other local government financing 0.00% 0.00% -1.93% 0.00% 0.00% 0.00% -0.50%
31
Collateral obtained by taking possession: residential and
commercial immovable properties
0.00% 0.00% 0.00%
32 TOTAL GAR ASSETS -0.05% 0.00% -6.83% -19.87% 1.95% 3.49% -86.26%
356
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
TABLE No. 62: KPI OFF-BALANCE SHEET EXPOSURES (STOCKS, MEASURE BASED ON CAPEX)
a b c d e f g h i j k l m n o p q
% (compared to total eligible
off-balance sheet assets)
31 December 2024
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
transi-
tional
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
1 Financial guarantees (FinGuar KPI) 6.61% 2.66% 0.00% 0.37% 0.89% 0.97% 0.05% 0.00% 0.00% 0.11% 0.00% 0.00% 0.00% 0.30% 0.00% 0.00% 0.00%
2 Assets under management (AuM KPI) 8.36% 3.80% 0.00% 0.27% 2.27% 1.24% 0.10% 0.00% 0.00% 0.02% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
r s t u v w x y z aa ab ac ab
% (compared to total eligible
off-balance sheet assets)
31 December 2024
Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
transi-
tional
Of which
enabling
1 Financial guarantees (FinGuar KPI) 0.10% 0.00% 0.00% 0.00% 0.01% 0.00% 0.00% 0.00% 7.14% 2.72% 0.00% 0.37% 0.89%
2 Assets under management (AuM KPI) 0.40% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 10.16% 4.05% 0.00% 0.27% 2.27%
357
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
TABLE No. 63: KPI OFF-BALANCE SHEET EXPOSURES (FLOWS, MEASURE BASED ON CAPEX)
a b c d e f g h i j k l m n o p q
% (compared to total eligible
off-balance sheet assets)
31 December 2024
Climate Change Mitigation (CCM) Climate Change Adaptation (CCA) Water and marine resources (WTR) Circular economy (CE)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
transi-
tional
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
1 Financial guarantees (FinGuar KPI) 0.47% 0.69% 0.00% 1.33% -0.29% -1.04% -0.04% 0.00% 0.00% -0.12% 0.00% 0.00% 0.00% -0.33% 0.00% 0.00% 0.00%
2 Assets under management (AuM KPI) 5.62% 7.35% 0.00% 0.51% 4.14% 4.98% 0.11% 0.00% 0.00% 0.07% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
r s t u v w x y z aa ab ac ab
% (compared to total eligible
off-balance sheet assets)
31 December 2024
Pollution (PPC) Biodiversity and Ecosystems (BIO) TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-aligned)
Proportion of total covered assets funding
taxonomy relevant sectors (Taxonomy-aligned)
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
enabling
Of which
Use of
Proceeds
Of which
transi-
tional
Of which
enabling
1 Financial guarantees (FinGuar KPI) -0.11% 0.00% 0.00% 0.00% -0.01% 0.00% 0.00% 0.00% -0.08% 0.65% 0.00% 1.33% -0.29%
2 Assets under management (AuM KPI) 1.95% 0.00% 0.00% 0.00% 0.01% 0.00% 0.00% 0.00% 13.27% 8.11% 0.00% 0.51% 4.14%
358
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
TABLE No. 64: TEMPLATE 1 NUCLEAR AND FOSSIL GAS RELATED ACTIVITIES (CAPEX-BASED)
Nuclear energy related activities
1.
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of
innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the
fuel cycle.
NO
2.
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations
to produce electricity or process heat, including for the purposes of district heating or industrial processes such as
hydrogen production, as well as their safety upgrades, using best available technologies.
YES
3.
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce
electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen
production from nuclear energy, as well as their safety upgrades.
YES
Fossil gas related activities
4.
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that
produce electricity using fossil gaseous fuels.
YES
5.
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/
cool and power generation facilities using fossil gaseous fuels.
YES
6.
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation
facilities that produce heat/cool using fossil gaseous fuels.
NO
TABLE No. 65: TEMPLATE 2 TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (DENOMINATOR OF GAR STOCK, MEASURED ON A
CAPEX BASIS)
Economic activities (in millions of euros)
TOTAL
CCM + CCA
Climate change
mitigation (CCM)
Climate change
adaptation (CCA)
Amount % Amount % Amount %
1. Amount and proportion of taxonomy-aligned economic activity referred to
in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in
the denominator of the applicable KPI
0 0.00% 0 0.00% 0 0.00%
2. Amount and proportion of taxonomy-aligned economic activity referred to
in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in
the denominator of the applicable KPI
2 0.00% 2 0.00% 0 0.00%
3. Amount and proportion of taxonomy-aligned economic activity referred to
in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in
the denominator of the applicable KPI
18 0.00% 18 0.00% 0 0.00%
4. Amount and proportion of taxonomy-aligned economic activity referred to
in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in
the denominator of the applicable KPI
0 0.00% 0 0.00% 0 0.00%
5. Amount and proportion of taxonomy-aligned economic activity referred to
in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in
the denominator of the applicable KPI
0 0.00% 0 0.00% 0 0.00%
6. Amount and proportion of taxonomy-aligned economic activity referred to
in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in
the denominator of the applicable KPI
0 0.00% 0 0.00% 0 0.00%
7. Amount and proportion of other taxonomy-aligned economic activities not
referred to in rows 1 to 6 above in the denominator of the applicable KPI
9,974 0.78% 10,005 0.78% 12 0.00%
8. Total applicable KPI
9,995 0.78% 10,025 0.79% 12 0.00%
359
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
TABLE No. 66: TEMPLATE 3 TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (NUMERATOR OF GAR STOCK, MEASURED ON A
CAPEX BASIS)
Economic activities (in millions of euros)
TOTAL
CCM + CCA
Climate change
mitigation (CCM)
Climate change
adaptation (CCA)
Amount % Amount % Amount %
1.
Amount and proportion of taxonomy-aligned economic activity referred to
in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the
numerator of the applicable KPI
0 0.00% 0 0.00% 0 0.00%
2.
Amount and proportion of taxonomy-aligned economic activity referred to
in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
2 0.02% 2 0.02% 0 0.00%
3.
Amount and proportion of taxonomy-aligned economic activity referred to
in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
18 0.18% 18 0.18% 0 0.00%
4.
Amount and proportion of taxonomy-aligned economic activity referred to
in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
0 0.00% 0 0.00% 0 0.00%
5.
Amount and proportion of taxonomy-aligned economic activity referred to
in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
0 0.00% 0 0.00% 0 0.00%
6.
Amount and proportion of taxonomy-aligned economic activity referred to
in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
0 0.00% 0 0.00% 0 0.00%
7.
Amount and proportion of other taxonomy-aligned economic activities not
referred to in rows 1 to 6 above in the numerator of the applicable KPI
9,974 99.80% 10,005 100.10% 12 0.12%
8.
Total amount and proportion of taxonomy-aligned economic activities in
the numerator of the applicable KPI
9,995 100% 10,025 100.31% 12 0.12%
TABLE No. 67: TEMPLATE 4 TAXONOMY-ELIGIBLE BUT NOT TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (DENOMINATOR OF GAR
STOCK, MEASURED ON A CAPEX BASIS)
Economic activities (in millions of euros)
TOTAL
CCM + CCA
Climate change
mitigation (CCM)
Climate change
adaptation (CCA)
Amount % Amount % Amount %
1.
Amount and proportion of taxonomy-eligible but not taxonomy-aligned
economic activity referred to in Section 4.26 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the applicable KPI
0 0.00% 0 0.00% 0 0.00%
2.
Amount and proportion of taxonomy-eligible but not taxonomy-aligned
economic activity referred to in Section 4.27 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the applicable KPI
0 0.00% 0 0.00% 0 0.00%
3.
Amount and proportion of taxonomy-eligible but not taxonomy-aligned
economic activity referred to in Section 4.28 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the applicable KPI
4 0.00% 4 0.00% 0 0.00%
4.
Amount and proportion of taxonomy-eligible but not taxonomy-aligned
economic activity referred to in Section 4.29 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the applicable KPI
0 0.00% 0 0.00% 0 0.00%
5.
Amount and proportion of taxonomy-eligible but not taxonomy-aligned
economic activity referred to in Section 4.30 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the applicable KPI
0 0.00% 0 0.00% 0 0.00%
6.
Amount and proportion of taxonomy-eligible but not taxonomy-aligned
economic activity referred to in Section 4.31 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the applicable KPI
0 0.00% 0 0.00% 0 0.00%
7.
Amount and proportion of other taxonomy-eligible but not taxonomy-
aligned economic activities not referred to in rows 1 to 6 above in the
denominator of the applicable KPI
77,051 6.04% 76,806 6.02% 245 0.02%
8.
Total amount and proportion of taxonomy eligible but not taxonomy-
aligned economic activities in the denominator
77,055 6.04% 76,810 6.02% 245 0.,02%
360
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
TABLE No. 68: TEMPLATE 5 TAXONOMY NON-ELIGIBLE ECONOMIC ACTIVITIES (DENOMINATOR OF GAR STOCK, MEASURED ON
A CAPEX BASIS)
Economic activities (in millions of euros)
TOTAL
Amount %
1.
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0 0.00%
2.
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
17 0.00%
3.
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
2 0.00%
4.
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0 0.00%
5.
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0 0.00%
6.
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0 0.00%
7.
Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in
the denominator of the applicable KPI
62,518 4.90%
8.
Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI
62,537 4.90%
TABLE No. 69: TEMPLATE 1 NUCLEAR AND FOSSIL GAS RELATED ACTIVITIES (TURNOVER-BASED)
Nuclear energy related activities
1.
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of
innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the
fuel cycle.
NO
2.
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations
to produce electricity or process heat, including for the purposes of district heating or industrial processes such as
hydrogen production, as well as their safety upgrades, using best available technologies.
YES
3.
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce
electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen
production from nuclear energy, as well as their safety upgrades.
YES
Fossil gas related activities
4.
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that
produce electricity using fossil gaseous fuels.
YES
5.
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/
cool and power generation facilities using fossil gaseous fuels.
YES
6.
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation
facilities that produce heat/cool using fossil gaseous fuels.
NO
361
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
TABLE No. 70: TEMPLATE 2 TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (DENOMINATOR OF GAR STOCK, MEASURED ON A
TURNOVER BASIS)
Economic activities (in millions of euros)
TOTAL
CCM + CCA
Climate change
mitigation (CCM)
Climate change
adaptation (CCA)
Amount % Amount % Amount %
1. Amount and proportion of taxonomy-aligned economic activity referred to
in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in
the denominator of the applicable KPI
0
0.00%
0
0.00%
0
0.00%
2. Amount and proportion of taxonomy-aligned economic activity referred to
in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in
the denominator of the applicable KPI
0
0.00%
0
0.00%
0
0.00%
3. Amount and proportion of taxonomy-aligned economic activity referred to
in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in
the denominator of the applicable KPI
11
0.00%
11
0.00%
0
0.00%
4. Amount and proportion of taxonomy-aligned economic activity referred to
in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in
the denominator of the applicable KPI
0
0.00%
0
0.00%
0
0.00%
5. Amount and proportion of taxonomy-aligned economic activity referred to
in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in
the denominator of the applicable KPI
0
0.00%
0
0.00%
0
0.00%
6. Amount and proportion of taxonomy-aligned economic activity referred to
in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in
the denominator of the applicable KPI
0
0.00%
0
0.00%
0
0.00%
7. Amount and proportion of other taxonomy-aligned economic activities not
referred to in rows 1 to 6 above in the denominator of the applicable KPI
9,769 0.77% 9,764 0.76% 6 0.00%
8. Total applicable KPI
9,780 0.77% 9,774 0.77% 6 0.00%
TABLE No. 71: TEMPLATE 3 TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (NUMERATOR OF GAR STOCK, MEASURED ON A TURNOVER BASIS)
Economic activities (in millions of euros)
TOTAL
CCM + CCA
Climate change
mitigation (CCM)
Climate change
adaptation (CCA)
Amount % Amount % Amount %
1.
Amount and proportion of taxonomy-aligned economic activity referred to
in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the
numerator of the applicable KPI
0 0.00% 0 0.00% 0 0.00%
2.
Amount and proportion of taxonomy-aligned economic activity referred to
in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
0 0.00% 0 0.00% 0 0.00%
3.
Amount and proportion of taxonomy-aligned economic activity referred to
in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
11 0.11% 11 0.11% 0 0.00%
4.
Amount and proportion of taxonomy-aligned economic activity referred to
in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
0 0.00% 0 0.00% 0 0.00%
5.
Amount and proportion of taxonomy-aligned economic activity referred to
in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
0 0.00% 0 0.00% 0 0.00%
6.
Amount and proportion of taxonomy-aligned economic activity referred to
in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
0 0.00% 0 0.00% 0 0.00%
7.
Amount and proportion of other taxonomy-aligned economic activities not
referred to in rows 1 to 6 above in the numerator of the applicable KPI
9,769 99.89% 9,764 99.83% 6 0.06%
8.
Total amount and proportion of taxonomy-aligned economic activities in
the numerator of the applicable KPI
9,780 100% 9,774 99.94% 6 0.06%
362
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
TABLE No. 72: TEMPLATE 4 TAXONOMY-ELIGIBLE BUT NOT TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (DENOMINATOR OF GAR
STOCK, MEASURED ON A TURNOVER BASIS)
Economic activities (in millions of euros)
TOTAL
CCM + CCA
Climate change
mitigation (CCM)
Climate change
adaptation (CCA)
Amount % Amount % Amount %
1.
Amount and proportion of taxonomy-eligible but not taxonomy-aligned
economic activity referred to in Section 4.26 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the applicable KPI
0 0.00% 0 0.00% 0 0.00%
2.
Amount and proportion of taxonomy-eligible but not taxonomy-aligned
economic activity referred to in Section 4.27 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the applicable KPI
0 0.00% 0 0.00% 0 0.00%
3.
Amount and proportion of taxonomy-eligible but not taxonomy-aligned
economic activity referred to in Section 4.28 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the applicable KPI
0 0.00% 0 0.00% 0 0.00%
4.
Amount and proportion of taxonomy-eligible but not taxonomy-aligned
economic activity referred to in Section 4.29 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the applicable KPI
20 0.00% 20 0.00% 0 0.00%
5.
Amount and proportion of taxonomy-eligible but not taxonomy-aligned
economic activity referred to in Section 4.30 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the applicable KPI
0 0.00% 0 0.00% 0 0.00%
6.
Amount and proportion of taxonomy-eligible but not taxonomy-aligned
economic activity referred to in Section 4.31 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the applicable KPI
0 0.00% 0 0.00% 0 0.00%
7.
Amount and proportion of other taxonomy-eligible but not taxonomy-
aligned economic activities not referred to in rows 1 to 6 above in the
denominator of the applicable KPI
77,173 6.04% 76,970 6.03% 203 0.02%
8.
Total amount and proportion of taxonomy eligible but not taxonomy-
aligned economic activities in the denominator
77,193 6.05% 76,990 6.03% 203 0.02%
TABLE No. 73: TEMPLATE 5 TAXONOMY NON-ELIGIBLE ECONOMIC ACTIVITIES (DENOMINATOR OF GAR STOCK, MEASURED ON
A TURNOVER BASIS)
Economic activities (in millions of euros)
TOTAL
Amount %
1.
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0 0.00%
2.
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0 0.00%
3.
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
4 0.00%
4.
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0 0.00%
5.
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0 0.00%
6.
Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy-non-eligible in
accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the
applicable KPI
0 0.00%
7.
Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows 1 to 6 above in
the denominator of the applicable KPI
62,913 4.93%
8.
Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of the applicable KPI
62,917 4.93%
363
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
8.c List of acronyms and abbreviations
Acronyms and
Abbreviations Complete form
ABC Anti-Bribery and Corruption
ACAMS Association of Certified Anti-Money-laundering Specialists
AIE Agence Internationale de l’Energie (IEA, International Energy Agency)
B2B Business to Business
BREEAM Building Research Establishment Environmental Assessment Method
CEO Chief Executive Officer
CH
4
Methane
CHRO Chief Human Resources Officer
CIB Corporate & Institutional Banking
CISO Chief Information Security Officer
CO
2
Carbon dioxide
CPBS Commercial, Personal Banking & Services
CRREM Carbon Risk Real Estate Monitoring
CRO Chief Risk Officer
CSR Corporate Social Responsibility
DIA Department of Institutional Affairs
DEFRA Department for Environment, Food & Rural Affairs
DMA Double Materiality Assessment
DP Datapoint
DPO Data Protection Officer
EaD Exposure at Default
EBA European Banking Authority
ECB European Central Bank
EEM Energy Efficient Mortgage
EEML Energy Efficient Mortgage Label
EMEA Europe, Middle East, Africa
EPB Energy Performance of Buildings
EPC Energy Performance Certificates
EPD Energy Performance Diagnostics
ESG Environmental, Social & Governance
ESRS European Sustainability Reporting Standards
ETS Emissions Trading System
EU European Union
FECEC
Fédération Européenne des Cadres des Etablissements de Crédit et des Institutions Financières (European Federation of Executives of Credit Institutions and
Financial Institutions)
FPSO Floating Production, Storage and Offloading
FSMA Financial Services and Markets Authority
FTE Full Time Equivalent
FTSE4Good Financial Times Stock Exchange 4 Good Index
GAR Green Asset Ratio
GAS Growth, Accessibility, Sustainability
GDPR General Data Protection Regulation
GFANZ Glasgow Financial Alliance for Net Zero
GHG Greenhouse Gas
IPCC Intergovernmental Panel on Climate Change
GREY Global Reporting Initiative
GTS Growth, Technology, Sustainability
HFC Hydrofluorocarbons
HFO Hydrofluorolefins
HQLA High Quality Liquidity Assets
HR Human Resources
IAI International Aluminium Institute
ICAAP Internal Capital Adequacy Assessment Process
ICD International Classification of Disease
ICT Information and Communication Technologies
IEA International Energy Agency
IMEX Immobilier d’Exploitation (BNP Paribas Group Operating Real Estate)
IPCC Intergovernmental Panel on Climate Change
364
BNP PARIBAS FORTIS SUSTAINABILITY STATEMENTS 2024
Acronyms and
Abbreviations Complete form
IPO Initial Public Offering
IRO Impacts, Risks and Opportunities
ISDA International Swaps and Derivatives Association
ISO International Organisation for Standardisation
ISSO Information Systems Security Officer
kWh Kilowatt hour
KYC Know Your Customer
LCTG Low Carbon Transition Group
LCTM Low Carbon & Sustainable Transition for Mid-Caps & SMEs
LTIP Long Term Incentive Plan
LTV Loan to value
N
2
O Nitrous oxide
NACE Statistical Classification of Economic Activities
NFRD Non-Financial Reporting Directive
NGFS Network for Greening the Financial System
NGO Non-Governmental Organisation
NZAM Net Zero Asset Managers initiative
NZAOA Net Zero Asset Owner Alliance
NZE Net Zero Emissions
OECD Organisation for Economic Co-operation and Development
PCAF Partnership for Carbon Accounting Financials
PNB Net Banking Income
PPAs Power Purchase Agreements
PRIDE Personal Rights in Defence and Education
PV Photovoltaic Energy
PLAGE Local Energy Management Action Plan
RAS Risk Appetite Statement
RBL Reserve-Based Lending
RCP Representative Concentration Pathway (climate risk scenarios)
RECs Renewable Energy Certificates
ROE Return On Equity
SBCC Sustainable Business Competence Centre
SBTs Science-Based Targets
SDGs Sustainable Development Goals
SF
6
Sulphur hexafluoride
SFDR Sustainable Finance Disclosure Regulation
SLL Sustainability-Linked Loan
SMEs Small and Medium-Sized Enterprises
SMP Senior Management Position
SSP Share Socio-Economic Pathways (socio-economic variations of the IPCC CPR scenarios)
STES Seasonal Thermal Energy Storage
t CO
2
e Tonne(s) of Carbon Dioxide Equivalent
t CO
2
e/FTE Tonne(s) of Carbon Dioxide Equivalent per Full-time Equivalent (unit of measurement of greenhouse gas emissions)
TMB Team Motivation Barometer
UN United Nations
V.I.E. Volontariat International en Entreprise (International Internship in a Company)
WBCSD World Business Council for Sustainable Development
WEO World Energy Outlook
REPORT OF THE ACCREDITED
STATUTORY AUDITOR
366
REPORT OF THE ACCREDITED STATUTORY AUDITOR
Limited assurance report of the statutory auditor
on the consolidated sustainability statement of BNP
Paribas Fortis SA/NV
In the framework of our legal limited assurance engagement
on the consolidated sustainability statement of BNP Paribas
Fortis SA/NV (“the company”) and its subsidiaries (“the
group”), we hereby submit our report on this mission.
We were appointed by the board of directors , in accordance
with the engagement letter dated 13 December 2024, related
to the performance of a limited assurance engagement on the
consolidated sustainability information of the group, included
in the sustainability statement of the board of directors’ report
as at 31 December 2024 and for the financial year then ended
(the “sustainability statement”).
We have performed our limited assurance engagement on the
consolidated sustainability statement of the group for the first
time during the current reporting period.
Limited assurance conclusion
We have performed a limited assurance engagement on the
consolidated sustainability statement of the group.
Based on the procedures we have performed and the evidence
we have obtained, nothing has come to our attention that
causes us to believe that the consolidated sustainability state-
ment, in all material respects:
has not been prepared in accordance with the require-
ments stipulated in article 3:32/2 of the Code of Companies
and Associations, in accordance with the applicable
European Sustainability Reporting Standards (ESRS);
has not been prepared in accordance with the process
carried out by the group to identify the information
reported in the consolidated sustainability statement (the
“process”) as set out in the note “1.c.1 Description of the
processes to identify and assess the material Impacts,
risks and opportunities“;
does not comply with the requirements of Article 8 of EU
Regulation 2020/852 (the “Taxonomy Regulation”) regard-
ing the disclosures in section “3 activities aligned with the
European Taxonomy”.
Basis for conclusion
We conducted our limited assurance engagement in accord-
ance with International Standard on Assurance Engagements
(ISAE) 3000 (Revised), Assurance engagements other than
audits or reviews of historical financial information (“ISAE
3000 (Revised)”), as applicable in Belgium.
Our responsibilities under this standard are described in more
detail in the section of our report “Responsibilities of the statu-
tory auditor relating to the limited assurance engagement on
the consolidated sustainability statement”.
We have complied with all ethical requirements relevant to
limited assurance engagements on the consolidated sus-
tainability statement in Belgium, including those regarding
independence.
We apply the International Standard on Quality Management
1 (ISQM 1), which requires us to design, implement and
operate a system of quality management including policies
or procedures regarding compliance with ethical requirements,
professional standards and applicable legal and regulatory
requirements.
We have obtained from the board of directors and the com-
pany’s and group’s officials all explanations and information
required for our limited assurance engagement.
We believe that the evidence we have obtained in the frame-
work of our limited assurance engagement is sufficient and
appropriate to provide a basis for our conclusion.
Emphasis of matters
Without prejudice to the above mentioned conclusion, we draw
your attention to:
“Table 11: Scope of assets included in the calculation of
the GHG emissions financed (scope 3, category 15)” in
note 2.c.4 of the consolidated sustainability statement
describing the exclusions of the financial assets of the
gross GHG emissions and more specifically the exclusion
of the loans to retail clients.
367
REPORT OF THE ACCREDITED STATUTORY AUDITOR
Note “1.c.2 Material impacts, risks and opportunities and
their interaction with the strategy and business model” of
the consolidated sustainability statement describing the
consideration of the specificities of BNP Paribas Fortis’
non-banking subsidiary Arval.
Other matter
The scope of our work is limited to our limited assurance
engagement on the consolidated sustainability statement of
the group for the year ended 31 December 2024. Our limited
assurance engagement does not extend to information related
to the comparative figures included in the consolidated sus-
tainability statement.
Responsibilities of the board of directors
relating to the preparation of the
consolidated sustainability statement
The board of directors is responsible for designing and imple-
menting a process and for disclosing this process in the note
« 1.c.1 Description of the processes to identify and assess the
material Impacts, risks and opportunities » of the consolidated
sustainability statement. This responsibility includes:
understanding the context in which the group’s activities
and business relationships take place and developing an
understanding of its affected stakeholders;
the identification of the actual and potential impacts (both
negative and positive) related to sustainability matters, as
well as risks and opportunities that affect, or could reason-
ably be expected to affect, the group’s financial position,
financial performance, cash flows, access to finance or
cost of capital over the short-, medium-, or long-term;
the assessment of the materiality of the identified impacts,
risks and opportunities related to sustainability matters
by selecting and applying appropriate thresholds; and
making assumptions and estimates that are reasonable
in the circumstances.
The board of directors is also responsible for the prepara-
tion of the consolidated sustainability statement, which
includes the information established by the process,
in accordance with the requirements set out in article
3:32/2 of the Code of Companies and Associations, includ-
ing the applicable European Sustainability Reporting
Standards (ESRS);
in compliance with the requirements of Article 8 of the
Taxonomy Regulation regarding the disclosure of the
information included in “3 aActivities aligned with the
European taxonomy” of the sustainability statement.
This responsibility comprises:
designing, implementing and maintaining such internal
control that the board of directors deems necessary for
the preparation of the sustainability statement that is
free from material misstatement, whether due to fraud
or error; and
the selection and application of appropriate sustainability
reporting methods and making assumptions and estimates
that are reasonable in the circumstances.
The audit committee and board of directors are responsible
for overseeing the group’s sustainability reporting process.
Inherent limitations in preparing the
consolidated sustainability statement
In reporting forward-looking information in accordance with
ESRS, the board of directors of the company is required to
prepare the forward-looking information on the basis of dis-
closed assumptions about events that may occur in the future
and possible future actions by the group. Actual outcomes
are likely to be different since anticipated events frequently
do not occur as expected and deviations may be of mate-
rial importance.
Responsibilities of the statutory auditor
relating to the limited assurance
engagement on the consolidated
sustainability statement
Our responsibility is to plan and perform the assurance
engagement to obtain limited assurance about whether the
consolidated sustainability statement is free from material
misstatement, whether due to fraud or error, and to issue
a limited assurance report that includes our conclusion.
Misstatements can arise from fraud or error and are consid-
ered material if, individually or in the aggregate, they could
reasonably be expected to influence decisions of users taken
based on the consolidated sustainability statement.
368
REPORT OF THE ACCREDITED STATUTORY AUDITOR
As part of a limited assurance engagement in accordance
with ISAE 3000 (Revised), as applicable in Belgium, we apply
professional judgement and maintain professional scepti-
cism throughout the engagement. The work performed in an
engagement aiming to obtain a limited level of assurance,
for which we refer to the section “Summary of the work
performed” is less in scope than in an engagement aiming to
obtain a reasonable level of assurance. Therefore, we do not
express an opinion with a reasonable level of assurance as
part of this engagement.
Since the forward-looking information in the consolidated
sustainability statement and the assumptions on which it is
based, relate to the future, they may be affected by events
that may occur in the future and/or by potential actions of
the group. The actual outcomes are likely to be different from
the assumptions made, as the anticipated events often do
not occur as expected, and the deviation from them could
be material. Therefore, our conclusion does not provide any
assurance that the reported actual outcomes will correspond
with those included in the forward-looking information in the
consolidated sustainability statement.
Our responsibilities in respect of the consolidated sustain-
ability statement, in relation to the process, include:
obtaining an understanding of the process, but not for the
purpose of providing a conclusion on the effectiveness of
the process, including the outcome of the process; and
designing and performing procedures to evaluate whether
the process is consistent with the company description of
its process, as disclosed in the note “1.c.1 Description of
the processes to identify and assess the material Impacts,
risks and opportunities ”.
Our other responsibilities in respect of the consolidated
sustainability statement include:
acquiring an understanding of the group’s control environ-
ment, the relevant processes, and information systems for
preparing the consolidated sustainability statement, but
without assessing the design of specific control activities,
obtaining supporting information about their implementa-
tion, or testing the effective operation of the established
internal control measures;
identifying where material misstatements are likely to
arise in the consolidated sustainability statement, whether
due to fraud or error; and
designing and performing procedures responsive to where
material misstatements are likely to arise in the consoli-
dated sustainability statement. The risk of not detecting a
material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the
override of internal control.
Summary of the work performed
A limited assurance engagement involves performing proce-
dures to obtain evidence about the consolidated sustainability
statement. The procedures in a limited assurance engagement
vary in nature and timing and are less in extent than proce-
dures performed for a reasonable assurance engagement.
Consequently, the level of assurance obtained in a limited
assurance engagement is substantially lower than the
assurance that would have been obtained had a reasonable
assurance engagement been performed.
The nature, timing and extent of the procedures selected
depend on professional judgement, including the identification
of areas where material misstatements are likely to arise in
the consolidated sustainability statement, whether due to
fraud or error.
In conducting our limited assurance engagement, with respect
to the process, we:
obtained an understanding of the process by:
performing inquiries to understand the sources of
the information used by management (e.g., stake-
holder engagement, business plans and strategy
documents); and
reviewing the group’s internal documentation of its
process; and
evaluated whether the assurance evidence obtained from
our procedures with respect to the process implemented
by the group was consistent with the description of the
process set out in the note “1.c.1 Description of the pro-
cesses to identify and assess the material Iimpacts, risks
and opportunities”.
In conducting our limited assurance engagement, with respect
to the consolidated sustainability statement, we have:
obtained an understanding of the group’s reporting
processes relevant to the preparation of its consolidated
sustainability statement by obtaining an understanding of
the company’s / group’s control environment, processes
and information system relevant to the preparation of the
consolidated sustainability statement but not with the
purpose of providing a conclusion on the effectiveness of
the group’s internal control;
evaluated whether the information identified by the
process is included in the consolidated sustainabil-
ity statement;
evaluated whether the structure and the presentation
of the consolidated sustainability statement has been
prepared in accordance with the ESRS;
369
REPORT OF THE ACCREDITED STATUTORY AUDITOR
performed inquires with relevant personnel and analytical
procedures on selected information in the consolidated
sustainability statement;
compared disclosures in the sustainability statement with
the corresponding disclosures in the financial statements;
obtained evidence on the methods and assumptions for
developing estimates and forward-looking information as
described in the section “Responsibilities of the statutory
auditor related to the limited assurance engagement on
the consolidated sustainability statement”;
obtained an understanding of the process to identify
taxonomy-eligible and taxonomy-aligned economic activi-
ties and the corresponding disclosures in the consolidated
sustainability statement;
Statement related to independence
Our audit firm and our network have not performed any engagements which are incompatible with the limited assurance
engagement, and our audit firm has remained independent of the group throughout the course of our mandate.
Signed at Zaventem 28 March 2025.
The statutory auditor
Deloitte Bedrijfsrevisoren/Réviseurs d’Entreprises BV/SRL
Represented by Yves Dehogne
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